ELEVRA LITHIUM LIMITED — Capital/Financing Update 2021

Mar 24, 2021

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Not for release to US wire services or distribution in the United States

25 March 2021

SAYONA LAUNCHES A$20.4M FULLY UNDERWRITTEN RENOUNCEABLE RIGHTS ISSUE AS QUÉBEC LITHIUM EXPANSION ACCELERATES

Highlights

• 1 for 6 Renounceable Rights Issue to raise up to A$20.4 million; priced at 3.2 cents per share, with rights to start trading from 6 April 2021

• Offer fully underwritten; 10.5% discount to the 30-day VWAP of 3.6 cents, 18% discount to the last sale of 3.9 cents

• Major shareholder, Piedmont Lithium Limited (ASX:PLL) taking up full entitlement under offer

• Funds to support Company’s bid for North American Lithium (NAL) and progress key projects in Québec, Canada, amid rising lithium demand in North American market from battery and EV makers.

Emerging lithium miner Sayona Mining Limited (ASX: SYA) has launched a Renounceable Rights Issue to raise up to AUD$20.4 million before costs, with the funding to support the Company’s growth plans in Québec, Canada.

This significant injection of capital will help Sayona advance its bid for North American Lithium in partnership with Piedmont Lithium, together with supporting the development of the Company’s flagship Authier Lithium Project and emerging Tansim Lithium Project.

The offer is priced at A$0.032 (3.2 cents) per share, a 10.5% discount to the 30-day VWAP and a 15.7% discount to the Theoretical Ex Rights Price of 3.8 cents. The rights issue will close on 20 April 2021, with the new shares expected to commence trading on 28 April.

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 issue is fully underwritten by Canaccord Genuity (Australia) Limited (Canaccord). Canaccord is also Lead Manager and broker to the Offer. Sayona’s major shareholder, Piedmont Lithium will be exercising its full entitlement under the Offer.

Sayona’s Managing Director, Brett Lynch said the funds would provide a major boost in making the Company a world-scale producer in the near term, focused on North America.

“Québec offers enormous competitive advantages as a lithium producer and downstream processor due to its world-class infrastructure and labour, environmentally friendly hydropower and access to the fastgrowing North American battery market,” he said.

“This funding will help ensure we can cement our lithium projects as key to the region’s clean energy future, with the potential for clean and green lithium hydroxide production direct to Ontario automakers and North Carolina battery makers.

“I would like to thank our investors and partners, notably Piedmont Lithium, for their tremendous support at this transformative stage in Sayona’s evolution.”

Renounceable Rights Issue: Offer details

Sayona is undertaking a 1 for 6 renounceable entitlement issue (“Entitlement Issue”) to raise up to approximately A$20.4 million before costs.

The issue price under the rights issue represents a discount of 10.5% to the 30-day VWAP and a 15.7% discount to the Theoretical Ex Rights Price of 3.8 cents.

The Rights Issue is open to all eligible shareholders who have a registered address within Australia or New Zealand, and who hold Shares on the Record Date. The Rights Issue will close on 20 April 2021 (unless extended in accordance with the Listing Rules).

All New Shares issued will rank equally with existing shares on issue and the Company will apply for quotation of the New Shares.

A prospectus in relation to the Rights Issue will be lodged with ASIC on 25 March 2021 and, together with a personalised entitlement acceptance form, will be sent to eligible shareholders shortly after the Record Date.

Eligible shareholders should consider the prospectus in deciding whether to acquire securities under the Rights Issue and will need to complete the personalised entitlement and acceptance form that will accompany the prospectus.

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 following are *indicative dates in respect of the capital raising:

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Event Date
Ex-entitlement date
Rights trading commences on a deferred settlement basis 29 March 2021
Record Date for determining entitlements (5:00pm EST) 30 March 2021
Prospectus and personalised Entitlement and Acceptance Forms sent to 6 April 2021
Eligible Shareholders
Rights trading ends 13 April 2021
Closing date of entitlement issue (5:00pm EST) 20 April 2021
ASX notified of undersubscriptions 26 April 2021
Issue date 27 April 2021
Trading of New Shares and New Options commences 28 April 2021
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* The Directors may extend the Closing Date by giving at least 3 business days’ notice to ASX prior to the Closing Date. As such the date the Shares and Options are expected to commence trading on ASX may vary.

If you have any queries concerning the Entitlement Issue, or the action you are required to take to subscribe for new Shares, please contact your financial adviser or Paul Crawford on +61 (0)416 104 633.

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

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 Ph: +61 (0)407 112 623

Email: anthony@republicpr.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 is progressing a bid for the North American Lithium mine with the backing of a worldclass advisory team, while advancing its flagship Authier Lithium Project and its emerging Tansim Project, supported by a strategic partnership with Piedmont Lithium Limited (ASX:PLL; Nasdaq:PLL) .

In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium.

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

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Not an offer in the United States

This announcement has been prepared for publication in Australia and may not be released to US 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