Project Overview

In October 2021, Sayona completed the acquisition of the Moblan Lithium Project (Moblan) in a joint venture with SOQUEM Inc, a wholly owned subsidiary of Investissement Québec. (Sayona 60%/SOQEM 40%)

Moblan is located in the Eeyou-Istchee James Bay region of northern Québec, a proven lithium mining province which hosts established, world-class lithium resources including the Whabouchi mine. It is well serviced by key infrastructure and transport and has access to low-cost, environmentally friendly hydropower.

Moblan is host to high-grade spodumene mineralisation, in a well-studied deposit with more than 17,000 metres of diamond drilling. The project covers around 433 ha for a total of 20 claims.

A Mineral Resource Foreign Estimate of 12.03Mt @ 1.4% Li2O* has been identified at Moblan and there is potential to expand this resource based on previous geotechnical drilling which intersected up to 29.1m of continuous spodumene-bearing pegmatites outside the resource envelope.

In January 2022, Sayona commenced a major drilling program at the project in partnership with SOQUEM. In April 2022, Sayona announced the discovery of a significant new southern lithium pegmatite zone, the Moblan South Discovery.

The following month the Company announced the discovery of multiple new mineralised lithium pegmatites at Moblan South, South-East Extension, Moleon and extensions to the Main Moblan lithium deposit.

As of October 2022, Sayona had completed approximately 28,000m of drilling at the project.

In October 2022, Sayona launched a pre-feasibility study (PFS) for Moblan, targeting the development of a lithium mine and concentrator. The PFS will be conducted by Québec company InnovExplo, targeting completion by May 2023 and to be followed by a definitive feasibility study, due by September 2023.

In company with the nearby Lac Albert Project, Moblan forms the basis of a major northern hub for Sayona in Québec, targeting production of more than 25,000 tonnes of Lithium Carbonate Equivalent by 2027 and complementing the Abitibi lithium hub in the south.

Sayona has now established an office in the region, at Chibougamau and hired a liaison officer in Mistissini.

* The Mineral Resources and Ore Reserves stated are foreign estimates and are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimates as Mineral Resources or Ore Reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the foreign estimates will be able to be reported as Mineral Resources or Ore Reserves in accordance with the JORC Code.