Sayona Mining Limited (SYA) has announced its Quarterly Activities Report for June 2024.

Record Production and Improved Recovery

Ore mined totaled 233,699 wet metric tonnes (wmt), a 33% drop from the previous quarter due to high ROM pad inventory usage. However, the in-pit inventory rose by 44%. Notably, process plant utilization reached a peak of 83%, up from 73% in the previous quarter.

Lithium recovery also hit a new high of 68%, compared to 67% previously. As a result, spodumene concentrate production surged by nearly 23% to 49,660 tonnes at an average grade of 5.3%. Daily production peaked at 919 tonnes in June, with monthly production reaching 19,314 tonnes in May.

Decreased Operating Costs

Unit operating costs for North American Lithium (NAL) fell by 2% Quarter on Quarter to A$1,506/dmt (US$995/dmt). Two marine shipments of concentrate were sold during the quarter, with a delayed third cargo departing on July 1, 2024. Expected shipments for the September quarter are projected to be between 50,000 to 65,000 dry metric tonnes (dmt).

Sales and Revenue

The total concentrate sold during the quarter was 27,729 dmt. The average realized selling price decreased by 11% to A$885/dmt (US$604/dmt) from the previous quarter. NAL’s revenue for the quarter was A$25 million, affected by quotation period adjustments and a delayed shipment.

Completed Projects and Exploration

Several major capital projects were completed at NAL, including the Crushed Ore Dome, leading to reduced future capital expenditures. In Western Australia, an orientation ground gravity survey identified potential targets, and reverse circulation drilling commenced in late May, completing 21 holes for 3,538 meters with assays pending.

Corporate Developments

Mr. Lucas Dow was appointed Managing Director and CEO on July 3, 2024. Mr. James Brown will serve as an Executive Director until January 31, 2025, transitioning thereafter to a non-Executive Director role. The company’s cash and cash equivalents at the end of the quarter stood at $90.6 million, down from $98.9 million at the end of March 2024.

Sayona Mining Limited continues to optimize its mining and production processes, achieving significant improvements in concentrate production driven by high mill utilization and recovery rates. The completion and commissioning of the Crushed Ore Dome are expected to enhance operational reliability significantly.

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