ELEVRA LITHIUM LIMITED — Capital/Financing Update 2024

May 22, 2024

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Drilling of high priority targets commences at Tabba Tabba

• Reverse circulation (RC) drilling has commenced at the Tabba Tabba Lithium Project along strike from recent exploration by Wildcat Resources that has identifed encouraging lithium mineralisation

• New gravity survey data identifes zones of signifcant interest allowing prioritisation of RC drilling and targets for future testing along a 7.5km strike extent within the lease

• Initial programme of deeper drilling over high potential targets for a total of 2,000+ metres.

North American lithium producer Sayona Mining Limited (“Sayona”) (ASX:SYA; OTCQB:SYAXF) has commenced RC drilling (Figure 1) at its wholly owned Tabba Tabba Lithium Project, E45/2364 in Western Australia where previous air core drilling identified high potential pegmatite systems.

A recently completed gravity survey has helped focus deeper RC drilling over two areas along a 7.5km prospective corridor (Figure 2). The northern area is located immediately south of the historic Tabba Tabba tantalum mine, where recent exploration by Wildcat Resources has identified encouraging lithium mineralisation including the Leia and Luke Pegmatites.

The initial 2,000+ metre RC drilling program consists of 14 holes with nine located in the North Area immediately south of Wildcat Resources tenements and a further five holes located at the Roadside Prospect approximately 4.5km south and along strike. Further drilling will be conducted throughout 2024 as geological information is built up over the area, largely under thin colluvial cover.

Sayona has secured a co-funding grant for drilling at Tabba Tabba under Round 29 of the Western Australian Governments Exploration Incentive Scheme (EIS). The grant of up to $180,000 will help fund innovative exploration drilling in the search for flat lying spodumene pegmatite systems within the Tabba Tabba lease.

Sayona’s Director and Interim CEO, James Brown commented, “ We are excited to have commenced RC drilling over the highly prospective Tabba Tabba lease which has known lithium mineralisation in close proximity and along strike.

“Previous soil sampling and air core drilling identified areas of anomalous geochemistry that have been confirmed to also contain gravity features of significance. We now intend to test these targets with RC and possibly diamond drilling as supported by results.

“We are highly committed to our wholly owned Western Australian lithium assets and intend to continue an active exploration program over the 2024 field season.”

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Figure 1 RC Drilling at Tabba Tabba (closest) near drilling by Wildcat Resources (distance)

Level 28, 10 Eagle St Brisbane Q 4000 | +61 7 3369 7058 info@sayonamining.com.au[|] ASX: SYA[|] ACN 091 951 978

sayonamining.com.au

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Figure 2 Tabba Tabba lease E45/2364 and planned drilling areas

2 Sayona Mining Limited

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The recently completed gravity survey, covering a 7km x 2km area has identified prospective trends and areas of potential gabbro host units and structural settings which facilitate emplacement of the targeted north striking spodumene pegmatite mineralisation.

In the north drill area, targets are sited along the southern extension to the Tabba Tabba mine stratigraphy and mineralisation identified by Wildcat. A western target zone comprises a gravity feature under cover which links to outcropping gabbro 2km to the south. An eastern gravity feature, coincident with a zone of alteration identified in air core drilling, is also being targeted in the current and follow up drilling.

At the Roadside prospect five 5 deeper RC drill holes to 160m+ depth are planned, following up narrow pegmatites intersected in shallow air core drilling margined by more extensive geochemical anomalism. Gravity data in this area outlines a discrete weak gravity feature which may represent a medium density intrusive, or gabbro intercalated with other, less dense rocks. Pegmatite hosted within gabbro has been observed at surface within the prosect.

Geologically, the planned exploration is benefiting from an enhanced understanding of pegmatite occurrences, including flat lying pegmatite hosted by gabbro such as the South Pegmatite Zone at Moblan, Québec which was discovered by Sayona in 2022.

Flat lying pegmatite systems often have limited surface expression and require a systematic exploration approach to best focus drilling into the most prospective target areas. Sayona is advancing this process, being guided by gravity data, mapping, rock and soil sampling and drill information.

For more information, please contact:

Andrew Barber

Investor Relations

Ph: +617 3369 7058 Email: ir@sayonamining.com.au

References to Previous ASX Releases

• Drillling at Tabba Tabba finds high potential pegmatites – 11 April 2024

• Drilling Underway at Tabba Tabba Lithum Project – 6 December 2023

About Sayona Mining

Sayona Mining Limited is a North American 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 Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (Nasdaq: PLL; ASX:PLL). Sayona also holds a 60% stake in the significant 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 include Company-owned leases and those subject to a joint venture with Morella Corporation (ASX:1MC).

For more information, please visit us at www.sayonamining.com.au

3 Sayona Mining Limited