Ann: Moblan Lithium Project Definitive Feasibility Study, page-5

MOBLAN LITHIUM PROJECT DEFINITIVE FEASIBILITY STUDY: POSITIVE RESULTS DELIVER C$2.2B NPV

• Annual production rate of 300ktpa spodumene concentrate over 21-year Life of Mine (“LOM”) via open pit mining at rate of 1.8Mtpa, based on Ore Reserves estimate of 34.5Mt at grade of 1.36% Li2O

• Process plant feed rate at 4,800 tonnes per day (tpd); average LOM recovery of 74.7%; spodumene concentrate grade at 6% Li2O

• Post-tax NPV(8%) of C$2.2 billion; net cash flow of C$6.0 billion from LOM net revenues of C$14.4 billion; post-tax IRR of 34.4% and payback of 2.3 years

• Cost competitive operating unit cost of C$555/t and all-in sustaining costs of C$748/t

• Low-risk operation to form centrepiece of Sayona’s emerging northern lithium hub in Québec’s

  Eeyou Istchee James Bay territory

  North American lithium producer Sayona Mining Limited (“Sayona”) (ASX:SYA; OTCQB:SYAXF) announced today a Definitive Feasibility Study (DFS) that demonstrates the value of its Moblan Lithium Project, forming the centrepiece of the Company’s Eeyou Istchee James Bay Hub in northern Québec, Canada. Moblan is owned 60% by Sayona and 40% by Investissement Québec.

  The Project has an estimated post-tax NPV(8%) of C$2.2 billion. The operation is expected to generate estimated total net revenue of C$14.4 billion over its 21.1 LOM, with an EBITDA of C$11.2 billion.

  These positive financial returns have been driven by an estimated head grade of 1.36% Li2O, a LOM recovery rate of 74.7% and LOM average annual concentrate production of 300,000tpa at a grade of 6% Li2O.

  Moblan is a greenfield project situated in the Eeyou Istchee James Bay territory in north-western Québec, Canada. It is located within just 300 metres of the Route du Nord, a regional highway which is accessible year-round, providing access to railway lines that link with major ports in Eastern Canada.

  The Project’s key production parameters include a relatively low strip ratio of 2.3:1 (ore versus waste), expected product grade of 6% Li2O, and an estimated operating unit cost comparable with some of the most cost competitive international hard-rock lithium mines currently in production, supporting an extremely robust future for Moblan. Upon receipt of the necessary regulatory approvals, delivery of an appropriate financing package based on securing potential offtake and project partners, the Project is expected to require approximately two years to complete construction.

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Sayona’s Interim CEO, James Brown commented: “We are delighted by the results of this DFS, which demonstrate that the Moblan Lithium Project is an incredibly strategic and valuable asset for Sayona, representing one of the single largest hard rock lithium resources in North America.

“Forming the centrepiece of our northern lithium hub, Moblan has an extremely bright future supplying Québec-produced lithium derivatives into the expanding North American battery and EV sector.

“Moblan has an amenable ore body that will deliver product from an integrated process of both dense medium separation (DMS) and floatation circuits supported by ore sorting technology. The offset of delivering such high recoveries is an increase in capital intensity relative to simpler DMS plants. The high expected product recovery will benefit project economics and extend the life of mine.

“The challenging market conditions of recent months highlight the importance of developing Tier 1 lithium projects that are strategically located near existing transport corridors and end markets and that have the potential to deliver high grade lithium concentrate at industry-low and competitive operating costs. Moblan is an exceptional project that meets these criteria and we look forward to applying Sayona’s extensive operational expertise to minimise costs and develop the Project as efficiently as possible.

“We are confident that the current lithium market will recover over the medium term and enable Moblan to benefit from the long-term industry fundamentals to become a profitable long-lasting operation for the benefit of all stakeholders.

”Sayona will now look to review the timelines given the current market conditions, and continue to advance the necessary regulatory approvals, seek community support and secure the necessary financing and project partners capable of advancing this Project through to successful production, with the ultimate ambition to integrate Moblan into a regional supply chain for battery materials in Québec.”