ELEVRA LITHIUM LIMITED — Capital/Financing Update 2024

Apr 18, 2024

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----- Start of picture text ----- 19 April 2024----- End of picture text -----

SALE OF TROILUS GOLD CORP SHARES

• Sayona has sold 19,213,000 shares in Troilus Gold Corp (TSX:TLG) at C$0.63 per share in a block trade via Desjardins Capital Markets

• Gross proceeds realised of approximately C$12.1m (A$13.7m)

• Proceeds redeployed to the development of the Moblan Lithium Project and ramp-up of North American Lithium (NAL)

North American lithium producer Sayona Mining Limited (“Sayona”) (ASX:SYA; OTCQB:SYAXF) today announced the sale of its shareholding in Troilus Gold Corp (Troilus) (TSX: TLG) which has further strengthened Sayona’s balance sheet.

The Company has agreed to sell 19.2 million shares of Troilus for C$0.63 Canadian Dollars (“C$”) per share through a block trade via Desjardins Capital Markets. The sale will result in gross proceeds of approximately A$13.7 million for Sayona. Following the block trade and some smaller recent public market share sales, Sayona will no longer hold any shares of Troilus.

Sayona first acquired shares in Troilus at the end of 2022, in relation to the purchase of a material tenement position near the Moblan Lithium Project which added nearly 1,000km[2] of prospective land holdings. The shares were acquired on a non-brokered private placement basis at an average price of C$0.49 per share and as such Sayona will recognise a modest capital gain on this transaction.

The decision to sell the Troilus shareholding underscores the Company’s commitment to focus on development of the emerging Tier 1 lithium project at Moblan and the continuing ramp up of production at North American Lithium.

Sayona’s Interim CEO, James Brown, said: “The sale of the Troilus shares is totally aligned with our commitment to maximise value for shareholders through the development and production of our Quebec lithium assets at Moblan and NAL. The original investment in Troilus helped facilitate the acquisition of a significant exploration package adjacent to Moblan in the Eeyou Istchee James Bay Hub and having served that purpose it is prudent to recycle the capital for other uses.”

Issued on behalf of the Board.

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For more information, please contact:

James Brown Director/Interim CEO Email: ir@sayonamining.com.au

Ph: +617 3369 7058

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 its emerging 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 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

References to Previous ASX Releases

• Northern Lithium Hub Expands in Major Acquisition – 17 November 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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