Sayona Mining Reveals Boost in Mineral Resource Estimate for North American Lithium

Piedmont Lithium, a leading North American lithium supplier crucial to the U.S. electric vehicle market, has announced a significant update from Sayona Mining Limited regarding North American Lithium (NAL). Piedmont holds a 25% stake in NAL, with Sayona owning the remaining 75%. Sayona's recent update, conducted in accordance with the JORC Code (2012), reveals a substantial expansion in the Quebec-based lithium resource base. The updated JORC Mineral Resource Estimate (MRE) for NAL underscores its central role in Sayona’s Abitibi-Témiscamingue hub in western Quebec and highlights its potential for further development.

The new estimate shows that NAL now holds a total of 87.9 million tonnes at 1.13% Li2O, with a 0.60% Li2O cut-off grade, positioning it as one of North America’s largest lithium resources. Notably, about 82% of this resource falls into the higher-confidence Measured and Indicated categories, totaling 72.1 million tonnes at 1.14% Li2O. This increase is attributed to the integration of drilling results from the 2023 and early 2024 programs, including 198 new drillholes totaling 56,790 meters. This expanded resource base is expected to impact future economic and technical evaluations of the project significantly.

Sayona has also initiated further exploration with plans for an additional 30,000 meters of drilling by the end of 2024. This drilling will be financed through Flow Through Shares funding raised in March 2023, designated specifically for exploration and resource definition under Canadian tax regulations.

Lucas Dow, Managing Director and CEO of Sayona, remarked on the updated Mineral Resource Estimate for North American Lithium: "This update highlights the tremendous potential of this strategically important asset. With a new total of 87.9 million tonnes at 1.13% Li2O, our Quebec lithium resource is now a key component of Sayona’s Abitibi-Témiscamingue hub in western Quebec.

“This milestone builds on the successful restart and scaling up of NAL operations over the past 17 months, reflecting the hard work and dedication of the NAL team. Their efforts have revitalized the operation and solidified Sayona’s position as a leader in the North American lithium market.

“We are excited about the continued development of this asset and are committed to delivering outstanding value to our stakeholders.”

The North American Lithium operation is situated in the La Corne Township area of the Abitibi-Témiscamingue region in Quebec, Canada. It is approximately 38 km southeast of Amos, 15 km west of Barraute, and 60 km north of Val-d'Or. The site is around 550 km north of Montreal and is accessible by road, rail, and air.

The property encompasses 42 contiguous mineral titles (41 claims and 1 mining lease), all registered under Sayona Québec Inc., covering a total area of 1,493 hectares. The mining lease, granted to Quebec Lithium Corp (QLI) on May 29, 2012, was based on a Pre-Feasibility Study (PFS) submitted with the lease application. This lease is valid for an initial term of 20 years, expiring on May 28, 2032. The updated Mineral Resource Estimate (MRE) applies to this entire property.