ELEVRA LITHIUM LIMITED — Capital/Financing Update 2017

May 25, 2017

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26 MAY 2017

UNDERWRITTEN SPP RAISES $1.5 MILLION - AMENDMENT

Sayona Mining Limited (ASX: SYA) ("Sayona" or the "Company") wishes to advise that the announcement released yesterday titled “UNDERWRITTEN SPP RAISES $1.5 MILLION” contained an error.

The announcement stated that the Company received applications from existing shareholders under the SPP for $805,314 resulting in the allotment of 147,371,469 shares at a price of $0.017 per share. The actual number of shares issued was 47,371,469.

An additional, 40,863,882 shares were issued pursuant to the underwritten shortfall of $694,686.

A revised announcement is attached.

Paul Crawford Company Secretary

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

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25 MAY 2017

UNDERWRITTEN SPP RAISES $1.5 MILLION - AMENDMENT

Highlights

• Strongly supported Share Purchase Plan raises $805,314

• Shortfall $694,686 placed with underwriter

• Sayona funded to advance the development of the Authier lithium project in Canada

• Drilling campaign on the Mallina lithium project in Western Australia to commence shortly

Sayona Mining Limited (ASX: SYA) ("Sayona" or the "Company") is pleased to announce it has raised $1.5 million through an underwritten Share Purchase Plan (“SPP”).

The Company received applications from existing shareholders under the SPP for $805,314 resulting in the allotment of 47,371,469 shares at a price of $0.017 per share. In accordance with the Listing Rules, the share price was calculated at a 20% discount of the 5-day Volume Weighted Average Price (“VWAP”) of shares traded on the ASX prior to the date of issue.

In addition, Patersons have placed the shortfall of $694,686 on the same terms as the SPP shares. For full details of shares issued and final capital structure please refer to the attached Appendix 3B.

Funds raised will be used to continue the development of the Authier project in Canada and to fund exploration activity on the Company’s Australian lithium projects and working capital.

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 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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