Sayona Mining Reports Strong FY24 Half-Year Results Amid Operational Ramp-Up
Sayona Mining Limited
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Sayona Mining Reports Strong FY24 Half-Year Results Amid Operational Ramp-Up

Sayona Mining has released its financial and operational results for the half year ended 31 December 2023, marking significant progress across its North American and Australian projects. The period witnessed a substantial ramp-up in production, maiden revenues, and strategic advancements in exploration and development activities.

Operational Excellence: Achieved steady-state production at NAL with a concentrate output of 65,723 dmt and initiated spodumene concentrate shipments totaling 72,152 dmt.

Financial Milestones: Generated maiden revenues of $118 million, with an underlying EBITDA of $9 million, despite a net loss after tax of $32 million primarily due to non-cash adjustments.

Exploration Success: Completed extensive exploration programs across NAL and Moblan, alongside initial drilling at Tabba Tabba, showing potential for resource expansion.

Operational Highlights

NAL, Sayona's flagship project, is now producing at steady-state, with a total output of 65,723 dmt of concentrate in the half year. Spodumene concentrate shipments also commenced during the period, totaling 72,152 dmt delivered to offtake and international customers.

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Lithium recovery rates improved to a record 66% in December 2023, reflecting operational efficiencies.

The company has advanced major capital projects at NAL, such as the Crushed Ore Dome and Tailings Storage Facility 1, aimed at increasing process plant utilisation and throughput. Additionally, the exploration efforts in Québec, Canada, and Western Australia have identified high-grade lithium mineralisation, with potential for resource expansion at both Moblan and NAL projects.

Financial Performance

Sayona reported maiden revenues of $118 million from NAL, with an underlying EBITDA of $9 million. The period also saw a loss after income tax of $32 million, attributed to non-cash adjustments including a $25 million write-down of inventories and a $5 million write-off of capitalised project costs. Despite these adjustments, the company maintained a strong balance sheet with $158 million in cash at the end of the period.

Exploration and Development

Sayona completed a 45,000m drilling program at NAL, uncovering new high-grade lithium pegmatite mineralised zones. At Moblan, an extensive drilling program aimed at exploring for extensions of the existing mineral resource was completed, with results showing significant potential for expansion. Initial drilling at Tabba Tabba in Western Australia targeted lithium pegmatite mineralisation, further enhancing the company's exploration portfolio.

Corporate Developments

The appointment of Mr. Philip Lucas as a Non-Executive Director and Mr. Lucas Dow's subsequent appointment highlight Sayona's commitment to strengthening its corporate governance and strategic oversight.

Under the interim CEO, Mr. James Brown, Sayona Mining is focused on continuing to ramp up production, optimize costs, and preserve asset value. The company is poised for growth, leveraging operational efficiencies, strategic exploration, and development initiatives to deliver increased value for shareholders.

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