Listed lithium player Sayona Mining raising $190mMay 25, 2022 –...

Listed lithium player Sayona Mining raising $190m
May 25, 2022 – 9.47am
Listed lithium explorer Sayona Mining was asking investors for $190 million on Wednesday morning for its Canadian projects, including restarting its North American Lithium that it owns with Piedmont Lithium.


Sayona Mining wants fresh funds for its Canadian lithium projects. APnone
The offer was priced at 18¢ a share, a 12.2 per cent discount to the last close and 28.2 per cent discount to the ten-day volume weighted average price.

The raise comes after Sayona, this week, published a pre- feasibility study on the North American Lithium project, saying it expected 168,000 tonnes average annual production of 6 per cent spodumene concentrate over a 27-year mine life. The study put estimated capital cost for restarting the mine and concentrator at about $US80 million.

Sayona would use the funds from Wednesday’s placement to restart the North American Lithium project, which it acquired last year in 75-25 partnership with listed counterpart Piedmont Lithium. (Piedmont also owns 16.58 per cent of Sayona)

It would also fund development at its Authier mine, exploration and studies at Moblan project, and assessment of downstream processing alternatives. All of them are located in Canada’s Quebec.