The Sayona Mining Ltd (ASX: SYA) share price just can't seem to catch a break.
Shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock closed yesterday trading for 11.5 cents apiece. In afternoon trade on Wednesday, shares are swapping hands for 10.7 cents, down 7%.
That sees the stock down 30% over the past month amid a 34% decline in the lithium price.
And ASX 200 investors are continuing to pressure the stock, despite the company reporting a major milestone this morning.
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What did the ASX 200 lithium miner announce?
The Sayona Mining share price is deep in the red today, despite the company receiving its first cash proceeds from its North American Lithium (NAL) operation, located in the Canadian province of Quebec.
Sayona Mining owns 75% of NAL, while Piedmont Lithium Inc (ASX: PLL) holds the other 25%.
The payment follows the inaugural shipment of spodumene concentrate to the international lithium market. The shipped grade of the lithium oxide (spodumene) was 5.35% Li2O.
The joint venture partners have received an initial cash payment of 90% of the cargo value for the first shipment of approximately 19,200 dry metric tonnes (dmt) of spodumene concentrate. The remaining 10% will be paid on delivery following final weighing and analysis.
The Sayona Mining share price could be facing some pressure from an expected fall in its cash holdings.
The lithium miner reported that at 31 August, it held cash and cash equivalents of $257 million. But with no more cash receipts expected in September, management said Sayona's balance of cash and cash equivalents at the end of the September quarter will be lower than it was at 31 August.
Commenting on the maiden cash payment, Sayona Mining's interim CEO James Brown said:
We are delighted to secure the cash proceeds from NAL's first sales of spodumene concentrate, marking another major milestone for North America's leading source of hard rock lithium production…
It is also pleasing to see our partner at NAL in readiness to take their first shipment under our offtake agreement.
Sayona Mining share price snapshot
It's been a rough year for the Sayona Mining share price, now down 60% over 12 months.
