ELEVRA LITHIUM LIMITED — Capital/Financing Update 2016

Sep 7, 2016

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8 SEPTEMBER 2016

AUTHIER LITHIUM PROJECT DRILLING COMMENCED

Highlights

• Authier drilling program commenced

• Diamond drilling program of between 5,000 – 6,000 metres to upgrade the categories of mineral resources and test for extensions of the mineralisation

• Drilling to provide important geotechnical and hydrological data for the PreFeasibility Study

Sayona Mining Limited (ASX: SYA) ("Sayona" or the "Company") is pleased to announce it has commenced drilling at the Authier lithium project, Quebec.

The diamond drilling program will comprise between 5,000 – 6,000 metres with the overall objectives, including:

• Converting the inferred mineral resources to measured and indicated through further drilling;

• Increasing the drill density to convert mineral resources to reserves;

• Exploring for extensions to the existing mineral resources and other potential mineralisation within the tenement package;

• Collecting geotechnical and hydrological data for incorporation in the Authier Feasibility Studies; and

• Collecting additional drill core for any additional metallurgical testing that may be required to complete a Bankable Feasibility study, planned for 2017.

The drilling program has been designed to improve the overall quality and expand on the size of its existing JORC 2012 compliant Mineral Resource estimate (Table 1). The project has more than 15,000 metres of diamond drilling in 123 holes, and 2,143 assay samples.

Corey Nolan, Chief Executive Officer, commented “The resource definition drilling is expected to enhance the quality and scale of the resource that will be used in the PreFeasibility Study. Once the Pre-Feasibility Study is completed, the Company plans the rapid completion of a Bankable Feasibility Study, securing off-take agreements and project financing”.

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Table 1 – Authier JORC Mineral Resources Estimate(0.5% Li20 cut-offgrade)	Table 1 – Authier JORC Mineral Resources Estimate(0.5% Li20 cut-offgrade)
CategoryMillion Tonnes**Grades Li20 ****Contained Li20 **
Measured2.080.95%	19,730
Indicated5.160.97%	50,092
Inferred1.880.93%	17,480
Total9.120.96%	87,302
Cautionary Note - Mineral Resources are not Mineral Reserves and	do not have
demonstrated economic viability. There is no certainty that all or any part	of the Mineral
Resources estimated will be converted into a Mineral Reserves estimate.

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Figure 1: Diamond drilling rig on the first drill pad

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For more information, please contact:

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 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

Reference to Previous ASX Releases

This presentation refers to the following previous ASX releases:

• “Authier JORC Resources”, 5 July 2016

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and all material assumptions and technical parameters continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

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