Sayona Mining closes $86.5 million lithium acquisition

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(Kitco News) - Sayona Mining (ASX:SYA) said today it closed its acquisitionfor a 60%stake in MoblanLithiumProject, Qu?(C)bec for US$86.5million.

The close comes after the company successfully raised A$100million.

Located about 130km north?EUR?west of Chibougamau, Moblan ishost to high?EUR?grade spodumeme
mineralisation. The deposit has over 17,000m of diamonddrilling.

A drilling program targeted for 2022 with the aim of expandinglithium resource.

"Moblan in northern Qu?(C)bec adds to our established Abitibilithium hub as we build the leading lithium asset base in North America,"said Sayona's Managing Director Brett Lynch.

"This is an important step as this expansion in our lithiumresource further strengthens our capacity and plans to move downstream into lithium hydroxide/carbonateproduction in Qu?(C)bec, capturing added value and ensuring the province plays a leading role inNorth America's clean energy drive.

By Michael McCrae

For Kitco News

Follow michaelmccraemmccrae@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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