The Sayona Mining Ltd (ASX: SYA) share price is charging higher on Wednesday.
In afternoon trade, the lithium miner's shares are up 7.5% to 8.6 cents.
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Why is the Sayona Mining share price surging?
There appear to be a couple of potential catalysts for this strong gain.
The first is a strong showing by ASX lithium shares on Wednesday following a positive night of trade for their peers on Wall Street.
Another potential catalyst for the rise in the Sayona Mining share price has been the release of an update from its partner at the North American Lithium (NAL) project, Piedmont Lithium Inc (ASX: PLL).
This morning, Piedmont Lithium reported a maiden quarterly profit. It advised that revenue for the three months was US$47 million, with gross profit coming in at US$24 million and adjusted net income at US$17 million. Management said:
The third quarter was transformational for Piedmont as we made our first customer shipments under our offtake agreement with our joint-venture operation, North American Lithium [NAL]. As a result, Piedmont became a revenue-generating lithium company.
Sayona Mining's shares remain down by approximately 6% over the last 12 months.
