The company has just closed a C$50 million deal for a 9.26% stake TSX-listed Troilus Gold and 985sq.km of licences near its 60%-owned Moblan project.
The rapidly growing company, which is yet to produce a single tonne of spodumene concentrate, will pay $10 million cash for its equity in Troilus, and issue shares for 1824 claims near Moblan, where it can see potential for additional mineralisation.
Moblan, which was acquired just over a year ago, is in the prefeasibility stage, and covers just 4.3sq.km.
Moblan has a resource of 12Mt grading 1.4% lithium.
Sayona says the new ground covers part of the Frotet‐Evans greenstone belt that has not been extensively explored for lithium, but extend east from Moblan, and is considered non-core to Troilus' gold-copper ambitions.
Sayona managing director Brett Lynch said the deal was an investment in the company's future.
Moblan is about 300km from its flagship North American Lithium and Authier-Tansim projects, and while the cashed-up company is spending big and trying to make a success of the thrice-failed NAL plant, Lynch said the world's desire for more lithium supported its rapid expansion plans, and its emerging downstream push into lithium carbonate and hydroxide.
The Moblan PFS is due in May 2023, with a definitive study due in September 2023, with production targeted in 2026-27.
Sayona also picked up 6.6sq.km at lac Albert, West of Moblan, in January.
Troilus, which recently raised $5 million, is focused on its namesake gold-copper mine which recovered some two million ounces gold and 70,000 tonnes copper between 1996 and 2010.
The Canadian junior has expanded the known gold system and completed a preliminary economic assessment on a restart, based on indicated resources of 4.96Moz gold equivalent and an inferred resource of 3.15Moz AuEq.
While Sayona is focused on with lithium rights, it may also benefit from Troilus plans to develop a 246,000oz AuEq mining operation.
A Troilus DFS is targeted for completion in late 2023.
Sayona's acquisition does not cover the area covered by the Troilus resources, and some 400sq.km of gold-copper tenure.
Sayona shares were off 1% this morning to A23c, valuing the company at $1.9 billion. The stock is up 87% since the start of the year.
Troilus shares closed up 12% overnight at C55c, valuing it at $116 million.