Sayona Mining Limited
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Why is Sayona generating buzz in the Lithium industry?
Sayona Mining has released its quarterly activities report for September 2023, showcasing impressive results. The company's North American Lithium (NAL) operation has seen ramped-up production resulting in a quarterly record for spodumene concentrate production of 31,486 dry metric tonnes. The operation also completed its maiden shipments of spodumene concentrate to customers with three vessels departing port during the quarter, generating revenue for Sayona.
Additionally, Sayona has made substantial progress on major capital projects at NAL, including the Crushed Ore Dome and Tailings Storage Facility 1 designed to stabilise plant utilisation and support higher throughput. Exploration activity has also been a prime focus, with impressive Moblan drill results announced in July 2023.
Management Commentary
James Brown, Executive Director & Interim CEO of Sayona states, "It was a significant quarter for Sayona as we generated our first revenue from the sale of spodumene concentrate and continued our extensive drilling program at both NAL and the Moblan Lithium Project to identify additional lithium resources. " He expects this progress to continue as Sayona pushes forward with exploration efforts at NAL and other sites, with potential for further increases to North America's leading hard rock lithium resource base.
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Corporate Initiatives
Sayona Mining has also completed the second tranche of the $200 million fully underwritten equity placement to institutional and sophisticated investors, with gross proceeds received in July amounting to $30. 7 million. The company has also undergone changes to its board of directors following the resignation of Mr. Brett Lynch. Mr. James Brown has been appointed as Executive Director and Interim CEO, with experienced corporate lawyer, Mr. Philip Lucas, appointed as a Non-Executive Director.
Going forward, Sayona Mining continues its commitment towards enhancing shareholder value through exploration and production efforts, with potential for further success in the competitive Lithium industry.
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