Sayona Mining Ltd (ASX: SYA) shares have climbed more than 10% in the last month, but which ASX All Ords lithium company is the largest shareholder?
Sayona shares closed 4.44% lower on Wednesday to finish at 21.5 cents apiece. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) fell 0.98% yesterday.
Let's take a closer look at the details of the largest shareholder of Sayona Mining stock.
And the largest shareholder is…
Fellow lithium player Piedmont Lithium Inc (ASX: PLL) is the largest shareholder of Sayona stock with a 14.3% stake.
The two companies are involved in a joint venture known as the North American Lithium (NAL) project.
Piedmont has a 25% stake in Sayona Quebec, with the other 75% equity interest owned by Sayona. Sayona Quebec is developing the North American Lithium mine.
Under the joint venture agreement, Sayona will sell Piedmont either 50% of production at the facility or 113,000 tonnes of spodumene concentrate.
Four shipments from this project are planned for the second half of the 2023 calendar year.
Each shipment will include an allocation for Piedmont, along with other customers. The company is also working on other offtake agreements.
Sayona and Piedmont delivered news of the successful restart of the North American Lithium mine, based in Quebec, on 31 March.
The US$80 million restart took place on time, and on budget. Sayona aims to produce 226,000 metric tonnes of spodumene per year from the facility.
A pre-feasibility study assessing downstream production at the project is currently taking place with results expected by the end of the financial year.
Piedmont also has other lithium projects on the go, including the Tennessee Lithium project and the Carolina Lithium project in the US state of North Carolina.
Share price snapshot
The Sayona share price has lost around 20% in the last year. The company has a current market capitalisation of $1.96 billion.
Meantime, Piedmont shares have gained nearly 12% over the past 12 months. Piedmont has a market cap of nearly $366 million.
