ELEVRA LITHIUM LIMITED — Capital/Financing Update 2021

Jul 11, 2021

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Not for release to U.S. wire services or distribution in the United States

12 July 2021

A$50M RAISING TO FUND NAL ACQUISITION, ADVANCE ABITIBI LITHIUM HUB

Highlights

• Oversubscribed Placement of A$45 million to institutional and professional/sophisticated investors from North America, Europe, Australia and other jurisdictions; major shareholder, Piedmont Lithium subscribes for A$8M

• Share Purchase Plan (SPP) to raise up to A$5M at same offer price as placement, providing opportunity for all shareholders to participate in Sayona’s growth

• Funds to support acquisition of North American Lithium and advance Abitibi lithium hub in Québec, Canada, amid escalating battery metals demand from North America’s EV revolution.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTC:DMNXF) has won significant investor support for its Québec expansion strategy, amid unparalleled demand growth for battery metals from the accelerating electric vehicle industry in North America.

Funding the Company’s acquisition of North American Lithium and boosting its emerging Abitibi lithium hub, the Company has undertaken a Placement to raise A$45 million through the issue of 600,000,000 new fully paid ordinary shares at an offer price of A$0.075 per New Share.

The Placement was significantly oversubscribed, with Sayona receiving strong support from institutional investors in North America, Europe and Asia together with Australia. Pricing was at a 4.7% discount to the 15‐day VWAP of A$0.079. Sayona’s major shareholder and strategic partner, Piedmont Lithium Inc. (Nasdaq:PLL; ASX:PLL) has also subscribed for A$8 million in the Placement.

Ensuring all shareholders receive the same opportunity to participate in the Company’s growth, Sayona also intends to undertake a capped SPP to raise up to A$5 million at the same offer price as the Placement.

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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Details concerning the SPP will be provided in a Plan Booklet to be dispatched to shareholders on 21 July 2021. Refer to the below timetable for relevant dates concerning the SPP.

Sayona’s Managing Director, Brett Lynch commented: “ We are delighted by the support for the Placement from major and new institutional investors in Canada, the United States, Asia and Australia, as we build our institutional shareholder base.

“The capital raising has been structured to ensure retail shareholders have the same opportunity to participate and we look forward to undertaking the SPP on the same terms as the Placement.

“This new funding will allow us to finalise our acquisition of North American Lithium, a key part of our Québec growth strategy, supporting the development of a world‐scale Abitibi lithium hub that is purpose‐ built to supply the North American EV revolution.”

Canaccord Genuity (Australia) Limited acted as Lead Manager and Sole Bookrunner to the Placement.

Desjardins Capital Markets acted as a finder in connection with certain purchasers under the Placement. Jett Capital Advisors acted as North American adviser regarding the Placement.

Capital Raising summary

Sayona has received firm commitments to raise A$45.0 million by issuing 600,000,000 new fully paid ordinary shares in the Company (“New Shares”) via a two‐tranche Placement:

• Tranche 1 has raised A$31.8 million via the issue of 423,631,221 New Shares pursuant to the Company’s existing ASX Listing Rule 7.1 capacity available for issue; and

• Tranche 2 has raised A$13.2 million via the issue of 176,368,779 New Shares and is subject to shareholder approval to be sought at a forthcoming General Meeting.

Major shareholder, Piedmont Lithium Inc, has committed to subscribe to A$8 million in the Placement which will settle in Tranche 2.

The Issue Price of A$0.075 per New Share represents a 19.1% discount to the five‐day volume weighted average price (“VWAP”) of shares traded on the ASX of A$0.093 per share and a 4.7% discount to the 15‐ day VWAP of shares traded on the ASX of A$0.079 per share.

Share Purchase Plan

Sayona will offer existing shareholders on the share register as at 9 July 2021 with registered addresses in Australia and New Zealand (“Eligible Shareholders”) the opportunity to apply for a maximum of A$30,000 worth of New Shares in the Company. The New Shares issued under the SPP will be offered at the same Issue Price as the Placement and will rank equally with existing new fully paid ordinary shares on issue.

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 SPP will be capped at A$5 million. Sayona reserves its right to scale back applications (in whole or in part) in its absolute discretion and to close the offer early. Details concerning the SPP will be provided in a Plan Booklet to be dispatched to shareholders on or about 21 July 2021.

Indicative Timetable

The indicative timetable for the Placement and SPP is detailed below:

Event	Time/Date
Record date for Share Purchase Plan (SPP)	Friday, 9 July 2021
Settlement and Allotment of Tranche 1 New Shares	Friday, 16 July 2021
Expected date of ASX Quotation of Tranche 1 New Shares	Monday, 19 July 2021
Dispatch of SPP Booklet and Offer opens	Wednesday, 21 July 2021
General Meeting to Approve Tranche 2	On or about Tuesday, 17 August 2021
SPP Closes	Wednesday, 18 August 2021
Notify results of SPP	Friday, 20 August 2021
Settlement and Allotment of Tranche 2 New Shares Issue of SPP shares	Monday, 23 August 2021
Expected Date of ASX Quotation of Tranche 2 and SPP New Shares	Tuesday, 24 August 2021

Note: All times are Australian Eastern Standard Time unless otherwise indicated. These dates (except for the SPP Record Date) are indicative only. Subject to ASX requirements, the Company may vary the dates of the SPP at its discretion and without notice.

This announcement is authorised by Sayona’s Board of Directors.

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For more information, please contact:

Brett Lynch

Managing Director Email: info@sayonamining.com.au

For media queries, please contact:

Anthony Fensom Republic PR Ph: +61 (0)407 112 623 Email: anthony@republicpr.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 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

Not an offer in the United States

This announcement has been prepared for publication in Australia and may not be released to U.S. wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.

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

sayonamining.com.au