Sayona Mining Limited (ASX:SYA) acquired 80% stake in Six Tenements in Pilgangoora Lithium District from Great Sandy Pty Ltd for AUD 0.6 million on December 18, 2018. Sayona Mining Limited exercised the option to acquire the tenements. Under the terms of the option agreement, Sayona Mining had to pay in staged payments in cash or shares at Great Sandy’s election of AUD 0.3 million within 12 months and AUD 0.3 million within 24 months or AUD 0.5 million within 18 months at Sayona Mining’s election, and free carrying Grant Sandy to decision to mine. As a part of the transaction, Great Sandy can elect to convert the 20% interest to a 2% gross smelter royalty. Further, Sayona Mining is required to make a AUD 0.03 million deal signing payment and commit to a minimum expenditure of AUD 0.1 million within the first 12 months. On December 19, 2017, Sayona Mining paid AUD 0.3 million as first tranche of payment out of which 0.08 million was paid through issuance of 1.87 million shares. In a related deal, Sayona Mining Limited entered into an agreement to acquire remaining 20% stake in Six Tenements in Pilgangoora Lithium District from Great Sandy Pty Ltd for AUD 0.1 million on January 29, 2019. Sayona Mining Limited (ASX:SYA) completed the acquisition of 80% stake in Six Tenements in Pilgangoora Lithium District from Great Sandy Pty Ltd for AUD 0.6 million on December 18, 2018.