ELEVRA LITHIUM LIMITED — Capital/Financing Update 2021

Oct 10, 2021

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11 October 2021

NON‐RENOUNCEABLE RIGHTS ISSUE OPENS

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTC:DMNXF) advises that the Company’s pro rata entitlement offer announced on 4 October 2021 opens today.

The Offer seeks to raise approximately A$25.5 million. It provides the opportunity for eligible shareholders to subscribe for one New Share for every thirty‐five shares held on the Record Date. New Shares will be issued at the issue price of A$0.145, being the same price as the Placement, also announced on 4 October 2021.

Attached is a letter being sent to eligible shareholders, providing instructions on how to obtain a copy of the Offer Prospectus and personalised Application Form. Also attached is a letter being sent to ineligible shareholders

The proposed timetable for the Offer is set out below:

Event	Date*
Lodgement of Prospectus with ASIC and ASX	4 October 2021
Record Date to determine Entitlements	7 October 2021
Dispatch of Prospectus and Entitlement and Acceptance Forms	11 October 2021
Rights Issue opens	11 October 2021
Closing Date of Rights Issue (Last date for lodgement of Entitlement & Acceptance Forms and payment of Application Money)	5pm, 25 October 2021
Rights Issue shortfall notified	28 October 2021
Shortfall settled	29 October 2021
Allotment of new shares	1 November 2021
Normal trading of New Shares expected to commence on ASX	2 November 2021
Transaction confirmation statements for New Shares expected to be dispatched	3 November 2021

*These dates are indicative only.

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 further information on the Offer please visit https://sayonaoffer.thereachagency.com or call the Offer Information Line on 1300 552 270 (within Australia) or +61 3 9415 4000 (outside Australia) between 8.30am and 5.00pm (daylight saving time) on Monday to Friday. Alternatively, contact your stockbroker, accountant or other professional adviser.

Issued on behalf of the Board.

Paul Crawford Company Secretary Phone: +61 (7) 3369 7058 Email: info@sayonamining.com.au

About Sayona Mining

Sayona Mining Limited is an emerging lithium miner (ASX:SYA; OTC:DMNXF), with projects in Québec, Canada and Western Australia. In Québec, Sayona’s assets comprise the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (Nasdaq:PLL; ASX:PLL). Sayona and Piedmont have also successfully undertaken a joint bid to acquire North American Lithium, which hosts a former lithium mine and concentrator.

In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium. Sayona is exploring for Hemi‐style gold targets in the world‐class Pilbara region, while its lithium projects are subject to an earn‐in agreement with Altura Mining Limited.

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

For all enquiries:

Phone: (within Australia) 1300 552 270 (outside Australia) +61 3 9415 4000

Web:

https://sayonaoffer.thereachagency.com

SYA

MR SAM SAMPLE FLAT 123 123 SAMPLE STREET THE SAMPLE HILL SAMPLE ESTATE SAMPLEVILLE VIC 3030

SRN WITHHELD DEC

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Dear Shareholder 11 October 2021

SAYONA MINING LIMITED (ASX: SYA) Non Renounceable Rights Issue

On Monday, 4 October 2021, Sayona Mining Limited ( Sayona ) announced a pro rata non renounceable rights issue of new Sayona ordinary shares ( New Shares ) to raise approximately A$25.5 million ( Rights Issue ).

The proceeds from the Rights Issue will be used primarily to advance:

• Moblan exploration and assessment;

• NAL redevelopment assessment;

• Authier mine approval process, exploration and assessment;

• Tansim exploration and assessment;

• Exploration of Western Australia gold projects; and

• • Working capital.

The Rights Issue will provide an opportunity for eligible shareholders to subscribe for 1 New Share for every 35 existing Sayona ordinary shares held on the Record Date of 6.00pm (Brisbane time) on Thursday, 7 October 2021. The offer price is A$0.145 per New Share ( Offer Price ). Fractional entitlements have been rounded up to the nearest whole number of New Shares.

The Rights Issue is subject to the terms and conditions set out in the Prospectus. A copy of the Prospectus, along with instructions on how to apply and submit your payment is available online at https://sayonaoffer.thereachagency.com .

If you have any questions in relation to the Rights Issue please contact the Offer Information Line on 1300 552 270 (within Australia) or +61 3 9415 4000 (outside Australia) between 8.30am and 5.00pm (Sydney time) on Monday to Friday.

This letter is to notify you that the Rights Issue is now open and provide you with instructions on how to obtain a copy of the Prospectus and your personalised Entitlement and Acceptance Form.

How to obtain a copy of the Prospectus and your personalised Entitlement and Acceptance form

1. ONLINE The Prospectus and your personalised Entitlement and Acceptance Form are available to view online at https://sayonaoffer.thereachagency.com. To access this website you will need your SRN or HIN, which is displayed at the top of this letter.

2. PAPER You can request a paper copy of the Prospectus and your personalised Entitlement and Acceptance Form by contacting the Offer Information Line on 1300 552 270 (within Australia) or +61 3 9415 4000 (outside Australia) between 8.30am and 5.00pm (Sydney time) on Monday to Friday.

Please note that there may be some delays in delivery of the Prospectus and your personalised Entitlement and Acceptance Form via post (including because of ongoing disruption caused by COVID-19). You are encouraged to access the Prospectus and your personalised Entitlement and Acceptance Form online by following the instructions on the offer website.

The Rights Issue is scheduled to close at 5.00pm (Brisbane time) on Monday, 25 October 2021. Payment must be received before this time.

You should read the Prospectus carefully and in its entirety before deciding whether to participate in the Offer.

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Key Dates

Key Dates
Lodgement of Prospectus with ASIC and ASX	4 October 2021
Record Date to determine Entitlements (6.00pm Brisbane time)	7 October 2021
Dispatch of Prospectus and Entitlement and Acceptance Forms	11 October 2021
Rights Issue opens	11 October 2021
Closing Date of Rights Issue (5.00pm Brisbane time)	25 October 2021
Rights Issue shortfall notified	28 October 2021
Shortfall settled	29 October 2021
Allotment of new shares	1 November 2021
Normal trading of New Shares expected to commence on ASX	2 November 2021
Transaction confirmation statements for New Shares expected to be dispatched	3 November 2021

Eligible Shareholders that wish to participate in the Rights Issue are encouraged to subscribe for New Shares as soon as possible after the Rights Issue opens. The Company reserves the right, subject to the Corporations Act, the Listing Rules and other applicable laws, to vary the dates of the Rights Issue (including extending the Rights Issue or accepting late applications) without notice.

Action required by Eligible Shareholders

If you are an Eligible Shareholder, you may:

1. Take up all of your Entitlement and if you do so, apply for Additional New Shares If you are an Eligible Shareholder and you wish to take up your Entitlement in full, you must submit your payment by BPAY so that it is received before 5.00pm (Brisbane time) on the Closing Date. If you take up all of your Entitlement, you may also apply for additional New Shares under the Shortfall Facility. Alternative EFT payment arrangements will also be provided for Eligible Shareholders in New Zealand. You can access your personalised payment instructions online at https://sayonaoffer.thereachagency.com.

2. Take up part of your Entitlement

• If you are an Eligible Shareholder and you wish to take up part of your Entitlement, you must submit your payment by BPAY so that it is received before 5.00pm (Brisbane time) on the Closing Date. Alternative EFT payment arrangements will also be provided for Eligible Shareholders in New Zealand. You can access your personalised payment instructions online at https://sayonaoffer.thereachagency.com. You will not receive any payment or value for any of your Entitlement not taken up and your percentage holding in Sayona will be reduced as a result of the Rights Issue.

3. Do nothing and allow your Entitlement to lapse

• If you are an Eligible Shareholder and you do not wish to accept all or any part of your Entitlement, you should do nothing and allow your Entitlement to lapse. By allowing your Entitlement to lapse, you will not receive any payment or value for your Entitlement and your percentage holding in Sayona will be reduced as a result of the Rights Issue.

If you are an Eligible Shareholder with a registered address in Australia and you do not have an account that supports BPAY transactions, please contact the Offer Information Line for further instructions.

Application Monies must be received before 5.00pm (Brisbane time) on the Closing Date. Sayona reserves the right to close the Rights Issue early or extend the Rights Issue in its discretion.

Participation in the Rights Issue is optional and Eligible Shareholders may elect to do nothing. If you choose to do nothing, you will continue to hold the same number of Sayona Shares, however, your interest in Sayona will be diluted. Your right to participate in the Rights Issue is not transferable.

As noted above, you may obtain a copy of the Prospectus along with information about how to apply online at https://sayonaoffer.thereachagency.com.

Enquiries

For further information please visit https://sayonaoffer.thereachagency.com or call the Offer Information Line on 1300 552 270 (within Australia) or +61 3 9415 4000 (outside Australia) between 8.30am and 5.00pm (Sydney time) on Monday to Friday, before the Rights Issue closes at 5.00pm (Brisbane time) on Monday, 25 October 2021. Alternatively, contact your stockbroker, accountant or other professional adviser.

Sincerely

SAYONA MINING LIMITED ABN 26 091 951 978

For all enquiries:

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Phone:

(within Australia) 1300 552 270 (outside Australia) +61 3 9415 4000

Web:

https://sayonaoffer.thereachagency.com

SYA

MR SAM SAMPLE 123 SAMPLE STREET SAMPLETOWN VIC 3000

X 9999999991 I ND

[For your security keep your SRN/] HIN confidential.

Entitlement No: 12345678

Non-Renounceable Rights Issue — Entitlement and Acceptance Form

 [Your payment must be received by 5:00pm (Brisbane time) on Monday, 25 October 2021]

This is an important document that requires your immediate attention. It can only be used in relation to the shareholding represented by the details printed on this Form. If you are in doubt about how to deal with this form, please contact your financial or other professional adviser.

Details of the shareholding and entitlements for this Offer are shown on this Form. Please check the details provided and update your address via www.investorcentre.com if any of the details are incorrect.

If you have a CHESS sponsored holding, please contact your Controlling Participant to notify a change of address.

Details of your Entitlement

Existing shares entitled to participate as at 6.00pm (Brisbane time) on Thursday, 7 October 2021:

Entitlement to New Shares on a 1 for 35 basis:

Amount payable on full acceptance at A$0.145 per New Share:

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Make Your Payment by 5:00pm (Brisbane time) on Monday, 25 October 2021 BPAY

You can apply to accept either all or part of your Entitlement. If you apply for your full Entitlement, you may also apply for Additional New Shares in excess of your Entitlement under the Shortfall Facility. Enter the details below and retain for your records. You do not need to return this Form when making payment by BPAY . By making your payment you confirm that you agree to all of the terms and conditions as detailed in the Prospectus dated 4 October 2021.

Neither Computershare Investor Services Pty Limited (CIS) nor Sayona Mining Limited accepts any responsibility for loss incurred through incorrectly completed BPAY payments. It is the responsibility of the applicant to ensure that funds submitted through BPAY are received by this time. Eligible Shareholders should use the customer reference number shown on this Form when making a BPAY payment.

Entitlement taken up:

Biller Code: 360495 Ref No: 1234 5678 9123 4567 89

Contact your financial institution to make your payment from your cheque or savings account.

Number of Additional New Shares applied for: Amount Paid at A$0.145 per New Share: A$ . Date Payment was made: / /

Privacy Notice

The personal information you provide on this form is collected by CIS, as registrar for the securities issuers (the issuer ), for the purpose of maintaining registers of securityholders, facilitating distribution payments and other corporate actions and communications. In addition, the issuer may authorise us on their behalf to send you marketing material or include such material in a corporate communication. You may elect not to receive marketing material by contacting CIS using the details provided above or emailing privacy@computershare.com.au. We may be required to collect your personal information under the Corporations Act 2001 (Cth) and ASX Settlement Operating Rules. We may disclose your personal information to our related bodies corporate and to other individuals or companies who assist us in supplying our services or who perform functions on our behalf, to the issuer for whom we maintain securities registers or to third parties upon direction by the issuer where related to the issuers administration of your securityholding, or as otherwise required or authorised by law. Some of these recipients may be located outside Australia, including in the following countries: Canada, India, New Zealand, the Philippines, the United Kingdom and the United States of America. For further details, including how to access and correct your personal information, and information on our privacy complaints handling procedure, please contact our Privacy Officer at privacy@computershare.com.au or see our Privacy Policy at www.computershare.com/au/privacy-policies.

® Registered to BPAY Pty Limited ABN 69 079 137 518

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For all enquiries:

Phone: (within Australia) 1300 552 270 (outside Australia) +61 3 9415 4000

Dear Shareholder 11 October 2021

SAYONA MINING LIMITED (ASX: SYA)

Non Renounceable Rights Issue – Notification to Ineligible Shareholders

On Monday, 4 October 2021, Sayona Mining Limited ( Sayona ) announced a pro rata non renounceable rights issue of new Sayona ordinary shares ( New Shares ) to raise approximately A$25.5 million ( Rights Issue ).

The proceeds from the Rights Issue will be used primarily to advance:

• Moblan exploration and assessment;

• NAL redevelopment assessment;

• Authier mine approval process, exploration and assessment;

• Tansim exploration and assessment;

• Exploration of Western Australia gold projects; and

• • Working capital.

The Rights Issue will provide an opportunity for eligible shareholders to subscribe for 1 New Share for every 35 existing Sayona ordinary shares held on the Record Date of 6.00pm (Brisbane time) on Thursday, 7 October 2021. The offer price is A$0.145 per New Share ( Offer Price).

The Company has decided that it is unreasonable to make offers under the Rights Issue to shareholders with a registered address outside Australia or New Zealand ( Ineligible Shareholders ), having regard to the number of such shareholders, their holdings and the compliance costs required to offer the Shares under the Rights Issue to those shareholders.

Unfortunately, since you are an Ineligible Shareholder, no offer is being made to you and the offer document prepared by the Company in relation to the Rights Issue will not be sent to you. This letter is neither an offer to issue new shares to you, nor an invitation for you to apply for new shares.

You do not have to take any further action in relation to the Rights Issue.

Enquiries

For further information please call the Offer Information Line on 1300 552 270 (within Australia) or +61 3 9415 4000 (outside Australia) between 8.30am and 5.00pm (Sydney time) on Monday to Friday, before the Rights Issue closes at 5.00pm (Brisbane time) on Monday, 25 October 2021. Alternatively, contact your stockbroker, accountant or other professional adviser.

Sincerely

SAYONA MINING LIMITED ABN 26 091 951 978