Sayona Mining Secures Revenue Following Successful Restart
Sayona Mining Limited
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Sayona Mining Secures Revenue Following Successful Restart

North American lithium producer, Sayona Mining Limited, has announced the first commercial shipment of spodumene (lithium) concentrate from the North American Lithium (NAL) operation in Québec, Canada. NAL is jointly owned by Sayona (75%) and Piedmont Lithium (25%). The shipment was made up of approximately 20,500 metric tonnes of on-specification Li2O spodumene concentrate and is said to have been sold into the buoyant global spot market via a major trading company.

Revenue Generation

The first shipment has secured initial revenue for the NAL operation, following a successful restart. NAL is now well positioned as North America's leading producer of hard rock lithium. After the departure of the AAL Moon vessel carrying NAL's spodumene concentrate on 1 August 2023, provisional payments will be received by NAL within five business days of receipt of shipment documentation by the trading company.

Production Growth

The production ramp-up at NAL is on track, even amidst continuing demand growth from the accelerating EV and battery revolution.

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NAL has sufficient tonnage of spodumene concentrate at the port to meet the volume requirements of the first estimated shipment to Piedmont Lithium. Sayona is targeting total NAL spodumene concentrate sales in excess of the combined amount sold to Piedmont Lithium and other customers within the first half of fiscal 2024.

Managing Director of Sayona, Brett Lynch, believes that this first shipment is a "significant milestone" and congratulated the NAL team's strong execution capabilities and commitment. Guy Belleau, Chief Executive Officer of Sayona's Quebec subsidiary, said that "NAL's operations are providing quality jobs, creating value for local businesses, and generating significant benefits for the local community, including First Nations. "

With the growing demand and limited supply of critical minerals, including lithium, Sayona's first commercial shipment marks a generational economic opportunity for Canada. By fast-tracking production at NAL, Sayona is continuing to advance Quebec's role as a critical supplier of lithium from hard rock sources to the battery materials sector.

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