ELEVRA LITHIUM LIMITED — Investor Presentation 2019

Mar 27, 2019

MARCH 2019 ASX: SYA

Disclaimer

==> picture [97 x 35] intentionally omitted <==

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 Downstream Concept Study Demonstrates Positive Economics, 30 August 2017

• Authier Project Expanded JORC Ore Reserve and Resources, 24 September 2018

• Positive Authier Definitive Feasibility Study, 24 September 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.

2

Sa ona ‐ At a Glance y

==> picture [393 x 296] intentionally omitted <==

==> picture [97 x 35] intentionally omitted <==

• ASX listed, lithium exploration and development company

• Flagship project Authier Lithium Project in Quebec, Canada

• Significant portfolio of lithium exploration properties in Australia and Canada

3

Cor orate Summar p y

	Share Structure
	Trading Exchange	ASX:SYA/SYAOB
	Shares	1,721,259,993
	Options	120,242,789 7.8¢ exercise, expiry 30 April 2020
	Shareholders	17% Directors
		44% Top20

==> picture [97 x 35] intentionally omitted <==

Capitalisation	Capitalisation
Price As at 25 March 2019	1.5¢
Market cap	AUD$25.8m
Cash As at 31 December 2018	AUD$4.5m
Debt	Nil
Enterprise value	$30.3m

SHARE PRICE (ASX:SYA)

4

Board Experienced in Developing Projects

==> picture [97 x 35] intentionally omitted <==

Dedicated to generating shareholder value by replicating past success

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

• James Brown experience

• • Managing Director of Altura Mining ‐ >$260m market cap

• • 40 years’ experience building mining operations in Australia and Indonesia. Former Director and Chief Operations Officer

• Allan Buckler for New Hope Corporation

• • Director of Altura Mining

• • Geologist with 40 years’ experience in technical and

• Dan O’Neill 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

5

Attractively Valued vs Peers

==> picture [97 x 35] intentionally omitted <==

==> picture [696 x 374] intentionally omitted <==

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

$ 260 M
C$288M
$ 870M
$494M
$ 1.2 Bn
$ 778M
C$ 97 M
$ 37 M
$ 91 M $ 125 M
$ 44 M
$ 87 M
$ 26 M
$78 M
C$32M
C$ 52 M
US$ 52 M
Exploration Appraisal Development Production
----- End of picture text -----

As at close of trade 25/3/19

6

Authier Lithium Project

==> picture [97 x 35] intentionally omitted <==

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

• Located in established mining district

• 100% owned

• Simple deposit ‐ 26,000m of drilling

• DFS completed Sep 2018; review planned based on BAPE regulatory pathway

7

Authier First‐Phase Develo ment p

==> picture [99 x 36] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

Simple, low‐cost, truck and shovel, open‐cut mining operation

==> picture [44 x 44] intentionally omitted <==

Conventional concentrator producing 6% Li20 concentrate

==> picture [44 x 45] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

Definitive Feasibility Study completed showing sustainable, profitable operation with estimated NPV of C$184.8m*

Permitting to progress through BAPE process

Production capacity under review with extended permitting process Low capital hurdle and competitive operating cost

* Subject to review based on BAPE regulatory process

8

Authier JORC Ore Reserve & Resource

==> picture [97 x 35] intentionally omitted <==

==> picture [682 x 368] intentionally omitted <==

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

JORC Ore Reserve (0.55% cut‐off)
Deposit well understood – 31,000 Tonnes Grades Contained
(Mt) (Li20) (Li20)
metres of drilling in 176 holes
6.1 0.99 % 60,390
Majority of Ore Reserve hosted in
6.0 1.02% 61,200
one large pegmatite – 1.1km long,
200m deep and 35m wide – 12.1 1.00% 121,590
outcropping from surface
JORC Mineral Resource (0.55% cut‐off)
Contained
Lithium mineralisation spodumene Tonnes Grades
(Li20)
(Mt) (Li20)
Base case mine Life – 18 years 6.58 1.02% 67,100
10.6 1.01% 107,100
Deposit remains open in all directions
3.76 0.98% 0.99% 36,800
20.94 1.01% % 211,000
----- End of picture text -----*

9

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

==> picture [99 x 36] intentionally omitted <==

• Simple Mining Method Truck and shovel operation

• Competitive Mining Costs

• Low Capex; Mining Fleet Leased

• Conservative geotechnical °

• assumptions – 55 pit slope

• • Large, thick tabular body LOM waste to ore ratio 6.9:1

==> picture [461 x 182] intentionally omitted <==

==> picture [461 x 181] intentionally omitted <==

10

World‐Class Infrastructure

==> picture [99 x 36] intentionally omitted <==

km 5 Low cost hydro power & gas

North American Lithium

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

11

Downstream Value‐Addin Potential g

==> picture [99 x 36] intentionally omitted <==

==> picture [47 x 46] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 45] intentionally omitted <==

==> picture [44 x 44] 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; Pre‐Feasibility Study pending Close to US battery markets

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

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

12

Inte rated Refiner Model g y

==> picture [97 x 35] intentionally omitted <==

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

13

Sa ona Investment Pro osition y p

==> picture [97 x 35] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

Authier is an advanced, de‐risked project on track for development

==> picture [720 x 63] intentionally omitted <==

==> picture [44 x 43] intentionally omitted <==

Located in a first world country with access to world‐class, low‐cost infrastructure

==> picture [44 x 43] intentionally omitted <==

Base case pre‐tax NPV of C$184 million and low enterprise value per tonne of resources compared to industry peers

==> picture [44 x 44] intentionally omitted <==

==> picture [44 x 43] intentionally omitted <==

Opportunity to value‐add Authier concentrates and create significant shareholder value; plus upside from project pipeline in Canada, WA Board and management team have track record of delivering projects around the world

14

Tansim uebec Shows Earl Potential , Q y

==> picture [97 x 35] intentionally omitted <==

==> picture [456 x 279] intentionally omitted <==

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

North American Lithium
----- End of picture text -----

• 9 kilometre pegmatite system mapped

• High‐grade lithium returned in selective sampling, O

• including up to 4.5% Li2

==> picture [232 x 168] intentionally omitted <==

==> picture [232 x 156] intentionally omitted <==

• 15 • Further drilling planned

Western Australian Lithium Portfolio

==> picture [97 x 35] intentionally omitted <==

==> picture [513 x 354] intentionally omitted <==

1,898km[2] Tenement Package in a World‐Class Lithium Province

16

– Lithium Metal of the 21[st] Century

==> picture [97 x 35] intentionally omitted <==

The lithium‐ion battery is changing the way we generate, use, distribute and store energy

==> picture [60 x 52] intentionally omitted <==

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

==> picture [53 x 43] intentionally omitted <==

==> picture [31 x 53] intentionally omitted <==

Battery and energy storage 17 for high technology industries

==> picture [61 x 64] intentionally omitted <==

driving unprecedented demand

• Projected compound annual growth rate until 2025

Slow Supply Side Response to Keep Prices High

==> picture [66 x 65] intentionally omitted <==

==> picture [60 x 60] intentionally omitted <==

==> picture [73 x 51] intentionally omitted <==

• Slow ramp‐up of new projects

==> picture [97 x 35] intentionally omitted <==

==> picture [73 x 50] intentionally omitted <==

• –

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

• Environmental & permitting constraints

• New technology – longer‐ lead times and higher than PFS studies

• capex forecast. High‐risk, difficult to fund

18

ACN 091 951 978 Suite 68, 283 Given Terrace Paddington, Queensland, 4064 Brisbane, Australia Ph: +61 7 3369 7058 info@sayonamining.com.au

==> picture [721 x 13] intentionally omitted <==