Sayona books first revenue from NAL project as initial lithium shipment leaves port

Sayona Mining (ASX: SYA; US-OTC: SYAXF) has made the first commercial shipment of lithium-bearing concentrate from the North American Lithium (NAL) project in Quebec. The project is operated by Sayona Mining Quebec, jointly owned by Sayona and Piedmont Lithium (NASDAQ: PLL; ASX: PLL) in a 75-25 partnership.

The shipment totaled 25,000 tonnes of spodumene concentrate has been sold into the global spot market via a major trading company, Sayona said in a news release. The concentrate was loaded onto the AAL Moon cargo vessel, which departed Quebec City on Tuesday, according to the Vessel Finder ship tracking portal.

The U.S. dollar selling prices for the concentrate will be derived from the Fastmarkets Spodumene spot price index. Provisional payments will be received by NAL within five business days of receipt of the shipment documentation by the trading company, delivering important cash flow to NAL as operations ramp up.

The next shipments of spodumene concentrate will be sold to Piedmont Lithium under terms of the existing offtake agreement. The estimated size of the shipments is 30,000 tonnes, and it is expected to depart in August and September, subject to ship sizing and availability. The NAL stockpile at the port contains enough concentrate to fulfill this obligation.

The first NAL spodumene concentrate being loaded onto the AAL Moon. Credit: Sayona Mining

“We are particularly pleased to make this first shipment in less than two years since NAL’s acquisition in August 2021, reflecting the team’s strong execution capabilities and commitment,” said Sayona managing director Brett Lynch.

Guy Belleau, CEO of Sayona Quebec, said he is proud of the local team and partners in the Abitibi-Témiscamingue region, where the NAL plant is located in La Corne township, about 570 km northwest of Montreal. 

“This first shipment confirms Sayona’s ability to meet the world’s ever‐growing demand for lithium and play a role in the global energy transition. We are delighted that this lithium, which was produced in Québec according to the highest industry standards, will contribute to decarbonization and electrification,” he said.

Sayona shares traded at A15¢ (13¢) in Sydney on Wednesday, near the bottom of its 52-week range of A14¢ and A37¢. The company has a market capitalization of A$1.5 billion ($1.3 billion).