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    SYA   AU000000SYA5

SAYONA MINING LIMITED

(SYA)
Delayed Australian Stock Exchange  -  02:10 2022-09-27 am EDT
0.2300 AUD   +4.55%
10:30aQuebec mining operator selected as nal restart advances
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01:02aSayona Mining Hires Mining Operator to Restart Lithium Operations in Canada; Shares Rise 3%
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09/26Sayona Mining Limited Quebec Mining Operator Selected as NAL Restart Advances
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NORTH AMERICAN LITHIUM RESTART ON TRACK FOR FIRST PRODUCTION

08/04/2022 | 09:15am EDT

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTCQB:SYAXF) has further advanced its planned restart of spodumene (lithium) production at the North American Lithium (NAL) operation in Quebec, with approximately 30% of plant and equipment upgrades now completed. Sayona is on track to recommence production in Q1 2023, becoming the only local supplier in North America, after having committed around $100 million to the restart. Of this, Sayona had commitments of C$33.7 million to end June compared to the planned budget of C$37.

2 million, as items such as classification screens installation, apron feeder, grizzly and chutes installation were completed in July. The Company will issue regular monthly updates on NAL as it moves closer to restarting production. NAL currently has around 50 construction workers on?site, with the number expected to double by September. Senior management appointments are also in place, as per the Company's 27 May announcement. Sayona has placed a priority on local employment, with some 65% of employees from the immediate NAL region and more than 98% living in Abitibi?Temiscamingue.

Key equipment secured

Among the critical equipment items to have arrived on?site recently are the following:

Wet High Intensity Magnetic Separator (WHIMS)

HP400 crusher

Derrick brand screeners

Ore sorting conveyors

Water and electrical infrastructure for dry change room.

Other commitments completed in June include civil works for the dry change room; HP300 and HP400 installation; WHIMS area piping and electrical dismantling; electrical components; belt filter; crushed ore storage dome engineering; training and start?up support; and audit and inspection costs. Sayona is monitoring closely any potential late deliveries, with contingency plans in place to avoid any delays in the dry and wet commissioning activities. The Company is actively working with suppliers to mitigate any potential supply?chain challenges. Sayona's Managing Director, Brett Lynch commented: 'It is extremely pleasing to see the rapid progress at NAL as we ramp up towards the recommencement of lithium production. 'With virtually all of the NAL operation powered by hydroelectricity, this is truly one of the world's most sustainable lithium operations, an important ESG differentiator in an industry that aims to facilitate global decarbonisation.'

Contact:

Media

Brett Lynch

Managing Director

Email: info@sayonamining.com.au

Anthony Fensom

Republic PR

P: +61 (0)407 112 623

Email: anthony@republicpr.com.au

About Sayona Mining

Sayona Mining Limited is an emerging lithium producer (ASX:SYA; OTCQB:SYAXF), with projects in Quebec, Canada and Western Australia. In Quebec, Sayona's assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (Nasdaq:PLL; ASX:PLL). The Company also holds a 60% stake in the Moblan Lithium Project in northern Quebec. In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium. Sayona is exploring for Hemi?style gold targets in the world?class Pilbara region, while its lithium projects are subject to an earn?in agreement with Morella Corporation (ASX:1MC). For more information, please visit us at www.sayonamining.com.au

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
MORELLA CORPORATION LIMITED 4.55% 0.023 Delayed Quote.22.22%
PIEDMONT LITHIUM INC. 6.29% 0.845 Delayed Quote.14.97%
SAYONA MINING LIMITED 4.55% 0.23 Delayed Quote.69.23%
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Financials
Sales 2021 0,65 M 0,42 M 0,42 M
Net income 2021 -4,38 M -2,84 M -2,84 M
Net cash 2021 35,4 M 23,0 M 23,0 M
P/E ratio 2021 -67,0x
Yield 2021 -
Capitalization 1 911 M 1 240 M 1 240 M
EV / Sales 2020 279x
EV / Sales 2021 640x
Nbr of Employees -
Free-Float 90,1%
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Managers and Directors
Brett Lynch Chief Executive Officer, MD & Director
Paul Anthony Crawford CFO, Secretary & Executive Director
Allan Charles Buckler Non-Executive Director
James Stuart Brown Non-Executive Director
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