Sayona Mining Limited: New NAL Milestone with 30,000t Lithium Concentrate Produced

Brisbane, Australia - North American lithium producer Sayona Mining Ltd. (ASX:SYA) (FRA:DML) (OTCMKTS:SYAXF) has achieved a new production milestone at its North American Lithium (NAL) operation in Quebec, Canada with more than 30,000 tonnes of spodumene (lithium) concentrate produced ahead of target.

Highlights

- 30,000 tonnes of spodumene (lithium) concentrate produced by North American Lithium (NAL) operation, ahead of schedule; average concentrate grade 5.5% Li2O.

- Stockpile building at port ahead of first planned shipment in July 2023.

- NAL continuing successful ramp-up amid focus on safe and sustainable production, supporting North America's electrification drive.

As of 25 June 2023, the average grade of all spodumene concentrate produced by NAL was approximately 5.5% Li2O, with all key parameters in line with offtake specifications. During the ramp up phase at NAL, an assessment of determining the optimal product lithium grade versus recoveries from the process plant was undertaken.

Mine production and process plant output to date has shown that the current spodumene concentrate product grade of circa 5.5% Li2O delivers higher recoveries and more tonnes of spodumene concentrate, therefore maximising profitability to the NAL joint venture.

On 6 June 2023, NAL hit a new daily production record, with output of 643 tonnes at 5.67% Li2O, with a 71% recovery rate. A stockpile of approximately 26,000 tonnes of spodumene concentrate is being stored at the port, ahead of the first shipment planned for this month. All of the concentrate has been transported to port via rail since the start of June 2023.

In achieving this production milestone, Sayona has maintained its focus on safety under its Zero Tolerance policy, together with its commitment to the highest environmental standards and on benefitting local communities. The Company is targeting total NAL spodumene concentrate production of between 85,000 tonnes and 115,000 tonnes during the first half of fiscal 2024.

Welcoming the latest milestone, Sayona's Managing Director, Brett Lynch said: "I am extremely delighted to see NAL yet again exceeding expectations. Congratulations to the NAL team for achieving this latest milestone, which is truly a remarkable result.

"Since restarting production in March 2023, we have worked hard to ensure a successful production ramp-up and we continue to deliver speed and tonnage ahead of schedule. This is an amazing achievement in the lithium industry given recent supply chain and cost challenges.

"NAL's recent lithium carbonate study highlighted the value of moving downstream at our flagship operation. With more drilling planned in 2023, we look forward to expanding the resource and further enhancing North America's leading source of lithium production."

Currently North America's only major source of hard rock lithium production, NAL is targeting becoming the region's only vertically integrated producer by 2026 with a move downstream into lithium carbonate production. A preliminary technical study released on 21 June 2023 estimated a fully integrated NAL net present value (NPV) of A$5.4 billion (pre-tax), including the NAL DFS estimate of 14 April 2023.

A preliminary economic trade-off analysis of lithium carbonate versus lithium hydroxide production at NAL was completed prior to a decision to undertake the preliminary carbonate technical study. Sayona and Piedmont Lithium will work together with technical advisers to undertake a further trade-off study of lithium carbonate versus lithium hydroxide production at NAL, with a definitive technical study to follow for release during 2024.

The Company also plans additional drilling at NAL in 2023, with more than 50,000m of drilling planned both at NAL and at the adjacent Vallee Lithium Project, which comprises 28 claims subject to an earn-in and joint venture agreement with Consolidated Lithium Metals Inc (previously known as Jourdan Resources Inc.). Drilling at NAL has commenced and will continue over the coming months.

Sayona is currently in the process of negotiating offtake agreements for the uncommitted portion of spodumene concentrate produced at NAL.

*To view tables and figures, please visit: https://abnnewswire.net/lnk/5RA7K6AY

About Sayona Mining Limited:

Sayona Mining Ltd. (ASX:SYA) (OTCMKTS:SYAXF) is an Australian, ASX-listed (SYA) company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors. The Company has lithium projects in Quebec, Canada and in Western Australia.

Please visit us as at www.sayonamining.com.au

Source:
Sayona Mining Ltd.

Contact:

Brett Lynch Managing Director Phone: +61 (7) 3369 7058 Email: info@sayonamining.com.au