Sayona Mining Achieves Record North American Lithium Output as FY2025 Loss Hits $382 Million
Australia-listed Sayona Mining has reported record production and sales at its North American Lithium (NAL) operations, even as the company posted a full-year loss of $382 million due to lower lithium prices and asset impairments.
For the 12 months ended June 30, 2025, Sayona produced 204,858 dry metric tonnes of spodumene concentrate, up 31% from the previous year. Concentrate sales rose 32% to 209,038 tonnes, shipped to customers across Asia and the United States.
Lithium recoveries averaged 69% for the year, a five-percentage-point improvement over FY2024, with June-quarter recoveries hitting 73%. Mill utilization reached a record 93% in the final quarter.
Revenue increased 11% to $223 million, driven by higher sales volumes, though average realized prices fell 16% amid softer market conditions. The company recorded an underlying EBITDA loss of $67 million, weighed down by sales of high-cost inventory and a $271 million impairment at NAL linked to reduced long-term lithium price forecasts.
Capital expenditure totaled $20 million, primarily for sustaining projects at NAL, while $30 million was directed to exploration, notably at the Moblan project in Québec, which saw a 30% increase in its resource estimate. Sayona closed the year with $72 million in cash and no secured debt.
Managing Director and CEO Lucas Dow described FY2025 as a defining year for Sayona.
“FY25 was marked by strong operational performance, disciplined cost management, and strategic milestones positioning us for the next phase of growth in the global lithium supply chain. We delivered on all full-year guidance metrics, including a 31% increase in annual production and a 9% reduction in unit operating costs, while achieving material gains in safety and sustainability,” Dow said.
He highlighted record production at NAL and strong progress at Moblan.
“At North American Lithium, we set new quarterly records for mill utilization and lithium recovery, culminating in our highest-ever monthly production in May. Process optimization, improved crushing availability, and collaborative logistics with Piedmont Lithium enhanced both efficiency and cost competitiveness. Our exploration success expanded reserves and resources, laying the groundwork for potential brownfield expansion.
“Moblan emerged as one of North America’s most promising undeveloped lithium assets, with an updated JORC-compliant mineral resource estimate of 121 million tonnes at 1.19% lithium oxide – more than six times the estimate at acquisition. This substantial increase underscores the long-term strategic value of the asset.”
Dow also emphasized the transformative merger with Piedmont Lithium, set to create Elevra Lithium, a leading North American lithium producer.
“The merger, approved by both Sayona and Piedmont shareholders, will establish Elevra Lithium Limited – a premier North American producer with world-class assets, technical expertise, and enhanced market reach.
The combined entity is well-positioned to unlock synergies, expand downstream options, and meet the growing global demand for lithium.
“As we enter FY26, our priorities are clear: complete the transition to Elevra Lithium, advance NAL expansion studies, and progress our broader growth pipeline.
With strong assets, a talented team, and the momentum of a transformative year, we are confident in delivering sustained shareholder value, strengthening our position in the global battery materials supply chain, and supporting the clean energy transition.”
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