PERTH (miningweekly.com) – Lithium developer Sayona Mining has completed the $86.5-million acquisition of a 60% stake in the Moblan lithium project, in Northern Québec.

The ASX-listed company is now planning an additional drilling programme at Moblan next year aiming to expand its lithium resource, and will undertake a revised definitive feasibility study targeting an increase in its spodumene production capacity.

The acquisition follows an oversubscribed A$100-million placement to North American and other global institutional investors, while a non-renounceable rights issue is expected to raise an additional A$25.5-million at the same offer price as the placement, ensuring all shareholders have the same opportunity to participate in Sayona’s growth.

“Moblan adds to our established Abitibi lithium hub as we build the leading lithium asset base in North America,” said Sayona MD Brett Lynch on Monday.

“This is an important step as this expansion in our lithium resource further strengthens our capacity and plans to move downstream into lithium hydroxide/carbonate production in Québec, capturing added value and ensuring the province plays a leading role in North America’s clean energy drive.

“Proposed battery manufacturing investments in Québec by Britishvolt, Lion Electric, StromVolt and others together with multibillion-dollar investments in electric vehicle production in Ontario highlight the strength of demand from the booming North American EV and battery storage sector.

“The world needs a renewable energy solution to climate change and North America needs supply chain security for battery metals. Québec has the necessary lithium resources and Sayona will be there to deliver.”

Located about 130km north‐west of Chibougamau, Moblan is host to high‐grade spodumeme mineralisation, hosted in a well‐studied deposit with more than 17  000 m of diamond drilling.