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Australia’s Sayona Mining said early on Monday its CEO and managing director Brett Lynch resigned from his position, sending the lithium producer’s shares down 27.2% at close.
Lynch, who cited personal reasons for his move, will depart the company with immediate effect while the existing non-executive director James Brown has been appointed interim CEO, the company said.
Lynch played a key role in the acquisition of the North American Lithium (NAL) operation in Québec, Canada, which restarted operations this year.
NAL, jointly owned by Sayona and its US-based partner Piedmont Lithium Inc, sent out its maiden shipment of about 20,500 metric tonnes of spodumene concentrate to the international lithium market earlier this month.
The next shipment from NAL will be sold to Piedmont Lithium, which will have an estimated volume of 30,000 metric tonnes, and is expected to be shipped in August and September.
Piedmont Lithium has agreed to buy lithium spodumene ore from Sayona’s Quebec project through 2026. The deal will help Piedmont supply the battery metal to electric vehicle giant Tesla Inc.
Sayona said the company will focus on NAL’s production and sales ramp-up while simultaneously adding value through exploration and assessment of its existing portfolio, including the northern Moblan lithium project.
(By Aishwarya Nair; Editing by Shailesh Kuber)
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