“2021 was an outstanding year for Sayona. In 2020, our market cap was US$10 million, and in two years we have grown that to over US$1 billion.”

Sayona has changed dramatically over the last year. Can you walk us through the main milestones?

GL: 2021 was an outstanding year for Sayona. In 2020, our market cap was US$10 million, and in two years we have grown that to over US$1 billion. Our main milestone was the acquisition of North American Lithium (NAL) in August 2021. We are investing US$98.5 million to restart the concentration plant in La Corne, with production planned for March 2023. Also in the Abitibi, we are the owners of the Authier mine and the Tansim project. With the NAL acquisition, both Authier and Tansim are planned to be developed as satellite mines. We have enough mineral to keep the La Corne concentrator running for the next 25 years, at 3,800 t/d capacity.

Beyond the Abitibi, in October 2021 we acquired 60% of the Moblan project in James Bay. We are now on drilling mode. There was a pre-feasibility study done by DRA-Metchem, and now we are doing a feasibility study, as that site should have its own concentrator. In May 2022 we raised A$190 million to cover for the concentrate production in the Abitibi and the studies for the Moblan project.

What role can Sayona play in going downstream and providing strategic products to the battery market?

GL: The NAL site in La Corne has a carbonate plant that is 50% complete. We are doing a feasibility study to evaluate if we can restart that plant and become a lithium carbonate producer, or other options related to hydroxide production – this carbonate option will require possibly a US$285 million investment, and would place us in a unique position as the only lithium carbonate producer in North America. The market is asking us to move downstream (carbonate to hydroxide, and concentrate to hydroxide). For the moment, in March 2023, we will be the first and only spodumene producer in North America.

When we launched the project in the Abitibi, we needed to grow our team. Last year we had five employees, now we are 50, and we will be 200 by the end of 2022. Many of the job applicants are showing their motivation to work for a company that will make a positive impact in the global decarbonization process.

How does hard-rock lithium compare to production from the salars triangle in South America?

GL: Hard rock mining is a great option for the environment compared to other productions, where you need to use huge plots of land and there are potential issues around underground water. Hard-rock mining is for sure the most stable production method for lithium.

Could you walk us through Sayona’s main sustainability and community-related initiatives?

CV: We are part of the Québec Mining Association (QMA), and as such we must follow the Towards Sustainable Mining Initiative (TSM), with protocols around climate change, tailings management, biodiversity, and water stewardship, among other areas. At La Corne, 85% of the water used by the plant comes from the dewatering of the mine, for example. Also, in exploration, we are in the process of obtaining the Ecologo certification from the Québec’s Mineral Exploration Association (AEMQ).

In terms of local relationships, we have three First Nations communities in the Abitibi: Lac-Simon, close to Val d’Or; Abitibiwinni, close to Amos; and Long Point near Témiscamingue. We also work with the Cree Nation of Mistissini, close to the Moblan project. Our projects are at different stages, so we need to keep the communities constantly informed. Moreover, The Pikogan community (Abitibiwinni) is a shareholder of Sayona since 2019, and they are growing together with the company’s growth.

What are the next steps for Sayona?

GL: Today we own 35% of the lithium resource base in North America, with 99 million tons measured and indicated, so we have a leadership position. Our most important milestone is to restart the concentrator in March 2023 (commissioning will start November 2022). Our second goal is to permit the Authier mine. The third milestone is to finalize the 215-hole drilling campaign at Moblan by the end of 2022.