ELEVRA LITHIUM LIMITED — Investor Presentation 2017

Mar 5, 2017

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

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WE ARE LIVING IN A NEW ERA

IS SHIFTING GREENER

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Measureable Climate Change is Calling for Action

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Rupert Murdoch

“

Climate change poses clear, catastrophic threats. We may not agree on the extent, but we certainly can’t afford the risk of inaction.”

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Lithium-ion Batteries…

A Critical Part of the Solution

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“ What if I Told You….. Lithium is the New Gasoline ”

Dec 2015

Lithium is now considered a key, strategic energy metal in the clean technology economy that is being fuelled by advances in electric vehicles, energy storage and electronics

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Energy Storage –

The economic value “ of energy storage An over a 10-year Increasingly period in the US Precious could reach $ 228 Metal” billion, 21 % of the $ 1 trillion global Jan 2016 economic benefit

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Disruptive Innovations II, 2014

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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Authier PFS Demonstrates Base Case Economics

Key Assumptions Start-up Capex C$66m Life-of-mine Capex C$113m Concentrate Price US$515/t Operating Costs C$367/t Ore Throughput 700,000 tpa Concentrate Production 98,000 tpa US$/C$ Exchange Rate 0.76 Life-of-mine Strip Ratio 6:1

Financial Outcomes

Pre-tax NPV C$140m

Pre-tax IRR 39% Capital Pay-back 2.2 years Ave Annual EBITDA C$31m

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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 Mt %Li20 Contained Li20

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.

Simple, Open-Cut Mining Operation

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Competitive Mining Costs - $ 2.90/tonne average LOM Low Capex – Mining Fleet Leased Simple Mining Method – Truck and shovel operation

Conservative geotechnical assumptions – 45 ° pit slope on the hanging wall Life-of-Mine – 13 years

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

Conventional Process Flow-Sheet

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Conventional process flow-sheet – crush, grind and flotation Ave 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

Mica flotation incorporated into the process circuit

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

DEMAND

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Renewable

CAGR

Transportation 20-30 electric and CAGR

electronics

CAGR

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Funding constraints – capex typically higher than market cap for most new

– New technology typically longer-lead times and higher capex than scoping/PFS studies forecast. High-risk, difficult to fund

Lithium Pricing has Remained Robust Reflecting Positive Outlook

Authier Project Highlights

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Extensively drilled and well understood geology

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Pre-Feasibility Study price assumptions well below current traded market price for concentrates

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Simple, truck and shovel mining operation Proven process for recovery of spodumene into a saleable concentrate – no technology risk World-class infrastructure and Quebec Government support

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Low capital hurdle and attractive operating costs

Beyond the PFS – Improving the Returns

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Work Program Objective - 4,000m Resource and Ore Reserve expansion Study Steeper pit walls – lower waste movement Study Increase the Ore Reserve grade Testing Improving recoveries and costs 2 Testing Potential to produce high-value Li O products

• Phase II drilling 4,000m

Geotechnical Study

Dilution Study Metallurgical Testing Hydrometallurgical Testing

Off-take Agreements

Optimise project returns

Authier Phase 2 Drilling Program

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DIAMOND DRILLING PROGRAM

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metres 4,000 Drilling Program Objectives

Potential N Extensions of the

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Mineralisation
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 Upgrading the Mineral Resources categories

 Drilling the new pegmatite

• Convert mineral resources to reserves

 Exploring for extensions to the mineralisation

 Collecting geotechnical data for Feasibility Studies

 Metallurgical testing

Authier Phase 2 Drilling Program Program

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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

Benefits from value-adding concentrates 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 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

Sayona’s Other Projects

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Western Australia Lithium Portfolio

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A globally significant region for production of Lithium

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Resource – 39Mt @ 1.02% Li20
Market cap – A$231m
Resource – 156Mt @ 1.25% Li20
Market cap – A$587m
Resource – 60Mt @ 1.36% Li20
Market cap – A$197m
Resource – 17Mt @ 1.2% Li20
GXY Market cap – A$985m
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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

Great Sandy Joint Venture – Mallina Project Project

140 km[2] tenement holding High-grade rock chips up to 3.47% Li20

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Sayona Value Proposition

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Developing an advanced, de-risked project. Pre-Feasibility Study completed. Optimisation program in progress

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Located in a first world country with access to worldclass, low-cost infrastructure

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Executing a plan to get into production and generate cash flow – low capital hurdle

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Low enterprise value ($21m) compared to industry peers

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Board and management team have track record of delivering projects

900

Hard Rock Lithium Peer Universe

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800
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• EV/Resource value is low compared to near-term developer peers

700

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• EV is more indicative of lithium explorers $169 $ 378

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600
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500
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400

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300
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200

100

$ 803

$ 378 $ 421

$ 452 $ 605

0

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

Sayona Significantly Undervalued*

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$ 158 M $ 418 M $ 224 M $ 631 M
$ 37 M $ 946 M
$ 122 M
$ 122 M
$ 612 M
$ 189 M
$ 25 M
$ 42 M
$ 149 M
$ 23 M
$ 21 M
$ 73 M
$ 22 M $ 49 M
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*Market Capitalisation 4 February 2017

Corporate Summary

TRADING EXCHANGE ASX: SYA

SHARES 875 Million shares

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CAPITALISATION Price 2.6 ¢ As at 3 MAR 2017 Market cap $ 23 M Cash 1.3 M As at FEB 2017 $

SHAREHOLDERS 30% DIRECTORS 62% TOP 20

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Strong Team With Track Record of Success

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Expertise and experience in exploration, development and mining Strong skill set in Lithium exploration and development

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Executive Team Chief Executive Officer Corey Nolan Simon Atwell Exploration Manager

Consultants

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Directors Dan O’Neill Paul Crawford Allan Buckler James Brown

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Appendix

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Other Sayona Projects
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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 1.06 146,700 Mt %Li20 Contained Li20 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.

Quebec, Canada – A Major Mining Centre

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Canada’s largest iron and zinc producer, and 2[nd] largest gold producer 25 mines in production $ 8.7 bn of mineral exports

TOP rated mining jurisdiction by Fraser Institute – No.6 in world Stable taxes and no royalties

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

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Strong Government Support – Investment Partners in Mining

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Well established permitting regime Modern, efficient infrastructure

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

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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