Ann: Sayona Mining Announces Increase to Mineral Resource for NAL, page-5

I guess there's several factors:

1. If the market thinks the mining at NAL is marginally profitable or unprofitable, does it really matter how big the deposit is?
2. The increase was by 51% to 88Mt (not an 88% increase). The 51% increase was presumably 87.9Mt / 58.3Mt however the 58.3Mt was at 1.23% so part of the increase in volume is a grade drop to 1.13%.
3. NAL's previously been stated at over 100Mt so "increasing" to 87.9Mt is not quite the big deal it would ordinarily have been. Part of this "increase" is via adjusting the pit envelope to US$1,665/t @ 5.4% concentrate (aka SC6 at US$1,850/t). The DFS used 5.4% to 5.82% at an average of US$1,352/t. Some of this increase may be simply around including currently unprofitable ore that costs >US$1,400/t to mine and process back into the resource estimate
4. The market may have been expecting more given they already knew from 1 March 2022 that there was 118Mt (including Auther).

The note around price:



The new update:


From 14 April 2023:


From 1 March 2022: