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.
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 Sayona Mining Ltd
Sayona Mining Limited (ASX:SYA) (OTCMKTS:DMNXF) is an Australian-based, ASX-listed (SYA) company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors. Sayona’s primary objective is developing the Authier lithium project in Quebec, Canada. Authier is an advanced, near term development project, construction forecast to commence in the second half of 2018 and first production in late 2019. Please visit us as at www.sayonamining.com.au
Chief Executive Officer
Sayona Mining Ltd (ASX:SYA) Option to Acquire Tansim Lithium Project and Expand Lithium Footprint in Quebec