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Sayona Mining closes $86.5 million lithium acquisition

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(Kitco News) - Sayona Mining (ASX:SYA) said today it closed its acquisition for a 60% stake in Moblan Lithium Project, Québec for US$86.5 million.

The close comes after the company successfully raised A$100 million.

Located about 130km north‐west of Chibougamau, Moblan is host to high‐grade spodumeme
mineralisation. The deposit has over 17,000m of diamond drilling.

A drilling program targeted for 2022 with the aim of expanding lithium resource.

"Moblan in northern Québec adds to our established Abitibi lithium hub as we build the leading lithium asset base in North America," said Sayona's Managing Director Brett Lynch.

"This is an important step as this expansion in our lithium resource further strengthens our capacity and plans to move downstream into lithium hydroxide/carbonate production in Québec, capturing added value and ensuring the province plays a leading role in North America's clean energy drive.

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