The Sayona Mining Ltd (ASX: SYA) share price charged ahead in 2022, despite it being a rollercoaster ride for the ASX lithium miner.
Shares in Sayona Mining soared 46% from 13 cents on 31 December 2021 to 19 cents apiece at the close of trade on 31 December 2022.
Let's take a closer look at how 2022 played out for the company, and the outlook for 2023.
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What happened in 2022?
The Sayona Mining share price was up and down like a yo-yo in 2022. Sayona shares soared 192% in the first four months, touching a 52-week high of 38 cents apiece on 19 April.
That share price party swiftly ended, however, as the share price plummeted a hefty 68% between the market close on 18 April and 23 June.
In another big bounce, Sayona shares exploded again, rocketing 200% between 23 June and 13 September before declining 47% in December.
A major highlight in 2022 was news that the North American Lithium (NAL) operation was on track for its first lithium production.
Sayona advised on 4 August it planned to recommence production in the first quarter of 2023 after investing $100 million in the restart. Piedmont Lithium Inc (ASX: PLL) has a 25% stake in this project.
On 20 December, Sayona told the market that the NAL operation had made further progress towards this target, with 99% procurement complete. The company has also awarded contracts for critical installation items, and received environmental approvals.
What's ahead?
Sayona Mining's year in 2023 will likely be impacted by a range of factors, including lithium sector momentum, lithium prices and the company meeting its goals.
All eyes will be on Sayona Mining's NAL operation in 2023. Production is slated for the first quarter of this calendar year.
Lithium prices may also weigh on Sayona shares. A recent report from the Office of the Chief Economist is tipping spodumene prices to rise from an average of US$2,700 a tonne in 2022 to US$4,010 a tonne in 2023 before sliding to US$3,130 in 2024.
The report also predicts lithium hydroxide prices to rise from US$39,900 in 2022 to US$61,200 in 2023 before falling to US$48,500 in 2024.
The lithium price impacts the amount of profit lithium companies make in sales from production at the mine.
Share price snapshot
The Sayona Mining share price has soared nearly 67% in the last 52 weeks.
Sayona Mining has a market capitalisation of around $1.95 billion based on the current share price.
