Emerging Australian lithium miner Sayona Mining Limited (ASX: SYA) has announced that the bid deadline for North American Lithium Inc. has been extended to June 15.
Sayona Mining Ltd. is an emerging lithium miner with projects in Québec, Canada and Western Australia. In Western Australia, the company has a joint venture with leading lithium producer Altura Mining Limited concerning its exploration portfolio in the world-class Pilgangoora lithium district. Sayona’s leases in Western Australia cover 1849 square kilometres and comprise graphite tenements in the East Kimberley region.
North American Lithium Inc. (NAL), a Canadian industrial minerals mining company located in Abitibi, near Val d’Or, Quebec, is a subsidiary of CATL Contemporary Amperex Technology Co. Limited, and operates an open pit lithium carbonate mine and processing plant nearing completion. The mine is expected to produce approximately 23,000 tonnes of battery grade lithium carbonate on an annualized basis.
Sayona Mining put a bid for North American Lithium in September last year. It believes securing North American’s lithium mine will guarantee its pathway from “junior” miner to mid-tier producer.
If successful, Sayona has the unique advantage of being able to combine the lithium produced from its nearby Authier Lithium Project with North American’s. This will increase the Authier plant’s performance and economics.
Managing Director Brett Lynch said this delay is not unexpected due to the current conditions in Québec and globally due to COVID-19 pandemic.
“We look forward to engaging further with the monitor and other key stakeholders to advance our bid, which offers the best prospects for a successful turnaround at North American Lithium that would support jobs, investment and Québec’s lithium strategy,” the company said.
In January, the company locked in a $2.75 million funding facility from New York-based investment firm, Obsidian Global. These funds will be used to progress the bid and for work at Authier.
