Sayona Mining Limited (ASX:SYA) Releases Half-Year Financial Results
Financial Performance
Sayona Mining Limited reported a 3% increase in revenue for the half year ended 31 December 2024, reaching $121.9 million. The company’s loss attributable to members decreased by 76% to ($51.7) million compared to the prior period. Net tangible assets per security slightly declined from $0.08 to $0.07.
Leadership Changes and Merger Announcement
The company appointed Mr Lucas Dow as Managing Director and Chief Executive Officer on 3 July 2024, succeeding Mr James Brown. Sayona announced a definitive merger agreement with Piedmont Lithium Inc. on 19 November 2024, aiming to form a leading North American lithium producer. The merger is expected to close in mid-2025 upon shareholder approval.
Capital Management
In the December 2024 quarter, Sayona completed a capital raise of $38.3 million and plans an additional conditional placement of $69 million following the merger. Cash and cash equivalents increased from $90.6 million to $110.4 million, supported by the capital raise and operating activities.
Future Outlook
The Group remains focused on improving operational efficiencies and expanding its resources. It anticipates enhanced operational capabilities and a stronger financial position post-merger to meet growing lithium demand.
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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