Quarterly Activities Report
Brisbane, Jan 31, 2024 AEST (ABN Newswire) - It was a strong operational quarter for Sayona Mining Limited (
ASX:SYA) (DML:FRA) (SYAXF:OTCMKTS), with ore mined and concentrate production at NAL increasing compared to the prior quarter. NAL produced 34,237 dry metric tonnes (dmt) of concentrate at the target quality of 5.5% Li2O, up 9% on the previous quarter, while major capital projects such as the Crushed Ore Dome were advanced.
The NAL team continues to explore options to optimise production processes, with initiatives to add new flotation instrumentation, additional monitoring of ore sorters and refinement of plant maintenance strategies well underway.
Exploration activity continued during the December quarter, with drilling at NAL and Vallee Lithium completed, providing the potential for further increases to the existing NAL lithium resource base. The first drill program in Western Australia at Tabba Tabba (lithium) was completed, with the results anticipated in the first quarter of calendar 2024. Earthworks have also been completed for a deeper RC drilling program, in a region which has been subject to some notable discoveries.
Post-quarter, Sayona announced on 25 January 2024 an operational review is underway to optimise NAL's cost structure in response to rapidly changing conditions in the global lithium market. The review is focusing on opportunities to reduce NAL's cost base, manage cash flow and preserve the operation's financial sustainability. The review is expected to be completed by the end of the first quarter of calendar 2024, with the outcome to be announced to the market.
Sayona is also continuing the process to recruit an additional independent Non-Executive Director, as part of our strengthening of corporate governance. The appointment is expected to be announced before the end of February 2024.
Amid challenging market conditions, Sayona remains focused on delivering results for shareholders and ensuring the Company is well positioned for the eventual upturn.
Quebec, Canada
Significant increase in ore mined at the NAL operation combined with higher grades delivered to the plant due to increased blasting efficiencies and dilution management.
Increased concentrate production by 9% to 34,237 dmt of spodumene concentrate at an average grade of 5.5% Li2O. Record monthly production of 13,954 dmt achieved in December 2023.
Process plant utilisation improved with an average mill utilisation of 75%, an increase of 3% compared to the prior quarter.
Lithium recovery for the quarter was 62%, an increase of 4% compared to the prior quarter.
Two shipments of concentrate sold by NAL during the quarter. A third shipment departed port in early January 2024.
Major capital projects advanced at NAL, including the Crushed Ore Dome, together with substantially completing the Tailings Storage Facility 1. Additional major capital projects at NAL under review.
New high-grade lithium pegmatite mineralised zones identified at NAL in the north-west extensions to the mine and outside the current DFS pit shell, indicating potential for resource conversion and resource definition below the DFS pit shell.
Western Australia, Australia
77-hole aircore drilling program completed at Tabba Tabba, with 400 drill samples submitted to ALS Laboratories for lithium and multi-element analysis. Results anticipated to be returned first quarter of calendar 2024. Earthworks completed for a deeper RC drilling program at the northern drill area.
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/UTIJIDU7
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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