ELEVRA LITHIUM LIMITED — Capital/Financing Update 2018

Jan 14, 2018

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15 JANUARY 2018

AUTHIER PHASE 3 DRILLING PROGRAM TO TARGET RESOURCE EXPANSION

Sayona Mining Limited (ASX: SYA) ("Sayona" or the "Company") is pleased to announce that the Phase 3 drilling program has recommenced at the Authier lithium project in Quebec, Canada.

The objective of the diamond drilling is to expand and optimise, the resource and reserve position for incorporation into the Definitive Feasibility Study (“DFS”), including:

• Drilling at depth and within the eastern and western sectors at shallow levels to provide better definition and potential expansion of the orebody - see Figure 1;

• Potential expansion of the northern pegmatite zone where a small JORC Mineral Resources was defined as part of the Optimised Pre-Feasibility Study (see ASX release, Authier JORC Mineral Resource Update, 11[th] December 2017) – see Figures 1&2;

• Infill definition drilling within the main resource zone where the mineralisation is not as well defined and is currently treated as waste for the Ore Reserve estimation; and

• Converting inferred resources into a higher resource classifications by further higher density drilling (resource areas shown in blue in Figure 1).

The Company has successfully increased the size of the resource and reserve through previous drilling programs. Any further increases have the potential to enhance the positive economics demonstrated in the recently announced Optimised Pre-Feasibility Study. All of the new drilling data will be incorporated into the resource models for the DFS which is expected to be completed in the second quarter of 2018.

The Company will also be looking to drill extensions of the major structural east-west trend which is highlighted from historical geophysics - see Figure 3. The focus of the drilling is to target new pegmatite systems not outcropping on the surface. During the Phase 2 drilling program, the Company discovered the Northern Pegmatite which doesn’t outcrop at the surface. The areas in the west have not been extensively explored and the Company believes there is potential to identify new systems.

The Phase 3 drilling will also incorporate some condemnation drilling to sterilise areas required for the process plant, and combined waste and tailings storage areas.

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Figure 1 – Potential areas to expand the Authier resource

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Figure 2 – Main Authier deposit (left) and Authier North (right) lithium solids model at 0.45% Li20

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Figure 3: Main structural trend highlighted by historical geophysics

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

Reference to Previous ASX Releases

This presentation refers to the following previous ASX releases:

• Authier JORC Resource Expanded , 11 December 2017

• Authier Maiden JORC Ore Reserve, 11 December 2017

• Authier PFS, 11 December 2017

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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