ELEVRA LITHIUM LIMITED — Investor Presentation 2018

Jul 19, 2018

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JULY 2018 ASX: SYA

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 , 12 April 2018

• Authier Maiden JORC Ore Reserve, 11 December 2017

• Authier PFS, 11 December 2017

• Authier Downstream Concept Study Demonstrates Positive Economics, 30 August 2017

• Completion of Authier Pilot Program, 21 May 2018

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.

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Sa ona - At a Glance y

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• ASX-listed, lithium exploration and development company

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• Primary objective is to develop the Authier Lithium project concentrate sales, targeting first production in early 2020

• Authier second-phase, the downstream project, significantly enhances the project value

• Significant portfolio of lithium exploration properties in Australia and Canada

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Cor orate Summar p y

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Share Structure

Trading Exchange ASX: SYA/SYAOB Shares 1,715,532,065 120,242,789 Options 7.8¢ exercise, expiry 30 April 2020 17% Directors Shareholders 44% Top 20

Capitalisation

Price As at 19 July 2018 4.7¢ Market cap AUD$81m Cash AUD$11m As at 30 June 18 Debt Nil Enterprise value $70m

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Research Coverage

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Board

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Dedicated to generating shareholder value by replicating past success

James Brown

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

• Managing Director of Altura Mining - >$650m market cap

Allan Buckler

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

• Director of Altura Mining

Dan O’Neill

• Geologist with 40 year’s experience in technical and corporate roles

• Founding director of Orocobre Ltd. Director of Altura Mining

• CPA with 40 years public company experience

Paul Crawford

• Founding director of Orocobre Ltd and previously Company Secretary for a number of listed companies

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Management

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Building in-house capability across all technical disciplines

Dan O’Neill

Managing Director

• Over 40 years experience in exploration, project and corporate management

• Has held positions with a number of Australian and multinational companies in a diverse range of commodities and countries

Jonathan Gagne Canada Manager

Jarrett Quinn Processing Engineer

Jean-Pierre Landry Authier Project 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

• Mineral processing and hydrometallurgical specialist

• Experienced in lithium processing within Canada

• More than 25 years experience in the construction industry, including 17 years in the mining industry

•

• Extensive experience in feasibility studies and construction

Ann Lamontagne Environmental

Manager

• 20 years experience in the mining industry focused on permitting, environmental, First Nations and community aspects of project developments

Mark Parson Sustainable Development

More than 40 years of experience in the Energy and Environmental sector, as communications team leader in Federal and Provincial public hearings processes, as well as in designing and delivery of Community relations programs

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Authier Lithium Project

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• Located 45km from Val d’Or in Quebec, Montreal (500km SE)

• Located in established mining district

• 100% owned

• Simple deposit - 26,000m of drilling

• Environmental studies completed. Permitting advanced

• Well studied – PEA 2012 and PFS 2017

• DFS underway

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Authier First-Phase Develo ment p

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Simple, low-cost, truck and shovel, open-cut mining operation Conventional concentrator producing 96kt/yr of 6% Li20 concentrate Definitive Feasibility Study commenced. Targeting completion Q3 2018 Permitting and environmental to be completed early 2019 Base case mine life 17-years

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Low capital hurdle and competitive operating cost

Fast-Tracking into Production to Capitalise on Current High Prices

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Sta e 1 - 201 Pre-Feasibilit Stud Outcomes g 7 y y

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AUD $ million 65

US $327 /t

Pre-Tax NPV (8% real) AUD$ 227 m Pre-Tax IRR 56 % Capital Payback 2.5 years Ave Annual EBITDA AUD$ 38 m Ave Operating Margin US$ 287 /t Price Forecast US$ 614 /t

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Authier JORC Ore Reserve & Resource

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Deposit well understood – 23,000 metres of drilling in 176 holes

Majority of Ore Reserve hosted in one large pegmatite – 1.1km long, 200m deep and 35m wide – outcropping from surface

Lithium mineralisation spodumene

Base case mine Life – 17 years

Deposit remains open in all directions

& Resource	& Resource	& Resource
JORC Ore Reserve(0.45% cut-off)
Tonnes (Mt)	Grades (Li20)	Contained (Li20)
5.59	0.99%	55,341
6.07	1.06%	64,363
11.66	1.03%	119,704
JORC Mineral Resource(0.45% cut-off)
Tonnes (Mt)	Grades (Li20)	Contained (Li20)
6.09	1.01%	61,509
11.55	1.04%	120,120
2.82	0.99% 0.98%	27,636
20.46	1.02%%	209,265

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Sim le O en-Cut Minin O eration p , p g p

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        - Simple Mining Method

        - **Truck and shovel** operation

     - Competitive Mining Costs A$ **3.23/tonne** average LOM

  - Low Capex

  - Mining Fleet **Leased**

• Conservative geotechnical °

• assumptions – 55 pit slope

• Life-of-Mine - 17 years

• Large, thick tabular body

• LOM waste to ore ratio 6.95:1

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Conventional Process Flow-Sheet

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Conventional process flow-sheet - crush, grind and flotation

  - Cash Operating Costs

  - **A$19.40/t ore life-of-mine**

  - **82%** recovery to a

  - **6.00%** Li2O concentrate

• 700,000 tpa processing capacity

• 96 Kt/yr Li2O concentrate

• Dry Tailings simplifies approvals

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DFS Nearin Com letion g p

DFS mining, processing and infrastructure components awarded to Canadian consulting engineering groups

DFS work programs including geotechnical, transport and environmental have been outsourced to specialist contractors

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DFS ~95% complete

and scheduled for completion in

3Q 2018

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DFS to incorporate larger resource following Phase 3 drilling and pilot metallurgy results

DFS Paves Way to Complete Permitting and Financing

World-Class Infrastructure

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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 and Gas $ 3 /GJ

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Off-take & Financin g

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MOU signed with Hunan Changyuan Lico Co Ltd - a subsidiary of Fortune 500 company, Minmetals Group – a battery materials manufacturer

Strategic alliance to explore marketing, technical, and financial development options for the Authier lithium project

MOU contemplates Hunan Changyuan purchasing all the Authier concentrates and assessing potential for downstream processing

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Downstream Value-Addin Potential g

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Capitalises on the premium price paid for value-added products Standard sulphate process route to produce 13kt/yr LCE – LiCO3/LiOH Scoping Study completed. Testing underway and PFS to commence Q318

Close to the US battery markets

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Leverages low-cost energy and world-class infrastructure in Quebec Significantly enhances project NPV: pre-tax NPV $795m for LiOH

Funded from Stage 1 Concentrate Sales

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Western Australian Lithium Portfolio

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1,818km2 Tenement Package in a World-Class Lithium Province

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Mallina Drillin Planned in Au ust g g

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• Since maiden drilling program in early 2017, two new target pegmatite systems defined

• Up to 2,500 metres drilling planned

• Co-funded with a Government grant up to $150,000

• Drilling at Mallina and Tabba Tabba planed August 2018

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Tansim Demonstrates Earl Potential y

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• 9 kilometre pegmatite system mapped

• Channel sample intersections includes 19 m @ 0.94%Li2O

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• Mapping and sampling program underway

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Attractively Valued vs Peers

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$ 637 M $ 1.47 Bn
C$ 710 M
$ 1.87 Bn
$ 669 M
C$ 132 M $ 1.34Bn
$ 179 M
$ 196 M
$ 116 M $ 166 M
$ 115 M
$ 81 M
C$ 41 M $ 98 M
C$ 60 M
$ 63 M
Exploration Appraisal Development Production
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Sa ona Investment Pro osition y p

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

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

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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$227 million and low enterprise value per tonne of resources compared to industry peers

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Opportunity to value-add Authier concentrates and create significant shareholder value - $794m pre-tax NPV

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Board and management team have track record of delivering projects

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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