ELEVRA LITHIUM LIMITED — Investor Presentation 2017

Nov 13, 2017

==> picture [595 x 29] intentionally omitted <==

==> picture [595 x 30] intentionally omitted <==

==> picture [595 x 30] intentionally omitted <==

==> picture [595 x 29] intentionally omitted <==

==> picture [595 x 30] intentionally omitted <==

14 NOVEMBER 2017

2017 International Lithium, Graphite & Cobalt Conference

Attached is a presentation to given by Mr Corey Nolan at the 2017 International Lithium, Graphite & Cobalt Conference in Hong Kong.

For more information, please contact:

Corey Nolan Chief Executive Officer Phone: +61 (7) 3369 7058 Email: info@sayonamining.com.au

Sayona Mining Limited is an Australian, ASX-listed (SYA), company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors.

The Company’s primary focus is the development of the advanced stage Authier lithium project in Quebec, Canada. Authier mineralisation is hosted in a spodumene-bearing pegmatite intrusion with more than 22,000 metres of drilling in 139 holes. The Authier JORC (2012) compliant Ore Reserve and Mineral Resource estimates are tabulated below at a 0.45% Li20 cut-off grade.

Authier JORC Ore Reserve Estimate (0.45% Li20	Authier JORC Ore Reserve Estimate (0.45% Li20	cut-off grade)
Category Tonnes(Mt)	Grades(%Li20)	**Contained Li20 **
Proven Reserve 4.9	0.97%	47,821
Probable Reserve 5.3	1.06%	55,904
Total Reserves 10.2	1.02%	103,725
Note: The Ore Reserve is based on the February 2017 Mineral Resource estimate and
February2017 Pre-FeasibilityStudy

Authier JORC Mineral Resources Estimate(0.45% Li20 cut-offgrade)	Authier JORC Mineral Resources Estimate(0.45% Li20 cut-offgrade)	Authier JORC Mineral Resources Estimate(0.45% Li20 cut-offgrade)	Authier JORC Mineral Resources Estimate(0.45% Li20 cut-offgrade)
Category	Tonnes(Mt)	Grades(% Li20)	**Contained Li20 **
Measured	5.62	1.01%	56,762
Indicated	9.57	1.03%	98,571
Inferred	2.21	0.99%	21,879
Total Resources	17.4	1.02%	177,212

Authier is amenable to simple open-cut mining and processing methods, and is situated in close proximity to development infrastructure. The Company is currently completing an updated Prefeasibility Study, due for completion in 3Q0217, prior to the commencement of a Definitive Feasibility Study which is planned to be completed in early 2018.

In addition, the Company controls a portfolio of lithium and graphite exploration projects in Western Australia.

==> picture [595 x 64] intentionally omitted <==

==> picture [721 x 57] intentionally omitted <==

==> picture [721 x 58] intentionally omitted <==

==> picture [721 x 57] intentionally omitted <==

==> picture [721 x 57] intentionally omitted <==

==> picture [721 x 57] intentionally omitted <==

==> picture [721 x 58] intentionally omitted <==

----- Start of picture text -----

Project in Quebec, Canada
----- End of picture text -----

November 2017 ASX: SYA

Disclaimer

==> picture [97 x 35] intentionally omitted <==

Forward Looking Statements

This presentation may contain certain forward looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond Sayona Limited’s control. Actual events or results may differ materially from the events or results expected or implied in any forward looking statement. The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward looking statements will be or are likely to be fulfilled. Sayona Limited undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation (subject to securities exchange disclosure requirements).The information in this presentation does not take into account the objectives, financial situation or particular needs of any person. Nothing contained in this presentation constitutes investment, legal, tax or other advice.

Reference To Previous ASX Releases

This presentation refers to the following previous ASX releases:

• Authier JORC Resource Expanded , 23 November 2016

• Authier Maiden JORC Ore Reserve, 17 February 2017 and JORC Resource Update, 14 June 2017

• Authier PFS, 17 February 2017

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.

Downstream Concept Study

The Concept Study referred to in this announcement has been undertaken to determine the potential viability of downstream processing Authier concentrates into lithium carbonate and/or hydroxide. It is based on a low level technical and economic assessment and was based on the AACE International Recommended Practice No. 18R-97, as a Class 4 estimate. The study has not been used as the basis for the estimation of Ore Reserves. Further technical and economic assessment including, metallurgical testing, Feasibility Study and permitting will be required to provide any assurance or certainty of an economic development case.

The Concept Study is based on the mine and concentrator assumptions (includes Ore Reserves) outlined in the February 2017 Authier Pre-Feasibility Study, Authier Updated JORC Resource report (14 June 2017), a report prepared by Wave International on the downstream capital and operating costs, Appendix – Project Design Criteria, and other material assumptions outlined elsewhere in this document. Whilst the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the outcomes indicated in the Concept Study will be achieved.

To achieve the potential downstream process plant development outcomes indicated in this Concept Study, additional funding will be required. Funding will be required to complete metallurgical testing ($100,000), feasibility studies and permitting (approximately $1,000,000) and development (approximately $223 to $240 million depending on whether it is a lithium carbonate or lithium hydroxide plant). Investors should note that there is no certainty that the Company will be able to raise the funding when needed. It is also possible that such funding may only be available at terms that may be too dilutive to or otherwise affect the value of Sayona shares. It is also possible that Sayona could pursue other ‘value realisation strategies such as sale, partial sale or joint venture of the project. If it does, this could materially reduce Sayona’s proportionate ownership of the project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Concept Study.

The Company has concluded it has reasonable basis for providing forward looking statements included in this announcement and believes that it has a reasonable basis to expect it will be able to continue funding the feasibility activities for the project.

Sayona Mining Limited, ASX: SYA

Sa ona ‐ At a Glance y

==> picture [388 x 313] intentionally omitted <==

----- Start of picture text -----

Lithium development
Lithium exploration
Graphite exploration
----- End of picture text -----

==> picture [97 x 35] intentionally omitted <==

• Australian‐based, ASX listed lithium exploration and development company

• Primary objective is to fast‐ track development of the advanced Authier Lithium Project

• Targeting first production at Authier in late 2019

• Significant portfolio of lithium and graphite exploration properties in Australia

Sayona Mining Limited, ASX: SYA

Corporate Summary

Trading Exchange ASX: SYA Shares 1,462,229,614 19% Directors Shareholders 44% Top 20 Research Coverage

==> picture [105 x 47] intentionally omitted <==

==> picture [172 x 50] intentionally omitted <==

==> picture [155 x 36] intentionally omitted <==

==> picture [99 x 36] intentionally omitted <==

Capitalisation Price As at 10 Nov 2017 3.0¢ Market cap AUD$44m Cash As at 10 Nov 2017 AUD$5.0m

==> picture [299 x 30] intentionally omitted <==

==> picture [304 x 30] intentionally omitted <==

==> picture [304 x 27] intentionally omitted <==

==> picture [305 x 52] intentionally omitted <==

==> picture [303 x 29] intentionally omitted <==

Sayona Mining Limited, ASX: SYA

Board

==> picture [97 x 35] intentionally omitted <==

• 35 year’s experience including, 22 years with New Hope Corporation. Extensive mine development & operational

• James Brown experience

• Managing Director of Altura Mining ‐ $780m market cap

• 40 year’s experience building mining operations in Australia and Indonesia. Former Director and Chief Operations Officer for New

• Allan Buckler Hope Corporation

• • Director of Altura Mining

• Geologist with 35 year’s experience in technical and corporate

• Dan O’Neill roles

• Foundin director of Orocobre Ltd. Director of Altura Minin g g

• CPA with 35 years public company experience

• Paul Crawford • Previously Company Secretary of companies including, Orocobre Ltd (founding director), Elementos and ActivEx

Sayona Mining Limited, ASX: SYA

Management

==> picture [97 x 35] intentionally omitted <==

Buildin in‐house ca abilit across all technical disci lines g p y p

• 24 years experience in exploration, development, operations and

• Corey Nolan corporate finance CEO • Started and managed a number of resource companies with projects in a range of commodities and countries

• • Mining Engineer with MBA and more than 10 years experience in

• Jonathon Gagne operations and mine planning •

• Canada Manager Joined Sayona from Glencore Zinc’s open‐cut mine planning division

• Authier •

• Processing Appointment to be announced soon Engineer

• Authier Project • Appointment to be announced soon

• Manager

Sayona Mining Limited, ASX: SYA

==> picture [367 x 226] intentionally omitted <==

----- Start of picture text -----

Quebec
----- End of picture text -----

==> picture [721 x 76] intentionally omitted <==

----- Start of picture text -----

development infrastructure
----- End of picture text -----

==> picture [721 x 76] intentionally omitted <==

Sayona Mining Limited, ASX: SYA

Mining in Quebec

==> picture [97 x 35] intentionally omitted <==

==> picture [339 x 94] intentionally omitted <==

• Canada’s largest iron and zinc producer, and 2nd largest gold producer

• 25 mines in production

Malartic gold project, Quebec’s largest open‐cut mine, 25 km from Authier

  - $8.7bn of mineral exports

• Number of new lithium mines and downstream processing facilities proposed

• NAL only spodumene conversion facility in the world outside China

North American Lithium (NAL) project, 35 km from Authier

Sayona Mining Limited, ASX: SYA

Major Hard‐Rock Lithium Province

==> picture [97 x 35] intentionally omitted <==

==> picture [666 x 370] intentionally omitted <==

----- Start of picture text -----

Rose
James Bay
(Critical Elements)
(Galaxy Lithium#)
Number of globally Resource: 22Mt @ 1.29% Li20 Resource: 34.7Mt @ 0.92% Li20
Market Cap: A$1,5bn Market Cap: A$263 million
significant lithium deposits
Whabouchi
(Nemaska Lithium)
Resource: Resource: 32.59Mt @ 1.56% Li20
Market Cap: A$657 million
Challenges for Northern Moblan
Quebec lithium projects is Resource: 14.2Mt @ 1.44% Li20
limited infrastructure,
Authier
environmental and (Sayona Mining)
Resource: 17.4Mt @ 1.02% Li20
management of first nations Market Cap: A$40 million
Authier benefits from close
Quebec Lithium Project
proximity to established (North American Lithium)
Resource: 40Mt @ 1.20% Li20
infrastructure – cost benefit
Closing Prices 10 Nov 2017. C$:A$ 1.03
# Resource shown as James Bay only. Excludes other projects
----- End of picture text -----

Number of globally significant lithium deposits

Challenges for Northern Quebec lithium projects is limited infrastructure, environmental and management of first nations

Sayona Mining Limited, ASX: SYA

Supportive Government

TOP rated mining jurisdiction by Fraser Institute – No.6 in world Stable taxes (profit sharing basis) and no royalties

==> picture [33 x 4] intentionally omitted <==

==> picture [33 x 6] intentionally omitted <==

==> picture [99 x 36] intentionally omitted <==

==> picture [170 x 12] intentionally omitted <==

==> picture [112 x 30] intentionally omitted <==

Shareholders

Well established permitting regime

Modern, efficient infrastructure

==> picture [64 x 43] intentionally omitted <==

==> picture [153 x 56] intentionally omitted <==

==> picture [149 x 4] intentionally omitted <==

==> picture [147 x 8] intentionally omitted <==

Strong Government Support – Investment Partners in Mining

==> picture [149 x 47] intentionally omitted <==

Sayona Mining Limited, ASX: SYA

World Class Infrastructure

==> picture [97 x 35] intentionally omitted <==

==> picture [721 x 391] intentionally omitted <==

----- Start of picture text -----

‐ Port
‐ Power
‐ Rail
‐ Airports
‐ Labour
Sayona Mining Limited, ASX: SYA
----- End of picture text -----

Sayona Mining Limited, ASX: SYA

==> picture [403 x 226] intentionally omitted <==

----- Start of picture text -----

Authier
Lithium Project
----- End of picture text -----

==> picture [721 x 76] intentionally omitted <==

==> picture [721 x 76] intentionally omitted <==

Authier Lithium Project

==> picture [382 x 112] intentionally omitted <==

==> picture [382 x 111] intentionally omitted <==

==> picture [97 x 35] intentionally omitted <==

• Located 45km from Val d’Or in Quebec, Montreal

• Hard‐rock, spodumene lithium deposit

• 100% owned

• 26,000m of drilling

• Base‐line environmental completed

• Well studied – PEA 2012, PFS 2017, 4‐phases of metallurgy

Sayona Mining Limited, ASX: SYA

Authier First Phase Develo ment p

==> picture [99 x 36] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 45] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

Simple, low‐cost, truck and shovel, open‐cut mining operation Conventional concentrator producing 100kt/yr of 6% Li20 concentrate Definitive Feasibility Study commenced. Targeting completion 2Q2018 Permitting and environmental to be completed early 2018 Base case mine life 15 years

==> picture [44 x 45] intentionally omitted <==

Low capital hurdle and competitive operating cost

First Phase Development based on a Fast Track Permitting Regime

Sayona Mining Limited, ASX: SYA

Authier Growth and Ex ansion O tions p p

==> picture [97 x 35] intentionally omitted <==

1. Increase Production Capacity

• Increase plant capacity to sell more concentrates and shorten mine‐ life to maximise NPV

• Invest into further exploration to expand the resource base

2. Integrated Refinery Model

• Convert Authier concentrates into lithium hydroxide or carbonate

• Scoping study completed – attractive economics

• Leverages world‐class infrastructure and low energy costs in Quebec

• PFS and metallurgical test work to commence next quarter

• Site selection process underway

Growth O tions Funded from Phase 1 Concentrate Sales p

Sayona Mining Limited, ASX: SYA

2017 Pre‐Feasibility Study Outcomes

==> picture [99 x 36] intentionally omitted <==

CAD 66 million $ and and opex of US 280 $ /t Sayona Mining Limited, ASX: SYA

Pre‐Tax NPV’s	CAD$140m
Pre‐Tax IRR	39%
Capital Payback	2.2years
Ave Annual EBITDA	CAD$31m
Ave Operating Margin	US$235/t
Price Forecast*	US$515/t

• Price of US$/t per tonne of concentrate based on a 5.75% Li20 concentrate

• • #See ASX release, Authier Pre‐Feasibility Study, 17 February 2017

Maiden JORC Ore Reserve

==> picture [502 x 286] intentionally omitted <==

----- Start of picture text -----

Tonnes Grades Contained
(Mt) (Li20) (Li20)
PROVEN 4.9 0.97% 47,821
PROBABLE 5.3 1.06% 55,904
TOTAL 10.2 1.02 % 102,725
----- End of picture text -----

The Ore Reserve has been estimated and reported in accordance with the guidelines of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012) at a 0.45% Li20 cut‐off grade

Sayona Mining Limited, ASX: SYA

Simple, Open‐Cut Mining Operation

==> picture [97 x 35] intentionally omitted <==

==> picture [390 x 6] intentionally omitted <==

• Simple Mining Method

• Truck and shovel operation

==> picture [381 x 5] intentionally omitted <==

• Competitive Mining Costs CAD$ 2.90/tonne average

==> picture [371 x 5] intentionally omitted <==

==> picture [361 x 5] intentionally omitted <==

• Low Capex

• Mining Fleet Leased

==> picture [351 x 5] intentionally omitted <==

• Conservative geotechnical °

• assumptions – 45 pit slope

• Life‐of‐Mine ‐ 15 years

==> picture [341 x 6] intentionally omitted <==

==> picture [331 x 5] intentionally omitted <==

• Large, thick tabular body

• LOM waste to ore ratio 6:1

Sayona Mining Limited, ASX: SYA

Conventional Process Flow‐Sheet

==> picture [97 x 35] intentionally omitted <==

==> picture [414 x 5] intentionally omitted <==

• Conventional process flow‐ sheet ‐ crush, grind and flotation

==> picture [405 x 5] intentionally omitted <==

==> picture [341 x 162] intentionally omitted <==

• Cash Operating Costs

• $20 / tonne life‐of‐mine

• 80% recovery to a

  • 5.75% Li2O concentrate*

• 700,000 tpa processing capacity to produce

==> picture [360 x 4] intentionally omitted <==

==> picture [351 x 4] intentionally omitted <==

• 98 Kt/yr Li2O concentrate

==> picture [342 x 5] intentionally omitted <==

• Dry Tailings simplifies approvals

Sayona Mining Limited, ASX: SYA

• *See ASX release, Authier Pre‐Feasibility Study, 17 February 2017

World‐Class Infrastructure

==> picture [413 x 284] intentionally omitted <==

==> picture [97 x 35] intentionally omitted <==

km 5 Low cost hydro power & gas

km 5

Sealed road access 20 km Rail access to export port Experienced local mining workforce

Major new hub of lithium carbonate production Electricity 5 ¢ kWh Gas < $ 3 /GJ

Sayona Mining Limited, ASX: SYA

Post‐PFS Resource Upgrade – New Reserve Planned

Tonnes Grades Contained (Mt) (Li20) (Li20) MEASURED 5.62 1.01% 56,762 INDICATED 9.57 1.03% 98,571 INFERRED 2.21 0.99% 21,879 TOTAL 17.4 1.02 % 177,212 The resource has been estimated and reported in accordance with the guidelines of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012) at a 0.45% Li20 cut‐off grade. Sayona Mining Limited, ASX: SYA

==> picture [97 x 35] intentionally omitted <==

O timisation Pro rams to Enhance Value p g Work Programs

Value Outcomes

1 . Increased Ore Reserve following Mineral Resource upgrade

2 . Metallurgical optimisation:

– 6% Li20 concentrate produced – Improved processing recoveries

3. Geotechnical & dilution study enhancements

• Longer mine life

• Capacity expansion potential

• • Increased revenues

• Lower operating costs

• • Higher NPV and IRR

Fast tracking Authier towards production ‐ Definitive Feasibility Study underway

Sayona Mining Limited, ASX: SYA

Integrated Refinery Model

Concentrate Sales Strategy

Sell lower‐value concentrates to battery converters in Canada or China Concentrate sells at >US$ 750 /t

Why go downstream?

• Substantially higher margins than concentrate operations

• Much higher prices for value‐added products

• Significantly higher NPV’s

• Opportunity to create significantly more shareholder value

==> picture [97 x 35] intentionally omitted <==

Integrated Refinery Strategy

Sell value‐added lithium products to battery manufacturers Lithium hydroxide sells for >US$18,000/t

Quebec location advantages

• Low‐cost energy

• Skilled low‐cost, workforce

• Close to the US battery markets

• Favourable taxation regime

• Reagents readily available

Sayona Mining Limited, ASX: SYA

Integrated Refinery Model

==> picture [97 x 35] intentionally omitted <==

Authier Downstream Processing Financial Highlights* (Approximate Values Derived from the Scoping Study)

Description	Unit	Lithium Carbonate	Lithium Hydroxide
Annual Production Capacity	Tonnes	13,000	14,000
Ave Cash operatingCosts*	C$per tonne	6,331	6,032
Ave Cash OperatingCosts*	US$per tonne	4,812	4,585
Price forecast	US$per tonne	10,200	12,000
Initial Capital#	C$ million	223	240
Total Capital#	C$ million	284	301
Pre‐tax NPV@ 9%DR	C$ million	426	794
Pre‐Tax IRR	%	31	44
Exchange rate	CAD$:US$	0.76	0.76

• Cash Operating Costs includes mining, processing, administration, royalties, transport, and downstream processing # Capital expenditure includes all mine, concentrator and downstream process plant

• Please see Scoping Study disclaimer on page 2 and ASX release, “Downstream Study Demonstrates Positive Economics”, 30 August 2017

Sayona Mining Limited, ASX: SYA

Authier Development Timetable

==> picture [97 x 35] intentionally omitted <==

Milestones	2017	2017	2018	2018	2018	2018	2019	2019	2019	2019	2020	2020
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
PFS Update
Environmental
Mining Lease
Pilot Metallurgy
Definitive Feasibility Study
Engineering & Design
Off‐take
Finance
Construction
Operation
Downstream Concept study
Downstream Testing
Downstream Studies

Sayona Mining Limited, ASX: SYA

Investment Highlights

==> picture [97 x 35] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

Authier is an advanced, de‐risked project. DFS underway

==> picture [44 x 43] intentionally omitted <==

Executing a plan to get into production and generate cash flow – low capital hurdle & competitive operating costs

==> picture [44 x 43] intentionally omitted <==

Located in a first world country with access to world‐class, low‐cost infrastructure

==> picture [44 x 43] intentionally omitted <==

Integrated refinery model provides an opportunity to value‐add Authier concentrates and create significant shareholder value

==> picture [44 x 44] intentionally omitted <==

Base case pre‐tax NPV of $140 million and low enterprise value per tonne of resources compared to industry peers

==> picture [44 x 43] intentionally omitted <==

Board and management team have track record of delivering projects

Sayona Mining Limited, ASX: SYA

==> picture [207 x 78] intentionally omitted <==

ACN 091 951 978 Suite 68, 283 Given Terrace Paddington, Queensland, 4064 Brisbane, Australia Ph: +61 7 3369 7058 info@sayonamining.com.au