The company first announced its intention to bid for the...

The company first announced its intention to bid for the troubled project in late 2019. With dogged determination, A$200 million in funding, and the addition of now 25% partner Piedmont Lithium, Sayona has now officially joined the ranks of the lithium concentrate producers. NAL has produced just 70 tonnes so far, but assuming commissioning continues as expected, Sayona company expects NAL will quickly become the most significant source of hard rock lithium production in North America. Sayona managing director Brett Lynch said restarting production on time and on budget was a "great achievement for the team at NAL", and "something few others have achieved in recent times amid escalating cost and supply chain pressures". He said the first saleable concentrate should be produced "shortly", with the first shipment of spodumene concentrate planned for July. The company is targeting total production of 85,000-115,000t during the first half of financial year 2024. Sayona, which yesterday announced a further C$50 million raising, has also provided colour around how it plans to spend the money with one of Quebec's largest drilling programs this year - at NAL and Jourdan Resources' adjacent Vallee project, where Sayona announced an earn-in last year. The aim is to increase resources to feed the 226,000tpa NAL plant, and support resumption of construction of a partially-built lithium carbonate plant. NAL, which is based at the La Corne mining operation, has failed over three times over the past decade but Sayona is confident it has done the work to ensure there won't be a fourth time. Sayona shares have traded at 11-39c over the past year and were last traded at A24.5c, capitalising the company at $2.1 billion. Piedmont shares were priced at 92c, valuing it at $1.9 billion.