ELEVRA LITHIUM LIMITED — Regulatory Filings 2021

Oct 17, 2021

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18 October 2021

RESOURCE EXPANSION EYED AS MOBLAN ACQUISITION CLOSES

Highlights

• Sayona closes acquisition of 60% stake in Moblan Lithium Project, Québec for US$86.5 million, following successful A$100 million capital raising

• Drilling program targeted for 2022, with aim of expanding lithium resource

• Revised definitive feasibility study planned, targeting increase in spodumene production capacity

• New northern Québec asset adds to Abitibi lithium hub as Sayona advances leading position in North American lithium market, amid accelerating demand from the clean energy revolution.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTCQB:SYAXF) has further advanced its leading position in the North American lithium industry, successfully closing on 15 October 2021 (Montreal time) its US$86.5 million acquisition of a 60% stake in the Moblan Lithium Project in Northern Québec.

Moblan is 40% owned by SOQUEM Inc., a wholly owned subsidiary of Investissement Québec, which waived its right of first refusal in connection with Sayona’s acquisition of the Moblan Interest (refer ASX release 30 September 2021).

The acquisition follows an oversubscribed A$100 million Placement to North American and other global institutional investors (refer ASX release 4 October 2021), demonstrating strong investor confidence in Sayona’s Québec expansion amid accelerating lithium demand from North America’s EV industry. A Non‐Renounceable Rights Issue (refer Prospectus issued 4 October 2021) aims to raise an additional A$25.5 million at the same offer price as the Placement, ensuring all shareholders have the same opportunity to participate in Sayona’s growth.

Sayona is planning an additional drilling program at Moblan next year aiming to expand its lithium resource. The Company also will undertake a revised definitive feasibility study targeting an increase in its spodumene production capacity.

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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Welcoming the successful acquisition, Sayona’s Managing Director, Brett Lynch commented: “ Moblan in northern Québec adds to our established Abitibi lithium hub as we build the leading lithium asset base in North America.

“This is an important step as this expansion in our lithium resource further strengthens our capacity and plans to move downstream into lithium hydroxide/carbonate production in Québec, capturing added value and ensuring the province plays a leading role in North America’s clean energy drive.

“Proposed battery manufacturing investments in Québec by Britishvolt, Lion Electric, StromVolt and others together with multi‐billion dollar investments in EV production in Ontario highlight the strength of demand from the booming North American EV and battery storage sector.

“The world needs a renewable energy solution to climate change and North America needs supply chain security for battery metals. Québec has the necessary lithium resources and Sayona will be there to deliver.”

Located about 130km north‐west of Chibougamau, Moblan is host to high‐grade spodumeme mineralisation, hosted in a well‐studied deposit with more than 17,000m of diamond drilling.

The project is located in a proven lithium mining province, Eeyou‐Istchee James Bay, which hosts established, world‐class lithium resources including Nemaska Lithium’s Whabouchi mine. It is well serviced by key infrastructure and has access to low‐cost, environmentally friendly hydro power.

Sayona continues to expand its Québec lithium assets, having recently announced the potential for a significant resource expansion at its newly acquired North American Lithium (NAL) mine (refer ASX announcement 13 September 2021).

Recent drilling at the Company’s nearby Authier Lithium Project also has the potential to increase its lithium resource, together with planned drilling at the emerging Tansim Lithium Project.

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

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For more information, please contact:

For media queries, please contact:

Brett Lynch Anthony Fensom Managing Director Republic PR Email: info@sayonamining.com.au Ph: +61 (0)407 112 623 Email: anthony@republicpr.com.au

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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About Sayona Mining

Sayona Mining Limited is an emerging lithium producer (ASX:SYA; OTCQB:SYAXF), with projects in Québec, Canada and Western Australia.

In Québec, Sayona’s assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (Nasdaq:PLL; ASX:PLL).

In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium. Sayona is exploring for Hemi‐style gold targets in the world‐class Pilbara region, while its lithium projects are subject to an earn‐in agreement with Altura Mining Limited.

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

Reference to Previous ASX Releases

• Investors back Moblan acquisition with A$100M Placement – 4 October 2021

• Non‐Renounceable Rights Issue Prospectus – 4 October 2021

• Sayona acquiring Moblan project to boost Québec lithium base – 30 September 2021

• Sayona eyes potential NAL resource increase – 13 September 2021

• NAL acquisition finalised and production plans advance – 30 August 2021

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

sayonamining.com.au