Sayona Mining : Update - Proposed issue of securities - SYA

Proposed issue of securities

Update Summary

For personal use only

Entity name

SAYONA MINING LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

27/1/2022

Reason for update to a previous announcement

Delays in obtaining shareholder approval and a change of intention in relation to the proposed issue of securities has resulted in an extension of the time required to issue the proposed securities.

Refer to next page for full details of the announcement

Proposed issue of securities

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Proposed issue of securities

Part 1 - Entity and announcement details

For personal use only

1.1 Name of +Entity

SAYONA MINING LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2	Registered Number Type	Registration Number
ABN	26091951978
1.3	ASX issuer code
SYA

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Delays in obtaining shareholder approval and a change of intention in relation to the proposed issue of securities has resulted in an extension of the time required to issue the proposed securities.

1.4b Date of previous announcement to this update

3/5/2021

1.5 Date of this announcement

27/1/2022

1.6 The Proposed issue is:

A placement or other type of issue

Proposed issue of securities

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Proposed issue of securities

Part 7 - Details of proposed placement or other issue

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	Part 7A - Conditions
		7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other
		type of issue can proceed on an unconditional basis?
		Yes
use	7A.1a Conditions
Approval/Condition	Date for determination	Is the date estimated or	** Approval
		+Security holder approval	28/1/2022		actual?	received/condition met?
			Actual
		Comments
		Approval resolutions will be put to the Company's Annual General Meeting.
personal
	P rt 7B - Issue details
		Is the proposed security a 'New	Will the proposed issue of this
		class' (+securities in a class that is	+security include an offer of
		not yet quoted or recorded by ASX)	attaching +securities?
		or an 'Existing class' (additional	No
		securities in a class that is already
		quoted or recorded by ASX)?
		Existing class
	Details of +securities proposed to be issued
For	ASX +security code and description
SYA : ORDINARY FULLY PAID

Number of +securities proposed to be issued 17,500,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration?

No

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Proposed issue of securities

Please describe the consideration being provided for the +securities

Settlement of incentive payments under employment agreement of Managing Director/CEO

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

2,187,500.000000

only	Will these +securities rank equally in all respects from their issue date with
		the existing issued +securities in that class?
		Yes
use	Is the proposed security a 'New	Will the proposed issue of this
class' (+securities in a class that is	+security include an offer of
not yet quoted or recorded by ASX)	attaching +securities?
		or an 'Existing class' (additional	No
		securities in a class that is already

quoted or recorded by ASX)? Existing class

Details of +securities proposed to be issued

For personal

ASX +security code and description

SYAAA : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES

Number of +securities proposed to be issued

40,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration?

No

Please describe the consideration being provided for the +securities

Settlement of incentive payment to Executive Director/CFO (20,000,000 options) and combined award to Non-executive Directors (20,000,000 options).

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

2,064,000.000000

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?

Yes

Proposed issue of securities

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Proposed issue of securities

Part 7C - Timetable

7C.1 Proposed +issue date 28/1/2022

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	Part 7D - Listing Rule requirements
		7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1?
		No
use	7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15%
placement capacity under listing rule 7.1?
		No
		7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's
		additional 10% placement capacity under listing rule 7.1A (if applicable)?
		No
personal	7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue?
Yes
7E.2 Is the proposed issue to be underwritten?
		7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules?
		No
		7D.4 Will any of the +securities to be issued be subject to +voluntary escrow?
		No
	Part 7E - Fees and expenses
		7E.1 Will there be a lead manager or broker to the proposed issue?
		No
For	No
7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Nil

Proposed issue of securities

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