ELEVRA LITHIUM LIMITED — Capital/Financing Update 2020

Aug 2, 2020

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3 August 2020

QUÉBEC LITHIUM INDUSTRY RESTRUCTURING PICKS UP SPEED

Highlights

• Québec lithium industry restructure picking up speed, with foreign investors seen spearheading turnaround

• Amid Nemaska Lithium restructuring, monitor extends bid deadline for North American Lithium (NAL) to end August, in line with expected closure of Nemaska Lithium bidding process

Emerging lithium miner Sayona Mining Limited (ASX: SYA) announced today an update on its expansion plans in Québec, Canada, amid broader industry restructuring that continues to pick up speed.

The Québec Government has indicated that foreign investors are expected to drive the turnaround of the province’s lithium sector, starting with the restructure of Nemaska Lithium, with a regional hub model set to ensure the development of a profitable and sustainable industry.

Québec’s Economy Minister Pierre Fitzgibbon has commented that the chosen buyers should share the Government’s vision of converting lithium into materials to develop a Québec battery, eyeing a complete battery supply chain in the province.

Accordingly, with Nemaska Lithium’s bidding process extended to the end of the month, the court‐ appointed monitor (administrator) of North American Lithium (NAL) has similarly requested a further extension of Sayona’s bid to the end of August.

Sayona has confirmed its bid remains open for acceptance through to 31 August, as per the request of monitor Raymond Chabot Grant Thornton.

Sayona’s Managing Director, Brett Lynch commented: “ This extension is understandable given the broader industry restructuring underway in Québec and the Government’s goal of ensuring a profitable and sustainable lithium sector.

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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“The recent addition of global investment banking advisory firm, Evercore, to our already world‐class advisory team for NAL has facilitated increased engagement with potential investors and financiers and we look forward to intensifying this further.

“As shown by the recent oversubscription of the rights issue shortfall (refer ASX release 22 July 2020), investor demand remains strong and we are confident we can deliver a successful bid for NAL that secures jobs and investment and supports Québec’s clean energy future.”

Importantly, Sayona’s bid for NAL has the unique advantage of being able to combine lithium produced from the Company’s nearby Authier Lithium Project with the lithium at the NAL site, facilitating a significant improvement in plant performance and economics.

The recent expansion plans announced by leading EV maker Tesla, Inc in the United States have only further highlighted the opportunity for Québec, the most economic, strategic and environmentally sustainable supplier of choice for the North American battery market.

This announcement has been authorised by Sayona’s Board of Directors.

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For more information, please contact:

Brett Lynch

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

For media queries, please contact: Anthony Fensom, Republic PR anthony@republicpr.com.au; +61 (0)407 112 623

About Sayona Mining

Sayona Mining Limited is an emerging lithium miner (ASX:SYA), with projects in Québec, Canada and Western Australia. In Québec, Sayona is progressing a bid for the North American Lithium mine with the backing of a world‐class support team, while advancing its flagship Authier Lithium Project and its nearby Tansim project.

In Western Australia, the Company has an earn‐in agreement with leading lithium producer Altura Mining concerning its lithium and gold exploration portfolio in the Pilbara.

For more information, please visit us 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