Sayona Mining Limited has further enhanced its leading position in North America's lithium sector following new and upgraded Mineral Resource estimates
for its 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, with the total Canadian National Instrument 43101 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 43101 reporting code. 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. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. Open pit Mineral Resource statement is reported at a cutoff grade of 0.60 % Li2O The underground Mineral Resource statement is reported at a cutoff grade of 0.80% Li2O Cutoff 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 subblocking. 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.