Name of the Project
North American Lithium (NAL) project.

Location
Quebec, Canada.

Project Owner/s
Sayona Quebec is owned 75% by Sayona Mining and 25% by Piedmont.

Project Description
A positive prefeasibility study completed in May 2022 has confirmed the project’s technical and financial viability.

The project has a mine life of 27 years, based on Joint Ore Reserves Committee-compliant proven and probable reserves of 29.2-million tonnes grading 0.96% lithium oxide.

Mining will be undertaken by conventional bulk mining methods using hydraulic excavators, dump trucks and drill-and-blast coupled to a run-of-mine stockpile. The processing plant will have a capacity of 1.5-million tonnes a year and will produce 163 266 t/y of spodumene concentrate for total spodumene production of 4.4-million tonnes over the mine’s life.

Potential Job Creation
Fifty construction workers were on site as at August 2022.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of C$952-million and an internal rate of return of 140%, with a capital payback of two years.

Capital Expenditure
A$102-million.

Planned Start/End Date
The operation is on track for resumption of spodumene concentrate production in the first quarter of 2023.

Latest Developments
The restart of the NAL operations remain on track for first spodumene concentrate production in the first quarter of 2023.

Thirty per cent of the NAL plant and equipment upgrades have been completed.

Sayona is closely monitoring any potential late equipment deliveries, with contingency plans in place to avoid any delays in the dry and wet commissioning activities. Sayona is also actively working with suppliers to mitigate any potential supply‐chain challenges.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Sayona Mining, tel +61 7 3369 7058 or email info@sayonamining.com.au.