ELEVRA LITHIUM LIMITED — Capital/Financing Update 2022

Oct 3, 2022

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4 October 2022

PFS LAUNCHED FOR NAL LITHIUM CARBONATE PRODUCTION

Highlights

• Pre‐feasibility study (PFS) launched for production of lithium carbonate at North American Lithium (NAL) operation, as Sayona evaluates options for downstream processing

• Significant potential value‐adding boost for Sayona, facilitating Québec’s electrification drive.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTCQB:SYAXF) is fast‐tracking plans to move downstream in Québec, with the launch of a pre‐feasibility study by Sayona Québec (SYA 75%; Piedmont Lithium Inc 25%), to consider the potential for lithium carbonate production at the North American Lithium (NAL) operation.

Sayona is examining the options for lithium carbonate or hydroxide production in Québec, working closely with its partner Piedmont Lithium.

The PFS will examine the option of producing lithium carbonate from spodumene (lithium) produced at NAL, where production of spodumene concentrate is scheduled to commence from Q1 2023. The potential move downstream is a significant potential value‐adding boost in enhancing the long‐term value and profitability of the NAL operation.

It also forms part of Sayona’s and Piedmont’s commitments to Investissment Québec and the Québec Government in NAL’s acquisition, making a significant contribution to the province’s electrification drive.

Major engineering firm Hatch will undertake the lithium carbonate PFS, targeting completion by March 2023, in line with the recommencement of spodumene concentrate production at NAL.

Sayona Managing Director, Brett Lynch said the study would provide valuable intelligence on future planned downstream processing in Québec.

“Moving downstream has always been the plan for Sayona in Québec to enable a significant increase in profitability, whether through lithium carbonate or hydroxide production,” Mr Lynch said.

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 look forward to examining the results of the PFS, as we work towards becoming a leading integrated producer and the largest in North America, amid accelerating demand from the battery and electric vehicle sector.”

Significantly, the NAL complex already includes about 50% of the facilities required to produce lithium carbonate, having been partially constructed by NAL’s previous owners.

The new PFS follows the recent selection of a mining operator at NAL (refer ASX announcement 27 September 2022), with the necessary permitting and procurement also largely completed, as Sayona advances the restart of production.

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.

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 mining operator selected as NAL restart advances – 27 September 2022

• 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

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

sayonamining.com.au