Big ASX news: CEO buys 2.5 million Sayona Mining shares

It's been a fairly pleasant day for the All Ordinaries Index (ASX: XAO) so far this Wednesday. At the time of writing, the All Ords has added a comfortable 0.31% and is back up to around 8,585 points. But let's talk about what's happening with Sayona Mining Ltd (ASX: SYA) shares. 

It's been a rough month for Sayona, with this ASX lithium stock down by almost a third since mid-November.

That trajectory almost continued today (and still might, touch wood).

After a big fall after market open this morning (worth 7.4% at the time), the Sayona share price has stabilised and is flat at 2.5 cents a share at present.

That's despite some big news out of this ASX lithium stock today.

This morning, Sayona released an ASX filing that revealed a massive share buy by none other than its own CEO.

Yep, Sayona CEO Lucas Dow has just purchased no fewer than 2.5 million Sayona shares in an on-market transaction. This purchase was reportedly executed yesterday, 17 December. It saw those 2.5 million shares bought at a price of 2.9 cents each, meaning this purchase of Sayona shares had a value of $72,500.

The shares were technically purchased indirectly through the 'Dow Group Investment Trust', of which Dow is a primary beneficiary.

Unfortunately for Dow and his trust, the Sayona share price is now down around 13.8% from where he bought in.

Interestingly, this is the first time Sayona CEO Lucas Down has owned stock of his own company. To be fair, Dow was only appointed in July of this year and has also only been a member of Sayona's board since February. Even so, there's little doubt that Sayona's suffering shareholders will be glad to see their CEO finally have some skin in the game here.

Sayona Mining share price snapshot

It has been a horrid year for this once-high-flying ASX lithium stock. Sayona began 2024 at 7 cents a share but has since lost almost 63% of its value. The company is also down a staggering 93.6% since topping out at around 39 cents a share back in early 2022.

Although most ASX lithium shares have had a tough year, Sayona's performance definitively puts it at the bottom of the pack.

Check that all out for yourself below:

Let's see how this ASX lithium stock fares in 2025. At the current share price, Sayona Mining has a market capitalisation of $311.66 million.

The post Big ASX news: CEO buys 2.5 million Sayona Mining shares appeared first on The Motley Fool Australia.

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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