The Sayona Mining Ltd (ASX: SYA) share price was a star performer in FY22 after clipping some serious gains across the year.
Shares rallied from 5.9 cents to over 15.5 cents in the 12 months to June 30 2022. At one point, Sayona was trading as high as 38 cents apiece on 19 April.
Sayona share price FY22 summary
After trading sideways for the good portion of the year, the Sayona share price caught a bid back in March following news on its North American Lithium (NAL) and Authier projects.
Both projects have a combined, measured, indicated, and inferred mineral resource of 119.1 million tonnes at 1.05% lithium oxide, a doubling of its previous estimates.
The company's CEO, Brett Lynch said the project "is set to show significantly enhanced profitability for the benefit of shareholders".
Investors were galvanised by the news and rallied the share to 52-week highs in the weeks following.
However, things took a turn for the worst from 14 April and the Sayona share price began to falter downward in an almost vertical fashion.
Around the same time, the S&P/ASX 300 Metals & Mining Index (ASX: XMM) also peaked and reversed out of a long-term uptrend.
The weakness had transposed over to Sayona with the share now trading back in line with its October 2021 levels.
The relationship between the two instruments became fairly tight around April and both subsequently incurred heavy losses at the back end of FY22, as seen below.
Adding to the selling pressure was a bearish note out of Goldman Sachs illustrating its downbeat view on the outlook of lithium.
The research note swept through the lithium crowd resulting in losses throughout the basket, and Sayona wasn't immune.
However, lithium still trades at A$104,090 per tonne, up from its May levels of A$100,149 per tonne, and just a shade off its record highs.
After a hefty run, the Sayona share price is now trading around 13% higher for the year to date.
