ELEVRA LITHIUM LIMITED — Investor Presentation 2021

Oct 3, 2021

~~INVESTOR PRESENTATION~~

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ACQUISITION OF MAJORITY INTEREST IN WORLD‐CLASS MOBLAN LITHIUM PROJECT

ASX:SYA SLIDE / 1

IMPORTANT INFORMATION

This presentation has been prepared by Sayona Mining Limited (“ Sayona ”, “ Company ”) in connection with Sayona’s proposed equity raising of new ordinary shares in Sayona ( New Shares ) comprising:

• a placement of New Shares to institutional and sophisticated investors under section 708A of the Corporations Act 2001 (Cth) ( Corporations Act ) ( Placement ); and

• a non‐renounceable rights issue to eligible shareholders ( Rights Issue ) (the Placement and Rights Issue together being the Offer ),

and provides a general overview of the Company and its strategy. The Lead Manager to the Offer is Canaccord Genuity (Australia) Limited (ABN 19 075 071 466) ( Lead Manager ). The Lead Manager is acting as lead manager and bookrunner to the Offer. This presentation does not purport to be all‐inclusive or to contain all the information that you or any other party may require to evaluate the prospects of the Company. None of the Company, any of its related bodies corporate or any of their representatives assume any responsibility for, or make any representation or warranty, express or implied, with respect to the accuracy, reliability or completeness of the information contained in this presentation and none of those parties have or assume any obligation to provide any additional information or to update this presentation. The information in this presentation should be read in conjunction with Sayona’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange ( ASX ), which are available at www.asx.com.au.

To the fullest extent permitted by law, the Company, the Lead Manager and their respective affiliates, related bodies corporates, officers, employees, partners, agents and advisers make no representation or warranty (express or implied) as to the currency, accuracy, reliability, reasonableness or completeness of the information in this presentation and expressly disclaim all responsibility and liability for any loss or damage arising in respect of your reliance on the information contained in this presentation (including your reliance on the accuracy, completeness or reliability of that information), or any errors in or omissions from this presentation, including any liability arising from negligence.

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’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 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.

Not an offer

This presentation is for information purposes only and is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission (ASIC)). This presentation is not and should not be considered an offer or an invitation to subscribe for or acquire securities or any other financial products. The Placement will be conducted under section 708A of the Corporations Act and will be made available to certain persons who are "professional" or "sophisticated" investors (as defined in subsections 708(8) and 708(11) of the Corporations Act) and institutional or professional investors in certain other jurisdictions outside Australia.

The Rights Issue will only be made available to eligible shareholders. Determination of eligibility of investors for the purposes of the Offer is determined by reference to a number of matters, including legal requirements and the discretion of Sayona and the Lead Manager. To the maximum extent permitted by law, Sayona and the Lead Manager each disclaim any liability in respect of the exercise of that discretion or otherwise.

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ASX:SYA SLIDE / 2

IMPORTANT INFORMATION

This presentation is not an offer or an invitation to acquire New Shares of the Company, does not constitute investment or financial product advice (nor tax, accounting or legal advice) or any recommendation to acquire New Shares.

This presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 (“US Securities Act”) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The distribution of this presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this presentation should observe any such restrictions as any non‐compliance could contravene applicable securities laws. Please refer to the section of this document headed “International Offer Restrictions" for more information.

Not financial product advice

This presentation has been prepared without taking into account the specific objectives, financial situation or needs of individual investors. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek appropriate advice, including financial, legal and taxation advice appropriate to their jurisdiction and circumstances. Sayona is not licensed to provide financial product advice in respect of its securities. Cooling off rights do not apply to the acquisition of New Shares.

Investment Risk and other risks

An investment in New Shares is subject to investment and other known and unknown risks, some of which are beyond the control of Sayona. Sayona does not guarantee any particular rate of return or the performance of Sayona. Investors should have regard to the “Key Risks” section of this presentation when making their investment decision. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in Sayona (including New Shares) in the future. There is no guarantee that the New Shares will make a return on the capital invested or that there will be an increase in the value of the New Shares in the future

Mineral Resources and Ore Reserves

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 on 11 November 2019 relating to the Mineral Resources and Ore Reserves of the Authier project 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.

Foreign Estimates

Sayona confirms it is not in possession of any new information or data relating to the foreign estimates previously announced on 13 and 30 September 2021. The supporting information provided in the previous ASX announcements dated 13 and 30 September 2021 continue to apply and has not materially changed. Sayona cautions that:

• the foreign estimates are foreign estimates and are not reported in accordance with the JORC Code;

• a competent person has not done sufficient work to classify the foreign estimates as mineral resources in accordance with the JORC Code; and

• it is uncertain that following evaluation and/or further exploration work that the foreign estimates will be able to be reported as mineral resources in accordance with the JORC Code.

ASX:SYA SLIDE / 3

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IMPORTANT INFORMATION

Disclaimer

No party other than Sayona has authorised, permitted or caused the issue, submission, dispatch or provision of this presentation or makes or purports to make any statement in this presentation. To the maximum extent permitted by law, each of Sayona, the Lead Manager and their respective affiliates or related bodies corporate, and each of their respective advisers, directors, officers, partners, employees and agents (each a Limited Party):

• expressly exclude and disclaim all responsibility and liability, including, without limitation, for negligence or in respect of any expenses, losses, damages or costs incurred by you as a result of your participation in the Offer and the information in this presentation being inaccurate or incomplete in any way for any reason, whether by way of negligence or otherwise; and

• make no representation or warranty, express or implied, as to the fairness, currency, accuracy, reliability or completeness of information in this presentation or any constituent or associated presentation, information or material, or the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in, implied by, the information in this presentation or any part of it, or that this presentation contains all material information about Sayona, the Offer or that a prospective investor or purchaser may require in evaluating a possible investment in Sayona or acquisition of New Shares.

The Lead Manager makes no recommendations as to whether you or your related parties should participate in the Offer, nor do they make any representations or warranties to you concerning the Offer. There is no statement in this presentation which is based on any statement by the Lead Manager or its Limited Parties (except for references to the Lead Managers’ name).

The Lead Manager, together with its respective affiliates and related bodies corporate, are each full‐service financial institutions engaged in various activities, which may include trading, financing, financial advisory, investment management, investment research, principal investment, hedging, marketing making, market lending, brokerage and other financial and non‐financial activities and services including for which they have received or may receive customary fees and expenses. The Lead Manager (and/or its respective bodies corporate) have performed, and may perform, other financial or advisory services for Sayona, and/or may have other interests in or relationships with Sayona and its related entities or other entities mentioned in this presentation for which they have received or may receive customary fees and expenses. Without limitation, in the ordinary course of their various business activities, the Lead Manager and its Limited Parties may have interests in the securities of Sayona, including being directors of, or providing investment banking services to Sayona. Further, they may act as market maker or buy or sell those securities or associated derivatives as principal or agent. The Lead Manager may receive fees for acting in its capacity as lead managers and bookrunners to the Offer.

Statements made in this presentation are made only as at the date of this presentation. None of the Lead Manager, nor any of its or Sayona's respective Limited Parties have any obligation to update the statements in this presentation. The information in this presentation remains subject to change without notice.

JORC Code

It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this document comply with the JORC Code (such JORC Code‐compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43‐101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43‐101 Standards"); or (ii) Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them.

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ASX:SYA SLIDE / 4

EXECUTIVE SUMMARY – GROWING STRATEGIC FOOTPRINT IN QUEBEC

• Sayona Mining Limited (“Sayona”) to acquire a 60% interest in the world‐class Moblan Lithium Project (“Moblan”) from Guo‐Ao Lithium Ltd. (“Guo‐Ao”) in further expansion of Québec lithium assets

• Moblan is located in established mining jurisdiction of Eeyou‐Istchee James Bay, hosting world‐class lithium resources such as Nemaska Lithium’s Whabouchi mine

• SOQUEM Inc. (“SOQUEM”), a wholly owned subsidiary of Investissement Québec and a 40% partner in Moblan, has waived its right of first refusal in connection with Guo Ao’s interest

• Moblan is host to high‐grade spodumene mineralisation, with a Mineral Resource Foreign Estimate (Non‐JORC compliant) of 12.03Mt @ 1.4% Li2O ( refer cautionary statement regarding foreign estimate below )

• Sayona has identified the opportunity for potential expansion of the Moblan resource, including following up previous geotechnical drilling which intersected up to 29.1m of continuous spodumene‐bearing pegmatites outside the resource envelope

• In conjunction with its existing assets strategically located to the south of Moblan, Sayona is cementing a leadership position in the fast‐growing North American industry amid accelerating lithium demand

• Sayona is raising a total of A$125.5 million through a Placement (A$100 million) and Non‐Renounceable Rights Issue (A$25.5M) to fund the acquisition in addition to advancing its projects, including the integration of North American Lithium (“NAL”) and the development of a pathway to spodumene production in 2023

ASX:SYA SLIDE / 5

Information on the foreign estimate is extracted from the ASX announcements of 13 and 30 September 2021. Sayona confirms it is not in possession of any new information or data relating to the foreign estimates previously announced on 13 and 30 September 2021. The supporting information provided in the previous ASX announcements dated 13 and 30 September 2021 continue to apply and has not materially changed. Sayona cautions that the foreign estimates are foreign estimates and are not reported in accordance with the JORC Code; a competent person has not done sufficient work to classify the foreign estimates as mineral resources in accordance with the JORC Code; and it is uncertain that following evaluation and/or further exploration work that the foreign estimates will be able to be reported as mineral resources in accordance with the JORC Code.

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MOBLAN ACQUISITION SUMMARY

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 Sayona to acquire Lithium Royalty Corp.’s (“LRC”) right to acquire a 60% interest in Moblan from Guo‐Ao (“LRC Transaction”)
TRANSACTION
 The LRC Transaction will occur concurrently with Sayona’s closing of the acquisition of Guo Ao’s 60% interest in Moblan
MOBLAN
PURCHASE  US$86.5 million, payable in cash by Sayona to Guo Ao
PRICE
 Moblan Royalty – LRC pays US$5.0 million for 2.5% Gross Overriding Revenue (GOR) royalty on Sayona’s ownership participation in
Moblan (initially 60%) for the first one (1) million tpa of ore produced and 1.5% for any production greater than one (1) million tpa
of ore
ADDITIONAL LRC  Tansim Royalty – LRC pays US$3.0 million to Sayona to procure t ransfer of 2.0% Net Smelter Return (NSR) royalty currently owned
TRANSACTION
by Quebec Precious Metals Inc. on the Tansim project
TERMS
 Malina Royalty – LRC pays US$0.5 million for 1.5% GOR royalty on Sayona’s ownership participation in Malina (49%)
 Offtake – LRC receives LOM offtake for 10% of Sayona’s ownership participation in Moblan at a 5% discount to prevailing market
terms
LRC EQUITY
 LRC has committed to invest at least US$5 million in the equity raising
COMMITMENT
CLOSING DATE  15 October 2021
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ASX:SYA SLIDE / 6

EQUITY RAISING SUMMARY

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 A$100 million placement of 689,470,310 new fully paid ordinary shares (“New Shares”) to sophisticated and professional investors
OFFER SIZE & (“Placement”) pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1
STRUCTURE  A$25.5 million, 1 for 35 non‐renounceable rights issue of New Shares (“Rights Issue”) pursuant to a prospectus issued by the
Company in accordance with section 713 of the Corporations Act (“Prospectus”). The Rights Issue is non‐underwritten.
 Fixed offer price of A$0.145 per New Share which represents a:
•
17.1% discount to the last closing price of A$0.175 as at close of trade on 29 September 2021
ISSUE PRICE
•
18.9% discount to the 5‐day VWAP of A$0.179 as at 29 September 2021
•
20.3% discount to the 10‐day VWAP of A$0.182 as at 29 September 2021
 The funds raised in the offer will be used in conjunction with existing available cash at bank (~ A$24 million):
• for the LRC Acquisition
USE OF
PROCEEDS • to advance Sayona’s projects, including the integration of NAL and the development of a pathway to spodumene production in
2023
• for general working capital purposes (including Offer costs)
 Canaccord Genuity (Australia) Limited is acting as Lead Manager and Bookrunner to the Placement and Lead Manager to the Rights
SYNDICATE Issue
 Desjardins Capital Markets and Jett Capital Advisors are acting as Co‐Managers to the Placement
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ASX:SYA 1. Eligible shareholders are registered Sayona shareholders, as at 7.00pm AEDT 7 October 2021, who have a registered address in Australia or New Zealand. SLIDE / 7

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EQUITY RAISING – USE OF FUNDS

The equity raising provides funding to Sayona for the LRC Acquisition, to advance its projects, including the integration of NAL and the development of a pathway to spodumene production in 2023 for general working capital purposes:

SOURCES OF FUNDS	(A$M)	(A$M)
Placement Proceeds	95.0
Rights Issue Proceeds	25.5
LRC Royalty Purchase	12.0
Existing Cash on Hand1	24.0
Total Sources2	156.5
USES OF FUNDS		(A$M)
Moblan Acquisition		120.0
NAL redevelopment assessment		5.0
Authier approval process		3.0
Other exploration and assessment		5.0
Working capital, including Offer costs		23.5
Total Uses2		156.5

1. Cash and cash equivalents as at 30 June 2021.

ASX:SYA 2. Assuming the Placement raises A$95m and Rights Issue raises A$25.5m SLIDE / 8

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INDICATIVE TIMETABLE

Key dates for LRC Transaction and equity raising:

EVENT	DATE (2021)
ASX announcement re Placement & Rights Issue; lodge Rights Issue Prospectus with ASIC / ASX; lodge Appendix 3B with ASX	Monday, 4 October
Trading halt lifted – trading resumed on the ASX	Monday, 4 October
Record Date for the Rights Issue	Thursday, 7 October
Settlement of Placement and allotment of Placement New Shares	Friday, 8 October
Expected date of ASX Quotation of Placement New Shares	Monday, 11 October
Dispatch of Prospectus, Rights Issue & Acceptance forms, Rights Issue opens	Monday, 11 October
Settlement of the Moblan acquisition	Friday, 15 October
Rights Issue closes	Monday, 25 October
Right Issue Shortfall advised	Thursday, 28 October
Settlement of Rights Issue Shortfall	Friday, 29 October
Allotment of New Shares issued under the Rights Issue	Monday, 1 November
Normal trading of New Shares issued under the Rights Issue	Tuesday, 2 November
Dispatch of holding statements under the Rights Issue	Wednesday, 3 November

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Dates and times are indicative only and subject to change without notice. Sayona reserves the right to alter the dates at its discretion and without notice, subject to the ASX Listing Rules and the Corporations Act 2001 (Cth)

ASX:SYA SLIDE / 9

SAYONA A FUTURE SUPPLIER OF LITHIUM TO THE NA MARKET

Objective to become a world‐scale hard rock lithium producer based in Québec

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Moblan (60%)
Abitibi Hub
• NAL
• Authier Pilbara
• Tansim Projects
Sayona Offices
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• Objective to begin supplying spodumene to the North American lithium battery supply chain by 2023

• Abitibi Lithium Hub ‐ three core assets

• NAL – acquired in August 2021

• Authier – blending ore for NAL concentrator feed

• Tansim – prospective exploration project, long‐term source of concentrator feed, “the next Authier”

• Exploring development of lithium hydroxide production facility by 2025

• Pending Moblan acquisition (60%)

• One of the highest‐grade deposits in Québec and North America

• Joint venture with SOQUEM (40%), a subsidiary of Investissement Québec

• Australian properties, covering >1,000 km[2] , provide further lithium, graphite and gold optionality

• Strategic relationship with Piedmont Lithium (NASDAQ:PLL)

ASX:SYA SLIDE / 10

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STEPPING UP THE QUÉBEC LITHIUM VALUE CHAIN

Sayona is seeking to become a key supplier to the North American battery industry

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Core focus

Today

Integrate NAL and develop path to spodumene production

• Integrate Authier and NAL operations

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Financing and strategic transactions

Medium term – 2023 World‐scale spodumene producer Medium term

• Targeting spodumene concentrate production in 2023

• Build and expand on Moblan acquisition to create northern hub

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A pillar of Québec’s integrated lithium industry strategy

Long term – 2025 and beyond Integrated spodumene mining and lithium carbonate / hydroxide production

• Push Sayona into the tier 1 group of spodumene resources and reserves

• Objective to invest into lithium carbonate / hydroxide production facilities in Québec (expected 2025) subject to feasibility, permitting and financing

• Feasibility Study expected H2 2021

• Upgrade and refurbish NAL concentrator

• Expand Abitibi resource base

ASX:SYA Note: Please refer to the Risk Section in the Appendices. SLIDE / 11

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TARGETING FIRST SPODUMENE PRODUCTION AT NAL BY MID‐2023

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August 2021 December 2022 June 2023
NAL closed NAL concentrator commissioning First ore from Authier
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2021 2021 2022 2022 2022 2022 2023 2023
Q3 2021 – Q2 2022
Updating NAL Permits
Q3 2021 – Q4 2022
Equipment bid, fabrication, delivery & installation
Q3 2021 ‐ Q1 2023
Authier permitting (subject to change based on integration with NAL – i.e. no concentrator required at Authier)
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North American Lithium Authier Project

ASX:SYA Note: Please refer to the Risk Section in the Appendices. SLIDE / 12

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CREATING LITHIUM HUB IN ABITIBI AND DEVELOPING JAMES BAY ASSET BASE

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Whabouchi Canada  Sayona created the Abitibi Hub from three core assets:
–
NAL – mine and concentrator, brownfield site with over
$400 million invested to date
Moblan (60%) Québec –
Authier – long‐life deposit ~30 km from NAL
–
Tansim – exploration project expected to provide material to
the NAL concentrator in the future
 Sayona’s strategy is to transport and process mineralised material
Authier NAL Site from the three deposits at NAL’s concentrator
 Examining the construction of a lithium hydroxide plant in
NAL Bécancour and/or completion of the existing
carbonate plant at the NAL site
Tansim
 Moblan (60/40 JV with SOQUEM) has potential to be the first
pillar of a future “North Hub”
Québec City
–
Higher grade and tonnage than Abitibi Hub projects
Bécancour
–
Integrates with anticipated new hydroxide capacity
Potential Hydroxide/  Strong partnership with Québec Government and local First
Sayona Assets Li Deposits Concentrator Carbonate Plant site Nations communities
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• NAL – mine and concentrator, brownfield site with over $400 million invested to date

• Tansim – exploration project expected to provide material to the NAL concentrator in the future

• Sayona’s strategy is to transport and process mineralised material from the three deposits at NAL’s concentrator

• Examining the construction of a lithium hydroxide plant in Bécancour and/or completion of the existing carbonate plant at the NAL site

• Moblan (60/40 JV with SOQUEM) has potential to be the first pillar of a future “North Hub”

• Strong partnership with Québec Government and local First Nations communities

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ASX:SYA SLIDE / 13 Note: Current permitting provides for maximum daily production of 3,800 tpd. Note: Please refer to the Risk Section in the Appendices.

SAYONA HAS ASSEMBLED A SIGNIFICANT RESOURCE BASE IN QUÉBEC

Resource Size (Measured & Indicated, Tonnage in Millions) and Grade (%)

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1.84%
64.0
1.45%
50.4 1.40% 1.40% 1.37% 1.40%
1.25%
1.19%
1.13% 1.12%
1.04% 1.01%
40.3
38.3
30.0 21.6
12.0
8.7 8.1
6.6
2.1
0.5
Sayona Incl. Sayona Galaxy Nemaska Critical Piedmont Guo Ao Frontier Avalon Rock Tech Ardiden New Age
60% Moblan Resources Elements Lithium Lithium Lithium Metals
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• 1) Moblan resource is not NI 43‐101 or JORC compliant at this time. The Sayona resource comprising the foreign estimate at NAL does not reflect any depletion of the resource resulting from mining at NAL. See ASX announcement of 13 September 2021.

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ASX:SYA SLIDE / 14

SIGNIFICANT INVESTMENT IN NORTH AMERICAN LiOH CAPACITY IS NEEDED

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North America requires an additional 13 x 20,000 tonne hydroxide trains and 13 x 150,000 tonne spodumene mines by 2030
Incremental LiOH Required To Satisfy NA Demand [(1)]
201
101
20
2020 2025 2030
Incremental LiOH operations required [(2) ] (~20,000 tonne LCE average capacity)
10 6 13
Mines required (~150,000 tonne average capacity of spodumene) [(3)]
1.5 7 13
Kt / LCE of Hydroxide
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• 1) For Passenger & Light Commercial EVs ‐ assumes incremental demand for EV’s to be 75% lithium hydroxide, with an average lithium content of 0.78Kg LCE per KWh

• ASX:SYA 2) Assumes an average lithium hydroxide operation of 20,000 tonne trains annually at 80‐85% capacity utilization SLIDE / 15 3) 6% Spodumene required; 160,000 tonnes, 1,000,000 tonnes and 2,000,000 tonnes respectively for 2020, 2025 and 2030

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CANADA IS THE MOST COMPETITIVE SUPPLIER TO THE NA EV MARKET

Canada’s lithium suppliers benefit from an economic moat as global producers are incentivised to ship to Europe and China

Global Spodumene Pricing Netbacks

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Australia Supplies China
•
Australia’s highest netback: $795/t to China
Canada Supplies US / Europe (POR), Surplus To
China
•
Canada’s highest netback: $818/t to USA
Roskill Avg price
2023‐2030 CIF
Brazil Keeps Markets In Sync CAN ‐> USA China: US$880/t
$740 ‐ $818/t
•
Brazil’s highest netback: $817/t to Europe (POR)
•
Netback to China: $776/t
AUS ‐> CHN
$795/t ‐ $880/t [(1)]
Indifference Price Summary (US$) BRA ‐> POR
$776/t ‐ $817/t
To: CHN To: USA To: EUR (POR)
AUS $880/t [(1)] $954/t [(1)] $920/t [(1)]
CAN $880 ‐ $954/t $802 ‐ $880/t $819 ‐ $897/t
BRA $880 ‐ $921/t $876 ‐ $917/t $839 ‐ $880/t Spodumene source Refinery hubs Destination with highest netback
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ASX:SYA 1) Australia’s highest netback route is to China, the largest importer of spodumene. It does not need to sell to other regions at a price below the China CIF SLIDE / 16

AUTHIER LITHIUM PROJECT OVERVIEW

Authier integration into Abitibi Hub brings many advantages

• NAL integration greatly simplifies Authier

• Becomes a quarry – no processing takes place on‐site

• Permitting approval process significantly simplified

• No duplication of concentrator and associated infrastructure ‐ increases capital efficiency and IRR

• Supplies ore for blending to improve performance of NAL concentrator

• Quicker time to spodumene concentrate production

Category	Tonnes (millions)	Grade (% Li2O)	Contained Li2O (kt)
Proven 6.1 0.99 60.4 Probable 6.0 1.02 61.2
Total P&P 12.1 1.00 121.6
Measured 6.6 1.02 67.1 Indicated 10.6 1.01 107.1
Total M&I 17.2 1.01 174.2
Inferred 3.8 0.98 36.8

• ASX:SYA 1) Subject to revision pending amalgamation with NAL

• SLIDE / 17 2) Refer information on Mineral Resources and Ore Reserves on slide 3

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Top – Authier tenements, Bottom – Authier pit shell design

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NAL PROJECT – BROWNFIELD MINING AND CONCENTRATION OPERATION

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Near‐term lithium producer

• Brownfield open pit mining operation with concentrator at site

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• Over $400 million already invested in concentrator, mining operations and carbonate plant

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• NAL is accessible by provincial highways and is traversed by an all‐weather secondary road

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• Concentrator refurbishment and required permitting to re‐start operations to begin immediately

• Plant has capacity to produce up to 220,000 tonnes of spodumene concentrate per year

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• Concentrator performance expected to benefit from blending “softer” Authier material

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Category	Tonnes (millions)	Grade (% Li2O)	Contained Li2O (kt)
Proven 11.7 0.94 109.98 Probable 8.8 0.93 81.84
Total P&P 20.6 0.94 193.64
Measured 13.5 1.08 145.8 Indicated 25.8 1.02 263.16
Total M&I 39.3 1.04 408.96
Inferred 18.4 1.06 195.04

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Overview of the NAL operation and pit

Source: NI 43‐101 Technical Report, 24 August 2017. Based on 95% recovery, 18% dilution with 0.6% Li2O cut‐off grade

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Sayona confirms it is not in possession of any new information or data relating to the foreign estimates previously announced on 13 September 2021. The supporting information provided in ASX:SYA the previous ASX announcement dated 13 September 2021 continue to apply and has not materially changed. Sayona cautions that the foreign estimates are foreign estimates and are not reported in accordance with the JORC Code; a competent person has not done sufficient work to classify the foreign estimates as mineral resources in accordance with the JORC Code; and it SLIDE / 18 is uncertain that following evaluation and/or further exploration work that the foreign estimates will be able to be reported as mineral resources in accordance with the JORC Code.

TANSIM PROJECT – HIGH GRADE, LARGE TONNAGE EXPANSION PROJECT

• 350 mineral claims spanning 20,256 ha of prospective lithium acreage, approx. 82 km south‐west of Authier project

• Exploration Target[(1)] for Viau‐Dallaire prospect estimated at between 5‐25 million tonnes, estimated grade 1.2% ‐ 1.3% Li2O[(2)]

• Positioned to significantly increase Sayona’s resource base, extend mine life of the Abitibi Hub

• Drilling program planned for 2021, comprising 26 drill holes for approx. 4,200 m

• Potential to realise world‐class lithium deposit, supporting Sayona’s lithium hub in Abitibi

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Drill core from drilling at the Tansim project

• 1) The potential quality and grade of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Refer ASX announcement 19 November 2019.

• 2) COMPETENT PERSON STATEMENT: The information in this report that relates to Exploration Targets is based on information compiled by Dr. Gustavo Delendatti, a member of the Australian Institute of Geoscientists. Dr. Delendatti is an independent consultant, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code (2012 Edition) of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr. Delendatti, as competent person for this announcement, has consented to the inclusion of the information in the form and context in which it appears.

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ASX:SYA SLIDE / 19

MOBLAN LITHIUM PROJECT OVERVIEW

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Moblan is a large, high grade property that anchors Sayona’s new “North Hub”

• Located 130km to the N‐NW of Chibougamau, with year‐round highway/gravel road access, rail access at Chibougamau and grid power 52km from site

• One of the highest‐grade deposits in Québec and North America

• Highly defined ore body with over 17,000m of diamond drilling completed to date

• Simple, tabular ore body (typically 20m – 30m wide) with low strip ratio (2.9:1)

• Significant exploration potential to increase deposit size

• 2019 DFS completed by DRA Met‐Chem (not NI 43‐101 compliant) outlines test work resulting in concentrate grading 6.2% Li2O (with ore sorting)

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• Advances Québec Government’s strategy for lithium hub in the James Bay region

Category	Tonnes (millions)	Grade (% Li2O)
Proven 4.6 1.57 Probable 6.1 1.27
Total P&P 10.7 1.40
Measured 4.8 1.59 Indicated 7.3 1.27
Total M&I 12.0 1.40
Inferred 4.1 1.33

Note: All values shown on a 100%‐basis, resources are shown exclusive of reserves, 0.30% Li2O cut‐off

Top – Cross‐section of Moblan drilling results , Bottom – Outcropping mineralisation at Moblan

Sayona confirms it is not in possession of any new information or data relating to the foreign estimates previously announced on 30 September 2021. The supporting information provided in the previous ASX announcement dated 30 September 2021 continues to apply and has not materially changed. Sayona cautions that the foreign estimates are foreign estimates and are not reported in accordance with the JORC Code; a competent person has not done sufficient work to classify the foreign estimates as mineral resources in accordance with the ASX:SYA JORC Code; and it is uncertain that following evaluation and/or further exploration work that the foreign estimates will be able to be reported SLIDE / 20 as mineral resources in accordance with the JORC Code.

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SAYONA’S VALUE CREATION PATH

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12 Month Share Price and Volume
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$0.20 450,000
Aug 30: Completes NAL acquisition
$0.18
400,000
Jul 12: Announces A$50 million
Mar 25: Launches A$20.4
$0.16 financing to fund NAL acquisition
million fully underwritten 350,000
renounceable rights issue
$0.14
Jun 30: Court approves
300,000
Sayona’s acquisition of NAL
$0.12
250,000
Jan 11: A$15.5 million strategic
$0.10
investment from Piedmont Jun 8: Completion of Piedmont
200,000
investment in Sayona Québec and
$0.08
offtake agreement
150,000
$0.06 Dec 24: Completes
Tansim acquisition
100,000
$0.04
$0.02 50,000
$0.00 0
Sep‐20 Oct‐20 Nov‐20 Jan‐21 Feb‐21 Mar‐21 Apr‐21 May‐21 Jun‐21 Jul‐21 Aug‐21 Sep‐21
Price (A$)
Volume (000’s)
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ASX:SYA SLIDE / 21

CORPORATE SUMMARY

Corporate Structure

Corporate Structure
Share on Issue	6,150,120,845
Options on Issue (Various ex prices & dates)	407,149,492
Share Price (27 September 21)	A$0.175
12 Month Liquidity	A$1,125M
Basic Market Capitalisation	A$1,076M
Cash at Bank(1)	~A$24M
Enterprise Value	A$1,052M

Top 5 Shareholders

Top 5 Shareholders
Piedmont Lithium Ltd.	18.7%
Citicorp Nominees Pty Ltd.	4.3%
Merrill Lynch (Australia) Nominees Pty Ltd.	2.8%
BNP Paribas Nominees Pty Ltd.	2.4%
Cropanly Pty Ltd.	2.3%
Total	30.5%
Number of Shareholders	21,555

ASX:SYA 1) As of June 30[th] , plus net proceeds of A$65 million placement and SPP to fund the NAL acquisition and the purchase of NAL SLIDE / 22 2) Top 15 shareholders (includes custodian accounts) excluding Piedmont according to Computershare as of August 19, 2021

Ownership Summary

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Top 15
Shareholders [(2)]
Piedmont
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EXPERIENCED BOARD & MANAGMENT

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

• BRETT LYNCH,  30+ years of experience in the global mining

• MANAGING industry, including North America and Asia‐Pacific

• DIRECTOR/CEO

• Previous positions at leading resource companies including New Hope Corporation and Orica

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PAUL  CPA with 40 years’ public company experience
CRAWFORD,
 Founding director of Orocobre Ltd.
EXECUTIVE
DIRECTOR /  Former Company Secretary for a number of listed
COMPANY SEC companies
 Appointed to lead community engagement in
Québec
GUY LALIBERTÉ,
 Experienced project director and construction
CEO, SAYONA
manager in mining & heavy industry
QUÉBEC
 Québec local with more than 35 years’
international experience
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JAMES BROWN, NON‐EXECUTIVE DIRECTOR

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

• Extensive mine development & operational experience

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

• ALLAN BUCKLER, in Australia and Indonesia

• NON‐EXECUTIVE DIRECTOR  Former Director and Chief Operations Officer for New Hope Corporation

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ASX:SYA SLIDE / 23

KEY RISKS

Risk factors include but are not limited to the following:

1. General

An investment in the Company is subject to risk. The existence of risk means that the performance of the Company could be adversely affected.

The Directors have identified what they believe to be the major risks that may affect the Company. While the Company has endeavoured to disclose all material risks, you should be aware that the risks contained in this Section are not exhaustive. This Section should be treated as a general guide only.

While the Company may be able to minimise the impact of some risks through various risk management techniques, many of the risks identified in this section are beyond the control of the Company and as such cannot be eliminated or their impact minimised.

2. Key Risks specific to the Company

Exploration Risk

The successful exploration and development of mineral properties is speculative. There is no assurance that exploration of the tenement portfolio in which the Company has an interest, will result in the discovery of a mineral deposit that can be economically mined or the increase in any current mineral resource or conversion of mineral resources to ore reserves.

The exploration costs of the Company are based on certain assumptions with respect to the method and timing of exploration. By their nature, these estimates and assumptions are subject to significant uncertainties and, accordingly, the actual costs may differ materially from these estimates and assumptions.

Resource Estimates

Resource estimates are expressions of judgement based on knowledge, experience and industry practice. Estimates which were valid when originally calculated may alter significantly when new information or techniques become available. In addition, by their very nature, resource estimates are imprecise and depend to some extent on interpretations, which may prove to be inaccurate.

As further information becomes available through additional fieldwork and analysis, the estimates are likely to change. This may result in alterations to development and mining plans which may, in turn, adversely affect the Company’s operations.

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ASX:SYA SLIDE / 24

KEY RISKS

Many of the mining claims in which the Company has an interest are subject to ongoing royalty obligations. The amount of royalties payable in respect of a claim may have an impact on the economic viability of that claim, depending on various factors such as commodity prices and prevailing economic conditions.

Project Funding

The future development of the Company’s Authier Lithium Project, North American Lithium Project and Moblan Project (the Projects ) will require the Company to obtain additional equity and debt funding. There is no certainty that the Company will be able to secure the necessary funding, or secure it on terms that are economic, to enable the future development of the Projects.

Land Access

From time to time, the Company’s tenements or tenements the Company has a legal or beneficial interest in, may be subject to claims or other access restrictions. These may relate to the owner of the land on which the tenements are located, or indigenous rights of local indigenous people. In those circumstances, Sayona may have to resolve access arrangements under the relevant regime prior to entering upon the land to carry out activities or developing a mine on the tenements. Access arrangements may be subject to provision of monetary compensation, compensation for damage to land, restoration of the land.

There can be no guarantee that applications or access arrangements will be resolved in a timely fashion, in Sayona’s favour, or in manner which is commercially viable for Sayona.

Tenure

Interests in a project’s tenements are governed by legislation and are evidenced by the granting of licenses or leases. Each license or lease is for a specific term and carries with it expenditure and reporting commitments, as well as other conditions requiring compliance.

In addition, an interest (or a right to earn an interest) in a project may be governed by agreements with parties which require compliance with certain conditions, commitments and obligations.

Consequently, the Company could lose title to or its interest in tenements or a project if these conditions, commitments and obligations are not met as and when they arise.

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ASX:SYA SLIDE / 25

KEY RISKS

Sovereign and Political Risk

The Projects are all located in Québec, Canada. As a result, the Company is subject to political, economic and other uncertainties, including but not limited to changes in mining and exploration policies or the personnel administering them, nationalisation or expropriation of property, cancellation or modification of contractual rights, foreign exchange restrictions, currency fluctuation, royalty and tax increase and other risks arising out of foreign government sovereignty over the areas in which the Company’s operations are conducted.

The Company’s future operations in Québec may be affected by changing political conditions and changes to laws and mining policies. The effects of these factors cannot be accurately predicted and developments may impede the operation or development of a project and even render it uneconomic.

NAL development

Sayona is presently undertaking a scoping study for an integrated NAL and Authier mining project, with a view to recommencing operations and the production of spodumene at the NAL processing facility. The recommencement of mining operations and spodumene production involves an update of the mineral resource and block model, upgrade to the run‐of‐mine feed systems, crushing circuit improvement works, other plant refurbishment; pit de‐watering and updates to certain permits. A delay in any of these activities may adversely impact on Sayona’s plans, related timelines and the anticipated date by which the Company presently anticipates commencing production of spodumene from the project.

Moblan acquisition

The acquisition of the Moblan project is structured as an assignment of LRC’s binding right to acquire the Moblan interest from Guo‐Ao Lithium Ltd. The acquisition is subject to the Company raising sufficient capital to complete the acquisition and other customary closing conditions. Guo‐Ao Lithium Ltd’s obligation to assign the Moblan interest is unconditional, subject to completion occurring by 15 October 2021. f any of the conditions to closing are not satisfied or waived by the Company, or Guo‐Ao Lithium Ltd defaults under its obligations, the Company may not be able to complete the acquisition, which may have a material adverse effect on the Company.

3. Industry Risks

Development Risk

There is a risk that the Company will not be able to economically mine any mineral resources or ore reserves discovered in its tenement portfolio in order to produce a satisfactory commercial return. There are significant risks associated with the development of an operating mine. Before the Company can build a mine, the Company will need to obtain various regulatory approvals and licences, including environmental licences. There is no guarantee that the Company will be able to obtain the required approvals and licences or that it will be able to comply with any conditions imposed on those approvals and licences in a cost‐effective manner.

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ASX:SYA SLIDE / 26

KEY RISKS

There are also many operational and technical risks associated with developing and operating a mine. These risks may have an adverse effect on the capital costs, operating costs or time to develop a project and consequently, adversely impact the economic viability of any future mining activities.

Environmental Risk

Mineral exploration and development carries some level of environmental risk. The Company may require statutory approval from relevant environmental authorities before it can undertake certain activities that may impact on the environment. Development of identified mineral resources will be dependent on the project meeting environmental guidelines and gaining the required approvals from government departments.

It is the Company’s intention to conduct its activities to the highest standard of environmental obligation, including compliance with all environmental laws.

Market Volatility

Share market conditions may affect listed securities regardless of the operating performance of a particular company. Market conditions are affected by many factors including investor confidence, general national and global economic outlook, changes in or outlook on interest rates, changes in or outlook on inflation, commodity prices and supply of capital.

The Shares of the Company may rise or fall in price depending on market conditions and investor attitude.

Commodity Prices

The Company’s Share price, future revenues and cash flows may be impacted by changes in the prices of minerals commodities. Commodity prices are influenced by physical and investment demand and may rise or fall. Fluctuations in commodity prices, specifically lithium may influence individual projects in which the Company is involved. Similarly, the demand for products in which lithium is used may impact commodity prices and in turn adversely affect the Company’s own financial position and/or Share price.

The international prices of most commodities are denominated in United States dollars. Changes in the Australian/United States dollar exchange rate may impact the value of the Company and its Shares. Exchange rates are influenced by numerous macro‐economic factors beyond the Company’s control.

Financial Performance

Sayona is a mineral exploration company. The Company has no immediate source of revenue. The Company will not generate any revenue until such time as it is able to successfully implement its plans to restart lithium production at the Company’s NAL project.

Consequently, until Sayona is able to realise value from its projects, Sayona will incur ongoing operating losses.

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ASX:SYA SLIDE / 27

KEY RISKS

Reliance on Key Personnel

As an exploration company, Sayona is dependent on its senior management and key personnel for the day‐to‐day operations and strategic management of the Company. The value of the Shares and the operations of the Company could be adversely affected by the departure of any of these employees.

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ASX:SYA SLIDE / 28

APPENDICES

ASX:SYA SLIDE / 29

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INTERNATIONAL OFFER RESTRICTIONS

International Offer Restrictions

This document does not constitute an offer of new ordinary shares ("New Shares") of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia except to the extent permitted below.

Canada (British Columbia, Ontario and Quebec provinces)

This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the "Provinces"), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by persons permitted to sell such securities. This document is not a prospectus, an advertisement or a public offering of securities in the Provinces. This document may only be distributed in the Provinces to persons who are "accredited investors" within the meaning of National Instrument 45‐106 – Prospectus Exemptions , of the Canadian Securities Administrators.

No securities commission or authority in the Provinces has reviewed or in any way passed upon this document, the merits of the New Shares or the offering of the New Shares and any representation to the contrary is an offence.

No prospectus has been, or will be, filed in the Provinces with respect to the offering of New Shares or the resale of such securities. Any person in the Provinces lawfully participating in the offer will not receive the information, legal rights or protections that would be afforded had a prospectus been filed and receipted by the securities regulator in the applicable Province. Furthermore, any resale of the New Shares in the Provinces must be made in accordance with applicable Canadian securities laws. While such resale restrictions generally do not apply to a first trade in a security of a foreign, non‐Canadian reporting issuer that is made through an exchange or market outside Canada, Canadian purchasers should seek legal advice prior to any resale of the New Shares.

The Company as well as its directors and officers may be located outside Canada and, as a result, it may not be possible for purchasers to effect service of process within Canada upon the Company or its directors or officers. All or a substantial portion of the assets of the Company and such persons may be located outside Canada and, as a result, it may not be possible to satisfy a judgment against the Company or such persons in Canada or to enforce a judgment obtained in Canadian courts against the Company or such persons outside Canada.

Any financial information contained in this document has been prepared in accordance with Australian Accounting Standards and also comply with International Financial Reporting Standards and interpretations issued by the International Accounting Standards Board. Unless stated otherwise, all dollar amounts contained in this document are in Australian dollars.

Statutory rights of action for damages and rescission. Securities legislation in certain Provinces may provide a purchaser with remedies for rescission or damages if an offering memorandum contains a misrepresentation, provided the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s Province. A purchaser may refer to any applicable provision of the securities legislation of the purchaser’s Province for particulars of these rights or consult with a legal adviser.

Certain Canadian income tax considerations. Prospective purchasers of the New Shares should consult their own tax adviser with respect to any taxes payable in connection with the acquisition, holding or disposition of the New Shares as there are Canadian tax implications for investors in the Provinces.

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ASX:SYA SLIDE / 30

INTERNATIONAL OFFER RESTRICTIONS

Language of documents in Canada. Upon receipt of this document, each investor in Canada hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the New Shares (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. Par la réception de ce document, chaque investisseur canadien confirme par les présentes qu’il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d’achat ou tout avis) soient rédigés en anglais seulement.

Hong Kong

WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). Accordingly, this document may not be distributed, and the New Shares may not be offered or sold, in Hong Kong other than to "professional investors" (as defined in the SFO and any rules made under that ordinance).

No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors. No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities.

The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.

New Zealand

This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the "FMC Act").

The New Shares are not being offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) other than to a person who:

• is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act;

• meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act;

• is large within the meaning of clause 39 of Schedule 1 of the FMC Act;

• is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act; or

• is an eligible investor within the meaning of clause 41 of Schedule 1 of the FMC Act.

ASX:SYA SLIDE / 31

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INTERNATIONAL OFFER RESTRICTIONS

Singapore

This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part XIII of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), or as otherwise pursuant to, and in accordance with the conditions of any other applicable provisions of the SFA.

This document has been given to you on the basis that you are (i) an "institutional investor" (as defined in the SFA) or (ii) an "accredited investor" (as defined in the SFA). If you are not an investor falling within one of these categories, please return this document immediately. You may not forward or circulate this document to any other person in Singapore.

Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party. There are on‐sale restrictions in Singapore that may be applicable to investors who acquire New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly.

United Kingdom

Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in respect of the New Shares.

The New Shares may not be offered or sold in the United Kingdom by means of this document or any other document, except in circumstances that do not require the publication of a prospectus under section 86(1) of the FSMA. This document is issued on a confidential basis in the United Kingdom to "qualified investors" within the meaning of Article 2(e) of the UK Prospectus Regulation. This document may not be distributed or reproduced, in whole or in part, nor may its contents be disclosed by recipients, to any other person in the United Kingdom.

Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the New Shares has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company.

In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investment to which this document relates is available only to relevant persons. Any person who is not a relevant person should not act or rely on this document.

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ASX:SYA SLIDE / 32