Quarterly Activities Report
Brisbane, July 31, 2023 AEST (ABN Newswire) - Sayona Mining Limited (
ASX:SYA) (DML:FRA) (SYAXF:OTCMKTS) continues to ramp up operations at North American Lithium (NAL), resulting in record spodumene concentrate production of 29,610 tonnes for the quarter.
Full year spodumene concentrate production of 33,120 tonnes, produced ahead of schedule at an average grade of 5.48% Li2O.
Finalisation of Definitive Feasibility Study (DFS) for the combined NAL and Authier Lithium Project, confirming increased pre-tax net present value (NPV) of $2.2 billion.
Finalisation of preliminary technical study for lithium carbonate production at NAL, resulting in standalone pre-tax NPV of $3.2 billion and combined NAL pre-tax NPV exceeding $5 billion.
Significant resource upgrade for Moblan Lithium Project, with JORC Measured, Indicated and Inferred Resource increasing to 51.4 million tonnes at 1.31% Li2O (0.55% Li2O cut-off grade in the sensitivity analysis), representing one of North America's single largest lithium resources.
Western Australia, Australia
Commencement of reverse circulation drilling program at Morella Lithium Joint Venture Project. Thirty-five holes drilled measuring total depth of 2,200 metres, with pegmatites intersected in 18 holes.
Finalisation of heritage survey at Mt Dove Project, enabling drilling activity to be undertaken.
Corporate
Successful completion of $200 million fully underwritten equity placement at $0.18 per share to accelerate development of Quebec lithium resources.
Plans progressed to undertake review of corporate governance practices, including establishment of key governance committees and recruitment of additional independent Non-Executive Directors.
Management Commentary
The ramp-up towards nameplate production at NAL has continued to perform ahead of expectations, with record spodumene concentrate production achieved for the quarter.
This has laid the groundwork for NAL's concentrate to be stockpiled at the port, ahead of the first shipment to customers which is planned for Q1 FY24.
A preliminary technical study has shown the value of lithium carbonate production at NAL, with a fully integrated operation valued at more than $5 billion. Sayona will be advancing towards downstream processing as quickly as possible, supporting Quebec's clean energy future.
Furthermore, the latest drilling results have shown the enormous potential for the Moblan Lithium Project, a key deposit for Sayona's future downstream plans.
Mr Brett Lynch
Managing Director & CEO
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/5KTF0FY8
About Sayona Mining Limited
Sayona Mining Limited (ASX:SYA) (OTCMKTS:SYAXF) is a North American lithium producer with projects in Quebec, Canada and Western Australia. In Quebec, Sayona's assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (ASX:PLL). Sayona also holds a 60% stake in the Moblan Lithium Project in northern Quebec.
In Western Australia, the Company holds a large tenement portfolio in the Pilbara region
prospective for gold and lithium. Sayona is exploring for Hemi-style gold targets in the world-class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation (ASX:1MC).
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