ELEVRA LITHIUM LIMITED — Capital/Financing Update 2022

Oct 17, 2022

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18 October 2022

QUÉBEC RAIL CONTRACT SIGNED FOR NAL SHIPMENTS

Highlights

• Québec company, Solurail Logistique Inc, awarded C$43 million contract to transport spodumene (lithium) concentrate from North American Lithium (NAL) operation to port

• Agreement strengthens logistics solution for delivery of NAL product to fast‐growing markets

• Sayona continuing to advance restart of production at NAL, scheduled for Q1 2023.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTCQB:SYAXF) has developed a transport solution for its North American Lithium (NAL) operation, with a Québec rail operator awarded the contract to deliver NAL spodumene (lithium) concentrate to port.

Under the agreement, Solurail Logistique Inc., a Val d'Or company specialising in bulk transhipment and rail logistics, will be responsible for transporting lithium from the NAL operation in La Corne to the Port of Trois‐Rivières for delivery to customers.

The C$43 million (approximately A$48 million) contract includes the rental of 110 rolling stock (railway vehicles), with the equipment to be made available for the restart of production at NAL in the first quarter of 2023.

The agreement follows recent progress at NAL towards the recommencement of production, including the selection of a mining operator, Québec company L. Fournier & Fils, with permitting and procurement largely completed. Sayona has also launched a pre‐feasibility study for the production of lithium carbonate at NAL, evaluating options for downstream processing including lithium hydroxide.

Sayona Québec CEO, Guy Laliberté, said the agreement marked another important step in the restart of operations at NAL.

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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“We are very happy to collaborate with a local company that will allow Sayona to easily supply its customers by rail, while establishing more roots in the region ,” Mr Laliberté said.

“Solurail's strategic location in Abitibi‐Témiscamingue region and the expertise it has developed in transhipment and freight forwarding are key elements that will contribute to the achievement of our common objectives, as we advance the production of this key battery metal in Québec.”

A transhipment and transfer specialist, Solurail operates one of the only rail terminals in north‐west Québec, with the appropriate equipment to carry out large‐scale operations efficiently and safely. It also provides integrated intermodal services to transport large volumes via its road and rail partners.

Sayona’s Managing Director, Brett Lynch commented: “ Securing the necessary pathway to market is a key part of our work in restarting operations at NAL. We are determined to employ as many local suppliers as possible to foster increased engagement with local stakeholders, enhancing Québec’s position as the leading supplier of battery metals to North America.”

Issued on behalf of the Board.

For more information, please contact:

For media queries, please contact:

Brett Lynch Anthony Fensom Managing Director Republic PR Email: info@sayonamining.com.au 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

• PFS launched for NAL lithium carbonate production – 4 October 2022

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

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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• NAL restart on track as permitting, procurement near completion – 16 September 2022

• NAL restart on track for first production – 4 August 2022

• Quarterly Activities Report – 29 July 2022

• Sayona and Piedmont formally approve NAL restart – 28 June 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