ELEVRA LITHIUM LIMITED — Capital/Financing Update 2016

Mar 7, 2016

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8 MARCH 2016

ITABELA DRILLING PROGRAM UPDATE

Sayona Mining Limited (ASX: SYA) ("Sayona" or the "Company") is pleased to announce an update on the drilling program at the Itabela graphite project in Brazil.

By the end of the first weeks drilling, a total of 902 metres had been completed in 17 holes at the Sao Manuel prospect. The holes were designed to verify grades from previous auger drilling and to test the strike and lateral extensions of the known mineralisation.

Visible large, jumbo and super jumbo flake graphite has been consistently observed in most drill intersections, and along road cuttings exposed by surface earthworks to prepare drill access and pads (see attached photos).

The graphite mineralisation is hosted in a sequence of very deeply weathered, saprolitic paragneiss which extends from the surface down to 84 metres, the limit of current drilling. The deposit will be amenable to simple low cost mining techniques without drilling and blasting, and low cost processing.

It is anticipated the drilling the program will be completed by the end of March.

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 and industrial sectors. Please visit us as at www.sayonamining.com.au

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