Sayona Mining : New Lithium Pegmatite Discovery at Moblan Project

26 April 2022

NEW LITHIUM PEGMATITE DISCOVERY AT MOBLAN PROJECT

Highlights

• • Discovery of a significant new southern lithium pegmatite zone at Moblan Lithium Project, Québec

• • Highlights 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 in hole DDH136; mineralisation at shallow, 60m vertical depth, open in all directions and near main Moblan deposit

• • Results demonstrate potential for a northern hub to add to Sayona's established Abitibi lithium hub, as the Company further strengthens its leading lithium (spodumene) resource base in North America.

Emerging lithium producer Sayona Mining Limited (ASX:SYA; OTC:SYAXF) 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 (refer Table 1).

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 follow‐up drilling program planned as soon as possible.

Sayona's Managing Director, Brett Lynch said: "These results are excellent, demonstrating the quality of the Moblan Lithium Project and highlighting the potential for a significant resource expansion.

"Moblan is set to form the basis of a major northern hub for Sayona in Québec, complementing our established Abitibi lithium hub in the south and adding to our position as holding the leading lithium resource base in North America."

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Table 1: Moblan Lithium Project Assay Results

Hole	Easting	Northing	Interval (m)	Li2O %
From	To	Length
1331‐22‐135 (DDH135)	506713	5619920	3.5	8.5	5.0	1.85
and	27.6	62.6	35.0	1.62
Including	36.0	41.0	5.0	2.64
1331‐22‐136 (DDH136)	506713	5619920	2.1	8.7	6.6	1.69
and	22.0	49.2	27.2	1.53
including	39.9	48.6	8.7	2.26
also including	39.9	41.4	1.0	4.02

Note: Intercepts calculated using a 0.5% Li2O lower cut with a maximum 2m internal dilution. The grid system used is UTM NAD83 zone 18.

A cross section of the drilling, together with adjacent holes (assays pending) is displayed in Figure 1 below.

Figure 1: Cross section 506700E displaying DDH135‐6 and the main Moblan Deposit to the north.

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, as shown in the cross section and plan below (Figure 2).

Figure 2: Plan of the Moblan South discovery and main Moblan lithium deposit (displayed in red).

Current 2022 diamond drill collars are displayed in white.

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 year‐round 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 flagship 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 (refer ASX announcement 1 March 2022). Resource details are included in Table 3.

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 (refer ASX release 25 January 2022).

Analysts Benchmark Mineral Intelligence have reported that the total amount of proposed and existing lithium‐ion 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% year‐on‐year, with its carbonate index up 465% and its hydroxide index up 526%.

Figure 3: Sayona's Managing Director Brett Lynch (left) with Exploration Director Carl Corriveau (centre) and SOQUEM geologist Joanie Caron inspect drilling samples at the Moblan Lithium Project

Issued on behalf of the Board.

For more information, please contact:	For media queries, please contact:
Brett Lynch	Anthony Fensom
Managing Director	Republic PR
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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 northern Québec.

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 Morella Corporation (ASX:1MC).

For more information, please visit us atwww.sayonamining.com.au

COMPETENT PERSON STATEMENT

The information in this report is based on information compiled by Mr Carl Corriveau, géo. a member of the Ordre des Géologues du Québec (OGQ). Mr Corriveau is an employee Sayona Inc. a subsidiary of Sayona Mining 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."

Mr Corriveau consents to the inclusion of the information in the form and context in which it appears.

Reference to Previous ASX Releases

•  Sayona doubles Québec lithium resource base - 1 March 2022

•  Sayona expands northern Québec lithium hub with 121 new claims - 25 January 2022

•  Moblan drilling planned as Sayona eyes lithium resource expansion - 21 December 2021

•  Sayona acquiring Moblan Project to boost Québec lithium base - 30 September 2021

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and all material assumptions and technical parameters continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.