Ann: Investor Webinar - Sayonas Expansion Strategy, page-33

Hi folks hope you're keeping well. Been quite busy lately but did manage to tune into the Investor session on Monday. I scribbled a few pages of notes and largely they were aligned to the slide deck, but thought to share regardless.

Brett Lynch

- Confident that future is in electrification and batteries

- Strategy has 3 parts

1 Short term : take advantage of NAL

2 Medium term: commercialise existing assets

3 Long term: downstream processing + partnering with others

- Strategy is about following a clear series of steps in a disciplined fashion

- Review of Sayona’s tenements across geographic locations

- Strong experience and leadership team who have done it before (i.e. Altura James Brown, Allan Buckler, Dan O’Neill) + strong connection to local stakeholders via Guy Laliberte

AUTHIER

- Located in rich mining area near many mining services

- Advantage is it is a 30m wide tabular deposit

- Requires simple mining method

- 20Mtonne deposit @ 1% grade

- Revised DFS upgraded throughput to 2400t/pd

- NPV $C216m

- BAPE Approval process is 18months, on-track, expecting decision/outcome late 2020

- Feedback received from Environment Impact Assessment has been reviewed – “no show stoppers”

- Have received positive responses from locals + government regarding creation of jobs and supporting economy

TANSIM

- 80km from Authier

- Larger than Authier 25Mt, potentially more with high grades of lithium 1.2%-1.3%

- Will continue to explore in the background and will form part of hub strategy

WA

- Significant portfolio of tenements centred around Altura

- Talked about JV /Earn-in agreement with Altura $1.5m

- Minimal cost to SYA to accelerate development

- In planning discussions with Altura

NAL

- Close to Authier, 60km by road even shorter as crow flies

- Huge synergies w’ Authier

- Already C$400m invested

- Producing only 100ktonne / year, well under nameplate of 180kt

- Production halted due to operational issues

- Has a partially commissioned lithium carbonate plant

- Identical concentrator to the one planned for Authier

Confidence in winning bid based on:

- Unique advantage of blending with Authier ore, significant improvement in economics

- Complex NAL orebody causes major problems in dilution + production rates

- SYA bid team, comprised of Altura, BBA, PWC, SS, Primero etc covers all areas and has proven track record

- Integrating Authier + NAL and sharing 1 single concentrator plays into Quebec’s lithium Hub strategy. This has got a lot of traction with government.

- Also opens the door for Tansim to feed into NAL concentrator

- Quebec Government (IQ) fully committed to restoring operations @ NAL

Guy Laliberte

- Quebec has 3^rd largest lithium deposit in the world

- Already large exporter of other minerals to USA

- There is not enough Lithium available to support their future demand

- Quebec provides Green/Cheap hydropower - Electricity Nationalised 6 years ago

- Quebec has cheap skills and labour force

- Lithium Supply chain is fragile, need to diversify supply chains post COVID world

- GM seeking North American lithium supply from

- Quebec favouring Green projects

- Authier project would could produce enough lithium to replace 13.8 million cars

- Current Quebec government is very popular and have 2 years left in their term

- The Minister of Economy “believes” in the Hub Strategy

- $90m budget already allocated, another revised budget expected

- Further subsidies for electrification expected in Quebec

Q+A

Q: When will Authier BAPE process finish?

A: Feedback is above expectations, there are no “show-stoppers”. Will require some site sampling work. Expect completion by late 2020.

Q: What is plan B if NAL unsuccessful

A: Target is to win NAL to accelerate the strategy, however if not successful to continue with Authier and Tansim development.

Q. Why is SYA confident of winning bid given their small cap status?

A. 1^st The key is in achieving this together with the expertise, knowledge, capacity and skills “with partners” from legal, financial, commercial, engineering etc.

2^nd The unique key of blending ore from Authier is the only real way to recover NAL and bring to nameplate. Nobody else has this. They are reasonably confident based on the facts / analysis

Q: What is the outlook for Lithium?

A: Volatility for short term, but growth in medium to long term. Will create both problems and opportunities.

Q: Why not exploring WA assets?

Quickest pathway to production is via Quebec Assets as far more mature, so this will be primary focus, while Altura binding agreement is progressed in the background.