Sayona Mining : Doubles Quebec Lithium Resource Base

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1 March 2022

SAYONA DOUBLES QUÉBEC LITHIUM RESOURCE BASE AMID SURGING DEMAND

Highlights

• Sayona's Québec lithium resource base swells following upgraded estimates for the combined North American Lithium (NAL) and Authier projects, with total JORC combined Measured, Indicated and Inferred Mineral Resource of 119.1 million tonnes (Mt) @ 1.05% Li2O (refer table and notes below)
• JORC Mineral Resource estimate for NAL, the first since its acquisition in 2021, identifies a total Measured, Indicated and Inferred Mineral Resource of 101.9 Mt @ 1.06% Li2O
• Expanded combined NAL‐Authier resource base to support significant upgrade to integrated definitive feasibility study, amid surging demand for lithium supply in North America.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTCQB:SYAXF) has further enhanced its leading position in North America's lithium sector following new and upgraded Mineral Resource estimates for its flagship North American Lithium and Authier Lithium Projects in Québec, Canada.

Following independent studies by consultants BBA Inc and SGS Canada Inc, the JORC compliant lithium resource base for the two projects has approximately doubled to 119.1 Mt @ 1.05% Li2O (refer Table 1 and resource statement notes), with the total Canadian National Instrument 43‐101 Measured and Indicated Mineral Resource statement rising to 87.8 Mt @ 1.05% Li2O.

The identification of the first underground constrained resources at NAL, taking advantage of higher grade mineralisation at depth, together with significant inferred mineralisation within the open pit constrained estimation offers scope for further future resource increases under the NI 43‐101 reporting code.

Sayona's Managing Director, Brett Lynch said: "This expansion is a major achievement for Sayona as we further enlarge our leading lithium resource base in North America. Since the start of 2020, we have now grown our Québec resource base nearly six times and with further increases expected soon from Moblan.

"With lithium prices surging on the back of an increasing structural supply deficit, our upcoming definitive feasibility study for an integrated NAL‐Authier operation, expected in coming weeks, is set to show significantly enhanced profitability for the benefit of shareholders."

P [phone] E [e-mail]	sayonamining.com.au
SAYONA MINING LIMITED
A Suite 68, 283 Given Tce, Paddington QLD

For personal use only

Mineral Resource Estimates: NAL & Authier

JORC Code (2012) compliant and NI43‐101 Mineral Resource estimates for the NAL and Authier deposits have been prepared for release to ASX and Canadian markets respectively and are presented in Tables 1 and 2 below.

Table 1: JORC Mineral Resource Estimates, NAL and Authier.

NAL - Open Pit Constrained Mineral Resource Statement using a 0.6% Li2Ocut‐off

Category		Tonnes	Li2O %			Contained Li2O (t)
Measured		1,471,000	0.99		14,600
Indicated		52,806,000	1.01		533,300
Measured and Indicated		54,277,000	1.01		548,200
Inferred		13,874,000	0.96		133,200
NAL - Underground Constrained Mineral Resource Statement using a 0.8% Li2O cut‐off
Category		Tonnes	Li2O %			Contained Li2O (t)
Measured
Indicated		19,398,000	1.18		228,900
Measured and Indicated		19,398,000	1.18		228,900
Inferred		14,372,000	1.19		171,000
NAL - Total Open Cut and Underground Mineral Resource Statement
Category		Tonnes	Li2O %		Contained Li2O (t)
Total JORC Resource		101,921,000	1.06		1,081,300
(Measured, Indicated and Inferred)
Authier - Open Pit Constrained Mineral Resource Statement using a 0.55% Li2O cut‐off
Category		Tonnes	Li2O %			Contained Li2O (t)
Measured		6,042,000	0.98		59,200
Indicated		8,098,000	1.03		83,400
Measured and Indicated		14,140,000	1.01		142,800
Inferred		2,996,000	1.00		30,000
Authier - Total Mineral Resource Statement
Category		Tonnes	Li2O %			Contained Li2O (t)
Total JORC Resource		17,136,000	1.01		173,000
(Measured, Indicated and Inferred)
Total Mineral Resource Statement NAL and Authier
Category		Tonnes	Li2O %			Contained Li2O (t)
NAL and Authier JORC Mineral
Resource Estimate (Measured,		119,057,000	1.05		1,250,000
Indicated and Inferred)

JORC Mineral Resource Statement Notes - NAL

• Mineral Resources were prepared in accordance with the JORC Code (2012)
• Mineral Resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mining Reserves.
• Effective date 14 February 2022.

SAYONA MINING LIMITED	sayonamining.com.au
P [phone] E [e-mail]
A Suite 68, 283 Given Tce, Paddington QLD

For personal use only

• This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio‐political, marketing, or other relevant issues.
• Open pit Mineral Resource statement is reported at a cut‐off grade of 0.60 % Li2O
• The underground Mineral Resource statement is reported at a cut‐off grade of 0.80% Li2O
• Cut‐off based on a spodumene concentrate prices of US$970/tonne for a 6% Li2O concentrate
• Exchange rate of 1.32 CAD/USD
• Drillhole composites average 2m in length.
• Block size is 5 x 5 x 5m with sub‐blocking.
• Estimation was completed using ordinary kriging in DatamineTM software with dynamic anisotropy search ellipse.
• Appropriate mining costs, processing costs, metal recoveries, and inter ramp pit slope angles were used by BBA to generate the pit shell.
• Numbers rounded to the closest 100t. Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
• Tonnage and grade measurements are in metric units.

JORC Mineral Resource Statement Notes - Authier

• The Mineral Resource estimate has been estimated in accordance with the JORC Code (2012)
• Mineral Resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mining Reserves.
• Bulk density of 2.71 t/m³ is used.
• Effective date 6 October 2021.
• Only Blocks centroids had to be inside the pit to be considered.
• Pit used: Authier20210821_977.dxf
• Rounded to the nearest thousand. Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
• This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio‐political, marketing, or other relevant issues.
• Open pit Mineral Resource statement is reported at a cut‐off grade of 0.55 % Li2O
• Cut‐off based on a spodumene concentrate prices of US$977/tonne for a 6% Li2O concentrate
• Exchange rate of 1.32 CAD / USD
• Drillhole composites average 1.5m in length.
• Block size is 3 x 3 x 3m.
• The retained grade interpolation for the Authier lithium Mineral Resource block model is the inverse distance square (ID2) methodology.
• Revised pit optimisation parameters were provided by BBA to generate the pit shell.

SAYONA MINING LIMITED	sayonamining.com.au
P [phone] E [e-mail]
A Suite 68, 283 Given Tce, Paddington QLD

For personal use only

The NI43‐101 compliant Foreign Estimates of mineralisation for the NAL and Authier deposits are tabulated below.

Table 2: NI43‐101 Mineral Resource Estimates, NAL and Authier.

NAL - Open Pit Constrained Mineral Resource Statement using a 0.6% Li2Ocut‐off

Category	Tonnes	Li2O %	Contained Li2O (t)
Measured	1,471,000	0.99	14,600
Indicated	52,806,000	1.01	533,300
Measured and Indicated	54,277,000	1.01	548,200
Inferred	13,874,000	0.96	133,200
NAL - Underground Constrained Mineral Resource Statement using a 0.8% Li2O cut‐off
Category	Tonnes	Li2O %	Contained Li2O (t)
Measured
Indicated	19,398,000	1.18	228,900
Measured and Indicated	19,398,000	1.18	228,900
Inferred	14,372,000	1.19	171,000
NAL - Total Open Cut and Underground Mineral Resource Statement
Category		Tonnes	Li2O %	Contained Li2O (t)
Total NI43‐101 Measured		73,675,000	1.05	777,100
and Indicated
Total NI43‐101 Inferred		28,246,000	1.08	304,200
Authier - Open Pit Constrained Mineral Resource Statement using a 0.55% Li2O cut‐off
Category	Tonnes	Li2O %	Contained Li2O (t)
Measured	6,042,000	0.98	59,200
Indicated	8,098,000	1.03	83,400
Measured and Indicated	14,140,000	1.01	142,800
Inferred	2,996,000	1.00	30,000
Authier - Total Mineral Resource Statement
Category	Tonnes	Li2O %	Contained Li2O (t)
Total NI43‐101 Measured	14,140,000	1.01	142,800
and Indicated
Total NI43‐101 Inferred	2,996,000	1.00	30,000
Total Mineral Resource Statement NAL and Authier
Category	Tonnes	Li2O %	Contained Li2O (t)
Total NI43‐101 Measured	87,815,000	1.05	919,900
and Indicated
Total NI43‐101 Inferred	31,242,000	1.07	334,200

Cautionary Note: National Instrument 43‐101 is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Mineral Resources stated are foreign estimates and are not reported in accordance with JORC Code. See Table 1 above for JORC (2012) Resource Reporting for the NAL and Authier projects.

SAYONA MINING LIMITED	sayonamining.com.au
P [phone] E [e-mail]
A Suite 68, 283 Given Tce, Paddington QLD

For personal use only

Mineral Resource Statement Notes - NAL

• Mineral Resources were prepared in accordance with NI 43‐101, Definition Standards (2014)
• Mineral Resources that are not mineral reserves do not have demonstrated economic viability.
• This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio‐political, marketing, or other relevant issues.
• Open pit Mineral Resource statement is reported at a cut‐off grade of 0.60 % Li2O
• The underground Mineral Resource statement is reported at a cut‐off grade of 0.80% Li2O
• Cut‐off based on spodumene concentrate prices of US$970/tonne for a 6% Li2O concentrate
• Exchange rate of 1.32 CAD/USD
• Drillhole composites average 2m in length.
• Block size is 5 x 5 x 5m with sub‐blocking.
• Estimation was completed using ordinary kriging in DatamineTM software with dynamic anisotropy search ellipse.
• Appropriate mining costs, processing costs, metal recoveries, and inter ramp pit slope angles were used by BBA to generate the pit shell.
• Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
• Tonnage and grade measurements are in metric units.

Mineral Resource Statement Notes - Authier

• The Mineral Resource estimate has been estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definitions Standards for Mineral Resource and Mineral Reserve in accordance with National Instrument 43‐101 - Standards of Disclosure for Mineral Projects)
• Mineral resources that are not mineral reserves do not have demonstrated economic viability.
• Bulk density of 2.71 t/m³ is used.
• Effective date 6 October 2021.
• Only Blocks centroids had to be inside the pit to be considered.
• Pit used: Authier20210821_977.dxf
• Rounded to the nearest thousand.
• This estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio‐political, marketing, or other relevant issues.
• Open pit Mineral Resource statement is reported at a cut‐off grade of 0.55 % Li2O
• Cut‐off based on a spodumene concentrate prices of US$977/tonne for a 6% Li2O concentrate
• Exchange rate of 1.32 CAD / USD
• Drillhole composites average 1.5m in length.
• Block size is 3 x 3 x 3m.
• The retained grade interpolation for the Authier lithium Mineral Resource block model is the inverse distance square (ID2) methodology.
• Revised pit optimisation parameters were provided by BBA to generate the pit shell.

NAL Resource Calculations

The Mineral Resource statements for the NAL deposit are based on 2.m composite analytical data, no top‐ cut, and a 0.60% Li2O cut‐off grade for open pit and 0.80% Li2O cut‐off for underground.

The estimation was based on an Ordinary Kriging (OK) interpolation in DatamineTM software.

SAYONA MINING LIMITED	sayonamining.com.au
P [phone] E [e-mail]
A Suite 68, 283 Given Tce, Paddington QLD