The Sayona Mining Ltd (ASX: SYA) share price was a strong performer on Wednesday.
Despite the market dropping into the red, the lithium miner's shares rocketed 9% higher to end the session at 3.6 cents.
Why did the Sayona Mining share price rocket?
The catalyst for this gain appears to have been the release of an announcement in the afternoon which offset weakness in the lithium industry.
According to the release, the company has appointed Laurie Lefcourt as a non-executive director, effective from 16 October.
Management notes that with over three decades of experience in finance, governance, and major resource projects, Lefcourt will bring a wealth of expertise and strategic insights to the company.
It also believes that her appointment reinforces Sayona's commitment to strong governance and sustainable growth in the mining sector.
Vast experience
The release notes that Laurie Lefcourt's career spans more than 30 years, during which she has built an impressive portfolio of leadership positions across various sectors. This includes resources, energy, transportation, and government.
The company feels that her extensive experience in finance, governance, and project management is well-aligned with its current and future objectives. Particularly given that Lefcourt's expertise has been critical in supporting organisations through periods of significant change and growth.
Among her previous employers is Rio Tinto Ltd (ASX: RIO). At the mining giant, Lefcourt held several senior positions, including deputy CFO of Rio Tinto Coal, where she managed financial operations for a business spanning seven operational sites.
As a consultant, she has worked on projects for the Australia Pacific LNG (APLNG) project. This included overseeing a $25 billion investment in the development of the APLNG upstream and downstream assets on behalf of Sinopec Oil and Gas Australia.
Strengthened leadership
Sayona Mining's managing director, Lucas Dow, was very pleased with the appointment. Commenting on the news, Dow said:
We are thrilled to have Laurie Lefcourt join our Board of Directors. Her broad experience in both financial management and corporate governance, combined with her deep understanding of the resources sector, will strengthen our leadership as we continue to advance our strategic objectives. Laurie's insights will be invaluable in ensuring Sayona remains well-positioned to capitalise on future growth opportunities.
Despite yesterday's strong gain, the Sayona Mining share price is among the worst performers on the Australian share market over the past 12 months. During this time, its shares have lost 60% of their value.
Investors have been hitting the sell button after the lithium miner continued to sell its lithium at a loss and burn through its cash reserves. The market may be hopeful that Lefcourt's appointment will help put an end to its cash burn and set the company up for the future.
