ELEVRA LITHIUM LIMITED — Investor Presentation 2017

May 28, 2017

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

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of the future
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Investor Presentation
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Developing an advanced lithium project
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May 2017
ASX: SYA
Pre‐Feasibility Study
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Sayona Mining’s strategy is to power the future by sourcing and developing the raw materials essential for lithium‐ion battery production

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Sayona Value Proposition

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

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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 world‐ class, low‐cost infrastructure

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

Board and management team have track record of delivering projects

Corporate Summary

TRADING EXCHANGE ASX: SYA SHARES 963 million shares SHAREHOLDERS 30% Directors 62% Top 20

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

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Hard Rock Lithium Peer Universe	Hard Rock Lithium Peer Universe	Hard Rock Lithium Peer Universe	Hard Rock Lithium Peer Universe	Hard Rock Lithium Peer Universe
‐ EV / Measured & Indicated Resources							700
‐EV/Resource value is low
							600
‐SYA resource upgrade pending
‐ EV is more indicative of							500
lithium explorers							400
							300
							200
							100
$117 $357 $279 $277	$368	$389	$393	$554	$682	$851
							0
Enterprise Value Per tonne of Measured and Indicated Resources($A						million)

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

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700 600 500 400

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

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‐ Targeting increasing Ore Reserves as part of an Updated Pre‐ Feasibility Study

300 200 100 $143 $ 526 $ 562 $ 773 0 Enterprise Value Per tonne of Ore Reserves ($A million)

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Sayona Significantly Undervalued

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$ 156 M $ 368 M $ 212 M $ 770 M
$ 41 M $ 948 M
$ 107 M
$ 214 M
$ 530 M
$ 146 M
$ 18 M
$ 26 M
$ 129 M
$ 72 M $ 16 M
$ 46 M
$ 20 M $ 45 M
Exploration Appraisal Development Production
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Directors with Strong Track Record of Success

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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

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

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Experienced Executive Team

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• 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

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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

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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

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Authier Lithium Project

Authier Project Highlights

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Simple geology, extensively drilled - 22,000 metres

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Low-cost, truck and shovel mining operation Proven process for recovery of spodumene into a saleable concentrate – no technology risk World-class development infrastructure High valuation based on a lithium price - US$515/t - well below current traded market price for concentrates Low capital hurdle and competitive operating costs

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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.
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Pre‐Feasibility Study Outcomes*

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Financial Outcomes Key Assumptions Pre‐tax NPV C$140m Start‐up Capex C$66m Life‐of‐mine Capex C$113m Pre‐tax IRR 39% Concentrate Price US$515/t Capital Pay‐back 2.2 years Operating Costs US$280/t Ave Annual EBITDA C$31m Ore Throughput 700,000 tpa Subsequent to the completion of Concentrate Production 98,000 tpa the PFS, SYA drilled an additional 4,000 metres and commenced a US$/C$ Exchange Rate 0.76 number of optimisation programs aimed at enhancing the project Life‐of‐mine Strip Ratio 6:1* value

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Maiden JORC Ore Reserve

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

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Capital Intensity of New Projects*

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Source: Citibank.
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Beyond the PFS – Enhancing the Value Work Program Objective

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Resource and Ore Reserve expansion

Phase 2 drilling Geotechnical Study Dilution Study Metallurgical Testing Hydrometallurgical Testing Off‐take Agreements

Steeper pit walls – lower waste movement Increase the Ore Reserve grade Improving recoveries and costs 2 Potential to produce high‐value Li O products Underwrite the project development capital

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Simple, Open‐Cut Mining Operation

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Simple Mining Method – Truck and shovel operation

Competitive Mining Costs ‐ $ 2.90/tonne average LOM

Low Capex – Mining Fleet Leased

Very conservative geotechnical assumptions – 45 ° pit slope on the hanging wall Life‐of‐Mine – 13 years

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

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Conventional Process Flow‐Sheet

Conventional process flow‐sheet – crush, grind and flotation Ave Cash Operating Costs – $ 20 / tonne life‐of‐mine

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80 % recovery to a 5.75 % Li2O concentrate

700 ,000 tpa processing capacity to produce

98 Kt/yr Li2O concentrate

Dry Tailings simplifies approvals and lowers capital costs

Targeting Further PFS Cost Reductions

• Authier operating costs – US$4,450/t LCE*

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• Optimisation program underway to improve

• costs

‐ Targeting improvements, including:

New Project Cost Curve

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• HIGHER concentrate grades

• HIGHER ore reserve grades

• HIGHER processing recoveries

• LOWER processing costs

• LOWER stripping ratio

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Source: Citibank. *Assumes US$2500/t for conversion of concentrate to LCE

World‐class Infrastructure

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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
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PFS Pricing Conservative – US$515/t conc.
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DEMAND

• Slow ramp‐up of new hard‐ Lithium Pricing Renewable > 30 % rock projects has Remained • grid storage CAGR Funding constraints – capex typically higher than Robust Reflecting market cap for most new Transportation 20‐30 % Positive Outlook – entrants electric and CAGR • current pricing Environmental & permitting hybrid vehicles constraints between US$750‐ • – New technology typically Consumer 8‐10 % US$905/t in 2017 longer‐lead times and electronics CAGR higher capex than and US$880/t for scoping/PFS studies forecast. 2018 High‐risk, difficult to fund

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Assessing Value Adding Opportunities

Value‐Added Lithium

Lower‐value Concentrates

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

Sell value‐added lithium products to battery manufacturers across the world Lithium hydroxide sells for >US$20,000/t

Benefits from value‐adding concentrates

Quebec location advantages

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

Leverages low‐cost energy

Skilled low‐cost, workforce

Close to the US battery markets Favourable taxation regime Acid for processing readily available

Authier Development Timetable

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– Simon Attwell Exploration Manager with 29-years experience including exploring for lithium and tantalum in Pilgangoora district of Western Australia

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Western Australian Lithium Portfolio

Western Australia Lithium Portfolio A globally significant region for production of Lithium

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Low‐cost entry with km[2] 1,997

tenement holding , including granted tenure Western Australia a dominant global producer of Lithium from high‐grade, hard‐rock PEGMATITES

Mallina Project Demonstrating Potential Work programs aimed at defining drill targets

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Disclaimer

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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

• Authier PFS, 17 February 2017

• High Grade Lithium Mineralisation at Mallina, 8 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.

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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

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