The Sayona Mining Ltd (ASX: SYA) share price is pushing higher on Thursday.
At the time of writing, the lithium miner's shares are up 7% to 4.4 cents.
This follows the release of the company's half-year results this afternoon.
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Sayona Mining share price higher despite loss
- Revenue of $118 million
- Underlying EBITDA of $9 million
- Loss after tax of $32 million
- Cash from operations of $8 million
- Cash balance of $158 million
What happened during the half?
For the six months ended 31 December, Sayona Mining reported maiden half-year revenue of $118 million. This reflects an average realised price of $1,640 per tonne and shipments of 72,152 dmt delivered to offtake and international customers.
Sayona Mining achieved its production with a unit operating cost of $1,286 per tonne. This ultimately led to the company generating underlying EBITDA of $9 million for the period.
However, it couldn't stop the company from recording a $32 million loss after tax for the six months. This includes non-cash adjustments of $25 million for write down of inventories to net realisable value and $5 million write-off of capitalised project costs.
Nevertheless, the company ended the period with a hefty cash balance of $158 million.
Management commentary
Sayona Mining's executive director and interim CEO, James Brown, said:
Sayona reached a significant milestone in the first half of the 2024 financial year as we generated first revenues following the commencement of shipments of spodumene concentrate from NAL in August 2023. In total, NAL shipped five cargoes of product this half, totalling 72.2 kt of spodumene concentrate.
Sayona is focused on continuing to ramp up production and optimise unit production costs at NAL. We are also taking important steps to streamline operations, conserve cash, deliver production efficiencies and preserve the value in our assets. We are confident that these initiatives will enable NAL to continue to produce lithium through the cycle and set the foundation for growth, delivering increased value for shareholders.
No guidance has been provided for the second half.
