ELEVRA LITHIUM LIMITED — Capital/Financing Update 2022

Oct 26, 2022

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27 October 2022

FURTHER ADVANCES ON NAL RESTART

Highlights

• Restart of North American Lithium (NAL) picks up speed, with permitting and procurement 96% completed

• New senior hires strengthen NAL management; community engagement efforts continue together with investor site visit

• Latest progress follows selection of mining operator and rail contract for NAL, with operation on track for restart of production in Q1 2023.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTCQB:SYAXF) has further advanced the restart of production at its North American Lithium (NAL) operation in Québec, with construction, procurement, recruitment and other activities progressing amid growing demand for lithium.

NAL’s restart is on track for Q1 2023, with permitting applications and procurement both 96% complete as at the end of September. Construction activities also continue, with the installation of the HP300 and HP400 Cone Crushers almost complete and the Wet High Intensity Magnetic Separator (WHIMS) fully assembled, among other items. Commitments to end September totalled C$43.6 million, versus planned commitments of C$45.9 million.

NAL’s management team has also been further strengthened with the recent appointment of Yves Desrosiers as Interim General Manager, NAL. Guy Belleau has been appointed President, Abitibi‐ Témiscamingue and Sylvain Collard as Chief Operating Officer for Sayona Québec, reporting to Sayona Québec CEO, Guy Laliberté.

Importantly, there have been no lost‐time incidents to date, reflecting the Company’s commitment to a Zero Tolerance policy regarding safety. Operational readiness, pre‐operational and verification plans including training and process operational support have been fully mobilised to ensure an efficient and effective plant start‐up.

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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Mining contractor, Québec company L. Fournier & Fils commenced operations in October, with work to be carried out continuously (refer ASX release 27 September 2022). Sayona also recently contracted Québec rail operator Solurail Logistique Inc to deliver NAL’s spodumene (lithium) concentrate to port (refer ASX release 18 October 2022).

NAL recently hosted an investor visit by leading investors, hosted by Sayona’s Managing Director, Brett Lynch and Piedmont Lithium’s President & CEO, Keith Phillips, highlighting the two companies’ commitment to a successful operation at NAL.

Sayona Québec has also continued its community engagement campaign, recently hosting information events at Amos, Barraute, Laforce, Mistissini, Moffet, Preissac, Saint‐Mathieu‐d'Harricana and Saint‐Marc‐ de‐Figuery, among other activities as the Company works to secure a social licence to operate.

Sayona’s Managing Director, Brett Lynch commented: “It is pleasing to see the continued progress at NAL as we advance towards the restart of production in the first quarter of 2023.

“Lithium demand from North America and globally continues to increase and Québec is well placed to deliver, with NAL set to become the first North American local producer next year and with further value‐ adding planned as we move into downstream processing.”

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Left to right: Third ore sorter compressor dryer; WHIMS assembly nearing completion

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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Investors inspect the NAL plant on a site visit held 19 October 2022

Issued on behalf of the Board.

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

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.

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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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

• Québec rail contract signed for NAL shipments – 18 October 2022

• Québec mining operator selected as NAL restart advances – 27 September 2022

• NAL restart on track – 16 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.

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

sayonamining.com.au