Sayona Mining : Drilling Results Advance Authier Project

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1 December 2021

DRILLING RESULTS ADVANCE AUTHIER PROJECT

Highlights

• 25 drillholes completed at Authier Lithium Project, Québec, with results including 9m @ 1.46% Li2O; lithium pegmatite mineralisation identified west of the resource and planned mining area
• 3 additional follow‐up holes completed to infill new mineralisation, with assay results pending
• Drilling builds confidence in quality and expansion potential of lithium resource base at Authier
• Sayona promoted to MSCI Global Small Cap Index as of 30 November, aiding global institutional investor awareness amid increasing North American lithium demand.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTC:SYAXF) has completed a new drilling program at its Authier Lithium Project, with the results further strengthening the Company's confidence in the quality of the lithium resource base at the Québec project.

A 25‐hole, 3,908m diamond drill program was undertaken with the results of the first 22 holes received. Drilling was conducted by Les Forages Pikogan, a member of the Algonquin Abitibiwinni community of Pikogan (First Nation Abitibiwinni), demonstrating Sayona's commitment to the First Nations community.

Drillhole AL‐21‐14, located 250m west of the Authier resource and potential open pit, returned spodumene pegmatites assaying 9m @ 1.46% Li2O from 144.9m depth. Three additional holes have been completed to infill this new area of mineralisation, with assay results pending.

Welcoming the results, Sayona's Managing Director, Brett Lynch said: "We are encouraged by this latest round of drilling at Authier, which shows the potential for a further resource expansion at this key project.

"With additional exploration drilling planned across our Québec projects in the year ahead, we look forward to increasing our lithium asset base to support North America's accelerating decarbonisation drive."

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SAYONA MINING LIMITED
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The completed first stage 2021 drilling campaign at Authier totalled 25 drillholes for 3,990m, with drilling targeting five areas. Drill collars are displayed in the figure below and lithium intercepts detailed in Table 1.

Figure 1: Drill hole collar location plan view of Authier resource area and Sayona's 2021 resource expansion and exploration drilling program at Authier main resource area (collars of the 2021 drilling program outside this area are not included in this figure).

At the Authier Footwall Dyke target, holes AL‐21‐001 through to AL‐21‐008 were drilled to test a footwall pegmatite underlying the resource area. These holes drilled through the resource envelope, intersecting the expected mineralisation within the main Authier dyke, but identified only a weakly developed or absent pegmatite in the targeted footwall position.

At the Authier North target, three holes comprising AL‐21‐010 through to AL‐21‐012 were completed and intersected pegmatite with a maximum mineralised intercept of 2.5m @ 0.66% Li2O from a depth of 83.1m at hole AL‐21‐011. Although low grade, this result is the first evidence of lithium mineralised pegmatite in this area of the lease, 200m north‐west of the resource area and requires further drilling to follow up.

Drilling of four of the planned holes to test the western extension of the north pegmatite was postponed to winter due to access problems related to wet conditions.

Hole AL‐21‐14, located 250m west of the Authier planned open pit, returned spodumene pegmatites assaying 9m @ 1.46% Li2O from 144m depth. Three additional holes, AL‐21‐023 to AL‐21‐025 were subsequently completed to infill this new area of mineralisation. Assays results for these infill holes are pending.

SAYONA MINING LIMITED	sayonamining.com.au
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A Suite 68, 283 Given Tce, Paddington QLD

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It was noted during logging that spodumene pegmatites were identified in two of the drill cores (see Table 1). The mineralisation in AL‐21‐014 is encouraging as it is the first mineralisation identified to the west of the Beaver Fault, a north‐east trending structure which segments and displaces the western resource area.

Once all results are received, further drilling will be planned to determine if consistent mineralisation can be identified for resource evaluation. A cross section of the drilling is displayed below.

Figure 2: Section 706665 mE (looking west) showing lithium mineralisation and interpreted pegmatite geometry.

To the east of the resource, holes AL‐21‐17 and AL‐21‐018 intersected a main pegmatite dyke up to 40m in thickness. These returned a best result of 3.4m @ 1.02% Li2O from a depth of 37.9m at hole AL‐21‐017, suggesting narrower mineralised pegmatites at shallow levels to the east of the planned open pit.

Holes AL‐21‐019 to AL‐21‐022 at the Far West and Far North targets did not intersect any significant mineralisation.

Additional work

Follow up drilling at Authier will be planned after the receipt of assay results, with priority work including:

• Updated Resource estimates;
• Updated definitive feasibility study; and
• Integration of the new data with Sayona´s Abitibi lithium hub.

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

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The additional work planned at Authier adds to the exploration planned for the year ahead at the Company's other lithium projects in Québec, including the recently acquired Moblan and North American Lithium projects.

Promotion to MSCI Global Small Cap Index

U.S.‐based MSCI Inc. has announced Sayona's promotion to the MSCI Global Small Cap Index, effective close of business on 30 November 2021.

The promotion follows a period of strong growth in market value for Sayona, on the back of the Company's successful expansion in Québec to build the leading lithium asset base in North America.

The MSCI World Small Cap Index (US dollar) captures small cap representation across 23 developed markets, including Australia, Britain, Canada, Japan, the United States and a number of European nations. With 4,419 constituents as at October 2021, the index covers around 14% of the free float‐adjusted market capitalisation in each country.

Sayona's inclusion in the index is expected to drive further interest from global institutional investors, particularly those from North America, Europe and Asia.

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Issued on behalf of the Board.

For more information, please contact:

Brett Lynch

Managing Director

Email: [e-mail]

For media queries, please contact:

Anthony Fensom

Republic PR

Ph: [phone]

Email: [e-mail]

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About Sayona Mining

Sayona Mining Limited is an emerging lithium producer (ASX:SYA; OTCQB:SYAXF), with projects in Québec, Canada and Western Australia.

In Québec, Sayona's assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (Nasdaq:PLL; ASX:PLL). The Company also holds a 60% stake in the Moblan Lithium Project.

In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium. Sayona is exploring for Hemi‐style gold targets in the world‐class Pilbara region, while its lithium projects are subject to an earn‐in agreement with Altura Mining Limited.

For more information, please visit us at www.sayonamining.com.au

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

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COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Dr Gustavo Delendatti, a member of the Australian Institute of Geoscientists.

Dr Delendatti is an independent consultant, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which it is undertaking to qualify as a Competent Person as defined in the JORC Code (2012 Edition) of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves."

Dr Delendatti supervised the preparation of the technical information in this release and has relevant experience and competence of the subject matter. Dr Delendatti, as competent person for this announcement, has consented to the inclusion of the information in the form and context in which it appears herein.

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