ELEVRA LITHIUM LIMITED — Capital/Financing Update 2022

Nov 23, 2022

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24 November 2022

NAL RESTART PICKS UP SPEED

Highlights

• Restart of North American Lithium (NAL) further advances, with procurement 98% completed and permitting 96% finalised as of end October

• Construction ramping up, with final installations of HP300 and HP400 cone crushers together with other major equipment

• NAL operation on track for restart of production in Q1 2023, as Sayona continues building largest lithium resource base in North America.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTCQB:SYAXF) has further progressed the restart of production at its North American Lithium (NAL) operation in Québec, Canada, with procurement and permitting nearing completion.

The NAL operation is on track for recommencement of production in Q1 2023, with procurement 98% completed and permitting 96% finalised as of the end of October 2022. Construction activities have continued to ramp up, with all installation packages awarded and the installation completed of the HP300 and HP400 cone crushers, along with other major equipment.

Commitments to end October totalled C$46.1 million versus planned commitments of C$47.6 million, with most major procurement packages awarded and received at site. Significantly, there have been no lost time incidents reported, with Sayona maintaining a Zero‐Tolerance policy regarding safety.

Mining contractors, Québec‐based L. Fournier & Fils commenced operations in October, with work underway and necessary equipment and personnel mobilised on‐site. Currently there are approximately 100 workers on‐site, with recent managerial hires including Steven Pomerleau, Communications Advisor; Philippe Chabot, Vice President Mining; Jean‐Christophe Perrelet, Vice President IT and Cybersecurity; Claude Noreau, Projects and Engineering Director; and Josée De Launiére, Environmental Coordinator.

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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Operational readiness, pre‐operational and verification plans including training and process operational support contracts are progressing well, with outside support mobilised as needed.

Sayona is also targeting an expansion of NAL’s future mine production capacity following the recent acquisition of 48 new claims spanning nearly 2,000 ha, located adjacent to the NAL operation (refer ASX release 14 November 2022).

Sayona’s Managing Director, Brett Lynch commented: “NAL is progressing rapidly towards next year’s restart, and our recent move to expand NAL’s potential resource and mine production capacity will only further enhance its long‐term productivity.

“With lithium demand continuing to increase and supply remaining constrained, we are focused on achieving our targets as we build the largest lithium resource base in North America.”

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Figure 1: Dump Hopper components received at site

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Figure 2: LIMS structure erection

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Figure 3: Apron Feeder and chute

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Figure 4: Derrick Screens installation

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.

sayonamining.com.au

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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

• Acquisition offers potential increase to NAL resource – 14 November 2022

• Quarterly Activities Report – 31 October 2022

• Further advances on NAL restart – 27 October 2022

• Québec mining operator selected as NAL restart advances – 27 September 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.

sayonamining.com.au