The company carried out a placement to institutions and investors this week to restart spodumene concentrate production at the North American Lithium operation in Quebec.

First production was on track for the March quarter of 2023 and the company said senior staff had already been recruited and long-lead items secured.

Sayona said the recent pre-feasibility study for NAL demonstrated the operation’s technical and financial viability. A definitive feasibility was expected later this year and would assess the economics of a larger integrated resource base from NAL and the Authier resource base.

About $100 million from the placement will be spent on NAL refurbishing and studies.

Managing director Brett Lync said the placement was a major vote of confidence in the company’s ability to get NAL restarted and profitable.

The placement was done at 18 cents a share, a 12 per cent discount to the closing price on May 24.