- Sayona Mining (SYA) doubles its Québec lithium resource base amid the surging demand of lithium supply in North America
- The emerging lithium explorer has new and upgraded mineral resource estimates for its North American Lithium (NAL) and Authier Lithium Projects
- Following independent studies, the JORC compliant lithium resource base for the two projects has approximately doubled to 119.1 million tonnes at 1.05 per cent lithium oxide
- Sayona is expecting to provide an updated definitive feasibility study for both projects in the next coming weeks
- Sayona shares are 15.6 per cent in the green, rising to 13 cents
Sayona Mining (SYA) has doubled its Québec lithium resource base amid the surging demand of lithium supply in North America.
The emerging lithium explorer has new and upgraded mineral resource estimates for its North American Lithium (NAL) and Authier Lithium Projects.
Following independent studies, the JORC compliant lithium resource base for the two projects has approximately doubled to 119.1 million tonnes at 1.05 per cent lithium oxide.
For NAL, the JORC mineral resource estimate identified a total measured, indicated and inferred mineral resource of 101.9 million tonnes at 1.06 per cent lithium oxide.
“This expansion is a major achievement for Sayona as we further enlarge our leading lithium resource base in North America. Since the start of 2020, we have now grown our Québec resource base nearly six times and with further increases expected soon from Moblan,” Managing Director Brett Lynch said.
“With lithium prices surging on the back of an increasing structural supply deficit, our upcoming definitive feasibility study for an integrated NAL‐Authier operation, expected in coming weeks, is set to show significantly enhanced profitability for the benefit of shareholders.”
Additionally, as part of Sayona’s capital management strategy, the company and Acuity capital have agreed to increase the facility size of the At‐the‐Market Subscription Agreement (ATM).
The parties will increase the ATM facility from $15 million to $50 million of standby equity capital to better reflect Sayona’s increased market capitalisation on the ASX.
Sayona shares were up 15.6 per cent to 13 cents at 10:47 am AEDT.