Full Year Statutory Accounts
Brisbane, Sep 12, 2017 AEST (ABN Newswire) - Sayona Mining Ltd (
ASX:SYA) (DMNXF:OTCMKTS) provides the Company's Full Year Statutory Accounts for the financial year to 30 June 2017.
PRINCIPAL ACTIVITY
The consolidated group's principal activity during the financial year has been the identification, acquisition and evaluation of mineral exploration assets, focusing on lithium and graphite. During the period, the Company undertook exploration activity on a number of projects in Australia and Canada.
There were no significant changes in these activities during the financial year.
BUSINESS MODEL AND OBJECTIVES
The Company's primary objective is to provide shareholders with satisfactory returns.
This is to be achieved through implementation of the Company's business model of identifying, evaluating, and developing its portfolio of exploration assets.
Operating Results
The entity's consolidated operating loss for the financial year after applicable income tax was $2,570,538 (2016: $2,511,975). Tenement acquisition, exploration and evaluation expenditure during the year totalled $7,109,318 (2016: $2,712,521).
Review of Operations
During the year, the Company focused on sourcing and developing projects capable of supplying the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors.
This has entailed:
- the acquisition of the Authier lithium project in Canada;
- development studies to advance the Authier project towards production; and
- expanding a package of lithium prospective exploration tenements in Western Australia.
Lithium is a high-value product which is anticipated to be in tight supply as the demand for lithiumion batteries continues to experience transformational growth due to use in the new green technology sectors.
To view the full report, please visit:
http://abnnewswire.net/lnk/ZC52801K
About Elevra Lithium Limited
Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) is a dual-listed lithium producer and developer, supplying a reliable, secure and sustainable source of this critical mineral at the heart of global electrification.
Headquartered in Brisbane, Australia, Elevra has a globally diversified portfolio of world-class lithium assets across Quebec, North Carolina, Ghana, and Western Australia. Elevra was formed through the merger of Piedmont Lithium and Sayona Mining.
By combining operational excellence with disciplined asset management, we strive to maximise efficiency, drive superior shareholder value, and create lasting benefits for all stakeholders.
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