ELEVRA LITHIUM LIMITED — Investor Presentation 2017

Jul 19, 2017

==> picture [322 x 100] intentionally omitted <==

Beyond the PFS - Expanding the Authier Resource & Enhancing the Authier Project Economics

==> picture [73 x 22] intentionally omitted <==

Major New Investment Required in Lithium

==> picture [43 x 51] intentionally omitted <==

Forecast Demand for Lithium by Use to 2026 (t LCE)

Uncertainty around xEV penetration rates

1Mt LCE

==> picture [27 x 24] intentionally omitted <==

==> picture [27 x 24] intentionally omitted <==

“The impact of automotive electrification on lithium: 1TWh and 1Mt LCE in 10 years”

Source: Robert Baylis, Roskill, 9th Lithium Supply and Markets Conference, 31st May 2017

Sayona Mining’s strategy is to power the future by sourcing and developing the raw materials essential for lithium-ion battery production

==> picture [43 x 51] intentionally omitted <==

==> picture [73 x 22] intentionally omitted <==

Authier Lithium Project Strategy

==> picture [43 x 51] intentionally omitted <==

“With their Authier project, Sayona has a quality, low cost and near term development opportunity in a world-class mining destination, and is in an ideal position to take advantage of the growing demand for lithium due largely to the burgeoning battery sector” Mark Gordon, Senior Analyst, IIR, July 2017

==> picture [73 x 22] intentionally omitted <==

Pre-feasibility Study JORC Mineral Resource

Tonnes Grades Contained (Mt) (Li20) (Li20) 4.72 1.03% 48,519

7.13 1.10% 78,280

1.90 1.05% 19,901 TOTAL 13.74 1.07 % 146,700

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 0.5% Li20 cut-off grade.

Pre-Feasibility Study Outcomes

==> picture [43 x 51] intentionally omitted <==

Start-up capex of C $66 million and opex of US $280 /t*

Pre-Tax NPV8 C$140m Pre-Tax IRR 39% 2.2 Capital Payback years Ave Annual EBITDA C$31m

Ave Operating margin US$235/t Price forecast** US$515/t

• US$/t per tonne of concentrate

==> picture [316 x 450] intentionally omitted <==

Maiden JORC Ore Reserve

Tonnes Grades Contained (Mt) (Li20) (Li20) 4.9 0.97% 47,821 5.3 1.06% 55,904 10.2 1.02 % 102,725

TOTAL

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). 0.45% Li20 cut-off grade.

DEMAND

==> picture [43 x 51] intentionally omitted <==

Renewable

CAGR

Transportation 20-30 electric and CAGR

electronics

CAGR

==> picture [73 x 22] intentionally omitted <==

Funding constraints – capex typically higher than market cap for most new entrants Environmental & permitting constraints – New technology longerlead times and higher capex than PFS studies forecast. High-risk, difficult to fund

Current pricing between US$750US$905/t in 2017 and US$880/t for 2018

Simple, Open-Cut Mining Operation

==> picture [43 x 51] intentionally omitted <==

Simple Mining Method Truck and shovel operation

Competitive Mining Costs $ 2.90/tonne average LOM Low Capex Mining Fleet Leased

Conservative geotechnical assumptions – 45 ° hanging wall pit slope Life-of-Mine 15 years

Large, thick tabular body LOM waste to ore ratio 6:1

Conventional Process Flow-Sheet

==> picture [43 x 51] intentionally omitted <==

Conventional process flow-sheet Crush, grind and flotation Cash Operating Costs $20 / tonne life-of-mine

80% recovery to a 5.75% Li2O concentrate 700,000 tpa processing capacity to produce

98 Kt/yr Li2O concentrate Dry Tailings simplifies approvals

World-Class Infrastructure

==> picture [491 x 338] intentionally omitted <==

==> picture [43 x 51] intentionally omitted <==

5 km

Low cost hydro power and gas 5 km 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

Post-PFS JORC Mineral Resource Upgrade

Tonnes Grades Contained (Mt) (Li20) (Li20) 5.62 1.01% 56,762

9.57 1.03% 98,571 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.

Post PFS Value Enhancement Programs

==> picture [43 x 51] intentionally omitted <==

Increased Ore Reserve following Mineral Resource upgrade Metallurgical optimisation Improved geotechnical outcomes

New Project Cost Curve

==> picture [450 x 268] intentionally omitted <==

Source: Citibank. For Authier, assumes US$2500/t for conversion of concentrate to LCE

==> picture [43 x 51] intentionally omitted <==

Downstream Concept Study Underway

Value-Added Strategy

Current Strategy

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

Why go downstream?

Reduces transport costs Hydroxide key feed-stock to new revolution lithium-ion batteries Low processing technology risk Significant price premium paid for value-added products

Sell value-added lithium products to battery manufacturers across the world Lithium hydroxide sells for >US$20,000/t Quebec location advantages Low-cost energy Skilled low-cost, workforce Close to the US battery markets Favourable taxation regime

Acid for processing readily available

Development Timetable

==> picture [43 x 51] intentionally omitted <==

	2017	2017			2018	2018				2019			2020	2020
Milestones	Q3	Q4		Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4		Q1	Q2
Phase 2 Metallurgy
PFS Update
Environmental
Mining lease
Pilot Metallurgy
Definitive Feasibility Study
Engineering & Design
Off-take
Finance
Construction
Operation
Downstream Concept
Downstream Testing
Downstream PFS

Corporate Summary TRADING EXCHANGE ASX: SYA

SHARES 963 million shares

SHAREHOLDERS

26% Directors 56% Top 20

RESEARCH COVERAGE

==> picture [144 x 37] intentionally omitted <==

==> picture [74 x 33] intentionally omitted <==

==> picture [107 x 30] intentionally omitted <==

==> picture [73 x 22] intentionally omitted <==

==> picture [43 x 51] intentionally omitted <==

CAPITALISATION Price 1.7 ¢ As at 17 JULY 2017 Market cap $ 16 M Cash 1.5 M As at 25 MAY 2017 $

==> picture [358 x 189] intentionally omitted <==

100

Hard Rock Lithium Peer Universe

- EV / Measured & Indicated Resources

• EV/Resource value is low

• EV is more indicative of lithium explorers

==> picture [51 x 18] intentionally omitted <==

==> picture [57 x 18] intentionally omitted <==

==> picture [54 x 18] intentionally omitted <==

==> picture [56 x 16] intentionally omitted <==

==> picture [31 x 22] intentionally omitted <==

==> picture [39 x 36] intentionally omitted <==

==> picture [62 x 38] intentionally omitted <==

1100

1000

900

800

700

600

==> picture [54 x 18] intentionally omitted <==

==> picture [55 x 19] intentionally omitted <==

500

400

300

200

==> picture [41 x 15] intentionally omitted <==

$ 154

$96

==> picture [73 x 22] intentionally omitted <==

$ 722 $ 1089 $ 1301

$ 644

$ 625

$ 355

$ 365

$ 268 $ 307

Enterprise Value Per tonne of Measured and Indicated Resources ($A million)

0

1300

Hard Rock Lithium Peer Universe

- EV / Proven & Probable Ore Reserves

• Few hard-rock lithium projects in the world have defined Ore Reserves

==> picture [69 x 22] intentionally omitted <==

==> picture [31 x 23] intentionally omitted <==

1200

1100

1000

900

• Ore Reserves to be increased as part of the Updated Pre-Feasibility Study

==> picture [66 x 24] intentionally omitted <==

800

700

600

==> picture [67 x 23] intentionally omitted <==

==> picture [68 x 22] intentionally omitted <==

500

400

300

==> picture [73 x 22] intentionally omitted <==

$ 352

==> picture [59 x 20] intentionally omitted <==

$144

200

$ 1045

$ 635

$ 1091

100

$ 478

$ 438

0

Enterprise Value Per tonne of Ore Reserves ($A million)

Sayona Significantly Undervalued

==> picture [714 x 403] intentionally omitted <==

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

$ 757 M
$ 174 M $ 397 M $ 235 M
$ 35 M $ 729 M
$ 172 M
$ 186 M
$ 608 M
$ 169 M
$ 18 M
$ 36 M
$ 16 M
$ 110 M
$ 53 M
$ 46 M
$ 51 M
$ 41 M
Exploration Appraisal Development Production
----- End of picture text -----

Directors with Strong Track Record of Success

==> picture [43 x 51] intentionally omitted <==

Dan O’Neill

• Geologist with 35 years experience in technical and corporate roles

• Founding director of Orocobre Ltd. Director of Altura Mining

Allan Buckler

• 40 years experience building mining operations in Australia and Indonesia. Former Director and Chief Operations Officer for New Hope Corporation

• Director of Altura Mining

• CPA with 35 years public company experience

Paul Crawford

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

James Brown

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

==> picture [73 x 22] intentionally omitted <==

• Managing Director of Altura Mining - $220m market cap.

==> picture [43 x 51] intentionally omitted <==

Experienced Executive Team

==> picture [81 x 116] intentionally omitted <==

• 23 years experience in exploration, development, operations and corporate finance

Corey Nolan Chief Executive Officer

Started and managed a number of resource companies with projects in a range of commodities and countries

•

==> picture [81 x 116] intentionally omitted <==

•

Jonathan Gagne • Canadian Country Manager

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

• Joined from Glencore Zinc’s open-cut mine planning division

==> picture [81 x 117] intentionally omitted <==

Simon Atwell WA Exploration Manager

• Geologist with 29 years mineral exploration experience

• Director of Australian Tantalum, which owned the Pilgangoora leases and was subsequently acquired by Altura Mining

Sayona Value Proposition

==> picture [43 x 51] intentionally omitted <==

==> picture [57 x 56] intentionally omitted <==

Authier is an advanced, de-risked project. Pre-Feasibility Study and Ore Reserve completed

==> picture [58 x 56] intentionally omitted <==

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

Executing a plan to get into production and generate cash flow – low capital hurdle & competitive operating costs Located in a first world country with access to worldclass, low-cost infrastructure

==> picture [57 x 56] intentionally omitted <==

==> picture [57 x 56] intentionally omitted <==

Base case pre-tax NPV of A$140 million and low enterprise value per tonne of resources compared to industry peers Board and management team have track record of delivering projects

The Final Word

==> picture [43 x 51] intentionally omitted <==

“For investors who are just catching on to the lithium battery revolution, the best way to play the game is to look past the traditional lithium producers. In this boom scenario, investors will be looking at companies with the lowest market caps, solid management and highly prospective deposits ”. USA Today – Buffet, Musk to spark lithium boom

==> picture [73 x 22] intentionally omitted <==

Disclaimer

==> picture [43 x 51] 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.

==> picture [73 x 22] intentionally omitted <==

==> picture [322 x 100] 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

www.sayonamining.com.au

==> picture [73 x 22] intentionally omitted <==