The Sayona Mining Ltd (ASX: SYA) share price is under pressure on Wednesday.
In afternoon trade, the lithium miner's shares are down 2.5% to 18.5 cents.
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Why is the Sayona Mining share price sliding into the red?
There may be a couple of reasons for the weakness in the Sayona Mining share price today.
One could be profit-taking after a strong gain on Tuesday. Investors were bidding its shares higher yesterday in response to news that the company has achieved a new production milestone at the North American Lithium (NAL) operation.
That milestone was more than 30,000 tonnes of spodumene (lithium) concentrate being produced ahead of target.
What else?
Also potentially weighing on the Sayona Mining share price today is news that its chairman is stepping aside.
According to the release, the company is undergoing a corporate governance revamp, with plans to recruit new independent non‐executive directors, including an independent chairman.
Sayona Mining also intends to establish key governance committees and review board and executive remuneration to ensure alignment of corporate governance practices with leading practices of ASX 200 listed companies. This includes gender diversity.
Management advised that it is confident these initiatives will ensure that corporate governance structures and practices are aligned with leading practices of S&P/ASX200 companies and contribute to long‐term value creation.
The company's non‐executive director, James Brown, commented:
Sayona has grown enormously over the past two years, rising from a junior explorer to become a leading North American producer of lithium and earning promotion to the benchmark S&P/ASX200 index, with current market capitalisation of around $1.8 billion. The Board recognises the critical importance of strong corporate governance and is confident that the initiatives outlined will facilitate enhanced transparency, accountability, and long‐term value creation, befitting our status as one of Australia's leading listed miners.
