Highlights

• Major resource expansion for Sayona’s Moblan Lithium Project, with Measured, Indicated and Inferred Resource of 51.4 million tonnes @ 1.31% Li 2 O representing one of North America’s largest single lithium resources (sensitivity analysis at 0.55% Li 2 O cut-off grade)
• Flexibility for higher tonnage production, with estimated Measured, Indicated and Inferred Resource of 70.9 million tonnes @ 1.15% Li 2 O (0.25% Li 2 O cut-off grade)
• Over 60,000m of planned drilling anticipated to further expand size and grade of project, with added potential from recently acquired adjacent Troilus claims.

North American lithium producer Sayona Mining Limited (ASX:SYA;OTCQB:SYAXF) has significantly expanded its North American lithium resource base, with an initial JORC Mineral Resource estimate for its Moblan Lithium Project (SYA 60%; SOQUEM Inc 40%), including maiden resources for the South dyke discovery, highlighting the potential for its northern lithium hub in Québec’s highly prospective Eeyou Istchee James Bay region.

Since acquiring Moblan in October 2021 in partnership with SOQUEM (a wholly owned subsidiary of Investissement Québec), approximately 37,700 metres of diamond core drilling has been conducted at the project. Sayona has now estimated a total JORC Measured, Indicated and Inferred Mineral Resource of 70.9 million tonnes @ 1.15% Li 2 O (0.25% Li 2 O cut-off grade) which represents North America’s single largest lithium resource.

This includes higher grade tonnage opportunities with Measured, Indicated and Inferred Resource of 51.4 million tonnes @ 1.31% Li 2 O (0.55% Li 2 O cut-off grade in the sensitivity analysis). Sayona aims to further enhance the size and grade of this resource through additional drilling, with 60,000m of extra drilling planned at Moblan.

Opportunities exist to expand and build the Mineral Resources proximal to the known Moblan and Moleon deposits, where exploration has indicated that lithium mineralisation may extend to the north, northeast and at depth. Additional diamond drilling could potentially upgrade some of the Inferred mineral resources to the Indicated category and identify additional mineral resources down-plunge and in the vicinity of the currently identified mineralisation, including extra drilling between the Main/Inter and Moleon dyke groups.

Sayona’s acquisition of lithium claims from Troilus Gold Corp. (TSX:TLG) (refer ASX release dated 17 November 2022), located adjacent to Moblan, offers further potential for eastwards extensions of the Moblan mineralisation, as well as regional targets in the emerging lithium district. The Moblan properties remain largely unexplored outside known mineralised zones.

Meanwhile, Sayona is also advancing required characterisation works and studies including geomechanical characterisation (rock mechanics for pit design), geotechnical studies (soils), mine design, optimisation and scheduling, metallurgical testing, studies and design, environmental characterisation, infrastructure and power requirements, as it progresses Moblan’s upcoming feasibility study. This includes the necessary permitting and environmental studies, which are progressing in line with regulatory requirements.

Sayona is committed to engaging local communities as the project progresses, including First Nations and 
other local community members, consistent with its proactive stakeholder engagement approach.

Sayona’s Managing Director, Brett Lynch, welcomed the latest expansion of the Company’s North American lithium resource base.

“Speed and tonnes are crucial and with our North American Lithium operation in production, we are now bringing significant added resources to the market. Moblan now represents one of the largest single lithium resources in North America, justifying our move to fast-track a major drilling program that has delivered a resource within just a year of acquisition,” Mr Lynch said.

“Sayona already has the leading advanced lithium resource base in North America and this latest expansion further entrenches our competitive advantage, particularly given our projects’ favourable access to infrastructure, market proximity and availability of low-cost, sustainable hydropower.”

“Together with our established Abitibi lithium hub in the south, Sayona has quickly developed two emerging centres of lithium production amid surging demand from North America’s EV and battery revolution. As we progress these projects from spodumene concentrate production towards downstream processing, the significance of these assets will only increase as the market scrambles for supply.”