Sayona Mining Ltd (SYAXF)

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DEFINITIVE FEASIBILITY STUDY CONFIRMS NAL VALUE WITH A$2.2B NPV
Highlights

. Definitive feasibility study estimates A$2.2B (C$2B) (C$1 = A$1.11) pre-tax net present value (NPV)
(8% discount) for spodumene concentrate produced from combined North American Lithium (NAL)
and Authier Lithium Project, demonstrating Abitibi lithium hub’s long-term financial and technical
viability

. Revisions to mineral resources and ore reserves improved head grade, recovery and total production,
driving enhanced NPV compared with 2022 Pre-Feasibility Study (PFS) outcomes

. Production target increased to life-of-mine (LOM) average 190,000t annual concentrate production,
supporting after-tax IRR of 2,545%; total net revenue of around A$7.6B and project EBITDA of A$3.7B;
NAL production capacity of 226,000 tonnes per annum (tpa) for next four years until start of
downstream operations
Low-risk operation set to become leading North American source of hard rock lithium production,
powering North America’s battery and EV revolution.
North American lithium producer Sayona Mining Limited (ASX:SYA; OTCQB:SYAXF) (“Sayona” or the
“Company”) announced today a definitive feasibility study (DFS) combining its Québec flagship North
American Lithium (NAL) operation and nearby Authier Lithium Project, which demonstrates the Abitibi lithium
hub's long-term financial and technical viability. NAL and Authier are part of Sayona Québec, owned 75% by
Sayona Mining and 25% by Piedmont Lithium Inc (Nasdaq:PLL; ASX:PLL).
The estimated, pre-tax net present value (NPV) of A$2.2 billion (C$2B) (at 8% discount rate) (C$1 = A$1.11)
represents a substantial rise in project NPV compared with NAL's PFS (refer ASX release 23 May 2022). The
operation is expected to generate estimated total net revenue of A$7.6 billion with EBITDA of A$3.7 billion.
Improvements in estimated project financial returns have been driven by the accelerated restart program,
increased estimated head grade of 1.04% Li2O, high initial recovery rate (70.2%) and expanded LOM average

https://wcsecure.weblink.com.au/pdf/SYA/02654503.pdf