Sayona Mining Limited: Quarterly Activities Report

Brisbane, Australia - Sayona Mining Ltd. (ASX:SYA) (FRA:DML) (OTCMKTS:SYAXF) continues to ramp up operations at North American Lithium (NAL), resulting in record spodumene concentrate production of 29,610 tonnes for the quarter.

Full year spodumene concentrate production of 33,120 tonnes, produced ahead of schedule at an average grade of 5.48% Li2O.

Finalisation of Definitive Feasibility Study (DFS) for the combined NAL and Authier Lithium Project, confirming increased pre-tax net present value (NPV) of $2.2 billion.

Finalisation of preliminary technical study for lithium carbonate production at NAL, resulting in standalone pre-tax NPV of $3.2 billion and combined NAL pre-tax NPV exceeding $5 billion.

Significant resource upgrade for Moblan Lithium Project, with JORC Measured, Indicated and Inferred Resource increasing to 51.4 million tonnes at 1.31% Li2O (0.55% Li2O cut-off grade in the sensitivity analysis), representing one of North America's single largest lithium resources.

Western Australia, Australia

Commencement of reverse circulation drilling program at Morella Lithium Joint Venture Project. Thirty-five holes drilled measuring total depth of 2,200 metres, with pegmatites intersected in 18 holes.

Finalisation of heritage survey at Mt Dove Project, enabling drilling activity to be undertaken.

Corporate

Successful completion of $200 million fully underwritten equity placement at $0.18 per share to accelerate development of Quebec lithium resources.

Plans progressed to undertake review of corporate governance practices, including establishment of key governance committees and recruitment of additional independent Non-Executive Directors.

Management Commentary

The ramp-up towards nameplate production at NAL has continued to perform ahead of expectations, with record spodumene concentrate production achieved for the quarter.

This has laid the groundwork for NAL's concentrate to be stockpiled at the port, ahead of the first shipment to customers which is planned for Q1 FY24.

A preliminary technical study has shown the value of lithium carbonate production at NAL, with a fully integrated operation valued at more than $5 billion. Sayona will be advancing towards downstream processing as quickly as possible, supporting Quebec's clean energy future.

Furthermore, the latest drilling results have shown the enormous potential for the Moblan Lithium Project, a key deposit for Sayona's future downstream plans.

Mr Brett Lynch
Managing Director & CEO

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About Sayona Mining Limited:

Sayona Mining Ltd. (ASX:SYA) (OTCMKTS:SYAXF) is an Australian, ASX-listed (SYA) company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors. The Company has lithium projects in Quebec, Canada and in Western Australia.

Please visit us as at www.sayonamining.com.au

Source:
Sayona Mining Ltd.

Contact:

Brett Lynch Managing Director Phone: +61 (7) 3369 7058 Email: info@sayonamining.com.au