Australia-listed Sayona Mining has posted record production and sales from its North American Lithium (NAL) operations, but still recorded a $382-million full-year loss as lower prices and asset impairments hit the bottom line.

The company on Friday reported concentrate production of 204 858 dry metric tonnes in the 12 months to June 30, up 31% on the previous year. Spodumene concentrate sales also rose 32% to 209 038 t, delivered to customers across Asia and the US.

Lithium recoveries improved to an average of 69%, five percentage points higher than the prior year, with recoveries in the June quarter averaging 73%. Mill utilisation also hit a record 93% in the final quarter.

Revenue climbed 11% to $223-million, supported by higher sales volumes, though average realised prices fell 16%, reflecting softer market conditions.

The group reported an underlying Ebitda loss of $67-million, with results weighed down by sales of high-cost inventory and a $271-million impairment at NAL tied to a decline in long-term lithium price forecasts.

Capital expenditure of $20-million was directed largely to sustaining projects at NAL, while $30-million was invested in exploration, particularly at the Moblan project in Québec, which recorded a 30% increase in its resource estimate.

Sayona ended the financial year with $72-million in cash and no secured debt.

MD and CEO Lucas Dow described the 2025 financial year as defining for the company.

“FY25 was. . . marked by strong operational performance, disciplined cost management, and strategic milestones that have positioned us for the next phase of growth in the global lithium supply chain. We delivered on every full-year guidance metric, including a 31% increase in annual production and a 9% reduction in unit operating cost sold compared to FY24, while also achieving material gains in safety and sustainability performance. These results reflect the dedication of our team and the strength of our operating model,” Dow said.

He also highlighted record production levels at NAL and strong progress at Moblan.

“A standout achievement was the progress made at North American Lithium, where we set new quarterly records for mill utilisation and lithium recovery, culminating in our highest-ever monthly production in May. Through process optimisation, improved crushing availability, and collaborative logistics initiatives with Piedmont Lithium, we enhanced both efficiency and cost competitiveness. Our exploration success at NAL also unlocked significant growth potential, with expanded reserves and resources providing the foundation for a possible brownfield expansion.

“Moblan continued to emerge as one of North America’s most promising undeveloped lithium assets, with an updated Jorc-compliant mineral resource estimate of 121-million tonnes at 1.19% lithium oxide representing a more than sixfold increase since acquisition. The substantial uplift in reserves further underlines the long-term strategic value of this asset to our portfolio.”

Dow also emphasised the strategic merger with Piedmont Lithium, which will create Elevra Lithium, a new entity positioned to be a leading North American producer.

“The proposed merger with Piedmont Lithium, overwhelmingly approved by Sayona shareholders and Piedmont stockholders, is a transformative step that will see the creation of Elevra Lithium Limited – a premier North American lithium producer with world-class assets, technical expertise, and enhanced market reach. The combined entity will be well-positioned to unlock synergies, enhance downstream optionality, and meet the surging global demand for lithium in the decades ahead.

“As we move into FY26, our focus is clear: complete the transition to Elevra Lithium, progress the NAL expansion studies, and advance our broader growth pipeline. With a talented and committed team, robust assets, and the momentum of a transformational year behind us, we are confident in our ability to deliver sustained value for shareholders, strengthen our position in the global battery materials supply chain, and contribute meaningfully to the clean energy transition.”