The Sayona Mining Ltd (ASX: SYA) share price is up 2.13% this afternoon amid positive price movements for ASX lithium shares on Monday.
At the time of writing, shares in the lithium explorer are trading at 24 cents each.
Lithium shares are keeping the S&P/ASX 200 Materials Index (ASX: XMJ) in the green in afternoon trade. The index is up 0.31% but is one of the worst-performing sectors so far today.
Fellow lithium companies Pilbara Minerals Ltd (ASX: PLS) is up 3.7%, Core Lithium Ltd (ASX: CXO) is trading 3.88% higher, and Liontown Resources Ltd (ASX: LTR) is up 3.49%.
So why are ASX lithium shares defying the market sell-off in materials on Monday? Let's investigate.
What's going on with the Sayona Mining share price?
Something that could have lifted Sayona Mining's share price to a modest gain is that many lithium companies released their quarterly reports today.
IGO Ltd (ASX: IGO) released its quarterly report this morning, which showed its profits have more than doubled for Q1 23.
My Fool colleague James notes that its success can be chalked up to record spodumene and nickel production.
The quarterlies of Core Lithium Ltd (ASX: CXO), Liontown Resources Limited (ASX: LTR), and Lake Resources NL (ASX: LKE) were also well received by the market today.
This positive sentiment could be helping to keep lithium shares in the green, with the knowledge that demand for spodumene remains high.
Certainly, IGO wasn't the only share involved in the production of components used for electric vehicles to report a positive outlook for the future.
Arafura Resources Limited (ASX: ARU) said its neodymium-praseodymium oxide (NdPr) output is likely to remain strong. It said Chinese aggression towards Taiwan could also lead manufacturers to value producers outside of China, such as in Australia.
Sayona Mining share price snapshot
The Sayona Mining share price is up 85% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is suffering from an 8% loss over the same period.
The company's market capitalisation is around $1.99 billion.
