Sayona Mining Limited
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Why Did Sayona Mining Receive Cash Proceeds for North American Lithium?
Sayona Mining, a North American lithium producer, has announced the receipt of its North American Lithium (NAL) operation's first cash proceeds in Quebec, Canada. This follows the shipment of spodumene concentrate, a type of lithium, to the international lithium market. NAL is a joint venture between Sayona (75%) and Piedmont Lithium (25%). The initial cash payment of 90% of the cargo value has been received by NAL for its first shipment of approximately 20,500 wmt of spodumene concentrate. The remaining 10% will be paid after the vessel AAL Moon arrives at its port of destination, expected in late September 2023.
What are Sayona and NAL doing to ramp-up production after the initial shipment?
The NAL mine and process plant ramp-up is progressing well, with a focus on optimizing and debottlenecking the production process. The failure of the rod mill resulted in four days of lost production, but the plant came back on-line smoothly and has performed well since.
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The NAL joint venture is currently reviewing its forecast production and sales given the ramp-up's performance, along with the impact of continuous improvement initiatives. NAL is averaging 5. 5% Li2O for calendar year-to-date production, with other key concentrate parameters adhering to offtake specifications.
What are the capital improvement projects Sayona and NAL have progressed?
NAL has made significant progress on capital improvement projects, including increasing the tailings storage facility's capacity and a new crushed ore dome that improves winter operating efficiencies. The TSF is undergoing a wall lift to safely increase its storage capacity, with completion expected in November 2023. The new crushed ore dome is expected to be completed in Q3 FY24. Sayona's CEO, James Brown, said that they are excited to receive the initial cash payment and will continue their commitment to delivering value to shareholders. Sayona is also planning to maximise its value by expanding its lithium resource base at the Moblan Lithium Project.
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