ELEVRA LITHIUM LIMITED — Investor Presentation 2018

May 21, 2018

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MAY 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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– Lithium Metal of the 21[st] Century

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The Lithium-ion battery is changing the way we generate, use, distribute and store energy

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Renewable >30% grid storage Transportation electric and 25-30% hybrid vehicles Consumer 8-10% electronics*

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Battery and energy storage for high technology industries

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driving unprecedented demand

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• Projected compound annual growth rate until 2025

Slow Supply Side Response to Keep Prices High

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• Slow ramp-up of new projects

• –

• Funding constraints capex typically higher than market cap for most new entrants

• Environmental & permitting constraints

• New technology – longerlead times and higher than PFS studies

• capex forecast. High-risk, difficult to fund

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Significant Supply Side Investment Needed

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

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

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

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

Share Structure

Trading Exchange ASX: SYA/SYAO# Shares 1,693,046,728* 147,478,335# Options 7.8¢ exercise, expiry 30 April 2020 17% Directors Shareholders 46% Top 20

NOTES:

• *The Company is currently completing a 1:22 rights issue priced at 5.1c with a 1:2 free attaching option priced at 7.8c, expiring 30 April 2020. If fully subscribed, the rights offering would raise $3.9m

• The options will be issued and start trading at the end of the rights offering period on 1[st] June 2018

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Capitalisation Price As at 21 May 2018

As at 21 May 2018 4.6¢ Market cap AUD$78m Cash AUD$12.8m As at May 2018 Debt Nil Enterprise value $65m*

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Pro-rata Renounceable Entitlement Offer

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SYA is undertaking $3.92 million renounceable entitlement offer on a 1:22 basis at $0.051 per share, plus 1:2 free attaching option

• Entitlement offer to raise $3.92m, resulting in 79.95m new ordinary shares being issued

• • Investors can apply for one share for every twenty-two shares held at the record date

• Equity Raising • Investors will receive a 1:2 free attaching option resulting in additional 38.47m options being issues

• • $0.051 per share

• Offer • 1:2 free attaching option priced at 7.8c, expiring 30 April 2020

• • Authier project expenditure

• • Authier downstream processing feasibility study

• Use of Proceeds • Exploration expenses in Western Australia and Tansim

• • Administration expenses, working capital and expenses of the offer

• • 10 May 2018 - Record date for entitlement

• • 17 May 2018 – Entitlement trading ends

• Key Offer Dates • 24 May 2018 – Closing date of offer

• • 1 June 2018 – Normal trading and quotation of new securities and options

• •

• Ranking Shares will rank equally with existing shares

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Attractively Valued vs Peers

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

$ 700 M
C$ 510 M
$ 842 M $ 1.67 Bn
$ 1.63 Bn
C$ 153 M $ 1.37Bn
$ 79 M
$ 308 M $ 176 M
$ 116 M
$ 275 M
$ 78 M
$ 109 M
C$ 50 M
C$ 63 M
$ 100 M
Exploration Appraisal Development Production
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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

• 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 Minin g

• 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

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Management

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- Building in house capability across all technical disciplines

Corey Nolan* Chief Executive Officer

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

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

Jonathan Gagne Canada 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

• Jarrett Quinn

• Processing Engineer

• 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

Jean-Pierre Landry • Authier Project • Manager

• 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 More than 40 years of experience in the Energy and Environmental sector, as Sustainable communications team leader in Federal and Provincial public hearings processes, as

• Development well as in designing and delivery of Community relations programs

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*Corey Nolan resigned on 5 May 2018 and will leave on completion of the Definitive Feasibility Study

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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Sta ed Develo ment A roach g p pp

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Stage 1 Sell concentrates in export market

Stage 2 Sell value-added premium products

Low-cost, truck and shovel, open-cut mining operation

Significant price premium paid for valueadded products

Conventional concentrator producing 96kt/yr of 6% Li20 concentrate sold into export markets

Definitive Feasibility Study commenced. Targeting completion Q2 2018

Permitting and environmental to be completed by end of 2018

Lower risk profile – low capital cost, simple operation, proven management team & capitalises on high-prices for 13 concentrates in near-term

Conventional sulphate process route to produce ~13Kt LCE for batteries

Pre-Feasibility Study and pilot program to commence Q2 2018

Site location, permitting and environmental programs to commence

Capitalises on very low energy costs and world-class infrastructure in Quebec

Significantly enhances value of the resource – Pre-tax NPV for lithium hydroxide route C$798 million

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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Authier Pro ect Site La out j y

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Pilot Plant Pro ram g

5 tonnes of sample collected from drill core representative of the deposit

Initial batch testing achieves 80% 6% Li20 concentrate recovery to a

Locked cycle testing of two composites achieves:

1. concentrate at 5.85% 84% recovery

2. 5.86% concentrate at 83% recovery

Pilot plant operating at 50 kg/hr achieves 6 % concentrate at % 79 recovery with one composite sample

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Mica Flotation

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Spodumene Flotation

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Pilot plant confirms final flow sheet and operating parametres for DFS

Further testing to improve outcomes to continue throughout 2018

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 ~75% complete

and scheduled for completion in

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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

June 2018

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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Si nificant Value Addin Potential g g

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Integrated Refinery Model

• Convert concentrates into lithium hydroxide or carbonate - significant price premium paid for value-added products

• Scoping study completed – attractive economics – Pre-Tax NPV $795m

• Leverages world-class infrastructure, low energy costs and access to acid in Quebec

• Favourable taxation regime for value-adding in Quebec

• Hydroxide key feed-stock to new revolution lithium-ion batteries

• Close to the US battery markets (e.g. Tesla Giga factory)

• PFS and metallurgical test work planning underway

• Project site selection underway

Growth Options Funded from Phase 1 Concentrate Sales

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Inte rated Refiner Model g y

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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

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Authier Develo ment Timetable p

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

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Sustainability

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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