The Sayona Mining Ltd (ASX: SYA) share price is up almost 6% today. Meanwhile, a million new shares in the company have hit the market.
It's the second time in a week that a new parcel of stock in the S&P/ASX 200 Index (ASX: XJO) lithium developer has been issued.
Right now, the Sayona share price is trading at 22.2 cents, 5.71% higher than its previous close. For comparison, the ASX 200 is up 0.52% right now.
So, what's with all the new Sayona stock this week? Let's take a look.
Why did a million new lithium shares just hit the ASX?
It's been a big week for fans of ASX 200 lithium share Sayona. The company announced a "major" acquisition, issued 185 million new shares, and has now dumped another million shares on the market.
Though, the latest issuance is perhaps less exciting than previous ones. The most recent parcel of 1.35 million Sayona shares relate to options exercised between 7 November and 16 November.
Each option was converted at a price of 2 cents – not bad considering the lithium favourite's current share price.
The shares hit the market on Friday before being detailed in an ASX announcement after the market closed last night.
The prior 185 million-strong parcel of shares, conversely, related to Sayona's recent acquisition of 1,824 Canadian lithium exploration claims. The claims span a 985 square kilometre area nearby Sayona's majority-owned Moblan Lithium Project.
The parcel of stock – valued at $44.5 million – was handed to Candian-listed Troilus Gold Corp.
Sayona also agreed to invest an additional $10 million Canadian – approximately $11.2 million – in its Canadian counterpart.
Sayona share price snapshot
It's been a good year for the Sayona share price.
The stock has lifted 55% since the start of 2022. It's also 45% higher than it was this time last year.
For comparison, the ASX 200 has fallen 5% year to date and 2% over the last 12 months.
