ELEVRA LITHIUM LIMITED — Capital/Financing Update 2019

May 27, 2019

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28 May 2019

ENGINEERING FIRM APPOINTED FOR UPDATED AUTHIER DFS

Highlights

• Engineering consultancy BBA appointed to review mining plan and definitive feasibility study (DFS) as part of environmental impact assessment for Sayona’s Authier Lithium Project, Quebec, Canada

• Study to optimise mining based on proposed output of 2,600 tonnes per day, as per sustainable development plan

• New leadership at Sayona Québec driving enhanced stakeholder engagement, with goal of maximising benefits for the community of Quebec.

Emerging lithium miner Sayona Mining Limited (ASX: SYA) announced today the appointment of experienced engineering consultancy BBA to review the Authier Lithium Project’s mining plan and DFS, based on a sustainable approach that delivers genuine benefits to all stakeholders.

Under the study, BBA will update the mining plan to ensure it is optimised for the planned sustainable development approach of 2,600 tonnes per day production, providing for an approximate mine life of 14 years and estimated annual average spodumene concentrate production of around 115,000 tonnes (at 6% Li2O) (refer ASX announcement 28 March 2019).

The DFS (refer ASX release 24 September 2018) will also be reviewed as per the proposed mining rate, since the previous study was based on daily maximum output of 1,900 tonnes. The previous DFS showed the potential for a sustainable and profitable project that could generate 150 jobs in the construction phase and 160 jobs in operation, with the investment of nearly C$90 million into the province.

The amended study will form part of the Company’s environmental impact statement required under Article 31.1 of Quebec’s Environment Quality Act. The overall regulatory process is expected to take approximately 13 to 18 months, including the completion of an EIS, public consultation and review, ultimately leading to a ministerial recommendation and government decision (refer ASX announcement 27 May 2019).

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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Sayona’s Managing Director, Dan O’Neill, said BBA’s appointment would ensure continuity concerning the Authier project, drawing upon the consultancy’s established expertise.

“BBA offers an established team of experienced professionals, with thorough knowledge of the mining sector in addition to having a regional presence in Val‐d’Or,” Mr O’Neill said.

“Having been entrusted with the original feasibility study, BBA has both the project knowledge and experience to ensure a satisfactory outcome that expedites the process for the benefit of all.”

Sayona continues to engage closely with all stakeholders, including information sessions and consultations with local municipalities, landowners, First Nations communities, non‐governmental organisations and other stakeholders, with the engagement effort led by its local team in Quebec.

Amid U.S. plans to speed the development of EV supply chain minerals such as lithium, continued growth in lithium demand and recent corporate transactions in the sector, Sayona is focused on advancing its flagship Authier project together with its emerging Tansim project in Quebec.

For more information, please contact:

Dan O’Neill

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

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

About BBA

BBA has provided a wide range of consulting engineering services for almost 40 years. Its engineering, environmental and commissioning experts team up to quickly and accurately pinpoint the needs of industrial and institutional clients. Recognised for its innovative, sustainable and reliable solutions, the firm stands out for its expertise in the fields of energy and mining and metals, as well as biofuels, oil and gas. BBA has 12 offices across Canada to provide local support and offer clients an increased on‐site presence. For more information, refer www.bba.ca

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

sayonamining.com.au