Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-19

Just a few observations and follow up comparisons against official numbers and declared statements from the Year End Financial Accounts.

Firstly in regards to ongoing questions regarding Authier project - One has to wonder or at least contemplate the supporting and interlinked reasons as to why after almost 12 months now , we haven't heard the results from those THREE remaining expansion holes drilled at depth to the West of the existing Authier Pit.

So we know that the one hole returned a reasonable grade at depth , and we lso know that there were some additional more ' shallow ' findings to the Eastern boundary to around only 40 metres depth which would obviously return an improved ' Strip Ratio ' if simply blasted and scrapped out to that depth. Which if we remember correctly was the whole point of that 25 hole program in the first place ...... ie to improve the economics via improving overall strip ratio and cut off grades.

So these TWO factors alone in my opinion would have given rise to an almost ' holus-bolus potential change to the overall Authier Pit shell design. Do they move the eastern boundary more towards the west and only scrape out more shallower low hanging spod grades and thereby alleviating any prior concerns in regards environmental impact on the Esker ( onoy 75 metres away from eastern boundary ) , and / or do they also enlarge the pit to capture these ' New ' western extensions which would have most likely have gone ' underground ' the previous site roads and piping infrastructures which were previously there on account of the concentrator location.

So does all this or has all this had to remain ' undisclosed ' in terms of evaluating assays as translated to tonnages and grades as then interpreted to revised economics by way of the revised DFS.

So these are some of the issues why I reckon we aren't hearing anything from these additional THREE holes , and because the issues are all very sensitive given we are currently involved in numerous ' community ' discussions etc... So last thing we want to do is say ' Hey ...by the way the whole proposal in regards to the size of the Authier Pit has now increased for this , this , and that reasons.

This would also support the view and reasons why Sayona is still prepared to continue its path towards FULL BAPE approval in obtaining its social license to quarry Authier Ore on an ' Expanded ' but yet environmentally reduced path.

Withe respects to the THREE piles of crushed lithium rock forming around the primary feeder , I would agree and think this is a representation of the potentially different lithium seams being excavated from the NAL pit for the purposes of implementing NAL's own blending scenario's . So a ' practice template set up for small feed type initial production run trials. I mean the physical dimensions and size of this area after accounting for the distance to the surrounding road access is not all that big compared to the previous TWO low grade and high grades stockpile areas the that previous NAL operation had allocated and probably still do.

Authier ( Statements from Annual Account ) :-

In December 2021, a 25‐hole, 3,908 metre diamond drill program was completed at Authier with the aimof expanding the current ore resource, improving the strip ratio and accelerating production to enhanceits profitability. The drilling campaign also tested for potential repetition of lithium pegmatite in thesouthern lease sector.

The results included 9m @ 1.46% Li2O, with lithium pegmatite mineralisation identified west of theresource and the planned mining area. Three additional follow-up holes were completed to infill newmineralisation, with assay results pending. Follow-up work includes updated resource estimates(announced in March 2022) and an updated definitive feasibility study integrating Authier with NAL.

I hear what Rooster is saying in regards NEW wording from Management re: Western Australia Tenements vis a vis 100% verses 1MC ' earn in ' .....However , there is just this observation per the below comments in the Annual Accounts which doesn't seem to align with the previous comments of spending $2.5 million from the previous $2 million which they ( Management ) had indicated they would increase it due the delays which had been incurred regarding heritage approvals and COVID etc....

So it would seem we have ONLY spent a mere fraction of those estimates in the entire 2021 / 2022 12 month financial year.

So I know everyone on here is saying this or that about how valuable the Western Australian packages are - and clearly this is what we are seeing as demonstrated by other smaller players identification of and land grabbing tenements acquisitions together with their stepped up drilling campaigns and successes in Western Australia.

...But clearly we are NOT seeing this from Sayona who hs both tremendous opportunities with their tenement packages as well as plenty of working capital to advance some new discoveries.

So I say at least spend what you stated you would spend , before we get left behind in the Lithium race in Australia as well.

Western Australia ( Exporation(s) ) :-

NOTE 14 ( from Annual Accounts ) : EXPLORATION AND EVALUATION ASSET (Continued) .......

Movements during the year on exploration and evaluation assets in Canada included A$7,679,030 (2021: A$2,338,349) on the NAL andAuthier project, together with A$2,598,621 (2021:nil) on the Moblan project . A further A$663,774 (2021: A$265,601) was incurred on theAustralian projects.

Las of my contributions today would be to simply highlight this perhaps often overlooked term which was included in the Moblan acquisition , and which further emphasizes this important linkage with the deeply connected LRC ( Lithium Royalties Corporation ) .

Moblan ( statement from Annual Accounts ) :-

(d) Sayona and LRC have also agreed to enter into an offtake agreement with respect to the Moblan Project on the following key terms:

(i) 10% of Sayona’s ownership participation in the Moblan Project of the annual production for life of mine;

(ii) price at a 5% discount to the prevailing market terms; and

Enjoy your day people and your Melbourne Cup holiday wherever you are . Hope you all have a ' Win ' today ..... as well as on the Horses....