Sayona Mining Limited (ASX:SYA), is a materials company, focused on acquiring and evaluating mineral Australia and Overseas.

Sayona mainly focuses on its Authier Lithium Project in Quebec, Canada, and the Tansim Lithium Project in Canada. Its Western Australia Project spans 1,186 square kilometres and includes lithium and gold tenements in the Pilbara and Yilgarn areas and graphite-related tenements in the East Kimberley.

Company’s major projects feature Mallina Lithium Project, Mt Dove Project, Deep Well Project, Tabba Tabba Project, Mt Edon Lithium Project, and Corkwood Graphite Project. The company has a hard rock spodumene lithium deposit at its Authier Lithium Project.

As per Sayona, it is on its way to become North America's first native spodumene producer, with plans to go downstream in the future to extract even more value from its growing lithium resource base.

Sayona's Tansim Lithium Project includes lithium, tantalum and beryllium.

Sayona's financial performance in H1FY22

Sayona Mining got listed on the Australian Securities Exchange (ASX) on 30 March 2004, under the ticker 'SYA'.

In H1 FY22, Sayona reported a net profit after tax of roughly AU$94 million, compared to a loss of around AU$983K in the previous equivalent quarter.

Sayona's profit for the first half of the year was approximately AU$108 million. The company also disclosed that its total assets were valued at AU$445 million, with a cash balance of AU$30 million after the period.

Recent developments

On 27 May 2022, Sayona (SYA ASX ) had received definitive commitments to finance AU$190 million in funding to commence spodumene concentrate production at its North American Lithium (NAL) facility in Québec.

Simultaneously, Sayona stated that it is beefing up its workforce to begin lithium production in Québec. As part of a reorganised corporate structure that matches the company's growth goal, the corporation has chosen Salvatore Vitare as a new chief financial officer (CFO). The mining company has made several further appointments.

Along with this, the company also updated that Anne Blier and Carl Corriveau were selected vice-presidents of environment and exploration, respectively. Aside from these two appointments, Cindy Valence has been named chief sustainability officer.

In addition, Richard Saint-Jean, among other professionals, was named general manager of NAL to expedite the operation's resumption.