ELEVRA LITHIUM LIMITED — AGM Information 2018

Nov 26, 2018

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27 NOVEMBER 2018

AGM – MANAGING DIRECTOR ADDRESS AND PRESENTATION

Attached is the presentation provided to shareholders today at the Company’s Annual General Meeting.

For more information, please contact:

Paul Crawford Company Secretary Phone: +61 (7) 3369 7058 Email: pcrawford@sayonamining.com.au

Sayona Mining Limited is an Australian, ASX‐listed (SYA) company focused on sourcing and developing the raw materials required to construct lithium‐ion batteries for use in the rapidly growing new and green technology sectors.

Please visit us as at www.sayonamining.com.au

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Resourcing the
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NOVEMBER 2018 ASX: SYA

Sa ona ‐ At a Glance y

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• ASX listed, lithium exploration and development company

• Focused on developing the Authier Lithium Project in Quebec, Canada targeting first production in 2020

• Significant portfolio of lithium exploration properties in Australia and Canada

2

Cor orate Summar p y

	Share Structure
	TradingExchange	ASX:SYA/SYAOB
	Shares	1,715,532,065
	Options Shareholders	120,242,789 7.8¢ exercise, expiry 30 April 2020 17% Directors 44% Top20

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Capitalisation Price As at 20 November 2018 2.3¢ Market cap AUD$39.5m Cash As at 30 September 2018 AUD$7.5m Debt Nil Enterprise value $47m

SHARE PRICE (ASX:SYA)

3

Board Experienced in Developing Projects

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Dedicated to generating shareholder value by replicating past success

• 35 years’ experience including 22 years with New Hope Corporation. Extensive mine development & operational

• James Brown experience

• • Managing Director of Altura Mining ‐ >$460m market cap

• • 40 years’ experience building mining operations in Australia and Indonesia. Former Director and Chief Operations Officer

• Allan Buckler for New Hope Corporation

• • Director of Altura Mining

• • Geologist with 40 years’ experience in technical and

• Dan O’Neill corporate roles • Founding director of Orocobre Ltd. Director of Altura Mining

• • CPA with 40 years’ public company experience

• Paul Crawford • Founding director of Orocobre Ltd and previously Company Secretary for a number of listed companies

4

Attractively Valued vs Peers

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$ 373 M
C$668M
$ 1 Bn
$509M
$ 1.4 Bn
C$ 149 M $ 1Bn
$ 51 M
$ 153 M $ 128 M
$ 47 M
$ 189 M
$ 39 M
$60 M
C$33M
C$ 50 M
$ 70 M
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5 As at close of trade 26/11/18

Authier Lithium Project

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• Located 45km from Val d’Or in Quebec, Montreal (500km SE)

• Located in established mining district

• 100% owned

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• Simple deposit ‐ 26,000m of drilling

• DFS completed Sep 2018

• New Sayona Quebec VP, corporate affairs appointed to drive stakeholder engagement

6

Authier First‐Phase Develo ment p

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Simple, low‐cost, truck and shovel, open‐cut mining operation

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Conventional concentrator producing 87kt/yr of 6% Li20 concentrate

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Definitive Feasibility Study completed showing sustainable, profitable operation with estimated NPV of C$184.8m

Permitting and environmental process underway

Base case mine life 18‐years

Low capital hurdle and competitive operating cost

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2018 Definitive Feasibilit Stud Outcomes y y

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C $89 million and and opex of US $366 /t

Pre‐Tax NPV (8% real) C$184m Pre‐Tax IRR 34% 2.6 Capital Payback years Total EBITDA C$460m Ave Annual Revenue C$ 80m Price Forecast US$ 675 /t

8

Authier JORC Ore Reserve & Resource

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JORC Ore Reserve (0.55% cut‐off)
Deposit well understood – 31,000 Tonnes Grades Contained
(Mt) (Li20) (Li20)
metres of drilling in 176 holes
6.1 0.99 % 60,390
Majority of Ore Reserve hosted in
6.0 1.02% 61,200
one large pegmatite – 1.1km long,
200m deep and 35m wide – 12.1 1.00% 121,590
outcropping from surface
JORC Mineral Resource (0.55% cut‐off)
Contained
Lithium mineralisation spodumene Tonnes Grades
(Li20)
(Mt) (Li20)
Base case mine Life – 18 years 6.58 1.02% 67,100
10.6 1.01% 107,100
Deposit remains open in all directions
3.76 0.98% 0.99% 36,800
20.94 1.01% % 211,000
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Sim le O en‐Cut Minin O eration p , p g p

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• Simple Mining Method Truck and shovel operation

• Competitive Mining Costs C$194 /tonne average LOM

• Low Capex; Mining Fleet Leased

• Conservative geotechnical °

• assumptions – 55 pit slope

• Life‐of‐Mine – 18 years

• Large, thick tabular body LOM waste to ore ratio 6.9:1

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10

Conventional Process Flow‐Sheet

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• Conventional process flow‐sheet: crush, grind and flotation

• Cash Operating Costs C$416/t (mine gate) • 78% recovery to a 6.00% Li2O concentrate • 675,500 tpa processing capacity • 87 Kt/yr Li2O concentrate

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•
Dry Tailings simplifies
approvals
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11

World‐Class Infrastructure

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km 5 Low cost hydro power & gas

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North American Lithium
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km 5 Sealed road access 20 km Rail access to export port Experienced local mining workforce

Major new hub of lithium carbonate production Electricity 5 ¢ kWh and Gas $ 3 /GJ

12

Downstream Value‐Addin Potential g

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Capitalises on the premium price paid for value‐added products Standard sulphate process route to produce 13kt/yr LCE – LiCO3/LiOH Concept study completed; Pre‐Feasibility Study pending Close to US battery markets

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Leverages low‐cost energy and world‐class infrastructure in Quebec Significantly enhances project NPV: pre‐tax NPV $795m for LiOH

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Inte rated Refiner Model g y

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Authier Downstream Processing Financial Highlights* (Approximate Values Derived from the Scoping Study)

Description	Unit	Lithium Carbonate	Lithium Hydroxide
Annual Production Capacity	Tonnes	13,000	14,000
Ave Cash operatingCosts*	C$per tonne	6,331	6,032
Ave Cash OperatingCosts*	US$per tonne	4,812	4,585
Price forecast	US$per tonne	10,200	12,000
Initial Capital#	C$ million	223	240
Total Capital#	C$ million	284	301
Pre‐tax NPV@ 9%DR	C$ million	426	794
Pre‐Tax IRR	%	31	44
Exchange rate * Cash Operating Costs includes mining, processing	CAD$:US$ , administration, royalties, transport	0.76 , and downstream processing	0.76
~~# Capital expenditure includes all mine, concentrator and downstream process plant~~

14 * Please see Scoping Study disclaimer on page 2 and ASX release, “Downstream Study Demonstrates Positive Economics,” 30 August 2017

Authier Develo ment Timetable p

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15	Milestones	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020
		Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
	Bridging Engineering
	Ministerial Authorisation #1
	Mining Lease & Approval Period
	Detailed Engineering
	Procurement
	Off‐Take
	Financing
	Early work & Construction Facility Installation
	Construction
	Completion of Commissioning
	Start of Mining Operations
	Full Production
	Downstream Testing
	Downstream PFS

Sa ona Investment Pro osition y p

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Authier is an advanced, de‐risked project on track for development

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Executing a plan to get into production and generate cash flow – low capital hurdle & competitive operating costs

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Located in a first world country with access to world‐class, low‐cost infrastructure

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Base case pre‐tax NPV of C$184 million and low enterprise value per tonne of resources compared to industry peers

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Opportunity to value‐add Authier concentrates and create significant shareholder value; plus upside from project pipeline in Canada, WA Board and management team have track record of delivering projects around the world

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APPENDIX

Tansim uebec Shows Earl Potential , Q y

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North American Lithium
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• 9 kilometre pegmatite system mapped

• High‐grade lithium returned in selective sampling, O

• including up to 4.5% Li2

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• 18 • Further drilling planned

Western Australian Lithium Portfolio

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1,818km2 Tenement Package in a World‐Class Lithium Province

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Mallina Drillin Underwa g y

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• Project located in world‐ class Pilgangoora lithium district of Western Australia

• 20 hole, 2,500m RC drill program underway

• Program to test Area C, where rock chip sampling has shown O

• grades up to 4.6% Li2

• Further drilling planned at Tabba Tabba

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– Lithium Metal of the 21[st] Century

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The lithium‐ion battery is changing the way we generate, use, distribute and store energy

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Renewable >30% grid storage Transportation electric and 25‐30% hybrid vehicles Consumer 8‐10% electronics*

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Battery and energy storage 21 for high technology industries

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driving unprecedented demand

• Projected compound annual growth rate until 2025

Significant Supply Side Investment Needed

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Forecast Demand for Lithium by Use to 2026 (t LCE)

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“The impact of automotive electrification on lithium: 1TWh and 1Mt LCE in 10 years”

22 Source: Robert Baylis, Roskill, 9th Lithium Supply and Markets Conference, 31st May 2017

Slow Supply Side Response to Keep Prices High

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• Slow ramp‐up of new projects

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• –

• Funding constraints capex typically higher than market cap for most new entrants

• Environmental & permitting constraints

• New technology – longer‐ lead times and higher than PFS studies

• capex forecast. High‐risk, difficult to fund

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ACN 091 951 978 Suite 68, 283 Given Terrace Paddington, Queensland, 4064 Brisbane, Australia Ph: +61 7 3369 7058 info@sayonamining.com.au