ELEVRA LITHIUM LIMITED — Capital/Financing Update 2022

Jun 26, 2022

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27 June 2022

NEW LITHIUM DISCOVERIES STRENGTHEN MOBLAN POTENTIAL

Highlights

• Multiple new spodumene pegmatites identified at Moblan South, South East Extension, Moleon and extensions to the Main Moblan lithium deposit at Sayona’s Moblan Lithium Project, Québec.

• These new discoveries provide the means to significantly increase the resource base of Sayona in North America

• Exciting new and distinct Moblan South Discovery open in all directions located 200m south of the main Moblan deposit

• Highlights include 23.4m @ 1.69% Li2O from 17.6m and 27.1m @ 1.5% Li2O from 53.1m (Moblan South) and 32.1m @ 2% Li2O from 94.1m (Main Moblan dyke) and 23m @ 1.79% Li2O from 34.7m (Moblan East)

• Drilling continuing, with 20,000m drilling campaign underway as Sayona continues to build on potential of the new Northern Lithium Hub, strengthening its leading lithium (spodumene) resource base in North America.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTC:SYAXF) has further strengthened its emerging northern Québec lithium hub, following the discovery of multiple new mineralised lithium pegmatites in the latest drilling at its emerging Moblan Project (Sayona 60%; SOQUEM Inc 40%).

A 35 hole, 4,683m winter diamond drill program obtained grades of up to 2% lithium oxide (Li2O) (see below), showing the project’s potential in a region that hosts established, world‐class lithium resources.

The drilling has shown that spodumene pegmatites are more significantly developed at depth than can be recognised at surface, indicating the potential for the discovery of multiple pegmatite clusters. Drilling is continuing, with three diamond rigs currently on site and a new 20,000m drill program underway.

Commenting on the results, Sayona’s Managing Director, Brett Lynch said: “These latest results are another boost to our emerging northern lithium hub, demonstrating Moblan’s potential to become a world‐class deposit in a proven lithium region.

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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“Moblan adds to our Abitibi lithium hub to the south in giving Sayona a leading lithium resource base in North America, amid continued increases in demand for this key battery metal from the North American EV and battery sector.”

The recent drilling at the Moblan South, South East Extension, Moleon and extensions to the Main Dyke Moblan lithium deposit returned mineralised spodumene pegmatites. Drill hole locations and selected intercepts are displayed in Figure 1 below.

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Figure 1: Moblan Drillhole Plan View with Selected Drill Intercepts

Drill intercepts are detailed below. Data displayed in figure 1 may vary from results in table 1 due to rounding difference.

Table 1 : Moblan Lithium Project Drill Assay Results

Moblan Main Dyke Extensions

HOLE ID	EASTING	NORTHING	FROM(m)	TO(m)	LENGTH(m)	Li2O %
1331‐22‐121	506825	5620280	87.40	118.90	31.50	1.74
1331‐22‐122	506825	5620326	101.30	135.80	34.50	1.97
1331‐22‐123	506800	5620315	103.50	130.50	27.00	1.96
1331‐22‐124	506775	5620357	113.25	139.00	25.75	1.38
1331‐22‐125B	506750	5620360	118.30	143.70	25.40	1.62
1331‐22‐126	506725	5620338	116.00	143.30	27.30	1.12

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HOLE ID	EASTING	NORTHING	FROM(m)	TO(m)	LENGTH(m)	Li2O %
1331‐22‐127	506626	5620288	89.80	104.00	14.20	1.42
1331‐22‐142B	506925	5620281			Results Pending
1331‐22‐143	506900	5620313			Results Pending
1331‐22‐152	506875	5620310	94.10	126.20	32.10	2.00
1331‐22‐155	506875	5620270	91.50	122.10	30.60	1.52
1331‐22‐128	506475	5620247	14.30	60.90	46.60	1.33
	including		29.80	60.90	30.10	1.65
1331‐22‐129	506475	5620200	69.00	72.00	3.00	1.23
1331‐22‐130	506425	5620220				NSV
1331‐22‐131	506375	5620183	36.50	58.20	22.00	0.56
1331‐22‐132	506375	5620159	18.00	46.50	28.50	0.63
1331‐22‐133	506426	5620182	28.50	61.10	32.60	1.78
1331‐22‐139	506700	5620108	3.80	47.60	43.80	1.53
	including		3.80	18.60	14.80	1.84
1331‐22‐141	506600	5620125	14.20	17.70	3.50	1.42

Moblan South Discovery

HOLE ID	EASTING	NORTHING	FROM(m)	TO(m)	LENGTH(m)	Li2O %
	506682	5619788	17.60	41.00	23.40	1.69
1331‐22‐134	and		53.10	80.20	27.10	1.50
1331‐22‐135	506713	5619920	3.50	8.50	5.00	1.85
	and		27.60	62.60	35.00	1.62
	506713	5619920	2.10	8.65	6.55	1.69
1331‐22‐136	and		22.00	49.20	27.20	1.53
1331‐22‐137	506600	5619935	13.10	18.20	5.10	2.16
	and		45.70	62.00	16.30	1.47
	506700	5620014	26.00	29.40	3.40	1.59
1331‐22‐138	and		36.20	52.00	15.80	1.16
1331‐22‐140	506600	5620030	29.00	32.50	3.50	0.95
	and		57.00	64.00	7.00	1.26

South East Extension

HOLE ID	EASTING	NORTHING	FROM(m)	TO(m)	LENGTH(m)	Li2O %
	507038	5619848	5.50	13.70	8.20	1.42
	and		24.60	30.00	5.40	1.53
1331‐22‐153	and		45.20	49.70	4.50	1.02
	and		85.40	96.00	10.60	1.51
1331‐22‐154	507050	5619920	9.10	16.00	6.90	1.14
	and		38.10	41.40	3.30	1.41
	and		85.40	88.80	3.40	1.67
	and		95.00	113.50	18.50	1.65
	and		119.30	122.30	3.00	1.25

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Moblan East ‐ Moleon Prospect

HOLE ID	EASTING	NORTHING	FROM(m)	TO(m)	LENGTH(m)	Li2O %
1331‐22‐144	507970	5620271	34.70	57.70	23.00	1.79
1331‐22‐145	508088	5620070	43.90	51.10	7.20	1.09
	and		81.00	102.20	21.20	1.47
	508037	5620066	102.80	115.30	12.50	1.55
1331‐22‐146	and		136.60	162.50	25.80	1.52
	including		150.40	157.50	7.10	2.38
1331‐22‐147	507994	5620008	114.70	119.20	4.50	1.40
	and		171.90	184.30	12.40	1.55
	508047	5620115	95.20	105.30	10.10	1.54
1331‐22‐148	and		133.00	155.60	22.60	1.57
	including		145.10	153.20	8.10	2.21
1331‐22‐149B	508104	5620127	37.60	55.20	17.60	1.60
	and		76.50	95.80	19.30	1.62
	508093	5620170	63.30	77.30	14.00	1.93
1331‐22‐150B	and		85.20	110.80	25.60	1.84
1331‐22‐151	508092	5620231	4.70	26.20	21.50	1.50
	and		35.40	39.70	4.30	0.99
	and		64.50	100.50	36.00	1.59

Note: Intercepts calculated using a 0.5% Li2O lower cut with a maximum 2m internal dilution. The grid system used is UTM NAD83 zone 18.

*Drill holes 1331‐22‐135 and 1331‐22‐136 from the South Discovery Area were reported to the ASX on 26 April 2022.

Results from the Moblan South Discovery area included 23.4m @ 1.69% Li2O from 17.6m and 27.1m @ 1.5% Li2O from 53.1m in 1331‐22‐134. These complement the shallow mineralisation announced on 26 April 2022 (where 1331‐22‐135 returned 35m @ 1.62 Li2O % from 27.6m and 27.2m @ 1.53 Li2O % from 22m in hole 1331‐22‐136).

The Moblan South Discovery is located some 200m south of the main Moblan deposit. It is a new and distinct spodumene pegmatite zone, open in all directions, as displayed in cross section 506700E in Figure 2 below.

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Figure 2: Cross section 506700E, displaying Moblan South Discovery and drill hole intercepts

The geology and mineralogy are very similar in drill holes with spodumene occurrences throughout the pegmatite and high lithium grades up to 4.02% Li2O over 1.5m in DDH‐22‐136. The lithium assay content is consistent with the variation of spodumene logged in drill core.

Extensional drilling on the main Moblan dyke has successfully extended the known mineralisation, including high grade mineralisation such as 32.1m @ 2.00% Li2O from 94.1m in DDH‐22‐152. The drill results demonstrate the continuity and the potential for extension of the Main Dyke down dip.

Currently, the Main Dyke has a strike extent of over 1500m, averaging 30‐40m in thickness to a vertical depth of approximately 150m. Mineralization remains open at depth and to the east.

Recent results showed that the western Main Dyke area has been faulted and drilling in the current summer campaign will test for the displaced western end of the Main Dyke.

The Moleon prospect is located approximately 1km east of the Moblan deposit. Two main dykes, oriented north‐south were intercepted in 1331‐22‐150B with results including 14m @ 1.93% Li2O from 63.3m and 25.6m @ 1.84% Li2O from 85.2m downhole.

Results from all of the holes at the Moleon sector have been encouraging, identifying more substantial mineralisation at depth than recognised at surface. The large number of pegmatite occurrences at surface which remain untested indicate the high potential for further discoveries as well as the benefit from drilling out the newly identified mineralisation.

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Drilling at the South East Extension zone returned multiple spodumene pegmatite dykes, with intersections in DDH‐22‐153 and 1331‐22‐154 varying between 3.0m and 18.5m in width and with grades up to 1.67% Li2O (see complete assay intercepts in Table 1).

Only two drill holes have been completed at the South East prospect during the 2022 winter program, but the very encouraging grade and thickness of the mineralised dykes indicates the area remains largely underexplored. The area will require more drilling to better understand the geometry and the relationship between the different mineralised spodumene pegmatites dykes, as well as assessing to determine if the system links up with the South Discovery area to the west.

Next Steps

A 20,000m diamond drill program has commenced to enable an updated and a new resource calculation on the Moblan deposit, the new Moblan South discovery and Moleon areas. More than 215 new drill sites have been permitted by the Québec resources ministry (MERN), with the objective of exploring and defining new lithium resources at Moblan.

Project Background

The Moblan Lithium Project is located about 100km north of the town of Chibougamau and approximately 85km from the Cree (First Nations) community of Mistissini. The project is accessible year‐round via the Route du Nord and its proximity to Chibougamau and Mistissini with their available infrastructure makes it an ideal location for exploring and mining deposits of industrial energy minerals.

Sayona is committed to engaging local communities as the project progresses, including First Nations and other local community members, consistent with its stakeholder engagement approach. In January 2022, Sayona expanded its northern hub with the acquisition of 121 new claims, the Lac Albert Project, located 3.5km west of Moblan and spanning more than 6,500ha (refer ASX release 25 January 2022).

A till and soil sampling program was undertaken at Lac Albert from 18‐27 May, with a total of 69 x 1kg soil samples and 34 x 15kg till samples collected to identify lithium bearing occurrences and associated elements. In addition, 145 outcrops and boulders have been located and mapped with 56 samples from boulders and 37 samples from outcrops collected and sent to the lab for analysis.

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Figure 3: Sayona’s Managing Director Brett Lynch inspects drill samples at the Moblan Lithium Project coreshack

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.

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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

Competent Person Statement

The information in this report is based on information compiled by Mr Carl Corriveau, géo. a member of the Ordre des Géologues du Québec (OGQ) and Vice President Exploration of Sayona Inc., Quebec, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which it is undertaking to qualify as a Competent Person as defined in the JORC Code (2012 Edition) of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Mr Corriveau consents to the inclusion of the information in the form and context in which it appears.

References to Previous ASX Releases

• Quarterly Activities Report – 29 April 2022

• New lithium pegmatite discovery at Moblan Project – 26 April 2022

• Sayona doubles Québec lithium resource base – 1 March 2022

• Sayona expands northern Québec lithium hub with 121 new claims – 25 January 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.

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Table 2 ‐ Moblan 2022 Diamond Drill Program

Hole ID	Easting	Northing	RL (m)	EOH (end of hole) (m)	Azimuth (degrees)	Dip (°)	Comment
1331‐22‐121	506825	5620280	504	140	180	‐65	Completed
1331‐22‐122	506825	5620326	502	160	180	‐65	Completed
1331‐22‐123	506800	5620315	505	150	180	‐75	Completed
1331‐22‐124	506775	5620357	505	161	180	‐60	Completed
1331‐22‐125	506750	5620360	509	23	180	‐57	Abandoned
1331‐22‐125B	506750	5620360	509	168	180	‐57	Completed
1331‐22‐126	506725	5620338	513	172	180	‐56	Completed
1331‐22‐127	506626	5620288	516	126	180	‐77	Completed
1331‐22‐128	506475	5620247	504	78	180	‐57	Completed
1331‐22‐129	506475	5620200	512	102	180	‐55	Completed
1331‐22‐130	506425	5620220	502	99	180	‐60	Completed
1331‐22‐133	506426	5620182	509	75	180	‐45	Completed
1331‐22‐132	506375	5620159	507	69	180	‐45	Completed
1331‐22‐131	506375	5620183	502	87	180	‐54	Completed
1331‐22‐134	506682	5619788	534	96	180	‐90	Completed
1331‐22‐135	506713	5619920	520	150	188	‐50	Completed
1331‐22‐136	506713	5619920	520	63	188	‐90	Completed
1331‐22‐137	506600	5619935	533	144	180	‐50	Completed
1331‐22‐138	506700	5620014	510	90	180	‐50	Completed
1331‐22‐139	506700	5620108	510	108	180	‐50	Completed
1331‐22‐140	506600	5620030	514	93	180	‐50	Completed
1331‐22‐141	506600	5620125	510	102	180	‐50	Completed
1331‐22‐142	506925	5620281	500	18	180	‐79	Abandoned
1331‐22‐142B	506925	5620281	500	141	180	‐79	Completed
1331‐22‐143	506900	5620313	499	147	180	‐78	Completed
1331‐22‐152	506875	5620310	500	144	180	‐75	Completed
1331‐22‐155	506875	5620270	502	132	180	‐70	Completed
1331‐22‐153	507038	5619848	505	141	5	‐75	Completed
1331‐22‐154	507050	5619920	510	135	180	‐60	Completed
1331‐22‐145	508088	5620070	494	150	115	‐45	Completed
1331‐22‐146	508037	5620066	500	183	84	‐50	Completed
1331‐22‐147	507994	5620008	501	216	80	‐44	Completed
1331‐22‐148	508047	5620115	500	180	86	‐50	Completed
1331‐22‐149	508104	5620127	500	55	90	‐50	Abandoned
1331‐22‐149B	508104	5620127	500	144	90	‐50	Completed
1331‐22‐150	508093	5620170	500	27	88	‐50	Abandoned
1331‐22‐150B	508093	5620170	500	144	88	‐50	Completed
1331‐22‐151	508092	5620231	500	141	90	‐50	Completed
1331‐22‐144	507970	5620271	495	126	88	‐45	Completed

Note: The grid system used is UTM NAD83 zone 18.

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JORC Code, 2012 edition – Table 1 (section 1; Sampling Techniques and Data)

Criteria	**JORC Code explanation **	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report.  In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	 All samples referred to in this report have been collected by diamond core drilling. Geological logging of recovered drill core visually identified pegmatite and this determined the intervals for sampling. Sample interval has been determined on geological characteristics and ranges from between 0.4 and 1.5m in length.  Sample preparation and assaying methods are industry standard and appropriate for this type of mineralisation.
Drilling techniques	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	 Drilling from surface was carried out by diamond drilling methods, using standard tube to recover NQ size core. Core was not orientated. Downhole drill azimuth and dip has been determined by downhole Reflex single shot and TN-14 recording instruments.
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	 Drilling has been within fresh rock from surface and core recovery approximates 100%. Core has been marked up, and RQD measurements etc recorded.  Sample recovery is considered acceptable and it is not believed a bias has been introduced into the sampling system.
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.	 Geological logging, RQD measurements and structural information has been completed. The logging is qualitative and is supported by core photography of marked up core. The geological and geotechnical logging is at an appropriate level for the style of exploration drilling being reported on.  All drill core has been geologically logged.
Sub-sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling	 Drill core has been cut in half by diamond saw with half- core samples packaged and delivered to AGAT laboratory in Val-d’Or, Quebec.  The core samples have been selected by visual logging methods and is considered appropriate for the analytical work being carried out and in an industry standard way.  Half core sampling is considered an appropriate method to ensure a sufficient quantity ofsampleis collectedfor it

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Criteria	**JORC Code explanation **	Commentary
	stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	to be representative of the drill material and appropriate for the grain size of the material being sampled. 
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	 Samples have been submitted to AGAT laboratory in Val-d’Or, Quebec. Samples were dried and subsequently crushed to 75% passing a 2 mm mesh screen. A 250g subsample is pulverized to a nominal 85% passing 75 microns mesh screen. The remaining crushed sample (reject) and pulverized sample (pulp) are retained for further analysis and quality control. All samples are analysed by Sodium Peroxide Fusion and ICP-MS finish using a 0.2 g aliquot of pulverized material. Sayona regularly inserts 3rd party reference control samples and blank samples in the sample stream to monitor assay and laboratory performance.  No geophysical tools or XRF instruments have been used in determining mineralisation.  Assay sample of Certified Reference Material, half core duplicate sampling and insertion of blanks into the sample sequence has been undertaken to ensure QA/QC. Protocols include systematic insertion of CRM standards at approximately 1in every 25 samples and alternating blank samples of quartz and core duplicate samples for every 1 in 25 samples. The CRM material used is OREAS 750, OREAS 752 and OREAS 753. These standards have been selected to reflect the target mineralization. It is believed the sampling is representative of the drilled material and appropriate for this type of diamond drilling method.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	 The results have been reviewed by multiple geologists. The company conducts internal data verification protocols which have been followed.  Li has been converted toLi20for the purposes of reporting. The conversion used isLi20= Li x 2.153. No other adjustments to assay data has been undertaken
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control.	 Drill collars have been located by handheld GPS with an error of approximately +/-5m.  The grid system used is UTM NAD83 zone 18  The level of topographic control offered by the handheld GPS is considered sufficient for the work undertaken
Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	 There was no predetermined grid spacing to drilling. All drillholes wanted to be located at a minimum distance of 50 m from another DDH. Samples have not been composited.

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Criteria	**JORC Code explanation **	Commentary
	 Whether sample compositing has been applied.
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	 Drilling has been planned to be orthogonal to the direction displayed by nearby pegmatite mineralisation within the main Moblan lithium pegmatite deposit and other prospect areas. Spodumene pegmatites in the area are typically tabular bodies and the reported results appear consistent with that style of mineralisation. There does not appear to be an introduction of a sampling bias due to the drillhole orientation.
Sample security	 The measures taken to ensure sample security.	 All reasonable measures and Industry standard sample security and storage have been undertaken.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 No audits or reviews of the data have been conducted at this stage

JORC Code, 2012 edition – Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	 The Moblan property is located approximately 130km to the north-west of the town of Chibougamau and 600km north of Montreal.  The project is owned 60% by Sayona Mining Ltd and 40% by SOQUEM Inc, a wholly owned subsidiary of Investissement Quebec. Joint Venture exploration is managed by an Exploration Committee with technical input from both parties.  The project comprises 20 mineral claims covering 433Ha.  Access is via Highway 167 onto the all-weather Route du Nord road and then via gravel roads to the project. The project is located in the western Superior Province, within the eastern segment of the Frotet-Evans greenstone belt (FEGB), which extends over some 250km from Lac Mistassini to the Nottaway River.  There are no impediments that have been identified for operating in the project areas
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 Lithium mineralisation was first discovered in the Moblan area in the 1970s with SOQEM subsequently drilling the main pegmatite deposit and identifying other lithium pegmatites within the property. Past drill collars are displayed in figure 1 in the main body of this report.
Geology	 Deposit type, geological setting and style of mineralisation.	 Lithium is being targeted within rare metal pegmatites of the albite-spodumene pegmatite types which host high grade lithium mineralisation.  The main spodumene pegmatite at Moblan, the Main Dyke, has an east-west strike of 1,500m length, a dip of 35° to the north and widths ranging between 20 to 30m, with the spodumene content commonly present as coarsely grained crystals, accompanied by quartz, feldspar and muscovite.  A swarm of Li-spodumene and barren pegmatite dykes outcrop onthenorthand the southoftheMaindyke,hosted

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Criteria	JORC Code explanation	Commentary
		in gabbro country rock. One narrow, parallel dyke occurs on the footwall of the Main dyke ("Footwall dyke"). North to south oriented pegmatite dykes are present at the Moblan East prospect, with outcrops of 150m strike length and widths of around 10m.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	 Drill information is contained in Table 1 and Table 2 in the main body of this report
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	 No variation to laboratory reported assays has been made.
Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	 Down hole intercepts are tabulated, true width is not known. At the Moblan South, South East Extension and Moleon areas the current drill information contains insufficient data points to allow these relationships to be quantified. 
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	 Figures, including plan views of new drill collars and existing mineralization, together with a cross section displaying intercepts are included in the main body of this release.
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 All relevant assay results are reported herein.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical _survey results; bulksamples –size and method of _	 The early stage drill results reported are consistent with geological observations as described. No other meaningful exploration data is reported.

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Criteria	JORC Code explanation	Commentary
	treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
Further work	 The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step- out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	 Further work includes further drilling to outline the morphology and extents to the lithium mineralisation identified to date.

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