ELEVRA LITHIUM LIMITED — Capital/Financing Update 2022

Dec 19, 2022

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20 December 2022

NAL RESTART ADVANCES TOWARDS TARGET

Highlights

• Restart of North American Lithium (NAL) operation further progresses towards target, with procurement and permitting completed

• Construction ramping up, including installation of Apron Feeder and Derrick screens, with contracts awarded for all critical installation items, including Belt Filter

• NAL operation on track for restart of production in Q1 2023, cementing Québec’s position as North America’s key supplier of essential battery minerals.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTCQB:SYAXF) is on target for the recommencement of production at its flagship North American Lithium (NAL) operation in Q1 2023, with procurement, permitting and construction activities continuing to advance.

Procurement was 99% completed as at the end of November, with nearly all major procurement items received at site. Contracts have been awarded for all critical installation items, including the Belt Filter, while the installation of key items such as the Apron Feeder and Derrick screens has been completed.

Significantly, all environmental approvals have now been received following the recent award of the final permit (refer ASX release 12 December 2022), significantly de‐risking NAL’s restart.

Commitments to end November totalled C$47.3 million versus planned commitments of C$48.4 million, with potential cost savings being investigated. Only one lost‐time incident has been reported to date, a slippage due to snow, with Sayona re‐emphasising its Zero‐Tolerance policy regarding safety.

Mining contractors, Québec‐based L. Fournier & Fils commenced operations in October, with work progressing. Currently there are approximately 100 workers on‐site, with Sayona having recruited a number of senior personnel recently (refer ASX release 24 November 2022), including appointing Guy Belleau as the

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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new CEO of Sayona’s Québec subsidiary. Sayona’s approach to hiring is based on diversity and inclusion, with 31% female workers on‐site.

Mining operations are also ramping up. Contractor mobilisation has reached 90%, with four excavators, 10 mining trucks and three drill rigs in operation together with other support and service equipment, using 32 operators per shift.

Since the beginning of mining operations, starting with the first blast on 22 November 2022, a total of six production blasts have been undertaken for production of 77,020 tonnes of ore and total blasted material of 378,458t. From the previous Rom pad and In‐Pit inventory, total ore inventory on the Rom pad is now 157,907t grading 0.87% Li2O.

	Material	Tonnes	%Li2O
	Highgrade	28,692	1.34
	Lowgrade	129,215	0.77
	Total	157,907	0.87

Earthwork at the ROM pad was reorganised to allow better classification of ore piles, depending on grade and mining dilution percentage. Other earthworks completed included a production roads upgrade and safety berms improvements. Overburden stripping is ongoing in the phase 2 pit expansion area. Water management ditches were completed on the north side.

Sayona is now optimising the short‐term mining sequence from the Pre‐Feasibility Study mine plan to facilitate a smooth start for commercial production.

Sayona has also undertaken community engagement activities, including partnering in a “Business Exchange Day” combined with the Interregional Economic Circle of Indigenous Peoples (14‐16 November) and participating in the first in‐person Québec Mines Convention since 2019 (held from 21‐23 November).

Sayona’s Managing Director, Brett Lynch commented: “Time is of the essence to get into production at NAL and I’m pleased with the progress made to date, with the operation on track for production of the first saleable spodumene (lithium) concentrate in Q1 2023.

“Our planned expansion at NAL, together with the growth of our northern lithium hub centred on the Moblan Lithium Project, have positioned Sayona well for 2023 as we work to cement Québec’s position as North America’s key supplier of essential battery minerals for the clean energy revolution.”

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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Sayona’s Managing Director, Brett Lynch (left) with Philippe Groleau, NAL Operations and Technical Services Manager. Mr Lynch and Mr Groleau are standing in front of ROM ore pads being built to ensure a smooth and fast restart of production at NAL.

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Production blast at NAL operation

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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Left: WHIMS installation in preparation for piping; Right: Filter press positioned for concrete pour and installation

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Left: Derrick Screens ready for electrical installation; Right: Conditioning tank in place for full installation

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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Issued on behalf of the Board.

For more information, please contact:

Brett Lynch Managing Director Email: info@sayonamining.com.au

For investor/media queries, 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 producer (ASX:SYA; OTCQB:SYAXF), with projects in Québec, Canada and Western Australia.

In Québec, Sayona’s assets comprise North American Lithium together with 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). The Company also holds a 60% stake in the Moblan Lithium Project in northern Québec.

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 Morella Corporation (ASX:1MC).

For more information, please visit us at www.sayonamining.com.au

References to Previous ASX Releases

• Change of leadership at head of Sayona in Québec – 14 December 2022

• Final permit awarded for NAL restart – 12 December 2022

• NAL restart picks up speed – 24 November 2022

• Quarterly Activities Report – 31 October 2022

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and all material assumptions and technical parameters continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

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

sayonamining.com.au