Sayona Mining Limited has received positive drilling results from its Moblan Lithium Project in northern Québec, with the discovery of a new southern lithium pegmatite zone near the main Moblan deposit. Sayona has a 60% interest in this area. Assay results from two holes, completed at the newly defined Moblan South Discovery, have identified lithium mineralisation at shallow depth, located some 200m south of the main Moblan deposit.

Results include 5m @ 1.85% Li2O from 3.5m and 35m @ 1.62% Li2O from 27.6m in hole DDH135 together with 6.6m @ 1.69% Li2O from 2.1m and 27.2m @ 1.53% Li2O from 22.0m hole DDH136. The Moblan South Discovery is a new and distinct spodumene pegmatite zone, open in all directions. The drill holes form part of a 35 hole, 4,683m diamond drill program recently completed at Moblan.

Assay results for other drill holes are pending, with a followup drilling program planned as soon as possible. The geology and mineralogy are very similar in both holes, with spodumene occurrences throughout the pegmatite and high lithium grades up to 4.02% Li2O. The lithium assay content is consistent with the local variations of spodumene logged in core.

The Moblan South discovery is located approximately 200m south of the Moblan deposit. The Moblan project is located about 100km north of the town of Chibougamau and approximately 85km from the Cree (First Nations) community of Mistissini. The project is accessible yearround via the Route du Nord and its proximity to Chibougamau and Mistissini with their available infrastructure makes it an ideal location for exploring and mining deposits of industrial energy minerals.

Sayona is committed to engaging local communities as the project progresses, including First Nations and other local community members, consistent with its stakeholder engagement approach. The positive results from Moblan follow Sayona's recently announced doubling of its JORC compliant lithium resource base for its North American Lithium and Authier Lithium Projects, with a total JORC combined Measured, Indicated and Inferred Mineral Resource of 119.1 million tonnes @ 1.05% Li2O. In January 2022, Sayona expanded its northern hub with the acquisition of 121 new claims, the Lac Albert Project, located west of Moblan and spanning more than 6,500 ha.

Analysts Benchmark Mineral Intelligence have reported that the total amount of proposed and existing lithiumion capacity has more than doubled since the beginning of 2021 to over 6 terawatt hours, with lithium supply described by Tesla founder Elon Musk as the "limiting factor" for electric vehicle adoption globally. As of 24 April, Benchmark's lithium price index was up 487% yearonyear, with its carbonate index up 465% and its hydroxide index up 526%.