ELEVRA LITHIUM LIMITED — Capital/Financing Update 2020

May 10, 2020

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11 May 2020

BID DEADLINE EXTENDED FOR NORTH AMERICAN LITHIUM

Highlights

• Monitor extends bid deadline for North American Lithium (NAL) to 15 June 2020

• Sayona confident of successful bid based on world‐class bid support team and advantage of combining NAL with Authier Lithium Project to achieve a sustainable and profitable operation.

Emerging lithium miner Sayona Mining Limited (ASX: SYA) announced today the bid deadline for North American Lithium (NAL) has been extended by the court‐appointed monitor (administrator), Raymond Chabot Inc. to 15 June 2020.

Based on court‐approved procedures, the monitor has requested confirmation that Sayona’s bid remains open for acceptance until this date. The Company has confirmed its acceptance.

Sayona has assembled a world‐class team to support its bid for NAL, with Sayona’s team encompassing the necessary operational and technical expertise together with environmental, engineering and financial know‐how to ensure a successful turnaround.

Importantly, Sayona’s bid 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.

Sayona’s Managing Director, Brett Lynch commented: “ The delay to the sale process is not unexpected given current conditions in Québec and globally due to the impact of the COVID‐19 pandemic and resulting shutdown.

“We look forward to engaging further with the monitor and other key stakeholders to advance our bid, which offers the best prospects for a successful turnaround at NAL that would support jobs, investment and Québec’s lithium strategy .”

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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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 emerging Viau‐Dallaire prospect (Tansim project).

In Western Australia, the Company has a joint venture with leading lithium producer Altura Mining concerning its exploration portfolio in the world‐class Pilgangoora lithium district.

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