North American Lithium (NAL) delivers record quarterly production of 58,533 dmt.
Quarterly Activities Report June 2025
Brisbane, July 30, 2025 AEST (ABN Newswire) - Sayona Mining Limited (
ASX:SYA) (DML:FRA) (SYAXF:OTCMKTS) Quarterly Activities Report June 2025.
Quebec, Canada
- Ore mined of 361,883 wet metric tonnes (wmt) was 12% higher quarter on quarter (QoQ) meeting strong demand from the mill.
- Process plant utilisation at 93% was a new record following continued incremental improvements.
- Lithium recovery for the quarter was also a record at 73%, up 4% on the back of excellent operating performance from mill operations.
- Improved underlying operating metrics delivered record spodumene production of 58,533 dry metric tonnes (dmt), up 35% QoQ at an average grade of 5.2% (Li2O).
- Spodumene sales were 66,980 dmt for the June 2025 quarter reflecting prior guidance that sales volumes for H2FY25 would be skewed 70% to the June quarter to capture higher forward sales prices compared to spot market prices.
- The average realised selling price (FOB) decreased by 8% to $1,054/dmt (4% decrease to US$682/dmt) versus the prior quarter, despite lithium index prices falling 15-20% QoQ and higher sales into the international lithium market resulting in higher seaborne freight charges.
- NAL revenue of $71 million reflected higher sales volumes partially offset by lower average realised selling prices.
- Unit operating costs (FOB, per tonne sold) for NAL decreased 10% QoQ to $1,232/dmt. Unit operating costs in USD terms decreased by 5% to US$791/dmt. Unit cost of production fell to US$737/dmt.
- On a full year basis, concentrate sales were up 32% and unit operating cost sold (FOB) was down 9%, which was offset by average realised selling price (FOB) being down 16% due to weak market price conditions.
- All FY25 guidance metrics have been successfully achieved.
Corporate
- Subject to shareholder approval by both Sayona shareholders and Piedmont Lithium stockholders, the proposed merger of the two companies is targeted to complete on 12 August 2025. The Sayona Extraordinary General Meeting (EGM) will occur on 31 July 2025.
- The balance of cash and cash equivalents at the end of the June 2025 quarter was $72.3 million, a $16.6 million decrease from the equivalent balance of $88.9 million at 31 March 2025. Cash decreased due to a $12 million loss from NAL operations offset by JV partner contributions of $8 million, $5 million loss from Group operations, $4 million of NAL sustaining capital expenditure, and $4 million of merger transaction costs. The Company continues to drive disciplined spending practices to reduce cash costs.
- FY26 guidance will be provided with the FY25 Full Year Results in late August 2025.
Management Commentary
Improved safety performance, record production, lower costs, and a transformational merger set the stage for Sayona's next growth chapter.
The June 2025 quarter marked a significant step forward for Sayona, with North American Lithium delivering recordbreaking operational results that highlight the momentum and resilience of our team and operations. Spodumene concentrate production hit a new high of 58,533 dmt - up 35% quarter-on-quarter while mill utilisation and lithium recovery both set new benchmarks at 93% and 73%, respectively. These impressive results reflect the cumulative benefits of ongoing process improvements and disciplined execution across the site.
Sales totalled 66,980 dmt for the quarter, in line with our strategy to skew shipments to Q4FY25 to deliver against stronger forward pricing. Despite a softer spot pricing environment related to market conditions, our realised average selling price of $1,054/dmt (FOB) significantly outperformed lithium price index benchmarks, demonstrating the effectiveness of our forward sales strategy. Importantly, unit operating costs fell 10% to $1,232/dmt (US$791/dmt), while the unit cost of production decreased to US$737/dmt, highlighting the operating leverage from increased throughput and efficiency initiatives.
The record performance at NAL capped off a year of 31% growth in annual production and a 9% reduction in unit costs compared to FY24. While realised prices declined due to weak market conditions, we are encouraged by the recent uptick in lithium index pricing, which has improved by over US$150/t since quarter-end.
On the ESG front, we continued to progress studies supporting the permitting of NAL expansion. Our TRIFR improved further this quarter, bolstered by strong hazard reporting and consistent field leadership, with no lost time injuries recorded in either May or June 2025 - the best safety performance since the September 2024 quarter.
Exploration efforts transitioned from drilling to evaluation and planning, following the completion of more than 129,000 metres of drilling at NAL and Moblan during CY2024. Updated Mineral Resource Estimates are expected by the end of August 2025. In Western Australia, we made encouraging progress at Mt Edon and the Pilbara tenements, including a new research collaboration to investigate rubidium extraction and refinement.
Finally, we are rapidly advancing our proposed merger with Piedmont Lithium to form Elevra Lithium. With all regulatory approvals now secured and shareholder meetings scheduled for 31 July, we continue to work towards the completion of the transaction in early August 2025. The merged business will emerge as a premier North American lithium producer with global scale, a balanced leadership team, and a strong foundation for long-term shareholder value creation.
Mr Lucas Dow
Managing Director and CEO
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/8A427950
About Sayona Mining Limited
Sayona Mining Limited (ASX:SYA) (OTCMKTS:SYAXF) is a North American lithium producer with projects in Quebec, Canada and Western Australia. In Quebec, Sayona's assets comprise North American Lithium together with the Authier Lithium Project and the Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. Sayona also holds a 60% stake in the Moblan Lithium Project in northern Quebec.
In Western Australia, the company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium.
Sayona is exploring for Hemi style gold targets in the world class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation.
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