The Sayona Mining Ltd (ASX: SYA) share price sunk in September, but has October been a better month?
Sayona shares fell 20% between market close on 31 August and 30 September. For perspective, the S&P/ASX 200 Index (ASX: XJO) lost 7% in the same timeframe.
Let's take a look at what's happening with the Sayona share price.
What's going on?
Sayona is a lithium explorer developing projects in Quebec, Canada and Western Australia.
The Sayona share price has climbed 2.1% since market close on 30 September, despite it being down 2% today at the time of writing.
The Piedmont Lithium Inc (ASX: PLL) share price has climbed 1.8% in the same time frame, while Core Lithium Ltd (ASX: CXO) has lifted 3.8%.
Sayona shares soared 13% on 4 October on the back of positive lithium production news and a strong night of trade on Wall street.
The company advised it had launched a pre-feasibility study to produce lithium carbonate at the North American Lithium (NAL) project. Sayona has a 75% stake in this venture, while Piedmont Lithium holds 25%.
Sayona managing director Brett Lynch said:
We look forward to examining the results of the PFS, as we work towards becoming a leading integrated producer and the largest in North America, amid accelerating demand from the battery and electric vehicle sector.
However, the following day, Sayona shares slid 8% amid lithium industry weakness and potential profit-taking from investors.
This was despite news about the company's Moblan Lithium Project in Quebec, Canada. Sayona advised it had launched a pre-feasibility for this project, due for completion by May next year. Lynch said: "Sayona has worked rapidly to develop this project with an extensive drilling program."
Looking ahead, the Federal Industry Department recently predicted Australia's lithium export earnings will lift by more than tenfold to $13.8 billion in the 2023 financial year. These earnings are then predicted to ease slightly in the 2024 financial year to $12.9 billion.
Sayona Mining joined the ASX 200 officially on 19 September.
Sayona Mining share price snapshot
The Sayona Mining share price has soared 60% in the past year, while it has surged 85% year to date.
For perspective, the ASX 200 has lost 7% in the past year.
Sayona has a market capitalisation of about $2 billion based on the current share price.
