ELEVRA LITHIUM LIMITED — M&A Activity 2020

Dec 23, 2020

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24 December 2020

SAYONA COMPLETES TANSIM ACQUISITION

Highlights

• Sayona completes acquisition of Tansim Lithium Project, Québec following final payment of C$250,000 (approx. A$256,000) to Quebec Precious Metals Corporation (TSX:QPM.V) for tenements subject to option agreement

• Project forms part of new lithium hub in Abitibi encompassing flagship Authier Lithium Project and North American Lithium (NAL) (subject to successful bid).

Emerging lithium miner Sayona Mining Limited (ASX:SYA; OTC:DMNXF) announced today it has completed the acquisition of the Tansim Lithium Project in Québec, following a final payment of C$250,000 (approx. A$256,000) to Quebec Precious Metals Corporation (TSX:QPM.V) for the remaining 50% stake in tenements subject to an option agreement.

Located 82 kilometres south‐west of Sayona’s flagship Authier Lithium Project, Tansim comprises 191 mineral claims spanning 11,042 ha of prospective lithium acreage.

Drilling conducted last year comprising 11 holes for 1,129m resulted in an Exploration Target (refer note below) for the Viau‐Dallaire prospect of between 5 million and 25 million tonnes, at an estimated grade of 1.2 – 1.3% Li2O (refer ASX release 19 November 2019).

Note: The potential quantity 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.

Sayona’s Managing Director, Brett Lynch said the Company’s investment showed its confidence in Tansim’s potential, as highlighted by previous drilling results.

“Initial exploration at Tansim has shown its promise as a potentially highly valuable and strategically located new lithium deposit, situated near our flagship Authier project,” Mr Lynch said.

SAYONA MINING LIMITED P +61 7 3369 7058 E info@sayonamining.com.au A Suite 68, 283 Given Tce, Paddington QLD

sayonamining.com.au

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“We look forward to further developing Tansim, which forms part of our planned lithium hub in Abitibi, amid rising global demand for this key battery metal.”

Sayona continues to advance its lithium projects in Québec to supply the fast‐growing North American and global market, powered by the electronic vehicle (EV) and battery storage revolution.

This announcement is authorised by Sayona’s Board of Directors.

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For more information, please contact:

Brett Lynch

Managing Director Phone: +61 (7) 3369 7058

Email: info@sayonamining.com.au

For media queries, please contact:

Anthony Fensom, Republic PR anthony@republicpr.com.au; +61 (0)407 112 623

About Sayona Mining

Sayona Mining Limited is an emerging lithium miner (ASX:SYA; OTC:DMNXF), with projects in Québec, Canada and Western Australia. In Québec, Sayona is progressing a bid for the North American Lithium mine with the backing of a world‐class advisory team, while advancing its flagship Authier Lithium Project and its emerging Tansim Project.

In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium.

For more information, please visit us at www.sayonamining.com.au

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results 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 which it is undertaking 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.‟

SAYONA MINING LIMITED P +61 7 3369 7058 E info@sayonamining.com.au A Suite 68, 283 Given Tce, Paddington QLD

sayonamining.com.au

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Dr Delendatti was responsible for the design and conduct of this exploration drilling campaign, supervised the preparation of the technical information in this release and has relevant experience and competence of the subject matter. 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 herein.

SAYONA MINING LIMITED P +61 7 3369 7058 E info@sayonamining.com.au A Suite 68, 283 Given Tce, Paddington QLD

sayonamining.com.au