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Resources now total 209,265t of contained lithium oxide - 20.46 million tonnes grading 1.02% lithium oxide - with 86% of the new estimate in the measured and indicated categories.
A prefeasibility study assessed a 96,000 tonne per annum lithium concentrate production scenario, with start-up capex put at A$65 million and operating costs put at US$327/t.
Sayona used a lithium concentrate price of $614/t for its modelling, delivering average annual earnings of A$38 million per annum (EBITDA).
The feasibility study has been previously flagged for completion this quarter.
Sayona's board is dominated by directors from Altura Mining, a company deep into the construction phase at its namesake lithium project in the Pilbara region of Western Australia.
Sayona started 2018 with $3.5 million cash.
Shares in Sayona were up 3.6% to 5.8c in morning trade, capitalising the company at $85 million.
