ELEVRA LITHIUM LIMITED — Share Issue/Capital Change 2022

Nov 17, 2022

Application for quotation of +securities

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Announcement Summary

Entity name

SAYONA MINING LIMITED

Announcement Type

New announcement

Date of this announcement

Friday November 18, 2022

The +securities to be quoted are:

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Other

Total number of +securities to be quoted

ASX +security		Number of +securities to
code	Security description	be quoted	Issue date
SYA	ORDINARY FULLY PAID	184,331,797	17/11/2022

Refer to next page for full details of the announcement

Application for quotation of +securities

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Application for quotation of +securities

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Part 1 - Entity and announcement details

1.1 Name of entity

SAYONA MINING LIMITED

We (the entity named above) apply for +quotation of the following +securities and agree to the matters set out in Appendix 2A of the ASX Listing Rules.

1.2 Registered number type

ABN

Registration number 26091951978

1.3 ASX issuer code

SYA

1.4 The announcement is

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New announcement

1.5 Date of this announcement

18/11/2022

Application for quotation of +securities

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Application for quotation of +securities

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Part 2 - Type of Issue

2.1 The +securities to be quoted are:

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Other

2.2 The +securities to be quoted are:

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Additional +securities in a class that is already quoted on ASX ("existing class")

2.3c Have these +securities been offered under a +disclosure document or +PDS?

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No

2.3d Please provide any further information needed to understand the circumstances in which you are applying to have these +securities quoted on ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Securities issued pursuant to a sale transaction just completed.

2.4 Any on-sale of the +securities to be quoted within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

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Application for quotation of +securities

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Part 3B - number and type of +securities to be quoted (existing class) where issue has not previously been notified to ASX in an Appendix 3B

Additional +securities to be quoted in an existing class

ASX +security code and description SYA : ORDINARY FULLY PAID Issue date 17/11/2022

Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Issue details

Number of +securities to be quoted

184,331,797

Are the +securities being issued for a cash consideration?

No Please describe the consideration being provided for the +securities

Consideration comprises the issue of C$40 million (A$44,534,562) worth of Sayona shares. The number of shares to be issued is based on the 20-day VWAP of Sayona shares prior to announcement.

Please provide an estimate (in AUD) of the value of the consideration being provided per +security for the +securities to be quoted

0.241600

Any other information the entity wishes to provide about the +securities to be quoted

The purpose(s) for which the entity is issuing the securities

To pay for the acquisition of an asset

Please provide additional details

Sayona will acquire a 100% interest in 1,824 claims covering 985 square kilometres, located adjacent to the Moblan project (covering 4.3 sq km) and extending over a major part of the Frotêt-Evans Greenstone Belt. The acquired claims have not been extensively explored for lithium, but are expected to potentially continue the lithium trend extending from Moblan,

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Application for quotation of +securities

Part 4 - Issued capital following quotation

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Following the quotation of the +securities the subject of this application, the issued capital of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +securities (total number of each +class of +securities quoted on ASX following the +quotation of the +securities subject of this application)

	Total number of
ASX +security code and description	+securities on issue
SYA : ORDINARY FULLY PAID	8,498,444,438
SYAOC : OPTION EXPIRING 29-APR-2023	238,179,752
4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
SYAAA : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES	42,000,000

4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)

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Application for quotation of +securities

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Part 5 - Other Listing Rule requirements

5.1 Are the +securities being issued under an exception in Listing Rule 7.2 and therefore the issue does not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? 184331797

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? N/A

Application for quotation of +securities

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