ELEVRA LITHIUM LIMITED — Capital/Financing Update 2016

Aug 9, 2016

==> picture [595 x 30] intentionally omitted <==

==> picture [595 x 31] intentionally omitted <==

==> picture [595 x 30] intentionally omitted <==

==> picture [595 x 31] intentionally omitted <==

==> picture [595 x 30] intentionally omitted <==

10 AUGUST 2016

SAYONA CONTINUES TO CONSOLIDATE TENEMENT POSITION IN EMERGING PILBARA LITHIUM PROVINCE

Highlights

• New tenement application in a district known for hosting spodumene bearing pegmatites

• Articulated strategy to target rare metal complex pegmatites, previously not assayed for lithium

• Expanding its presence in the emerging Pilbara lithium province to cover 1,047 km[2] in total (upon grant of the new 61km[2] application area)

Sayona Mining Limited (ASX: SYA) ("Sayona" or the "Company") is pleased to announce that it continues to consolidate its lithium exploration ground holding with a new tenement application in the Moolyella district, Western Australia.

The new project area at Moolyella (ELA45/4813) covers 61km[2] , and secures part of the southern portion of the Mt Edgar batholith. Rare metal pegmatites associated with post tectonic granites intruding this batholith have been the source rocks for historic tin-tantalum mining. Importantly, spodumene bearing pegmatites have recently been identified in the Moolyella area ([1] ). The companies Moolyella application, located to the south and east is targeting similar occurrences. It has not been previously explored for its lithium potential.

Government mapping indicates the lithium pegmatites in the Moolyella Tin Field are associated with north south structures, and a number of these have been identified from detailed airborne magnetics within the Company’s new application. These targets will be the focus of initial exploration.

Upon grant of the new tenement application, the Company will have a total of 1,047km[2] of tenure in the Pilbara (refer Figure 1 below) district which is prospective for spodumene bearing pegmatites.

For more information, please contact:

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

==> picture [595 x 72] intentionally omitted <==

==> picture [595 x 35] intentionally omitted <==

==> picture [595 x 36] intentionally omitted <==

==> picture [595 x 36] intentionally omitted <==

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

==> picture [518 x 346] intentionally omitted <==

Figure 1: Sayona’s Pilbara district tenement package

References:

([1] ) See ASX announcements - Blaze International Limited, 2nd August 2016 and Exterra Resources Limited 6th June 2016

Page 2