ELEVRA LITHIUM LIMITED — Capital/Financing Update 2019

Nov 6, 2019

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7 November 2019

SAYONA FURTHER STRENGTHENS BID TEAM FOR NORTH AMERICAN LITHIUM

Highlights

• Primero Group Americas, a leading engineering firm specialising in lithium operations, joins world‐ class team supporting Sayona in the bidding process for the North American Lithium (NAL) mine in Québec, Canada

• Former NAL superintendent and plant manager, Ghislain Dubé, also joins bidding team to add his operational experience and in‐depth knowledge of mine’s operations

• Support team including Altura Mining, engineers BBA and Hatch, financial advisers Jett Capital Advisors and PwC, researchers and other advisers, offers leading technical skills and managerial expertise combined with financial capacity to turn around NAL and achieve sustainable and profitable operation for benefit of Québec and all stakeholders.

Emerging lithium miner Sayona Mining Limited (ASX: SYA) announced today a boost for its bid for the North American Lithium Inc (NAL) operation in Québec, Canada, with further expertise in operational know‐how added to its world‐class team supporting the bid.

Joining Sayona’s bid team is Primero Group Americas, a leading engineering firm that offers operational expertise in lithium mining, as demonstrated by its work for companies including lithium producer Altura Mining’s Pilgangoora mine in Western Australia among other hard rock lithium operations.

Significantly too, former NAL superintendent and plant manager, Ghislain Dubé, is joining Sayona’s bid support team, providing his personal, in‐depth knowledge concerning the NAL operation.

Welcoming the additions to Sayona’s already world‐class bid team, Sayona’s Managing Director, Brett Lynch said they offered demonstrated experience and insights that could prove invaluable in turning around the NAL operation and ensuring successful outcomes for all stakeholders.

SAYONA MINING LIMITED P +61 7 3369 7058 E info@sayonamining.com.au A Suite 68, 283 Given Tce, Paddington QLD

sayonamining.com.au

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“Primero has shown at Altura’s Pilgangoora mine and other projects they have the engineering excellence to ensure a successful operation, and that’s exactly what is needed at NAL,” Mr Lynch said.

“Added to this proven expertise, having former NAL plant manager Mr Dubé with our team will ensure there are no gaps in our knowledge concerning the operation – the type of experience you just cannot get from data alone.”

Guy Laliberté, CEO of Sayona Québec, said both recruits would complement an already strong bidding team as the Company advances its turnaround plan for NAL.

“Having experienced and quality resources like Ghislain, who knows the mine and current production facilities and its particularities, will be essential for the implementation of its restart plan,” he said.

“Sayona looks forward to working closely with all stakeholders to achieve a successful operation at NAL, should we earn the privilege of being retained by the Administrator to relaunch these facilities. "

Welcoming the partnership with Sayona, Primero Group Americas General Manager, Jacques Parent said: “Primero is pleased to work with Sayona on the NAL project in Québec. In addition to the design, construction and operation of multiple hard rock lithium projects in Australia, this NAL project is strengthened by Primero Americas’ cold weather and local lithium experience. Primero looks forward to delivering a successful project together with the strong team Sayona has assembled.”

The world‐class team supporting Sayona’s bid for NAL now encompasses every aspect of a successful turnaround operation, with operational experience provided by Altura Mining, Primero and Mr Dubé; engineering and mine planning by consultancies BBA and GCM Consultants; technological solutions by the Centre Technologiques de Résidus Industriels (CTRI); market intelligence by consultancy Hatch; financing expertise by specialist lithium funders Jett Capital Advisors; construction costs expertise from Legico‐CHP; financial advisory by PwC; and other leading consultants covering environmental management, processing and other areas, comprising Rémi Asselin, Jarrett Quinn, Martin Pérusse and Yanick Plourde.

Mr Lynch added: “Sayona’s team gives NAL its best chance of a successful turnaround, with proven operational experience combined with personal knowledge of the operation, together with the necessary engineering, environmental and financial know‐how.

“With the added advantage of combining lithium to be produced from our emerging Authier Lithium Project, Sayona has all the ingredients in place to deliver positive outcomes for the people of Québec, enhancing the government’s push to develop a complete lithium value chain in the province.”

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For more information, please contact:

Brett Lynch Managing Director Phone: +61 (7) 3369 7058 Email: info@sayonamining.com.au

SAYONA MINING LIMITED P +61 7 3369 7058 E info@sayonamining.com.au A Suite 68, 283 Given Tce, Paddington QLD

sayonamining.com.au

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About North American Lithium (NAL)

NAL has a lithium mine and concentrator located in Abitibi near the mining district of Val d’Or, Québec. Spodumene production was halted in February 2019 and the company obtained protection from creditors in May. Subsequently, on 16 September, the Québec Superior Court ended creditor protection and invited bids for the company’s assets.

On 7 October, Sayona received documentation from Raymond Chabot Inc, the court‐appointed monitor of NAL, confirming that binding bids are required to be lodged by 5pm (Montreal time) on 21 January, 2020.

In 2018, NAL produced around 114,000 tonnes of spodumene against its nameplate capacity of 180,000 tonnes. In addition, the operation has the potential to produce battery‐grade lithium carbonate with the necessary investment.

About Sayona Mining

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. The Company has lithium projects in Québec, Canada and in Western Australia.

Please visit us as at www.sayonamining.com.au

SAYONA MINING LIMITED P +61 7 3369 7058 E info@sayonamining.com.au A Suite 68, 283 Given Tce, Paddington QLD

sayonamining.com.au