ELEVRA LITHIUM LIMITED — Investor Presentation 2019

Oct 16, 2019

INVESTOR PRESENTATION BRISBANE RESOURCES ROUND‐UP 17 OCTOBER 2019

PLUGGED INTO AN ELECTRIC FUTURE

BRETT LYNCH MANAGING DIRECTOR

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.

This presentation refers to the following previous ASX releases:

• Sayona Assembles World‐Class Team to Support Bid for North American Lithium, 10 October 2019

• Sayona Advances Engagement Efforts as Authier Revised DFS Nears Completion, 4 October 2019

• Altura Earn‐In Agreement Boosts Sayona’s Australian Assets, 8 August 2019

• Appointment of new Managing Director/CEO, 1 July 2019

• New EIS launched for Authier Lithium Project, 24 June 2019

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

The Concept Study is based on the mine and concentrator assumptions (including 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.

• Engineering Firm Appointed For Updated Authier DFS, 28 May 2019

• Quarterly Activities Report, 31 July 2019

• Sayona Expands Tansim Project With New Acquisition, 15 April 2019

• Drilling Boosts Prospects For New Lithium Deposit at Tansim, 9 April 2019

• Authier Definitive Feasibility Study, 24 September 2018

• Authier Project Expanded JORC Ore Reserves & Resource, 24 September 2018

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

It is also possible that such funding may only be available at terms that may be too dilutive or to otherwise affect the value of Sayona shares. It is also possible that Sayona could pursue other value realisation strategies, such as the 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 it has a reasonable basis to expect it will be able to continue funding the feasibility activities for the project.

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 [114 x 83] intentionally omitted <==

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

Company Profile
Significant portfolio of
lithium exploration
properties in Australia
and Canada.
----- End of picture text -----

==> picture [96 x 71] intentionally omitted <==

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

PLUGGED INTO AN
ELECTRIC FUTURE
SLIDE / 3 ASX:SYA
----- End of picture text -----

==> picture [609 x 459] intentionally omitted <==

Québec, Canada

• Sayona’s flagship Authier Lithium Project is advancing towards development as a sustainable and profitable new mine, as part of lithium processing hub.

• Sayona has assembled a world‐class team to support bid for North American Lithium mine.

• Further exploration potential from nearby Tansim Lithium Project.

Western Australia

• Joint venture with Altura Mining (ASX:AJM) to maximise value of lithium portfolio in world‐class Pilgangoora district.

==> picture [226 x 475] intentionally omitted <==

• Sayona’s experienced Board and management team have a track record of successfully financing, developing and managing major resource projects around the globe for over 40 years

• Several of the Sayona board members are also on the board of Altura Mining and recently led the financing, construction and commissioning of Altura’s Pilgangoora mine in WA

• Sayona Québec is led by experienced executives with international backgrounds, having strong connections to local stakeholders and a commitment to the province

Brett Lynch MANAGING DIRECTOR

• Senior mining engineer, international company director and CEO with proven track record

• More than 30 years’ experience in the global mining industry, including North America and Asia‐Pacific

• Previous posts include at leading resource companies such as New Hope Corporation and Orica

Guy Laliberté CEO, SAYONA QUÉBEC

• Appointed to lead community engagement in Québec

• Experienced project director and construction manager in mining & heavy industry

• Québec native with more than 35 years’ international experience

Allan Buckler

NON‐EXECUTIVE DIRECTOR

• 40 years’ experience building mining operations in Australia and Indonesia

• Former Director and Chief Operations Officer for New Hope Corporation

• Director of Altura Mining

James Brown

NON‐EXECUTIVE DIRECTOR

• 35 years’ experience including 22 years with New Hope Corporation

• Extensive mine development & operational experience

• Managing Director of Altura Mining ‐ approx. $150M market cap.

Dan O’Neill

NON‐EXECUTIVE DIRECTOR

• Geologist with 40 years’ experience in technical and corporate roles

• Founding director of Orocobre Ltd – approx. $626M market cap.

• Director of Altura Mining

Paul Crawford

EXECUTIVE DIRECTOR/

• CPA with 40 years’ public company experience

• Founding director of Orocobre Ltd

COMPANY SECRETARY

• Former Company Secretary for a number of listed companies

Share Structure	Share Structure
Trading Exchange	ASX:SYA/SYAOB
Shares	1,849,797,466
Options	120,242,789 7.8c exercise, expiry 30/4/20 63,611,528 3.0c exercise, expiry 23/07/22
Shareholders	17% Directors 41% Top 20

Capitalisation	Capitalisation
Price as at 14 October 2019	0.009c
Market Cap	$AUD18.5m
Debt	Nil
Cash	$AUD1.3m

Authier Lithium Project

==> picture [96 x 71] intentionally omitted <==

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

PLUGGED INTO AN
ELECTRIC FUTURE
SLIDE / 9 ASX:SYA
----- End of picture text -----

==> picture [673 x 475] intentionally omitted <==

• Located 45km from Val d’Or in Québec, Canada

• Well understood deposit in established mining district

• 100% owned

• Definitive Feasibility Study (DFS) completed Sept 2018 showing potential for sustainable and profitable mining operation

• DFS now undergoing review based on higher daily production limit of 2,600t, 14‐year mine life and estimated annual spodumene output of 115,000t (6% Li2O)

JORC ORE RESERVE

(0.55% cut‐off)

PROVEN TONNES GRADES (Li20) CONTAINED (Li20) 6.1 Mt 0.99% 60,390 PROBABLE TONNES GRADES (Li20) CONTAINED (Li20) 6.0 Mt 1.02% 61,200 TOTAL TONNES GRADES (Li20) CONTAINED (Li20) 12.1 Mt 1.00% 121,590

JORC MINERAL RESOURCE

(0.55% cut‐off)

MEASURED TONNES GRADES (Li20) 6.58 Mt 1.02% INDICATED TONNES GRADES (Li20) 10.6 Mt 1.01%

MEASURED

INFERRED TONNES GRADES (Li20) 3.76 Mt 0.98%

TOTAL TONNES GRADES (Li20) 20.94 Mt 1.01%

CONTAINED (Li20) 67,100 CONTAINED (Li20) 107,100 CONTAINED (Li20) 36,800 CONTAINED (Li20) 211,000

==> picture [842 x 475] intentionally omitted <==

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

Mining operation
• Simple mining method
• Competitive mining costs
• Low capex
• Large, thick, tabular body
• World‐class infrastructure
PLUGGED INTO AN
ELECTRIC FUTURE
SLIDE / 13 ASX:SYA
----- End of picture text -----

• BAPE permitting process underway for Authier project, including new EIS and community consultation

• Process expected to take approximately 13‐18 months, with government decision expected by late 2020

• Pending regulatory approval, construction process likely to commence in 2021 and mining operations in 2022

• Project to generate new jobs and investment for local community while supporting Québec’s lithium strategy

==> picture [245 x 238] intentionally omitted <==

==> picture [245 x 238] intentionally omitted <==

• Capitalises on the premium price paid for value‐added products

• Standard sulphate process route to produce 13kt/yr LCE – LiCO3/LiOH

• Concept study completed Aug 2017; Pre‐Feasibility Study pending

• Strategically located close to US battery markets

• Leverages low‐cost energy and world‐class infrastructure in Québec

• Significantly enhances project NPV

North American Lithium

==> picture [96 x 71] intentionally omitted <==

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

PLUGGED INTO AN
ELECTRIC FUTURE
SLIDE / 16 ASX:SYA
----- End of picture text -----

==> picture [673 x 475] intentionally omitted <==

• Lithium mine and concentrator located in Abitibi near Sayona’s Authier Lithium Project

• Produced approx. 114,000t spodumene in 2018 vs nameplate capacity 180,000t

• Potential to produce battery‐grade lithium carbonate with necessary investment

• Spodumene production halted in February 2019 amid operational issues; company sought creditor protection May 2019

• September 2019 – creditor protection ended and bids sought for company’s assets; binding bids due 5pm Montreal time, 21 January 2020

• October 2019 – Sayona announces world‐class team to support bid for North American Lithium (NAL)

• Team includes companies and advisers with necessary operational experience, financial capacity and technical know‐how to ensure successful turnaround:

• Altura Mining – operational expertise based on successful WA mine

• BBA – engineering/mine plan expertise

• CTRI – technological solution provider

• GCM Consultants – environmental outcomes

• Hatch – lithium market intelligence

• Jett Capital Advisors – active funders of lithium projects incl. US$110m debt raising for Altura Mining + equity raising

• Legico‐CHP – construction cost control

• PwC – financial expertise

• Other consultants incl. environmental, production & processing experts.

Why Sayona? Four key reasons for winning bid:

1. Bid team has proven, world‐class operational experience in successfully operating similar spodumene mining facilities.

2. Unique advantage of blending lithium ore from Authier with NAL to achieve significant improvement in NAL plant performance and economics.

3. Successful bid would pave way for creation of true lithium hub, with single concentrator for two mining sites and associated benefits from economies of scale.

4. NAL turnaround strategy to restore profitable operations fully supported by Québec Government (Investment Québec), a major current shareholder.

Sayona and the Québec lithium strategy

• Québec aims to develop a complete lithium value chain, including downstream processing

• Proximity to established markets in North America eg. Tesla gigafactories, with benefit of clean and green hydropower in Québec, access to established infrastructure and skilled labour

• Sayona’s projects complement Québec’s plan, with a long‐term company strategy to produce lithium carbonate/hydroxide for battery manufacturing in Québec

• Strategically positioned amid U.S. push for secure access to essential battery minerals amid geopolitical rivalry

Lithium a ‘jewel’ for Québec

• Québec Premier: “Lithium is a jewel” for province’s future; eyes “100% Québec batteries”

• Québec Economy Minister: Authier one of three key lithium projects for province together with Nemaska and NAL

• Propulsion Québec (April 2019): Province has “unique set of competitive advantages” incl. raw materials, technological/industrial expertise, access to clean energy, low operating costs and proximity to automakers in U.S. and Ontario

• “Collectively, we have an opportunity to build an extraordinary momentum towards energy independence and regional development” Sarah Houde, CEO, Propulsion Québec

Tansim Project

==> picture [96 x 71] intentionally omitted <==

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

PLUGGED INTO AN
ELECTRIC FUTURE
SLIDE / 22 ASX:SYA
----- End of picture text -----

==> picture [681 x 475] intentionally omitted <==

• Located 82km south‐west of Authier

• Drilling results (10 April 2019) show potential for new lithium project, incl. 12.3m @ 1.29% Li O 2

• System open in all directions

• Project expanded with Lac Simard acquisition from private explorer Exiro (15 April 2019))

==> picture [249 x 475] intentionally omitted <==

==> picture [842 x 475] intentionally omitted <==

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

Western Australian
lithium portfolio
(JV)
• 1806km [2] tenement
package in world‐class
lithium province
PLUGGED INTO AN
ELECTRIC FUTURE
SLIDE / 24 ASX:SYA
----- End of picture text -----

• Earn‐in agreement signed August 2019 with leading lithium producer Altura Mining (ASX:AJM) to jointly develop WA lithium portfolio.

• Altura to spend $1.5m on exploration over three years to earn 51% interest.

• Agreement requires minimum 2,500m drilling at Mallina project and 1,000m on Tabba Tabba project.

• JV ensures value of Sayona’s WA projects is maximised at minimal cost to SYA shareholders.

==> picture [253 x 475] intentionally omitted <==

Authier an advanced project on track for development; nearby Tansim showing early promise. Bid progressing for NAL with backing of world‐class team.

Opportunity to support Québec lithium strategy; province strategically positioned amid geopolitical rivalry and EV revolution.

Located in a first world country with access to world‐class, low‐ cost infrastructure and strategically positioned near U.S. battery market.

Board and management team have track record of delivering projects around the world, including lithium.

Authier a profitable and sustainable project, with revised DFS pending. Potential to add value through supplying concentrator at NAL.

Brett Lynch Managing Director

blynch@sayonamining.com.au +61 (0)408 819 330

Sayona Mining Limited ACN 091 951 978 Suite 68, 283 Given Terrace Paddington, Queensland, 4064 Brisbane, Australia Ph: +61 7 3369 7058 info@sayonamining.com.au Join the conversation on Twitter: @SayonaMining

Follow us on LinkedIn:

sayonamining.com.au

https://www.linkedin.com/company/sayona‐mining‐limited