Chances are that those investors with a stake in the Sayona Mining Ltd (ASX: SYA) share price aren't a happy bunch right about now. This ASX lithium stock's share market performance over the past few years has been absolutely dismal.
Since last peaking at 39 cents a share in April 2022, investors have endured a 94% share price fall. That's based on today's 2.2 cent share price. It's worth noting that Sayona is currently in a trading halt.
Yep, it's been pretty much all downhill for Sayona shares since 2022. The company has lost 42.5% over the past 12 months alone, which includes a 12.3% fall since the beginning of 2025.
Of course, Sayona minted many gains prior to its 2022 peak. Investors were very happy to pile into this lithium stock, which was climbing from 1 cent a share at the start of 2021 to its 39 cent peak less than 18 months later.
The gain for an investor who was lucky enough to buy shares on 31 December 2021 and sell them on 20 April 2022 would have been an astounding 3,800%.
Those gains are now firmly in the rearview mirror though.
Today's pricing of 2.2 cents per share is actually a new low for Sayona. It's a new 52-week low for one. But it's also the lowest level this company has traded at in four years. You'd have to go back to January of 2021 to find the last time Sayona had this kind of pricing attached to its shares.
So why does Sayona find itself in this unenvious position today?
Four-year low: What's gone so wrong for the Sayona share price?
As we documented last month, a series of unfortunate events have culminated in the prices we see today. For one, lithium itself had a horrid year in 2024, with the commodity's price falling off a cliff.
All ASX lithium shares have been buffeted by this headwind. However, Sayona has relatively higher production costs than more established rivals like Pilbara Minerals Ltd (ASX: PLS), which resulted in the company producing lithium below its cost price last year. Hardly a recipe for investor confidence, one could argue.
Additionally, investors seemed to disapprove of Sayona's plans to merge with its lithium sibling, Piedmont Lithium Inc (ASX: PLL). This announcement, which was made back in November, resulted in the Sayona share price dropping by a hefty 13% at the time. Perhaps shareholders found the $40 million capital raise that accompanied this announcement unpalatable.
These factors combined to make 2024 a truly horrid year for the Sayona share price, which is extending into 2025. No doubt investors are hoping that the company has finally hit a bottom, but we'll have to wait and see.
