SAYONA MINING LIMITED (SYA)
Share Price Analysis and Chart

18/08/2025

1

Outperform

$0.03

50.00%

Macquarie notes Piedmont Lithium ((PLL)) announced a delay of its 2025 Shareholder Special Meeting to approve the merger with Sayona Mining, and the deadline for Resource Capital Fund subscription has been extended to the end of 2025 with call options issued.

The analyst notes the adjournment is disappointing but doesn't see it as changing the outcome of securing enough votes for the proposed merger, it is just taking more time.

Macquarie includes the 4Q25 trading update and reduces its forecast FY25 loss by -12%. The merger with Piedmont Lithium is due to complete in 2H2025. No change in Outperform rating. Target rises to 3c from 2c.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.90 cents.

17/09/2025

1

Buy

$9.00

44900.00%

Sayona Mining has implemented a share consolidation (reverse stock split). The consolidation ratio is 1-for-150, meaning every 150 Sayona shares held pre-consolidation will convert into 1 post-consolidation share.

Separately, Sayona Mining Ltd’s North American Lithium (NAL) scoping study supports an expansion to 2mtpa by 2030, notes Canaccord Genuity, lifting output to 315ktpa SC5.4 from 205kt in FY25.

Life-of-mine (LOM) cash costs are forecast at -US$562/t, down -35% from FY25, with -US$270m in capex covering crushing upgrades, a second concentrator, and storage, explain the analysts.

Strong balance sheet flexibility means expansion could be largely debt funded, while lithium prices above US$1,100/t SC6 would allow significant self-funding, highlights Canaccord.

FY26 guidance of 195-210kt at -US$765-830/t costs improves on the broker's forecasts.

Canaccord Genuity raises its target price to $9.00 from $8.35  and maintains a Buy rating.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.39 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.07 cents.