Australia’s Sayona Mining said early on Monday its CEO and managing director Brett Lynch resigned from his position, sending the lithium producer’s shares down more than 27% by close.
Shares of the company recouped some of the losses in early trade on Tuesday, soaring 8.2% to a USD 0.10 by 0031 GMT.
Lynch cited personal reasons for his move and will depart with immediate effect, while existing non-executive director James Brown has been appointed as interim CEO, the company said on Monday.
Lynch played a key role in the acquisition of the North American Lithium (NAL) operation in Quebec, Canada, which restarted operations this year.
NAL, jointly owned by Sayona and its U.S.-based partner Piedmont Lithium Inc, sent out its maiden shipment of about 20,500 metric tonnes of spodumene concentrate to the international lithium market earlier this month.
The next shipment from NAL will be sold to Piedmont Lithium, which will have an estimated volume of 30,000 metric tonnes, and is expected to be shipped in August and September.
Piedmont Lithium has agreed to buy lithium spodumene ore from Sayona’s Quebec project through 2026. The deal will help Piedmont supply the battery metal to electric vehicle giant Tesla Inc.
Sayona said the company will focus on NAL’s production and sales ramp-up while simultaneously adding value through exploration and assessment of its existing portfolio, including the northern Moblan Lithium Project.
