Full Year Statutory Accounts
Brisbane, Sep 12, 2017 AEST (ABN Newswire) - Sayona Mining Ltd (
ASX:SYA) (DMNXF:OTCMKTS) provides the Company's Full Year Statutory Accounts for the financial year to 30 June 2017.
PRINCIPAL ACTIVITY
The consolidated group's principal activity during the financial year has been the identification, acquisition and evaluation of mineral exploration assets, focusing on lithium and graphite. During the period, the Company undertook exploration activity on a number of projects in Australia and Canada.
There were no significant changes in these activities during the financial year.
BUSINESS MODEL AND OBJECTIVES
The Company's primary objective is to provide shareholders with satisfactory returns.
This is to be achieved through implementation of the Company's business model of identifying, evaluating, and developing its portfolio of exploration assets.
Operating Results
The entity's consolidated operating loss for the financial year after applicable income tax was $2,570,538 (2016: $2,511,975). Tenement acquisition, exploration and evaluation expenditure during the year totalled $7,109,318 (2016: $2,712,521).
Review of Operations
During the year, the Company focused on sourcing and developing projects capable of supplying the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors.
This has entailed:
- the acquisition of the Authier lithium project in Canada;
- development studies to advance the Authier project towards production; and
- expanding a package of lithium prospective exploration tenements in Western Australia.
Lithium is a high-value product which is anticipated to be in tight supply as the demand for lithiumion batteries continues to experience transformational growth due to use in the new green technology sectors.
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About Elevra Lithium Limited
Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) is North America's largest hard-rock lithium producer with a diversified portfolio of high-quality assets across Quebec Canada, the United States, Ghana and Western Australia.
Our flagship operation, the North American Lithium (NAL) mine in Quebec, Canada has successfully ramped up production of spodumene concentrate, supported by ongoing operational enhancements to increase recovery rates, throughput, and mill utilisation. Following a Mineral Resource upgrade, Elevra completed a Scoping Study for a brownfield expansion to increase NAL's annual spodumene concentrate production and reduce unit operating costs.
Complementing NAL, the Moblan Lithium Project in northern Quebec represents one of the largest undeveloped spodumene resources in North America, with a Mineral Resource of 121 Mt @ 1.19% Li2O.
Development activities are progressing with feasibility studies targeting a large-scale, long-life operation capable of supplying both domestic and international markets.
In Western Australia, Elevra holds an extensive portfolio of lithium and gold tenements, where exploration programs are advancing to unlock additional growth opportunities. Meanwhile, in the United States, our Carolina Lithium Project offers a strategic foothold in the downstream lithium chemicals market and our project in Ghana provides a further option for future growth.
Looking ahead, Elevra is focused on strategic downstream partnerships to enable further value-added lithium production, positioning the Company to deliver a secure, sustainable supply of critical minerals to global customers. Together, these assets establish Elevra as a growth-focused supplier supporting the global energy transition.
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