How did the Sayona Mining share price perform in October?

The Sayona Mining Ltd (ASX: SYA) share price had its highs and lows in October, but overall finished flat.

Sayona shares closed at 23.5 cents on 30 September. At market close on 31 October, Sayona shares were fetching this exact same price. For perspective, the S&P/ASX 200 (ASX: XJO) lifted 6% in the same timeframe.

Let’s take a look at what impacted the Sayona share price in October.

Up and down

The Sayona Mining share price was up and down like a yo-yo in October.

Sayona shares soared 13% on 4 October on the back of positive lithium news. Sayona launched a pre-feasibility study for lithium carbonate production at its North American Lithium (NAL) operation in Quebec. Piedmont Lithium Inc (ASX: PLL) has a 25% stake in this project, with Sayona holding the other 75%.

Commenting on the news, managing director Brett Lynch said:

We look forward to examining the results of the PFS, as we work towards becoming a leading integrated producer and the largest in North America, amid accelerating demand from the battery and electric vehicle sector.

The Sayona Mining share price descended 15% between market close on 4 and 20 October.

On 5 October, Sayona Mining shares fell nearly 7.69% despite a seemingly positive update from the company. Sayona Quebec CEO Guy Laliberté described the agreement as “another important step” on the road to restarting operations at the mine.

Sayona launched a pre-feasibility study for the Moblan Lithium Project in northern Quebec, Canada. However, as my Foolish colleague James noted, profit taking and industry weakness at the time may have impacted the company’s share price.

What else?

In further news, on 18 October, Sayona advised a CA$43 million Quebec rail contract had been signed to transport lithium from the North American Lithium operation to port.

Sayona shares rocketed 18% higher between market close on 20 October and 25 October before pulling back nearly 8% up to the 31 of October.

In news on 27 October, Sayona Mining advised the NAL project is “picking up speed” with 96% of procurement and permitting complete. The project is on track to restart in quarter one of 2023.

On the final day of October, Sayona released a quarterly activities and cash flow report. Sayona has cash at hand of about $159.234 million.

Sayona’s annual general meeting will be held on 16 November.

Share price snapshot

The Sayona Mining share price has lifted 40% in the past year, while it has soared 73% year to date.

For perspective, the ASX 200 has shed more than 7% in the past year.

Sayona has a market capitalisation of about $1.8 billion based on the current share price.

The post How did the Sayona Mining share price perform in October? appeared first on The Motley Fool Australia.

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More reading

• Could this news be helping the Sayona share price light up today?
• If ASX lithium shares are soaring, why is the ACDC ETF down 9% in 2022?
• Why Champion Iron, Lynas, Newcrest, and Sayona shares are storming higher
• Sayona Mining share price higher on lithium project update
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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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