ELEVRA LITHIUM LIMITED — Capital/Financing Update 2015

Oct 11, 2015

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12 OCTOBER 2015

CORKWOOD GEOPHYSICAL PROGAM TO DEFINE DRILL TARGETS COMMENCES

Sayona Mining Limited (ASX: SYA) ("Sayona" or the "Company") is pleased to announce that it has commenced a Versatile Time Domain Electromagnetic (“VTEM”) geophysical survey over the Corkwood project area within the East Kimberley project, Western Australia.

The VTEM geophysical system is considered to be the most practical and efficient method for rapid target generation over large areas such as the 20 kilometre strike extent of the Corkwood graphite structure.

The helicopter borne geophysical program will comprise approximately 320 line kilometres, with the survey covering all of the known graphite mineralisation within project area.

The principle objectives of the program are:

• Precisely define the most prospective portions of the known graphite horizons and their strike extent under cover so as to help identify areas with the thickest and best flake graphite mineralisation;

• Test the potential of parallel zones not clearly exposed or hidden at surface; and

• Define the dip and potential depth extent of the mineralisation.

The survey will take approximately three days to complete, with results available approximately two weeks after completion. Results will assist in the definition of high grade, jumbo flake graphite drill targets, with a maiden drilling program, anticipated to commence during the fourth quarter 2015.

For more information, please contact:

Corey Nolan Chief Executive Officer Phone: +61 (7) 3369 7058 Email: info@sayonamining.com.au

Sayona Mining Limited is an Australian, ASX-listed (SYA), company focused on sourcing and developing high purity flake graphite for use in the rapidly growing new technology sectors. Please visit us as at www.sayonamining.com.au

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