Completion of Piedmont Investment in Sayona Quebec
Brisbane, June 8, 2021 AEST (ABN Newswire) - Emerging lithium producer Sayona Mining Limited (
ASX:SYA) (DML.F) (DMNXF:OTCMKTS) has completed the final leg in its strategic partnership arrangement with leading U.S.-based lithium corporation, Piedmont Lithium, following the execution of the necessary agreements regarding Piedmont's investment in Sayona Quebec Inc.
As detailed in the Company's announcement on 11 January 2021, Piedmont has subscribed for US$5 million worth of shares in Sayona Quebec to acquire a 25% interest in Sayona's Canadian subsidiary.
The funding will help advance Sayona's growth plans in Quebec, including the Company's flagship Authier Lithium Project, the emerging Tansim Lithium Project and creation of a lithium hub in Quebec's Abitibi region, including the Company's joint bid with Piedmont for North American Lithium (NAL).
Sayona's Managing Director, Brett Lynch commented: "We welcome Piedmont's investment in Sayona Quebec and its support of our growth plans in Canada, including our joint bid for NAL.
"This partnership is advancing the development plans of both companies, as we work to develop an Abitibi lithium hub in Quebec supplying the fast-growing North American battery market."
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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