Sayona Mining share price lifts on first saleable lithium production

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The Sayona Mining Ltd (ASX: SYA) share price is having a top run today.

Sayona Mining shares are up 1.16%, currently fetching 21.75 cents a share. In contrast, the S&P/ASX 200 Index (ASX: XJO) is 1.46% in the red at the time of writing.

Let’s check the news that may be lifting the Sayona Mining share price today.

‘Milestone’ lithium news

Sayona Mining is outperforming other ASX lithium shares today. At present, the Core Lithium Ltd (ASX: CXO) share price is down 4.07%, while Pilbara Minerals Ltd (ASX: PLS) shares are 3.13% lower amid wider market turmoil.

Today, Sayona announced a “new milestone“. The company has produced its first saleable commercial grade spodumene lithium concentrate at the company’s North American Lithium (NAL) operation in Quebec, Canada.

About 1,200 tonnes of lithium concentrate has been produced, including 6% lithium grade.

Sayona expects to ship lithium for the first time in July this year. The lithium company is aiming to produce between 85,000 and 115,000 tonnes of lithium in the first half of FY24.

Commenting on the news, Sayona managing director Brett Lynch said:

Congratulations to the whole team at NAL for delivering yet another milestone on time and within budget.

Having witnessed first‐hand the operation’s restart I can only express admiration for this achievement, which demonstrates we have the experience and expertise to run a successful operation.

For Sayona, the opportunity is only getting bigger and we are proud to play our part as North America’s emerging leading hard rock lithium producer.

Today’s announcement follows Sayona’s news on 8 March that it had produced its first lithium concentrate.

The North American Lithium restart is on schedule and within budget, Sayona said today.

Share price snapshot

The Sayona share price has soared 32% in the last year, while it has climbed 1.16% in the past month.

Sayona has a market capitalisation of about $1.9 billion based on the current share price.

The post Sayona Mining share price lifts on first saleable lithium production appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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