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Sayona Mining Acquires Moblan Lithium Project in Northern Quebec Sayona Mining Limited

Sayona Mining Acquires Moblan Lithium Project in Northern Quebec

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Sayona Mining Limited, an Australian company that specializes in sourcing and developing raw materials for lithium-ion batteries, has announced the acquisition of the Moblan Lithium Project located in northern Quebec.

Sayona purchased a 60% stake in the project from Guo Ao Lithium Ltd for US$86. 5 million, subject to financing and other traditional conditions, while the remaining 40% of the project is owned by Investissement Québec's subsidiary, SOQUEM Inc.

The Moblan Lithium Project covers an area of around 433 hectares in the Eeyou-Istchee James Bay region, a well-known mining region with established lithium resources such as Whabouchi mine operated by Nemaska Lithium. The project contains a high-grade spodumene deposit with a Mineral Resource Foreign Estimate of 12. 03 million tonnes at 1. 4% Li2O.

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With over 17,000 meters of diamond drilling data available, Sayona believes there is an opportunity to expand the resource.

Sayona's Managing Director, Brett Lynch, commented, "The recent rise in lithium prices reflects the importance of securing quality supply, and there is no better place to be than Quebec as we develop a lithium resource base to supply North America's fast-growing electric vehicle and battery industry. "

The acquisition forms the foundation of a large northern hub for Sayona in Quebec, along with Lac Albert Project, which aims to create over 25,000 tonnes of Lithium Carbonate Equivalent by 2027 to supplement the Abitibi lithium hub, located in the south.

Sayona intends to launch a pre-feasibility study for Moblan by October 2022, aimed at developing a lithium mine and concentrator. It will follow up with a definitive feasibility study by September 2023, completed by Quebec-based InnovExplo.

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