ELEVRA LITHIUM LIMITED — Capital/Financing Update 2022

Aug 3, 2022

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4 August 2022

NORTH AMERICAN LITHIUM RESTART ON TRACK FOR FIRST PRODUCTION

Highlights

• Restart of North American Lithium (NAL) operation picks up speed, with around 30% of plant and equipment upgrade now completed, including arrival of magnetic separator and crusher

• Senior management team in place; construction work on schedule with 50 construction workers currently on‐site, doubling by September

• Project on track to deliver first spodumene (lithium) concentrate production in Q1 2023, in line with Government plan to develop 100% local battery supply chain.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTCQB:SYAXF) has further advanced its planned restart of spodumene (lithium) production at the North American Lithium (NAL) operation in Québec, with approximately 30% of plant and equipment upgrades now completed.

Sayona is on track to recommence production in Q1 2023, becoming the only local supplier in North America, after having committed around $100 million to the restart. Of this, Sayona had commitments of C$33.7 million to end June compared to the planned budget of C$37.2 million, as items such as classification screens installation, apron feeder, grizzly and chutes installation were completed in July.

The Company will issue regular monthly updates on NAL as it moves closer to restarting production.

NAL currently has around 50 construction workers on‐site, with the number expected to double by September. Senior management appointments are also in place, as per the Company’s 27 May announcement.

Sayona has placed a priority on local employment, with some 65% of employees from the immediate NAL region and more than 98% living in Abitibi‐Témiscamingue.

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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Key equipment secured

Among the critical equipment items to have arrived on‐site recently are the following:

• Wet High Intensity Magnetic Separator (WHIMS)

• HP400 crusher

• Derrick brand screeners

• Ore sorting conveyors

• Water and electrical infrastructure for dry change room.

Other commitments completed in June include civil works for the dry change room; HP300 and HP400 installation; WHIMS area piping and electrical dismantling; electrical components; belt filter; crushed ore storage dome engineering; training and start‐up support; and audit and inspection costs.

Sayona is monitoring closely any potential late deliveries, with contingency plans in place to avoid any delays in the dry and wet commissioning activities. The Company is actively working with suppliers to mitigate any potential supply‐chain challenges.

Sayona’s Managing Director, Brett Lynch commented: “It is extremely pleasing to see the rapid progress at NAL as we ramp up towards the recommencement of lithium production.

“With virtually all of the NAL operation powered by hydroelectricity, this is truly one of the world’s most sustainable lithium operations, an important ESG differentiator in an industry that aims to facilitate global decarbonisation.”

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Figure 1: HP400 cone crusher

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Figure 2: Derrick screens

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Figure 3: Screens delivery

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Figure 4: Ore sorter conveyors delivery

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

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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

• Quarterly Activities Report – 29 July 2022

• Sayona and Piedmont formally approve NAL restart – 28 June 2022

• Positive pre‐feasibility study enhances NAL value – 23 May 2022

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