Sayona Mining has released its full-year results for FY24, highlighting significant advancements in operations and financial performance.
The company achieved a maiden full-year revenue of $201 million, driven primarily by substantial progress in its North American Lithium operations.
The total ore mined surged 178% to 1,132 kwmt, with spodumene concentrate production reaching 156 kdmt.
A total of 158 kdmt was sold at an average realised sales price of A$1,272/dmt. Philip Lucas, newly appointed non-executive director, commented, "The significant increase in ore mined reflects the impressive progress of our NAL operations after just 17 months of ramp-up."
Sayona also reported an underlying EBITDA loss of $54 million, with non-cash extraordinary items and depreciation accounting for $65 million.
Capital expenditure investments concentrated on ramp-up projects and optimisation initiatives at NAL and Moblan, totalling $102 million.
The year-end cash balance stood at $91 million, with no debt recorded.
In terms of dividends, the company has declared that no dividends were paid or declared for the fiscal year.
The net tangible assets per ordinary security stood at 8 cents at the end of the reporting period, down from 9 cents the previous year, representing an 11% decline.
Looking ahead to FY25, Sayona aims to produce between 190,000 to 210,000 dmt of spodumene concentrate, with expected sales of 200,000 to 230,000 dmt.
The company continues drilling programs and optimisation efforts to enhance production efficiency and shareholder returns.