EX-96.2 19 ex962s-k1300authierlithi.htm EX-96.2 ex962s-k1300authierlithi
Authier Lithium Technical Report Summary – Quebec, Canada Exhibit 96.2 Authier Lithium Technical Report Summary – Quebec, Canada Date and signature page This Technical Report Summary is effective as of the 30th of June 2024. Name: Anthony O’Connell B.Eng. Signature: Date: February 18, 2025 Name: Steve Andrews Signature: Date: February 18, 2025 Name: Signature: Date: Name: Signature: Date: Authier Lithium Technical Report Summary – Quebec, Canada 1 TABLE OF CONTENTS Date and signature page ..................................................................................................................... 2 1 Executive Summary ............................................................................................................................ 20 1.1 Introduction ................................................................................................................................ 20 1.2 Forward Looking Notice .............................................................................................................. 20 1.3 Property Description and Ownership ......................................................................................... 21 1.4 Geology and Mineralization ........................................................................................................ 25 1.5 Exploration Status ....................................................................................................................... 26 1.6 Mineral Reserve Estimates ......................................................................................................... 28 1.7 Mineral Resource Estimate ......................................................................................................... 29 1.8 Material Development and Operations ...................................................................................... 30 1.9 Recovery Methods ...................................................................................................................... 30 1.10 Mine Design ................................................................................................................................ 30 1.11 Infrastructure, Capital, and Operating Cost Estimates ............................................................... 31 1.11.1 Project Infrastructure .......................................................................................................... 31 1.11.2 Capital and Operating Cost Estimates................................................................................. 33 1.12 Market Studies ............................................................................................................................ 34 1.12.3 Market Balance ................................................................................................................... 34 1.12.4 Spodumene Price Forecast ................................................................................................. 35 1.13 Environmental, Social and Permitting ........................................................................................ 35 1.13.1 Environmental Studies ........................................................................................................ 35 1.13.2 Decarbonization Plan .......................................................................................................... 37 1.13.3 Population ........................................................................................................................... 38 1.13.4 Permitting ........................................................................................................................... 38 1.13.5 Reclamation and Closure .................................................................................................... 39 1.13.6 Waste Dumps and Tailings .................................................................................................. 39 1.14 Economic Analysis ....................................................................................................................... 40 1.14.1 Project Implementation and Execution .............................................................................. 41 1.14.2 Risk and Opportunity .......................................................................................................... 41 1.15 Conclusions and QP Recommendations ..................................................................................... 42 Authier Lithium Technical Report Summary – Quebec, Canada 2 1.16 Revision Notes ............................................................................................................................ 42 2 Introduction ....................................................................................................................................... 43 2.1 Terms of Reference and Purpose of the Report ......................................................................... 43 2.2 Qualifications of Qualified Persons/Firms .................................................................................. 44 2.2.1 Contributing Authors .......................................................................................................... 44 2.2.2 Site Visits ............................................................................................................................. 44 2.3 Source of information ................................................................................................................. 44 2.4 List of Abbreviations and Units of Measure ................................................................................ 46 3 Property Description .......................................................................................................................... 52 3.1 Property Location, Country, Regional and Government Setting ................................................ 52 3.1.1 Government Setting ............................................................................................................ 55 3.2 Property Ownership, Mineral Tenure, Agreement and Royalties .............................................. 55 3.2.2 Mineral Rights and Permitting ............................................................................................ 59 3.2.3 Agreements and Royalties .................................................................................................. 60 3.3 Environmental Liabilities and Other Permitting Requirements .................................................. 62 4 Accessibility, Climate, Physiography, Local Resources, and Infrastructure ....................................... 63 4.1 Accessibility ................................................................................................................................. 63 4.2 Topography, Elevation, Vegetation and Climate ........................................................................ 63 4.2.1 Physiography ....................................................................................................................... 63 4.2.2 Climate ................................................................................................................................ 64 4.2.3 Vegetation and Wetlands ................................................................................................... 66 4.3 Local Infrastructure and Resources ............................................................................................ 66 4.4 Surface Rights.............................................................................................................................. 67 5 History ................................................................................................................................................ 68 5.1 General ........................................................................................................................................ 68 5.2 Historical Exploration and Drill Programs ................................................................................... 68 5.3 Historical Resource and Reserve Estimates ................................................................................ 71 5.4 Historical Production .................................................................................................................. 73 6 Geological Setting, Mineralization and Deposit ................................................................................. 74 6.1 Regional Geology ........................................................................................................................ 74

 
Authier Lithium Technical Report Summary – Quebec, Canada 3 6.2 Local Geology .............................................................................................................................. 75 6.3 Property Geology ........................................................................................................................ 78 6.4 Mineralization ............................................................................................................................. 79 6.5 Deposit Types .............................................................................................................................. 82 7 Exploration ......................................................................................................................................... 84 7.1 General ........................................................................................................................................ 84 7.2 Sayona Québec Drilling 2016 ...................................................................................................... 85 7.3 Sayona Québec Drilling 2017 ...................................................................................................... 88 7.4 Sayona Québec Drilling 2018 ...................................................................................................... 96 7.4.1 Results in Main Authier Pegmatite ..................................................................................... 97 7.4.2 Results in Northern Authier Pegmatite ............................................................................... 98 7.4.3 Condemnation/ Sterilization Drill Holes ............................................................................. 99 8 Sample Preparation, Analyses and Security ..................................................................................... 101 8.1 Core handling, sampling and security ....................................................................................... 101 8.2 Analytical Laboratory Procedures ............................................................................................. 102 8.2.1 Laboratory accreditation and certification ....................................................................... 102 8.2.2 Laboratory preparation and assays .................................................................................. 103 8.3 QA/QC (Analytical) Procedures ................................................................................................. 103 8.3.3 Certified reference materials (standards) ......................................................................... 103 8.3.4 Blank Samples ................................................................................................................... 110 8.4 Qualified Person Commentary .................................................................................................. 112 9 Data Verification............................................................................................................................... 113 9.1 Project Database ....................................................................................................................... 113 9.1.1 Drillhole Locations ............................................................................................................. 113 9.1.2 Downhole Surveys ............................................................................................................. 113 9.1.3 Assay Certificates .............................................................................................................. 114 9.2 Twinned Historical Drill Holes ................................................................................................... 114 9.2.4 Sayona Québec 2017 Twin Drilling ................................................................................... 114 9.3 Qualified Person’s Opinion ....................................................................................................... 115 10 Mineral Processing and Metallurgical Testing ................................................................................. 116 Authier Lithium Technical Report Summary – Quebec, Canada 4 11 Mineral Resource Estimates ............................................................................................................. 117 11.1 Methodology ............................................................................................................................. 117 11.2 Project Database ....................................................................................................................... 117 11.3 Geological Domaining ............................................................................................................... 119 11.4 Exploratory Data Analysis ......................................................................................................... 120 11.5 Bulk Density Estimation ............................................................................................................ 123 11.6 Geostatistics and Grade Estimation .......................................................................................... 123 11.6.1 Variography ....................................................................................................................... 123 11.6.2 Block Model ...................................................................................................................... 125 11.6.3 Grade Interpolation .......................................................................................................... 125 11.6.4 Block Model Validation ..................................................................................................... 130 11.7 Mineral Resource Classification ................................................................................................ 135 11.8 RPEE Consideration and Cut-Off Grade .................................................................................... 140 11.9 Mineral Resource Statement .................................................................................................... 141 11.10 Tonnage – Grade Distribution and Sensitivity Analysis ............................................................ 145 11.11 Uncertainty ............................................................................................................................... 145 11.12 Qualified Person’s Opinion ....................................................................................................... 146 12 Mineral Reserves Estimates ............................................................................................................. 147 12.1 Reserve Estimate Methodology, Assumptions, Parameters and Cut-off-Value ....................... 147 12.2 Resource Block Model............................................................................................................... 147 12.3 Topography Data ....................................................................................................................... 148 12.4 Mining Block Model .................................................................................................................. 148 12.5 Mine and Plant Production Scenarios ....................................................................................... 148 12.5.1 Modifying Factors ............................................................................................................. 148 12.5.2 Pit Optimization ................................................................................................................ 150 12.5.3 Mine Design ...................................................................................................................... 153 12.6 Mineral Reserve Estimate ......................................................................................................... 156 12.6.1 Assessment of Reserve Estimate Risks ............................................................................. 157 12.7 Material Development and Operations .................................................................................... 158 13 Mining Methods ............................................................................................................................... 159 Authier Lithium Technical Report Summary – Quebec, Canada 5 13.1 Mine Design .............................................................................................................................. 159 13.1.1 Pit Design Parameters ....................................................................................................... 159 13.2 Geotechnical and Hydrological Considerations ........................................................................ 160 13.2.1 Geotechnical Considerations ............................................................................................ 160 13.2.2 Dewatering ........................................................................................................................ 162 13.2.3 Hydrogeological Considerations ....................................................................................... 163 13.2.4 Ore Rehandling Area ......................................................................................................... 164 13.2.5 Haul Roads ........................................................................................................................ 164 13.2.6 Explosives Storage ............................................................................................................. 165 13.3 Mining Fleet and Manning ........................................................................................................ 166 13.3.1 Contract Mining ................................................................................................................ 166 13.3.2 Roster ................................................................................................................................ 166 13.3.3 Mine Maintenance ............................................................................................................ 166 13.3.4 Mine Technical Services .................................................................................................... 167 13.3.5 Drilling ............................................................................................................................... 167 13.3.6 Blasting .............................................................................................................................. 167 13.3.7 Loading .............................................................................................................................. 168 13.3.8 Hauling .............................................................................................................................. 168 13.3.9 Auxiliary ............................................................................................................................. 169 13.4 Mine Plan and Schedule ............................................................................................................ 169 13.4.1 Strategy & Constraints ...................................................................................................... 169 13.4.2 Results ............................................................................................................................... 170 14 Processing and Recovery Methods .................................................................................................. 180 15 Infrastructure ................................................................................................................................... 181 15.1 Waste Rock Storage Facility ...................................................................................................... 182 15.1.1 General Project Description .............................................................................................. 183 15.1.2 Design Update ................................................................................................................... 183 15.1.3 Design Summary ............................................................................................................... 186 15.1.4 Stability Analysis for WRSF and Related Infrastructure .................................................... 187 15.1.5 Waste Rock Handling Methodology.................................................................................. 192 Authier Lithium Technical Report Summary – Quebec, Canada 6 15.2 Water Management .................................................................................................................. 192 15.2.1 Water Management Strategy ........................................................................................... 192 15.2.2 Projected Infrastructure for Water Management ............................................................ 193 15.2.3 Design Criteria for Basins and Ditches .............................................................................. 194 15.2.4 Watersheds ....................................................................................................................... 194 15.2.5 Operational Water Balance and Flux Diagrams ................................................................ 195 15.2.6 Basins Sizing and Design ................................................................................................... 198 15.2.7 Design of the Ditches ........................................................................................................ 198 15.2.8 Pumping Systems .............................................................................................................. 199 15.2.9 Wastewater Treatment ..................................................................................................... 199 15.2.10 Assessment of the Risk of Climate Change ....................................................................... 200 15.3 Access Roads ON/OFF and ROM Pads ...................................................................................... 201 15.3.11 Site Preparation and Pads ................................................................................................. 201 15.3.12 Haul Roads ........................................................................................................................ 202 15.3.13 Internal LV Roads and Car Parking .................................................................................... 202 15.4 Electrical Power Supply and Distribution .................................................................................. 202 15.5 Water Supply ............................................................................................................................. 203 15.5.1 Raw Water......................................................................................................................... 203 15.5.2 Fire Water ......................................................................................................................... 203 15.5.3 Sewage .............................................................................................................................. 203 15.6 Construction Materials ............................................................................................................. 204 15.6.1 Fuel, Lube and Oil Storage Facility .................................................................................... 204 15.6.2 Explosives Magazine ......................................................................................................... 204 15.7 Communications ....................................................................................................................... 204 15.8 Security and Access Point ......................................................................................................... 204 15.9 On-Site Infrastructure ............................................................................................................... 205 15.9.1 Temporary Construction Management Facility ................................................................ 205 15.9.2 Offsite Infrastructure ........................................................................................................ 205 15.9.3 General Earthworks .......................................................................................................... 205 15.9.4 General, Green and Regulated Waste .............................................................................. 206

 
Authier Lithium Technical Report Summary – Quebec, Canada 7 15.9.5 Ore Transportation ........................................................................................................... 206 15.9.6 Administration Facility ...................................................................................................... 206 16 Market Studies and Contracts .......................................................................................................... 207 16.1 Market Balance ......................................................................................................................... 207 16.2 Demand Forecast ...................................................................................................................... 208 16.3 Supply Forecast ......................................................................................................................... 209 16.4 Product Pricing .......................................................................................................................... 210 16.5 Contract Sales ........................................................................................................................... 211 16.6 Packaging and Transportation .................................................................................................. 211 16.7 Risks and Uncertainties ............................................................................................................. 212 17 Environmental Studies, Permitting, Social or Community Impacts ................................................. 213 17.1 Environmental Baseline and Impact Studies ............................................................................ 213 17.1.1 Environmental Baseline .................................................................................................... 213 17.1.2 Topography ....................................................................................................................... 213 17.1.3 Local Geomorphology ....................................................................................................... 213 17.1.4 Soils Quality ....................................................................................................................... 215 17.1.5 Hydrology .......................................................................................................................... 215 17.1.6 Underground Water Quality ............................................................................................. 215 17.1.7 Surface Water Quality ....................................................................................................... 215 17.1.8 Sediments.......................................................................................................................... 216 17.1.9 Vegetation and Wetlands ................................................................................................. 216 17.1.10 Terrestrial and Avian Fauna .............................................................................................. 216 17.1.11 Fish and Fish Habitat ......................................................................................................... 217 17.1.12 Benthic Community........................................................................................................... 217 17.1.13 Endangered Wildlife .......................................................................................................... 217 17.2 Monitoring Program ................................................................................................................. 217 17.2.1 Groundwater Monitoring .................................................................................................. 218 17.2.2 Effluent Monitoring ........................................................................................................... 218 17.2.3 Environmental Effects Monitoring Program ..................................................................... 218 17.3 Waste Rock, Ore, and Water Management .............................................................................. 218 Authier Lithium Technical Report Summary – Quebec, Canada 8 17.3.1 Preliminary Geochemical Characterization ....................................................................... 219 17.3.2 Kinetic Geochemical Characterization .............................................................................. 219 17.3.3 Complementary Geochemical Studies .............................................................................. 221 17.3.4 Prediction of Water Quality .............................................................................................. 221 17.4 Project Permitting ..................................................................................................................... 221 17.4.1 Provincial Requirements ................................................................................................... 221 17.4.2 Federal Requirements ....................................................................................................... 223 17.4.3 Other Authorizations ........................................................................................................ 223 17.5 Other Environmental Concerns ................................................................................................ 225 17.5.1 Air Quality ......................................................................................................................... 225 17.5.2 Noise ................................................................................................................................. 226 17.5.3 Soils ................................................................................................................................... 226 17.5.4 Hydrology .......................................................................................................................... 226 17.5.5 Surface Water Quality ....................................................................................................... 226 17.5.6 Hydrogeology and Underground Water Quality ............................................................... 227 17.5.7 Terrestrial Vegetation ....................................................................................................... 228 17.5.8 Wetlands ........................................................................................................................... 228 17.5.9 Ichthyofauna ..................................................................................................................... 228 17.5.10 Species of Interest ............................................................................................................. 229 17.5.11 Cultural and Archaeological Heritage ............................................................................... 229 17.6 Social and Community Impacts ................................................................................................. 229 17.6.1 Decarbonization Plan ........................................................................................................ 229 17.6.2 Strategy ............................................................................................................................. 230 17.6.3 Population ......................................................................................................................... 231 17.6.4 Stakeholder Mapping ........................................................................................................ 232 17.6.5 Land Uses .......................................................................................................................... 232 17.6.6 Potential Community Related Requirements and Status of Negotiations or Agreements 233 17.7 Closure and Reclamation Plan .................................................................................................. 235 17.7.1 Overview ........................................................................................................................... 236 Authier Lithium Technical Report Summary – Quebec, Canada 9 17.7.2 Post-Closure Monitoring ................................................................................................... 236 17.7.3 Costs Estimation ................................................................................................................ 236 18 Capital and Operating Costs ............................................................................................................. 238 18.1 Summary of Capital Cost Estimate ............................................................................................ 238 18.1.1 Mine Capital Expenditure ................................................................................................. 239 18.1.2 Plant Capital Expenditure .................................................................................................. 239 18.1.3 Infrastructure Capital Expenditure ................................................................................... 239 18.2 Preproduction and Environmental Costs .................................................................................. 240 18.3 Basis of Estimate ....................................................................................................................... 241 18.3.4 Estimate Overview and Qualifications .............................................................................. 241 18.3.5 Base Date .......................................................................................................................... 241 18.3.6 Estimate Accuracy ............................................................................................................. 242 18.3.7 Exclusions and Assumptions ............................................................................................. 242 18.3.8 Wetlands Compensation ................................................................................................... 242 18.3.9 Royalty Buyback ................................................................................................................ 243 18.3.10 Closure and Reclamation .................................................................................................. 243 18.4 Sustaining Capital ...................................................................................................................... 243 18.4.1 Mining ............................................................................................................................... 243 18.4.2 Infrastructure .................................................................................................................... 244 18.4.3 Closure and Reclamation .................................................................................................. 244 18.5 Summary of Operating Cost Estimate ....................................................................................... 244 18.6 Mine Operating Cost ................................................................................................................. 245 18.6.1 Mine and Geology ............................................................................................................. 245 18.7 Plant Operating Cost ................................................................................................................. 247 18.8 General & Administration ......................................................................................................... 247 19 Economic Analysis ............................................................................................................................ 248 19.1 Economic Base Case, Inputs and Assumptions ......................................................................... 248 19.2 Products Considered in the Cash Flow Analysis ........................................................................ 250 19.3 Financial Model and Key Metrics .............................................................................................. 252 19.4 Taxes, Royalties and Other Fees ............................................................................................... 252 Authier Lithium Technical Report Summary – Quebec, Canada 10 19.4.1 Royalties ............................................................................................................................ 252 19.4.2 Working Capital ................................................................................................................. 252 19.4.3 Taxation ............................................................................................................................. 253 19.5 Contracts ................................................................................................................................... 253 19.6 Indicative Economics, Base Case ............................................................................................... 254 19.7 Sensitivity Analysis .................................................................................................................... 254 19.8 Alternative Cases / Sensitivity Models ...................................................................................... 259 20 Adjacent Properties .......................................................................................................................... 260 21 Other Relevant Data and Information ............................................................................................. 263 21.1 Project Execution Plan .............................................................................................................. 263 21.2 Project Organization ................................................................................................................. 263 21.2.1 Engineering and Procurement .......................................................................................... 263 21.2.2 Construction Management ............................................................................................... 264 21.3 Risk and Opportunity Assessment ............................................................................................ 265 22 Interpretation and Conclusions ........................................................................................................ 273 22.1 Project Summary ....................................................................................................................... 273 22.2 Key Outcomes ........................................................................................................................... 273 22.3 Geology and Resources ............................................................................................................. 273 22.4 Mining and Reserves ................................................................................................................. 274 22.5 Infrastructure and Water Management ................................................................................... 274 22.6 Market Studies .......................................................................................................................... 274 22.7 Environmental and Social Issues ............................................................................................... 274 22.8 Project Costs and Financial Evaluation ..................................................................................... 275 22.8.1 Capital Costs ...................................................................................................................... 275 22.8.2 Operating Costs ................................................................................................................. 276 22.8.3 Financial Analysis .............................................................................................................. 276 23 Recommendations ........................................................................................................................... 278 23.1 Project Summary ....................................................................................................................... 278 23.2 Geology and Resources ............................................................................................................. 278 23.3 Mining and Reserves ................................................................................................................. 279

 
Authier Lithium Technical Report Summary – Quebec, Canada 11 23.4 Infrastructure ............................................................................................................................ 279 23.5 Market Studies .......................................................................................................................... 281 23.6 Environmental and Social Recommendations .......................................................................... 281 23.7 Project Costs and Financial Evaluation ..................................................................................... 281 23.8 Waste Dumps Management ..................................................................................................... 281 23.9 Decarbonization ........................................................................................................................ 282 23.10 Project Execution ...................................................................................................................... 282 24 References ........................................................................................................................................ 283 24.1 List of References ...................................................................................................................... 283 25 Reliance on Information supplied by Registrant .............................................................................. 286 25.1 Information Supplied by Registrant .......................................................................................... 286 25.2 Details of Reliance ..................................................................................................................... 286 Authier Lithium Technical Report Summary – Quebec, Canada 12 LIST OF TABLES Table 1-1 – List of Authier Property claims ................................................................................................. 25 Table 1-2 – Authier Lithium Project Mineral Reserve estimate at Effective Date of June 30, 2024 at CAD$120/t. .................................................................................................................................................. 28 Table 1-3 – Authier Mineral Resource statement at effective date June 30, 2024 based on USD $977/t Li₂O, exclusive of Mineral Reserves. .................................................................................................................... 29 Table 1-4 – Project initial capital cost detailed summary ........................................................................... 33 Table 1-5 – Sustaining Capital Cost Estimate Summary.............................................................................. 33 Table 1-6 – Summary LOM Operating Cost Estimate Summary ................................................................. 34 Table 1-7 – Financial Analysis Summary ..................................................................................................... 40 Table 1-8 – Main project risks ..................................................................................................................... 42 Table 2-1 – Chapters responsibility ............................................................................................................. 44 Table 2-2 – List of Abbreviations ................................................................................................................. 46 Table 2-3 – Units of Measure ...................................................................................................................... 50 Table 3-1 – List of Authier Property claims ................................................................................................. 58 Table 3-2 – Authier project summary royalties .......................................................................................... 60 Table 4-1 – Average temperatures by month. ............................................................................................ 65 Table 4-2 – Average monthly precipitation with the proportions of rain and snow. ................................. 65 Table 5-1 – Summary of drilling completed on the Property prior to the Sayona acquisition in 2016 ...... 71 Table 5-2 – Glen Eagle 2013 Historical NI 43-101 Mineral Resource Estimate (at 0.5% Li2O cut-off) ........ 72 Table 7-1 – Phase 1 Sayona drill hole collar location and intercept information (Downhole intersections in meters) ........................................................................................................................................................ 86 Table 7-2 – Phase 2 Sayona drill hole collar location and intercept information (downhole intersections in meters) ........................................................................................................................................................ 89 Table 7-3 – Sayona Phase 3 Metallurgical Pilot Plan drill hole collar location and intercept information (downhole intersections in meters). ........................................................................................................... 98 Table 7-4 – Sayona Phase 3 Metallurgical Pilot Plan drill hole collar location and intercept information (downhole intersections in meters). ........................................................................................................... 99 Table 8-1 – Results from custom Low-Li and High-Li standards – Sayona Québec 2016 ......................... 104 Table 8-2 – Results from custom Low-Li and High-Li standards – Sayona Québec 2017 ......................... 106 Authier Lithium Technical Report Summary – Quebec, Canada 13 Table 8-3 – Sayona Québec standard reference material summary ........................................................ 108 Table 8-4 – Blank Summary – Sayona Québec 2016 ................................................................................. 110 Table 8-5 – Blank summary – Sayona Québec 2017 ................................................................................. 111 Table 8-6 – Sayona Québec blank summary ............................................................................................. 111 Table 9-1 – Comparative results for metallurgical pilot plant drill holes vs. original drill holes - Authier Property .................................................................................................................................................... 114 Table 11-1 – Database statistics ............................................................................................................... 117 Table 11-2 – Range of analytical data for Mineralized domains .............................................................. 118 Table 11-3 – Statistics for 1.5 m composites ............................................................................................ 120 Table 11-4 – Specific gravity measurements statistical parameters (2010 Program) .............................. 123 Table 11-5 – Bulk density statistics (2017 Program) ................................................................................. 123 Table 11-6 – Main Zone Variography ........................................................................................................ 124 Table 11-7 –Block model parameters ....................................................................................................... 125 Table 11-8 – Statistical comparison of assay, composite, and block data statistics report ..................... 134 Table 11-9 – Parameters used for Resource pit optimization. ................................................................. 140 Table 11-10 – Authier Mineral Resource statement at effective date of June 30, 2024 based on USD $977/t Li₂O at a cut-off of 0.55% Li₂O, inclusive of Mineral Reserves. ................................................................. 141 Table 11-11 – Authier Mineral Resource statement of Resources at effective date of June 30, 2024 based on USD $977/t Li₂O, exclusive of Mineral Reserves. ................................................................................. 142 Table 12-1 – Pit optimization parameters for the Authier Lithium Project. ............................................. 150 Table 12-2 – Pit optimization results. ....................................................................................................... 152 Table 12-3 – Pit design geotechnical parameters. .................................................................................... 154 Table 12-4 – Pit design parameters. ......................................................................................................... 155 Table 12-5 – Haul road design parameters. .............................................................................................. 156 Table 12-6 – Authier Lithium Project Mineral Reserve estimate at Effective Date of June 30, 2024 at CAD$120/t. ................................................................................................................................................ 157 Table 13-1 – Pit design parameters. ......................................................................................................... 159 Table 13-2 – In-pit haul roads design parameters. ................................................................................... 159 Table 13-3 – Pit design geotechnical parameters. .................................................................................... 162 Table 13-4 – Haul road design parameters. .............................................................................................. 165 Authier Lithium Technical Report Summary – Quebec, Canada 14 Table 13-5 – Drilling ore and waste patterns. ........................................................................................... 167 Table 13-6 – Mine equipment requirements over the LOM..................................................................... 171 Table 13-7 – Authier Lithium LOM plan. ................................................................................................... 172 Table 15-1 – Summary of the LOM waste material from Authier pit. ...................................................... 183 Table 15-2 – Authier waste LOM production. ........................................................................................... 185 Table 15-3 – Waste rock storage facility required capacity. ..................................................................... 186 Table 15-4 – Waste rock stockpile volumetric LOM requirements. ......................................................... 187 Table 15-5 – Geotechnical parameters of waste rock stockpile constituent materials. .......................... 190 Table 15-6 – Factor of safety of slope stability analysis. .......................................................................... 192 Table 15-7 – Main outputs of the operational water balance. ................................................................. 196 Table 15-8 – Crest elevations. ................................................................................................................... 198 Table 15-9 – Typical Cross-section to be used for the mine site ditches. ................................................. 199 Table 15-10 – Pumping system and lines. ................................................................................................. 199 Table 15-11 – OURANOS Projections for temperature and precipitation. ............................................... 200 Table 17-1 – Provincial and federal acts and regulations. ........................................................................ 224 Table 18-1 – Initial capital costs summary. ............................................................................................... 238 Table 18-2 – Initial capital cost estimate for mining. ................................................................................ 239 Table 18-3 – Infrastructure capital cost estimate. .................................................................................... 240 Table 18-4 – Project initial capital cost detailed summary. ...................................................................... 241 Table 18-5 – Sustaining capital costs. ....................................................................................................... 243 Table 18-6 – Summary LOM operating costs. ........................................................................................... 244 Table 18-7 – LOM mining operating costs. ............................................................................................... 246 Table 18-8 – LOM mining operating cost breakdown. ............................................................................. 247 Table 19-1 – Authier Lithium operation – Financial analysis summary. ................................................... 249 Table 19-2 – Authier Lithium operation – Authier Lithium total project costs. ....................................... 249 Table 19-3 – Project cash flows on an annualized basis (CAD). ................................................................ 250 Table 19-4 – Financial analysis summary (pre-tax and after-tax). ............................................................ 252 Table 19-5 – Ore price sensitivities on after-tax NPV. .............................................................................. 255 Table 19-6 – Operating costs sensitivities on after-tax NPV. .................................................................... 255

 
Authier Lithium Technical Report Summary – Quebec, Canada 15 Table 19-7 – Capital costs sensitivities on after-tax NPV. ......................................................................... 256 Table 19-8 – Sustaining capital costs sensitivities on after-tax NPV. ........................................................ 256 Table 21-1 – Risks. ..................................................................................................................................... 266 Table 21-2 – Main project risks. ................................................................................................................ 266 Table 21-3 – Main project opportunities. ................................................................................................. 267 Table 21-4 – Project risk register. ............................................................................................................. 268 Table 22-1 – Project initial capital cost detailed summary. ...................................................................... 275 Table 22-2 – Project sustaining capital cost detailed summary. .............................................................. 276 Table 22-3 – Summary LOM operating costs. ........................................................................................... 276 Table 22-4 – Financial analysis summary. ................................................................................................. 277 Table 23-1 – Recommended work program for the Authier Lithium Deposit. ......................................... 279 Authier Lithium Technical Report Summary – Quebec, Canada 16 LIST OF FIGURES Figure 1-1 – Authier property location coordinates (Source: Google Earth). ............................................. 22 Figure 1-2 – Location of the Property relative to a number of nearby regional townships. ...................... 22 Figure 1-3 – Authier proximity to nearby mining services centers. ............................................................ 23 Figure 1-4 – Authier location ...................................................................................................................... 24 Figure 1-5 – Authier Lithium LOM production profile. ............................................................................... 31 Figure 1-6 – Site Layout............................................................................................................................... 32 Figure 1-7 – Lithium products price forecast 2026-2040 ............................................................................ 35 Figure 3-1 – Authier property location coordinates (Source: Google Earth). ............................................. 52 Figure 3-2 – Location of the Property relative to a number of nearby regional townships. ...................... 53 Figure 3-3 – Authier proximity to nearby mining services centers. ............................................................ 53 Figure 3-4 – Authier location ...................................................................................................................... 54 Figure 3-5 – Property mining titles location map. ...................................................................................... 56 Figure 3-6 – Proposed pit relative to claim boundaries. ............................................................................. 57 Figure 4-1 – Terrain within Authier tenements .......................................................................................... 64 Figure 5-1 – 2010 Authier Property magnetic survey ................................................................................. 70 Figure 6-1 – Regional geology map ............................................................................................................. 75 Figure 6-2 – Stratigraphy of the Authier Lithium Project ........................................................................... 77 Figure 6-3 – Local geological map ............................................................................................................... 79 Figure 6-4 – Drill core from hole AL-10-03, showing core and transition zones ........................................ 81 Figure 6-5 – Drill core from hole AL-16-10, showing spodumene mineralization in the new Authier North pegmatite .................................................................................................................................................... 81 Figure 6-6 – Schematic representation of regional zonation of pegmatites source (Image from Sinclair 1996 [modified from Trueman and Cerny 1982]) ................................................................................................ 83 Figure 7-1 – Drill hole collar location in isometric view and plan view ...................................................... 86 Figure 7-2 – Section 707050 m E looking west, demonstrating the extension of mineralization .............. 92 Figure 7-3 – Section 706800 m E looking west, intersecting narrow zones of low grade to barren mineralization ............................................................................................................................................. 92 Figure 7-4 – Section 707400 m E looking west (Gap Zone) showing the dip extension of mineralization . 93 Figure 7-5 – Section 707725 m E looking west ........................................................................................... 94 Authier Lithium Technical Report Summary – Quebec, Canada 17 Figure 7-6 – Hole AL-17-10 in the Northern Pegmatite which intersected 7 m of 1.36% Li2O from a downhole depth of 15 m (vertical depth of 12 m), including 2 m of 2.24% Li2O from 17 m ...................... 95 Figure 7-7 – Drill hole collar location plan view, highlighting (light blue) the Metallurgical Pilot Plan drill holes completed during Phase 3 drilling at Authier Project ....................................................................... 96 Figure 7-8 – Drill hole collar location plan view, highlighting (red) Condemnation (sterilization) drill holes completed during Phase 3 drilling at the Authier Property. ..................................................................... 100 Figure 8-1 – RM (STD High) results Sayona Québec 2016 ........................................................................ 105 Figure 8-2 – RM (STD Low) results Sayona Québec 2016 ......................................................................... 105 Figure 8-3 – RM (STD High) results ........................................................................................................... 106 Figure 8-4 – RM (STD Low) results ............................................................................................................ 107 Figure 8-5 – Authier High-Li and SGS NBS183 performance 2016-2017 .................................................. 108 Figure 8-6 – Authier High-Li performance ................................................................................................ 109 Figure 8-7 – Authier Low-Li performance ................................................................................................. 109 Figure 8-8 – Blank Performance – Sayona Québec 2016 .......................................................................... 110 Figure 8-9 – Blank performance – Sayona Québec 2017 .......................................................................... 111 Figure 8-10 – Sayona Québec blank performance .................................................................................... 112 Figure 11-1 – Isometric view of the final mineralized solids .................................................................... 119 Figure 11-2 – Composite Histogram ......................................................................................................... 121 Figure 11-3 – Histograms of mineralized original samples compared to the 1.5 m composites ............. 122 Figure 11-4 – Plan view showing the spatial distribution of composites ................................................. 122 Figure 11-5 – Section view showing the spatial distribution of composites (looking north) ................... 122 Figure 11-6 – Variogram of the 1.5 m composites for Li2O% grades ........................................................ 124 Figure 11-7 – Search ellipsoids and orientation grid used in the interpolation process .......................... 126 Figure 11-8 – Isometric and plan views of the interpolated block model (ID2) ........................................ 127 Figure 11-9 – Section E706800 (looking west) view of the interpolated block model (ID2) ..................... 128 Figure 11-10 – Section E707050 (looking west) view of the interpolated block model (ID2) ................... 128 Figure 11-11 – Section E707400 (looking west) view of the interpolated block model (ID2) ................... 129 Figure 11-12 – Section E707500 (looking west) view of the interpolated block model (ID2) ................... 129 Figure 11-13 – Bench (Z202) view of the interpolated block model (ID2) ................................................ 130 Figure 11-14 – Variogram of the 1.5 m composites for Li2O% grades ...................................................... 131 Authier Lithium Technical Report Summary – Quebec, Canada 18 Figure 11-15 – Histogram of blocks (ID2) vs. composites vs. assays ......................................................... 132 Figure 11-16 – Boxplot of blocks (ID2) vs. composites vs. assays ............................................................. 132 Figure 11-17 – Swath plot (X) of blocks vs. composites vs. volume ......................................................... 133 Figure 11-18 – Swath plot (Y) of blocks vs. composites vs. volume ......................................................... 133 Figure 11-19 – Swath plot (Z) of blocks vs. composites vs. volume .......................................................... 134 Figure 11-20 – Comparison of block values versus composites contained within those blocks .............. 135 Figure 11-21 – Classified block model on bench (Z202). .......................................................................... 137 Figure 11-22 – Classified block model on section E706800. ..................................................................... 137 Figure 11-23 – Classified block model on section E707050. ..................................................................... 138 Figure 11-24 – Classified block model on section E707400. ..................................................................... 138 Figure 11-25 – Classified block model on section E707500. ..................................................................... 139 Figure 11-26 – Block model final classification in plan and isometric views. ........................................... 139 Figure 11-27 – Optimized pit shell and block model (no waste/barren material included) in plan and isometric views ......................................................................................................................................... 143 Figure 11-28 – Optimized pit shell and block model (waste/barren material included) in plan and isometric views) ........................................................................................................................................................ 144 Figure 11-29 – Optimized pit shell and classified block model in plan and isometric views .................... 144 Figure 11-30 – Grade tonnage curve depending on type of estimation................................................... 145 Figure 12-1 – Pit optimization results. ...................................................................................................... 153 Figure 12-2 – Pit slope design sectors. ...................................................................................................... 155 Figure 12-3 – Ultimate Authier Lithium pit – plan and isometric views. .................................................. 156 Figure 13-1 – Ultimate Authier Lithium pit – plan and isometric views. .................................................. 160 Figure 13-2 – Pit slope design sectors. ...................................................................................................... 162 Figure 13-3 – Authier Lithium LOM production profile. ........................................................................... 173 Figure 13-4 – Isometric view of 2025 pre-production period. .................................................................. 174 Figure 13-5 – Isometric view of 2025 production period. ........................................................................ 174 Figure 13-6 – Isometric view of 2026. ....................................................................................................... 175 Figure 13-7 – Isometric view of 2027. ....................................................................................................... 175 Figure 13-8 – Isometric view of 2028. ....................................................................................................... 176

 
Authier Lithium Technical Report Summary – Quebec, Canada 19 Figure 13-9 – Isometric view of 2029. ...................................................................................................... 176 Figure 13-10 – Isometric view of 2030...................................................................................................... 177 Figure 13-11 – Isometric view of 2031-35. ............................................................................................... 177 Figure 13-12 – Isometric view of 2036-2040. ........................................................................................... 178 Figure 13-13 – Isometric view of 2041-2046. ........................................................................................... 178 Figure 13-14 – Isometric view at the end of 2046. ................................................................................... 179 Figure 15-1 – Site layout. .......................................................................................................................... 182 Figure 15-2 – Waste rock stockpile cross-section – Overall concept........................................................ 184 Figure 15-3 – Critical sections for stability analysis. ................................................................................. 189 Figure 15-4 – Watersheds in developed conditions. ................................................................................ 193 Figure 15-5 – Watersheds in undeveloped conditions for the Project area. ............................................ 195 Figure 15-6 – LOM water balance for normal precipitation. .................................................................... 197 Figure 16-1 – Lithium market balance forecast 2026 - 2040 .................................................................... 208 Figure 16-2 – Lithium products price forecast 2026-2040 ........................................................................ 211 Figure 17-1 – Surrounding Terrain Height Lit by Elevation ....................................................................... 214 Figure 17-2 – Decision flowsheet to determine the level of required protective measures (translation of Figure 2.3 of Directive 019, March 2012 version)..................................................................................... 220 Figure 19-1 – After-Tax NPV at 8% discount rate for different sensitivity scenarios. .............................. 257 Figure 19-2 – After-Tax IRR for different sensitivity scenario. .................................................................. 258 Figure 20-1 – Local metallic deposits and showings. ................................................................................ 261 Figure 20-2 – Adjacent properties map. ................................................................................................... 262 Authier Lithium Technical Report Summary – Quebec, Canada 20 1 EXECUTIVE SUMMARY 1.1 INTRODUCTION This S-K §229.1300 compliant Technical Report Summary (the Report) was prepared by Sayona Mining Limited (Sayona Mining or Sayona), based on an existing Technical Report Summary previously published and filed by Piedmont Lithium Inc (Piedmont) with an effective date of 31st of December 2023. This report was prepared by Optimal Mining Solutions Pty Ltd for Sayona’s Authier property which is wholly owned and operated by Sayona Quebec Inc (Sayona Quebec), with Sayona owning 75% and Piedmont 25% of Sayona Quebec in a Joint Venture agreement. This report was prepared as a collaborative effort between Optimal Mining Solutions Pty Ltd and Measured Group Pty Ltd. Optimal Mining Solutions Pty Ltd is an independent mining engineering consulting firm based in Brisbane Australia. Measured Group Pty Ltd is an independent geological and mining consulting firm based in Brisbane Australia with offices also in Perth and Singleton, Australia. Sayona Mining Limited serves as the registrant of this S-K §229.1300 compliant Technical Report Summary. The statement is based on information provided by Sayona Quebec and reviewed by various professionals and Qualified Persons. Copies, or references to information in this Report may not be used without the written permission of Sayona Quebec. The purpose of the Report is to present the Mineral Resources Estimate and Mineral Reserves Estimate, the potential for mining and all associated infrastructure required for the development of the Authier project. A Definitive Feasibility Study (DFS) was completed on the project in October 2019, which developed the Project over a 22-year production period, using conventional open-pit truck and shovel methods and concentration of the ore in the NAL concentrator facility that was re-started in March 2023 with substantial upgrades to produce spodumene concentrate between 5.40% to 5.82% Li2O. The Authier run-of-mine (ROM) ore will be transported to the NAL site, blended with the NAL ore material, and fed to the crusher. Title to the Property is held by Sayona Quebec, which holds 100% of the ownership. The property is currently under continued exploration activity. 1.2 FORWARD LOOKING NOTICE Sections of the report contain estimates, projections and conclusions that are forward-looking information within the meaning of applicable securities laws. Forward-looking statements are based upon the responsible QP’s opinion at the time that they are made but, in most cases, involve significant risk and uncertainty. Although the responsible QP has attempted to identify factors that could cause actual events Authier Lithium Technical Report Summary – Quebec, Canada 21 or results to differ materially from those described in this report, there may be other factors that cause events or results to not be as anticipated, estimated, or projected. None of the QPs undertake any obligation to update any forward-looking information. There can be no assurance that forward-looking information in any section of the report will prove to be accurate in such statements or information. Accordingly, readers should not place undue reliance on forward-looking information. This report also includes methodologies behind the derivation of mineral resources and ore reserves, as defined under the United States Securities and Exchange Commission (SEC), through the consideration of geological, mining, and environmental factors. Proven and probable Mineral reserves, derived from measured and indicated resources respectively, both of which are assessed in this report, ultimately contribute to revenues and profits in a hypothetical business plan which aligns with Sayona Quebec’s mining plan of the subject Property as of June 30th 2024, the effective date of this report. Certain information set forth in this report contains “forward-looking information”, including production of reserves, associated productivity rates, operating costs, capital costs, sales prices, and other assumptions. These statements are not guarantees of future performance and undue reliance should not be placed on them. The assumptions used to develop the forward-looking information and the risks that could cause the actual results to differ materially are detailed in the body of this report. IMPORTANT NOTICE This document is not for filing or distribution in Canada. 1.3 PROPERTY DESCRIPTION AND OWNERSHIP The Authier Property is located in the Abitibi-Témiscamingue Region of the Province of Québec, Canada, approximately 45 km northwest of the city of Val-d’Or and 15 km north of the nearest of town of Rivière- Héva. The center of the Property is situated on NTS sheet 32D08 at about UTM 5,361,055 m N, 706,270 m E, NAD 1983 (48°21'47"N, 78°12'22W, see Figure 1-1). The property is 29km from NAL operations in a straight line as shown in Figure 1-4. The Property is accessible by a high-quality, rural road network connecting to the main highway, Route 109, situated a few kilometers east, which links Rivière-Héva to Amos. Route 109 connects at Rivière-Héva to Highway 117, a provincial highway that links Val-d’Or and Rouyn- Noranda (the two regional centers of the Abitibi-Témiscamingue region), to Montréal, which is the closest major city, almost 470 km to the southeast (Figure 1-2 and Figure 1-3). Authier Lithium Technical Report Summary – Quebec, Canada 22 Figure 1-1 – Authier property location coordinates (Source: Google Earth). Figure 1-2 – Location of the Property relative to a number of nearby regional townships.

 
Authier Lithium Technical Report Summary – Quebec, Canada 23 Figure 1-3 – Authier proximity to nearby mining services centers. Authier Lithium Technical Report Summary – Quebec, Canada 24 Figure 1-4 – Authier location Authier Lithium Technical Report Summary – Quebec, Canada 25 Table 1-1 – List of Authier Property claims Claim Registered holder Status Registration Expiry Area (ha) Required Number date date work ($) CDC 2116146 Sayona Québec Inc. (100%) Active 08-08-2007 08-07-2025 43.24 $2,500 CDC 2116154 Sayona Québec Inc. (100%) Active 08-08-2007 08-07-2026 42.88 $2,500 CDC 2116155 Sayona Québec Inc. (100 %) Active 08-08-2007 08-07-2026 42.87 $2,500 CDC 2116156 Sayona Québec Inc. (100%) Active 08-08-2007 08-07-2025 42.86 $2,500 CDC 2183454 Sayona Québec Inc. (100%) Active 08-08-2007 06-01-2025 42.85 $2,500 CDC 2183455 Sayona Québec Inc. (100%) Active 06-02-2009 06-01-2025 42.84 $2,500 CDC 2187651 Sayona Québec Inc. (100%) Active 09-02-2009 09-01-2026 21.39 $1,000 CDC 2187652 Sayona Québec Inc. (100 %) Active 09-02-2009 09-01-2025 21.29 $1,000 CDC 2192470 Sayona Québec Inc. (100%) Active 10/22/2009 10/21/2025 21.08 $1,000 CDC 2192471 Sayona Québec Inc. (100%) Active 10/22/2009 10/21/2025 21.39 $1,000 CDC 2194819 Sayona Québec Inc. (100%) Active 11/19/2009 11/18/2025 42.82 $2,500 CDC 2195725 Sayona Québec Inc. (100%) Active 11/27/2009 11/26/2026 29.03 $2,500 CDC 2219206 Sayona Québec Inc. (100%) Active 4/22/2010 4/21/2025 5.51 $1,000 CDC 2219207 Sayona Québec Inc. (100%) Active 4/22/2010 4/21/2025 17.06 $1,000 CDC 2219208 Sayona Québec Inc. (100%) Active 4/22/2010 4/21/2025 55.96 $2,500 CDC 2219209 Sayona Québec Inc. (100%) Active 4/22/2010 4/21/2025 42.71 $2,500 CDC 2240226 Sayona Québec Inc. (100%) Active 07-09-2010 07-08-2025 42.71 $2,500 CDC 2240227 Sayona Québec Inc. (100%) Active 07-09-2010 07-08-2025 42.71 $2,500 CDC 2247100 Sayona Québec Inc. (100%) Active 8/23/2010 8/22/2025 42.75 $2,500 CDC 2247101 Sayona Québec Inc. (100%) Active 8/23/2010 8/22/2025 53.77 $2,500 CDC 2472424 Sayona Québec Inc. (100%) Active 01-11-2017 01-10-2026 42.5 $1,800 CDC 2472425 Sayona Québec Inc. (100%) Active 01-11-2017 01-10-2026 55.96 $1,800 CDC 2480180 Sayona Québec Inc. (100%) Active 2/22/2017 2/21/2026 42.51 $1,800 CDC 2507910 Sayona Québec Inc. (100%) Active 12/15/2017 12/14/2026 25.35 $1,800 Total 884.04 $48,200 1.4 GEOLOGY AND MINERALIZATION The Authier property is located in the southeast part of the Superior Province of the Canadian Shield craton, more specifically in the Southern Volcanic Zone of the Abitibi Greenstone Belt. The spodumene- bearing pegmatites observed on the Property are genetically related to the Preissac-La Corne batholith located 40 km northeast of the city of Val-d’Or (Corfu, 1993; Boily, 1995; Mulja et al., 1995a). The Property geology comprises intrusive units of the La Motte pluton to the north and Preissac pluton to the south, with volcano-sedimentary lithologies of the Malartic Group in the center. Authier Lithium Technical Report Summary – Quebec, Canada 26 The lithium mineralization observed at the Authier Project is mainly spodumene within pegmatite intrusive dykes. The main intrusive phase observed in the pegmatite is described as a core pegmatitic zone, characterized by large centimeter-scale spodumene crystals and white feldspar minerals. The core pegmatitic zone shows internally different pegmatitic phases, characterized by different spodumene crystal lengths, ranging from coarse-grained (earlier) to fine-grained (later). The contacts between different spodumene- bearing pegmatite phases are transitional and well defined at core logging scale. Higher lithium grades are correlated with higher concentrations of larger spodumene crystals. Late-mineral to post-mineral aplite phases cut earlier spodumene-bearing mineralization, causing local diminishing of lithium grade. The core zone hosts the majority of the spodumene mineralization at Authier. The spodumene-bearing pegmatite is principally defined by one single continuous intrusion, or dyke, that contains local rafts, or xenoliths, of the amphibolitic host rock, which are a few meters thick and up to 200 m in length at shallow levels within the western zone. The main pegmatite outcrops in a small, 50 m by 20 m, area at the central-eastern sector that orients east-west and is mostly covered by up to 10 m of overburden. Based on the information gathered from the drilling, the pegmatite intrusion is more than 1,100 m in length and can be up to 60 m thick. The intrusion is generally oriented east-west, dips to the north at angles ranging between 35° and 50° and reaches depths of up to 270 m below surface in drilling to date. A second spodumene-bearing pegmatite, not visible from the surface, was intersected by diamond hole AL-16-10 at shallow levels, between 15 m and 22 m downhole depth, approximately 400 m north of the main pegmatite. Follow-up drilling in early 2017 and 2018 outlined this new body, the Authier North pegmatite, which has a strike extension of 500 m east-west, 7 m average width, gently dipping 15 degrees to the north. The Authier North pegmatite appears at shallow levels, 15 m to 25 m vertical depth, and is open in all directions. 1.5 EXPLORATION STATUS From 1966 until 1969, exploration work was conducted under the direction and supervision of Mr. George H. Dumont, consulting engineer. The exploration programs, originally designed for magmatic sulfides, successfully outlined the main spodumene-bearing pegmatite on the Property. The work included magnetic and electromagnetic surveys, as well as 23 diamond drill holes (DDH) totaling 2,611.37 m. In 1978, Société Minière Louvem Inc. completed two (2) diamond drill holes, AL-24 and Al-25, on the western extension of the pegmatite dyke for a total of 190.5 m. In 1980, Société Québécoise d’Exploration Minière (SOQUEM) completed six (6) diamond drill holes (80- 26 to 80-31), totaling 619.96 m in the central portion of the spodumene-bearing pegmatite. At the same

 
Authier Lithium Technical Report Summary – Quebec, Canada 27 time, 224 core samples from previous drilling, done between 1967 and 1980 on the pegmatite dyke, were re-assayed for Li2O. In 1993, Raymor conducted additional drilling of 33 holes for a total of 3,699.66 m with the objective of verifying the presence and detailing the geometry of the spodumene-bearing pegmatite. Raymor also conducted geological mapping and trenching and started a 30-t bulk sampling of the pegmatite dyke, which was completed in 1996. From 2010 to 2012, Glen Eagle completed 8,990 m in 69 diamond, NQ diameter DH on the Authier Property; 7,959 m were drilled on the Authier Deposit; 609 m (five DDH) were drilled on the northwest and 422 m on the south-southwest sectors of the Property. From these DH, 1,474 samples were collected for analysis, representing approximately 18% of the drill core material. The DH are generally spaced 25 m to 50 m apart, with azimuth generally south dipping (180°) and dip ranging from 45° to 70°. The mineralized drill intersection ranged from near true thickness to 85% true thickness. In August 2016, Sayona completed the acquisition of the Authier Property for CAD4.0M. In September of the same year, Sayona drilled 19 diamond drill holes, for a total of 3,982 meters, prior to completion of a prefeasibility study undertaken by SGS. From January to March 2017, 31 diamond drill holes were done, totaling 4,122 meters, drilled for definition and metallurgical testing. A prefeasibility study update was completed in December 2017 by Wave International Ltd. From January to March 2018, 19 diamond drill holes were completed, for a total of 2,025 meters, to confirm lithium mineralization at depth. Towards the end of 2018, Sayona completed a seven (7) diamond drill holes program totaling 342.5 m for condemnation (sterilization) purposes. A definitive feasibility study was completed for the Project in September 2018 by BBA Inc. In September 2021, 25 diamond drill holes, totaling 3,908 meters, were completed on exploration and definition targets. Authier Lithium Technical Report Summary – Quebec, Canada 28 1.6 MINERAL RESERVE ESTIMATES The Project LOM plan and subsequent Mineral Reserve estimate are based on a ROM ore selling price of $120 CAD/t. A memorandum of understanding (MOU) was developed between the Authier operation and NAL operation, in which NAL agrees to buy 100% of the Authier ore material at a selling price of $120 CAD/t, delivered to the NAL ore pad area. The effective date of the Mineral Reserve estimate is June 30, 2024, and based on an exchange rate of $0.75 USD:$1.00 CAD. Development of the LOM plan included pit optimization, pit design, mine scheduling and the application of modifying factors to the Measured and Indicated portion of the in-situ Mineral Resource. Tonnages and grades are reported as ROM feed at the NAL crusher and account for mining dilution, geological losses, and operational mining loss factors. Table 1-2 summarizes the Proven and Probable Mineral Reserve estimate for the Project. Table 1-2 – Authier Lithium Project Mineral Reserve estimate at Effective Date of June 30, 2024 at CAD$120/t. Authier Lithium Project Ore Reserve Estimate (0.55% Li2O cut-off grade) Category Tonnes (Mt) Grades (%Li2O) Cut-off Grade % Li2O Met Recovery % Proven Ore Reserves 6.2 0.93% 0.55% 73.6% Probable Ore Reserves 5.1 1.00% 0.55% 73.6% Total Ore Reserves 11.2 0.96% 0.55% 73.6% Notes: 1. Mineral Reserves are measured as dry tonnes at the crusher above a diluted cut-off grade of 0.55% Li2O. 2. Mineral Reserves result from a positive pre-tax financial analysis based on an ore selling price of 120 CAD/t and an exchange rate of USD0.75:CAD1.00. The selected optimized pit shell is based on a revenue factor of 0.86 applied to a base case selling price of USD850/t of spodumene concentrate. 3. The reference point of the Mineral Reserves is the NAL crusher feed. 4. In-situ Mineral Resources are converted to Mineral Reserves based on pit optimization, pit design, mine scheduling and the application of modifying factors, all of which supports a positive LOM cash flow model. According to CIM Definition Standards on Mineral Resources and Reserves, Inferred Resources cannot be converted to Mineral Reserves. 5. The Mineral Reserves estimate for the Project have been developed under the supervision of Mr. Tony O’Connell, an employee of Optimal Mining Solutions Pty Ltd in the position of Principal Mining Consultant and Director and a Qualified Person as defined by regulation S-K §229.1300 of the United States Securities and Exchange Commission (SEC). 6. The Mineral Reserve estimate is valid as of June 30, 2024. 7. Totals may not add up due to rounding for significant figures. Authier Lithium Technical Report Summary – Quebec, Canada 29 1.7 MINERAL RESOURCE ESTIMATE The Mineral Resources of Authier Lithium are reported using an open-pit mining perspective. Due to the significant depth extent of the resource block model, it is considered that not all the interpolated blocks could meet the requirement of a reasonable prospect of economic extraction stated in the SEC guidelines for resources estimation. To define the Mineral Resources of Authier lithium, an optimized pit shell generated in the Whittle mine planning package, which corresponded to the ultimate pit shell at a revenue factor of 1. The final Mineral Resources include the resource blocks located within the optimized pit shell, below the overburden/bedrock interface and above the cut-off grade of 0.55% Li2O. The following table describes the Authier Mineral Resource Statement exclusive of Mineral Reserves. The final MRE exclusive of Mineral Reserves within the open pit are reported at a cut-off of 0.55% Li2O and total 0.23 Mt, with an average grade of 0.80% Li2O in the Measured category, and 3.18 Mt, with an average grade of 0.98% Li2O in the Indicated category, for a combined total of 3.40 Mt at an average of 0.96% Li2O in the Measured and Indicated categories. An additional 6.35 Mt, with an average grade of 0.98% Li2O in the Inferred category is also present at Authier Lithium. The effective date of the Authier MRE is June 30, 2024, and Table 1-3 shows the Authier Mineral Resource Statement exclusive of Mineral Reserves. Table 1-3 – Authier Mineral Resource statement at effective date June 30, 2024 based on USD $977/t Li₂O, exclusive of Mineral Reserves. Authier Lithium Project Ore Reserve Estimate (0.55% Li2O cut-off grade) Category Tonnes (Mt) Grades (%Li2O) Cut-off Grade % Li2O Met Recovery % Measured 0.23 0.80% 0.55% 78% Indicated 3.18 0.98% 0.55% 78% Measured and Indicated 3.40 0.96% 0.55% 78% Inferred 6.35 0.98% 0.55% 78% Notes: 1. Mineral Resources are 100% attributable to the property. Sayona has 100% interest in Authier. 2. Mineral Resources are exclusive of Mineral Reserves. 3. Mineral Resources do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. 4. The Inferred Mineral Resource in this estimate has a lower level of confidence that applied to an Indicated Mineral Resource and is not converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. 5. Numbers in the table might not add precisely due to rounding. 6. Bulk density of 2.71 t/m³ is used. Authier Lithium Technical Report Summary – Quebec, Canada 30 7. Effective date is June 30, 2024. 8. Only block centroids had to be inside the pit to be considered. 9. The Mineral Resource estimate has been assembled using the regulation S-K §229.1300 of the United States Securities and Exchange Commission (SEC). Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Inferred Mineral Resources are exclusive of the Measured and Indicated Resources. * Rounded to the nearest thousand. 1.8 MATERIAL DEVELOPMENT AND OPERATIONS There are no material development and operations, that may have impacted resource and reserve statements since stated effective dates. 1.9 RECOVERY METHODS The current Project considers mining Authier ore for shipment to the North American Lithium (NAL) concentrator for processing. There is a memorandum of understanding that the NAL operation will purchase the Authier ore. Historical metallurgical testwork for the Authier project was undertaken as part of feasibility studies carried out for the mine and concentrator project in 2018 and 2019. 1.10 MINE DESIGN The Authier Lithium Project will be an open-pit mining operation. The mining activities will be performed by a mining contractor, with Sayona Quebec supervising the work and providing technical services. For the purposes of this study, certain equipment types were considered, and the requirements estimated. However, the actual equipment used at the site will be determined during the detailed mine design phase. The pit will comprise of 5 phases. The run of mine (ROM) ore feed contained in the final pit is sufficient for a mine life of 22 years. Due to the phase designs, very little waste material is mined to supply the mill in the first two years. This strategy keeps the mining activities to a minimum, allowing the operation to improve its mining practices and equipment needs and, consequently, keeps mine operating costs low. The overall pit has a variable strip ratio. The annual mining productivity gradually increases to 6.0 Mt in Year 5, and gradually decreases from Year 13 to the end of the mine life. Figure 1-5 shows the Authier Lithium LOM production profile.

 
Authier Lithium Technical Report Summary – Quebec, Canada 31 Figure 1-5 – Authier Lithium LOM production profile. 1.11 INFRASTRUCTURE, CAPITAL, AND OPERATING COST ESTIMATES 1.11.1 Project Infrastructure The project infrastructure includes Run of mine (ROM) and loadout pad, administrative building, dry room, lay down area for mining contractor equipment shop, Waste Rock Storage Facility, mine wastewater treatment plant, site access roads, mine hauling and service roads, mine water management infrastructure, electrical distribution facilities, fuel and explosive storage and communication systems (refer to Figure 1-6). 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 O re G ra de (% L i 2O ) M at er ia l Q ua nt iti es (k t) Year Ore Waste Rock Overburden Rehandling Ore Grade Authier Lithium Technical Report Summary – Quebec, Canada 32 Figure 1-6 – Site Layout. Authier Lithium Technical Report Summary – Quebec, Canada 33 1.11.2 Capital and Operating Cost Estimates The capital cost estimate prepared for this study meets AACE Class 3 criteria, usually prepared to establish a preliminary capital cost forecast and assess the economic viability of the Project. This allows management, and / or the Project sponsor, to obtain authorization for funds for the Project’s next stages. As such, this estimate forms the initial control estimate against which subsequent phases will be measured and monitored. Table 1-4 summarizes the initial capital cost estimate, Table 1-5 summarizes the sustaining capital cost estimate, and Table 1-6 summarizes the operating cost estimate. Table 1-4 – Project initial capital cost detailed summary Item Total (M CAD) Mining $5.80 Preproduction Mining $3.39 Owner Equipment and Mine Services $2.41 Infrastructure $69.62 Waste Stockpile and Water Management $44.85 Electrical Work $0.84 On-site Roads $2.53 Access Road $0.65 Owner's Costs $2.44 EPCM Services $7.33 Commissioning $0.28 Overhead $0.22 Other $1.37 Contingency $9.08 Wetland Compensation $1.50 Wetland Compensation $1.50 Royalty Buyback $1.00 1 claim $1.00 Total $77.89 Table 1-5 – Sustaining Capital Cost Estimate Summary Year LOM (M CAD$) Mining $3.76 Infrastructure $70.64 Sustaining Capital Costs $74.40 Authier Lithium Technical Report Summary – Quebec, Canada 34 Table 1-6 – Summary LOM Operating Cost Estimate Summary Cost Area LOM (M CAD) Unit (CAD/t Ore) Unit (USD/t Ore) Mining $540.56 $48.16 $36.12 Water treatment management $58.73 $5.23 $3.92 General and administration $20.97 $1.87 $1.40 Total operating costs $620.27 $55.26 $41.44 Reclamation bond insurance payment $7.65 $0.68 $0.51 Ore transport and logistics costs $223.36 $19.90 $14.92 Total operating and other costs $851.28 $75.84 $56.88 Royalty deductions $28.96 $2.58 $1.94 First Nation royalties $27.04 $2.41 $1.81 Reclamation and closure costs $41.71 $3.72 $2.79 Total Operating, Royalties, Reclamation and Closure Costs $948.99 $84.54 $63.41 1.12 MARKET STUDIES Market studies have been based on the “Lithium Forecast Report” prepared by Benchmark Materials for Sayona Quebec dated Quarter 2, 2024. 1.12.3 Market Balance Lithium prices declined sharply in 2023, due to a combination of lower than expected EV sales, build-up of in-process inventories and rising supply, which created an oversupplied market. In 2024, prices levelled off during the first half of the year. However, oversupply in China has been exerting continued downward pressure on prices. Forecast higher demand in the second half of the year, particularly in Q3, will establish support levels for prices. Overall, supply is projected to grow by 24% in 2024, while demand is expected to grow at a faster pace of 31% thereby creating a nearly-balanced market for the year. In 2025, prices are expected to remain subdued as an oversupplied market emerges from increasing supply in several countries. Although demand is projected to grow by approximately 23% in 2025, this increase will not be sufficient to counterbalance supply growth of nearly 32%. The lithium market is projected to enter a deficit from 2030 onwards. From this point onwards there is an ever-growing deficit which will lead to either demand destruction or yet-to-be identified new supply coming online to bridge the supply gap.

 
Authier Lithium Technical Report Summary – Quebec, Canada 35 1.12.4 Spodumene Price Forecast Forecast lithium product sale prices calculated by BMI are shown in Figure 1-7. The average sale price of 6% spodumene concentrate is approximately US$1,860/t between 2026 and 2040. Figure 1-7 – Lithium products price forecast 2026-2040 1.13 ENVIRONMENTAL, SOCIAL AND PERMITTING 1.13.1 Environmental Studies Environmental baseline studies including literature review, field works, and laboratory analysis were conducted in 2012, and from 2017 to 2022, by Sayona Quebec and the previous owner. • Soils quality studies were carried out in 2017, 2018, 2019 and 2020. • Hydrogeological study started in December 2016 and currently includes the installation of 27 observation wells (piezometers), groundwater sampling campaigns, the achievement of variable head permeability tests and tracer profile testing as well as groundwater level surveys; Authier Lithium Technical Report Summary – Quebec, Canada 36 • From 2017 to 2022, 14 to 27 wells were sampled for underground water quality. Samples collected were analyzed for a variety of parameters including metals, nutrients, major anions and cations, volatile compounds, polycyclic aromatic hydrocarbons and C10-C50 petroleum hydrocarbons; • Surface water was sampled in 2017, 2018 and 2019. Sampling of the surface water was conducted in five locations, i.e., four stations in the core study area and one outside the extended study area, along the mainstream draining the core study area. Some exceedances of criteria for protection of aquatic life were observed for aluminum, iron, copper, manganese, lead and nickel; • Sedimentation characterization was carried out in 2018, 2019 and 2020. Although several metal concentrations exceeded criteria in the two lakes under study, all the concentrations analyzed fall within the range of concentrations making up the geochemical background of sediments; • Wetlands were characterized from 2017 to 2019 and 2022. Bogs and swamps are the main wetland classes characterized during the field surveys. Only a few bogs were located near the Project area. These bogs did not reveal any major particularities. Some low ecological value wetlands are located inside the limit of the open-pit and the waste rock dump areas; • Field inventory for snakes, salamanders and anurans was carried out in 2017 and 2018. Bird surveys were conducted in 2017 and 2019. A bat inventory was completed in 2017. Finally, a small mammal and rodent inventory was conducted in 2017; • Fish and fish habitats surveys were carried out in 2017 and 2019 on nine streams; • Air emission modelling has been conducted in 2022; • A noise modelling for the mining site was carried out in 2019 and updated in 2022. A noise model was generated in 2022 for the ore transportation to the NAL site. • An archaeological potential study carried out in 2018 concluded that the archaeological potential is very low, or even non-existent. • Several studies of the mineralogy and environmental risk classification of waste rocks have been caried out from 2017 to 2021 and concluded that acid mine drainage is unlikely to occur in the waste stockpile and the temporary ore pile, but there is a potential for nickel leaching. • An environmental site assessment (ESA) - Phase I, conducted in 2020, concludes that there is no activity likely to affect soil and water conditions. • A condemnation report for the future waste stockpile produced in 2022 revealed the absence of economic lithiferous mineralization at the future waste stockpile. • Floristic inventories of non-timber forest products of interest on mine site were carried out in 2020 and 2022 in collaboration with the Abitibiwini First Nation (AFN). Sites of interest for acquiring knowledge about NTFPs were targeted by AFN and inventoried during the summer of 2022. • A study was carried out in 2022 to assess the impact of the ore transportation between the Authier mine and the North American Lithium plant. Authier Lithium Technical Report Summary – Quebec, Canada 37 The southern part of the St-Mathieu-Berry Esker is enclosed into the area of influence of the mine. However, this part of the esker is not connected to the main part of the esker which is being tapped by the drinking facilities of the city of Amos and also by the Eska water bottling society. Both portions of the esker are separated by a bedrock lump. In the esker, the groundwater generally flows towards the north, except in the Project area where it is heading south and southeast and to the Harricana River watershed. The southern portion of the esker, located in the Project area, is in a different watershed than the remainder of the esker. However, because it is located at a lower altitude than the esker and isolated from it by a bedrock, the Authier Project will not threaten, in any way and under any circumstances, the water quality of this esker. 1.13.2 Decarbonization Plan A preliminary GHG emission level assessment over the life of the Authier Project showed that nearly 80% of the Project’s GHG emissions will come from mining operations as well as ore transportation. In order to reduce its environmental impact by reducing its GHG emissions, the Project’s decarbonization plan will address primarily those two emission factors. It will focus on two initial approaches: 1. Deploying innovative technologies to reduce GHG emissions produced by vehicles. 2. Compensating for difficult-to-reduce emissions by investing in GHG offsets. Sayona will aim at implementing innovative technologies to reduce the GHG emissions for the Authier Project resulting from the Project related vehicles, both for the mining operation and the ore transportation. Three specific initiatives will be studied as part of the company’s decarbonization plan: alternative fuels, electrification and energy efficient vehicle designs. Because a complete reduction of the Authier Project’s GHG emission cannot be foreseen with the current technology maturity, compensation investments will be considered in the decarbonization plan. There are two compensation efforts that will be evaluated: • Indirect compensation: Purchasing carbon credits from accredited/recognized organizations, with an emphasis on Québec based organizations; Invest in a local GHG reduction initiative. Authier Lithium Technical Report Summary – Quebec, Canada 38 • Direct compensation: Restoring natural habitats, such as wetland, impacted by previous mining activities or other with a high sequestration potential; Creating and running a tree planting program with a focus on the Abitibi region. For Sayona, the decarbonization plan will be an opportunity for unifying venture for its team, its suppliers and its stakeholders going forward. 1.13.3 Population The Authier Project mine area is at the heart of the ancestral Abitibiwinni Aki territory, which the Abitibiwinni has never yielded. The Abitibiwinni (Community of Pikogan) are the Algonquins of northern Abitibi. Today, Abitibiwinni is one of nine Algonquin communities in Québec. The community of residence of Abitibiwinni is known as Pikogan, a reserve established in 1956, 3 km north of the city of Amos. The Authier Project site is located in La Motte, in the administrative region of Abitibi-Témiscamingue. The Property is accessible by a rural road network (Preissac Road and Nickel Road) connecting to Route 109, located a few kilometers east of the site (approximately 5 km). Route 109 connects Rivière-Héva with Amos, then Matagami; then joins Route 117 at Rivière-Héva. The Project is located approximately 35 km south of the Abitibiwinni Community of Pikogan. 1.13.4 Permitting In accordance with Québec’s Mining Act and Environmental Quality Act, permits are required in order to build and operate a mine. A mining lease is required from the Ministère des Ressources naturelles et des Forêts (MRNF), formerly MERN. The application must be accompanied by, among other things, an approved closure and rehabilitation plan and a scoping and market study on processing in Québec. The delivery of the mining lease is conditional on obtaining the approbation of the closure plan. According to the Quality Environmental Act a certificate of authorization is also required for construction and operation of the mine. A public consultation must also be part of the legal obligation and should last at least two months and include public open doors in the municipality where the Project is located. From a federal perspective, no Environmental Impact Assessment (EIA) is required as long as none of the physical activities (SOR/2012-147) would trigger the federal process.

 
Authier Lithium Technical Report Summary – Quebec, Canada 39 1.13.5 Reclamation and Closure In accordance with the Mining Act requirements, a detailed closure plan must be submitted to the MRNF. The closure plan includes the following activities: • Rehabilitate the waste rock pile by covering slopes and flat areas with geotextiles, compacted inorganic overburden, organic overburden, and vegetation. • Remove from the site all surface and buried pipelines. • Remove buildings and other structures. • Rehabilitate and secure the open pit. • Reclaim any civil engineering works. • Remove machinery, equipment, and storage tanks. • Complete any other work necessary for final rehabilitation and closure. 1.13.6 Waste Dumps and Tailings During the lifespan of the open pit mine, a total of 27.39 Mm³ of waste rock and 2.71 Mm³ of overburden material and 0.86 Mm³ of organic material will be generated for a total of 30.96 Mm³. Results of the geochemical characterization of waste rock concluded: • Waste rock is not acid generating. • A substantial portion of waste rock could be considered metal leaching (approximatively 70%). • Waste rock will not be considered as high-risk level mining waste. Based on the available geotechnical and hydrogeological investigation information, the current design assumes that the in-situ soils will not meet Québec Directive 019 requirements. To ensure aquifer protection, a geomembrane impervious structure is required. Authier waste rock, overburden and organic materials will be contained in the same Waste Rock Storage Facility (WRSF). Overburden and organic material will be used during construction and closure of the WRSF. The designed concepts allow management and storage of all Authier waste materials within the same footprint. The WRSF has a footprint of approximately 75 ha, and a maximum height of ±83 m. The average height is about 72 m. Given that the ore will be processed at North American Lithium (NAL), the site does not require a tailings storage facility. Authier Lithium Technical Report Summary – Quebec, Canada 40 1.14 ECONOMIC ANALYSIS The economic assessment of the Project was carried out using a discounted cash flow (DCF) approach on a pre-tax and after-tax basis, based on the procurement contract between Authier Lithium and North American Lithium. No provision was made for the effects of inflation as real prices and costs were used in the financial projections. Current Canadian tax regulations were applied to assess the corporate tax liabilities, while the most recent provincial regulations were applied to assess the Québec mining tax liabilities. The key outcomes of the economic evaluation for 100% of the project, before financing costs, are presented in Table 1-7. Table 1-7 – Financial Analysis Summary Item Unit Value Unit Value Mine Life year 22 year 22 Strip Ratio t:t 6.1 t:t 6.1 Total Mill Feed Tonnage Mt 11.2 Mt 11.2 Revenue Ore Selling Price CAD/t ore 120 USD/t ore 90 Exchange Rate USD:CAD 0.75 Project Costs Open Pit Mining CAD/t ore 48.16 USD/t ore 36.12 Water Treatment and Management CAD/t ore 5.23 USD/t ore 3.92 General and Administration (G&A) CAD/t ore 1.87 USD/t ore 1.4 Reclamation Bond Insurance Payment CAD/t ore 0.67 USD/t ore 0.5 Ore Transport and Logistic Costs CAD/t ore 19.9 USD/t ore 14.92 Project Economics Gross Revenue CAD M 1347 USD M 1010.3 Total Operating Cost Estimate CAD M 627.9 USD M 470.9 Reclamation Bond Insurance Payment CAD M 7.6 USD M 5.7 Transportation and Logistics Cost CAD M 223.4 USD M 167.5 Total Capital Cost Estimate CAD M 77.9 USD M 58.4 Total Sustaining Capital Cost Estimate CAD M 74.4 USD M 55.8 Reclamation and Closure Costs CAD M 41.7 USD M 31.3 Royalty Deduction CAD M 29 USD M 21.7 First Nation Royalties CAD M 27 USD M 20.3 Non-discounted Cash Flow (Pre-Tax) CAD M 280.4 USD M 210.3 Discount Rate % 8% % 8% PRE-TAX NPV @ 8% CAD M 58.1 USD M 43.5 Pre-Tax Internal Rate of Return (IRR) % 15% % 15% Authier Lithium Technical Report Summary – Quebec, Canada 41 A financial sensitivity analysis was conducted on the base case after-tax cash flow NPV and IRR of the Project. The sensitivity of the after-tax NPV was evaluated for changes in key variables and parameters such as: • Capital costs. • Sustaining capital costs. • Operating costs. • Price of ore sold to NAL. The after-tax sensitivity analyses show that changes in the price of ore sent to NAL and the Project operating costs create the largest NPV variations. 1.14.1 Project Implementation and Execution This execution plan is conceptual in nature and will be adjusted and refined during the next phases of the Project. Construction is expected to begin soon after reception of the certificate of authorization. The critical path to ore production is the reception of the certificate of authorization, mobilizing the mining contractor, and building the main access roads and the stockpile pads. 1.14.2 Risk and Opportunity There are a number of risks and uncertainties identifiable to any new project that usually cover the mineralization, process, financial, environmental, and permitting aspects. This project faces the same challenges, and an evaluation of the possible risks was undertaken. The resulting register identifies risks, impact category, the severity and probability ratings as well as potential risk mitigation measures. Table 1-8 shows the top risks of the Project. Authier Lithium Technical Report Summary – Quebec, Canada 42 Table 1-8 – Main project risks Risks Details Category Description Rating category Mitigation Measures Logistics Worldwide crisis on freight forwarding Schedule Dedicate resources for expediting & logistics Health & Safety Mining traffic uses segments of roads common to ore transport and employee traffic. Berm separates the mining traffic from the others Safety Road to be widened and berm separating mining and other traffic. Add secondary access road to remove crossings Operation Start-up during wintertime Operation Implement temporary WTP during initial mining development Operation NAL will process with new ore from Authier after about six months of operation Production Support from external engineering staff during NAL transition to the blended ore processing Engineering Consultant engineers are very busy Schedule Frequent follow-up Construction Local contractors are very busy Schedule Reach out to province-wide contractors Environment Delays in obtaining mining and construction permits Schedule Frequent follow-up and pro-active approach of permitting authorities 1.15 CONCLUSIONS AND QP RECOMMENDATIONS The current mine plan and schedule confirms the technical and financial viability of constructing a simple open-cut mining operation, waste rock storage facility and water treatment plant at the Authier site. The positive study demonstrated the opportunity to create substantial long-term sustainable shareholder value at a low capital cost. Given the technical feasibility and positive economic results of the current plan, it is recommended to continue the work necessary to support a decision to fund and develop the project. 1.16 REVISION NOTES This Technical Report Summary is an update to the Technical Report Summary completed in February 2024 (with Piedmont as the registrant), with an effective date of December 31 2023.

 
Authier Lithium Technical Report Summary – Quebec, Canada 43 2 INTRODUCTION 2.1 TERMS OF REFERENCE AND PURPOSE OF THE REPORT This S-K §229.1300 compliant Technical Report Summary (the Report) was prepared by Sayona Mining Limited (Sayona Mining or Sayona), based on an existing Technical Report Summary previously published and filed by Piedmont Lithium Inc (Piedmont) with an effective date of 31st of December 2023. This report was prepared by Optimal Mining Solutions Pty Ltd for Sayona’s Authier property which is wholly owned and operated by Sayona Quebec Inc (Sayona Quebec), with Sayona owning 75% and Piedmont 25% of Sayona Quebec in a Joint Venture agreement. This report was prepared as a collaborative effort between Optimal Mining Solutions Pty Ltd and Measured Group Pty Ltd. Optimal Mining Solutions Pty Ltd is an independent mining engineering consulting firm based in Brisbane Australia. Measured Group Pty Ltd is an independent geological and mining consulting firm based in Brisbane Australia with offices also in Perth and Singleton, Australia. Sayona Mining Limited serves as the registrant of this S-K §229.1300 compliant Technical Report Summary. The statement is based on information provided by Sayona Quebec and reviewed by various professionals and Qualified Persons. Copies, or references to information in this Report may not be used without the written permission of Sayona Quebec. The purpose of the Report is to present the Mineral Resources Estimate and Mineral Reserves Estimate, the potential for mining and all associated infrastructure required for the development of the Authier project. A Definitive Feasibility Study (DFS) was completed on the project in October 2019, which developed the Project over a 22-year production period, using conventional open-pit truck and shovel methods and concentration of the ore in the NAL concentrator facility that was re-started in March 2023 with substantial upgrades to produce spodumene concentrate between 5.40% to 5.82% Li2O. The Authier run-of-mine (ROM) ore will be transported to the NAL site, blended with the NAL ore material, and fed to the crusher. Title to the Property is held by Sayona Quebec, which holds 100% of the ownership. The property is currently under continued exploration activity. Authier Lithium Technical Report Summary – Quebec, Canada 44 2.2 QUALIFICATIONS OF QUALIFIED PERSONS/FIRMS 2.2.1 Contributing Authors Table 2-1 presents the Qualified Persons (QPs) responsible for each chapter of this Report. The QPs of this Report are in good standing with the appropriate professional institutions. The QPs have supervised the preparation of this Report and take responsibility for the contents of the Report as set out in Table 2-1. Each QP has also contributed relevant figures, tables, and written information for Chapters 1 (Executive Summary), 21 (Other Relevant Data and Information), 22 (Interpretation and Conclusions), 23 (Recommendations), and 24 (References), 25 (Reliance on Information Supplied by the Registrant). Table 2-1 – Chapters responsibility Qualified Person Company Role Contributing Chapters Tony O'Connell Optimal Mining Principal Mining Consultant All Steve Andrews Measured Group Principal Geological Consultant 1,6,7,8,9,11,21-23,25 2.2.2 Site Visits Mr. O’Connell from Optimal Mining Solutions visited the North American Lithium operation, which will process the ore from Authier, between September 10th and 12th 2024 inclusive. 2.3 SOURCE OF INFORMATION The reports and documentation listed in Chapters 25 (Reliance on Information supplied by Registrant) and 24 (References) were used to support the preparation of this Report. Sections from reports authored by other consultants may have been directly quoted or summarized in this Report and are so indicated, where appropriate. The Report has been completed using the aforementioned sources of information as well as available information contained in, but not limited to, the following reports, documents, and discussions: • Technical discussions with Sayona Quebec personnel. • Technical and financial information provided by Sayona Quebec personnel. • Internal unpublished reports received from Authier and NAL. Authier Lithium Technical Report Summary – Quebec, Canada 45 • Additional information from public domain sources. Authier Lithium Technical Report Summary – Quebec, Canada 46 2.4 LIST OF ABBREVIATIONS AND UNITS OF MEASURE The following units and currency are used throughout this report: • All units are metric, unless noted otherwise. • All currency is in Canadian dollars (CAD or $), unless noted otherwise. This Report includes technical information that required subsequent calculations to derive subtotals, totals, and weighted averages. Such calculations inherently involve a degree of rounding and, consequently, introduce a margin of error. Where these occur, the authors consider them immaterial. Table 2-2 – List of Abbreviations LIST OF ABBREVIATIONS Abbreviation Description 2SD Two standard deviations 3D Three dimensional 3SD Three standard deviations AA Atomic absorption AFN Abitibiwinni First Nation AG Average-grade AGAT AGAT Laboratories Ltd. AI Abrasion index ALS ALS-Chemex / ALS Laboratory Group ARD Acid rock drainage AUD Austrian dollar BBA BBA Inc. BC1 Water storage basin 1 BC2 Water storage basin 2 BFA Bench face angle BM Block model BWI Ball mill work index CAD Canadian dollar CAPEX Capital expenditure CDA Canadian Dam Association CDC Map designated cells CDPNQ Centre de Données sur le Patrimoine Naturel du Québec CIM Canadian Institute of Mining, Metallurgy and Petroleum CMT Construction Management Team

 
Authier Lithium Technical Report Summary – Quebec, Canada 47 COC Chain of custody COG Cut-off grade COSEWIC Committee on the Status of Endangered Wildlife in Canada COVID-19 Coronavirus disease of 2019 CRM Centre de Recherche Minérale CWI Crushing work index DCF Discounted cash flow DD Diamond drilling DDH Diamond drill hole DFS Definitive feasibility study DFO Department of Fisheries and Oceans Canada DH Drillhole DMS Dense media separation EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization EDF Environmental design flood EIA Environmental Impact Assessment EOY End of year EPCM Engineering, Procurement and Construction Management ESS Energy storage systems ESG Environmental, social and governance ETP Evapotranspiration EV Electric vehicles Fe Iron G&A General and Administration GER Glen Eagle Resources GFE Services Forestiers et d’Exploration GFE GHG Greenhouse gas GMR Gross Metal Royalty GRES UQAT Groupe de recherche sur l’eau souterraine de l'Université du Québec en Abitibi- Témiscamingue HG High-grade High-Li High-grade lithium HLS Heavy-liquid separation HV Heavy vehicle IBA Impacts and Benefits Agreement ICP-AES Inductively coupled plasma – atomic emission spectrometry ICP-MS Inductively coupled plasma mass spectrometry Authier Lithium Technical Report Summary – Quebec, Canada 48 ICP-OES Induced coupled plasma optical emission spectrometry ID2 Inverse distance squared ID3 Inverse distance cubed IDF Inflow design flood IRA Inter ramp angle IRR Internal rate of return JORC Joint Ore Reserves Committee LCE Lithium carbonate equivalent LFP Lithium iron phosphate LIMS Low-intensity magnetic separator Li2O Lithium oxide LME London Metal Exchange LG Low-grade LOM Life of mine Low-Li Low-grade lithium LSB Loi sur la sécurité des barrage (The Dam Safety Law applied in Québec) LV Light vehicle Max Maximum MDDELCC Ministère du Développement Durable, de l'Environnement et de la Lutte contre les Changements Climatiques MDMER Metal and Diamond Mining Effluent Regulations MELCC Ministère de l’Environnement, et Lutte contre les changements climatiques (now MELCCFP) MELCCFP Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (formerly MELCC) MENR Ministry of Energy and Natural Resources (now MRNE) MFFP Ministère des Forêts, de la Faune et des Parcs MIA Mine industrial area Min Minimum MMER Metal and Diamond Mining Effluent Regulation MOU Memorandum of understanding MPSO Mine plan schedule optimizer MRE Mineral Resource Estimate MRNF Ministère des Ressources naturelles et des Forêts (formerly MERN) NAD North American Datum NAL North American Lithium NCF Net cash flow Authier Lithium Technical Report Summary – Quebec, Canada 49 NI National Instrument NN Nearest neighbour NPV Net present value NS Not significant NSR Net smelter return OB Overburden OBVAJ Organisme de bassin versant Abitibi-Jamésie OBVT Organisme de bassin versant du Témiscamingue OK Ordinary kriging OPEX Operational expenditure ORG Organic material OSA Overall slope angle PAH Polycyclic aromatic hydrocarbon PCM Project Construction Management PEA Preliminary economic assessment PMF Probable maximum flood PwC PricewaterhouseCoopers QA/QC Quality Assurance / Quality Control QI Québec Inc. QLC Québec Lithium Corporation Q1, Q2, etc. First quarter, Second quarter, etc. Raymor Raymor Resources Ltd. RCM Regional county municipality RM Reference material ROM Run of mine RQD Rock quality designation RSB Règlement sur la sécurité des barrages (The Dam Safety Regulation applied in Québec) RWI Rod mill work index SD Standard deviation SESAT Société de l’eau souterraine d’Abitibi-Témiscamingue SG Specific gravity SGS Minerals SGS Canada Inc. Minerals Services SGS Lakefield SGS Minerals’ laboratory in Lakefield SOQUEM Société Québécoise d’Exploration Minière Synectiq Inc. Synectiq TSF Tailings storage facility Authier Lithium Technical Report Summary – Quebec, Canada 50 TSS Total suspended solids UDFS Updated Definitive Feasibility Study USD United States dollar UTM Universal Transverse Mercator WHIMS Wet high-intensity magnetic separation WR Waste rock WRSF Waste rock storage facility WTP Water treatment plant XRD X-ray diffraction Table 2-3 – Units of Measure Units of Measurement Unit Description °C Degrees Celsius °F Degrees Fahrenheit µm micrometre / micron µS microsecond A ampere cfm cubic feet per minute cm centimetre d day (24 hours) deg. or ° angular degree dia diameter G giga (billion) g gram g/t grams per tonne h or hr hour (60 minutes) ha hectare hp horsepower Hz hertz in. inch k kilo (thousand) kg kilogram km kilometre km2 square kilometre kV kilovolt kVA kilovolt-amperes

 
Authier Lithium Technical Report Summary – Quebec, Canada 51 kW kilowatt kWh kilowatt hour L litre L/s litres per second LV low voltage M mega (million); molar m metre m3 cubic metre m3/s cubic metres per second m3/h cubic metres per hour mm millimetre mpd metres per day Mt million tonne Mtpy milled tonnage per year MV medium voltage MVA megavolt ampere MW megawatt oz troy ounce (31.1035g) ppm parts per million psi pound per square inch s second sm3 standard cubic metre t tonne (metric ton) tpd tonne per day tph tonne per hour tpy tonnes per year V volt W watt w/w mass percentage of the solute in solution wt% weight percent y year (365 days) yd yard Authier Lithium Technical Report Summary – Quebec, Canada 52 3 PROPERTY DESCRIPTION 3.1 PROPERTY LOCATION, COUNTRY, REGIONAL AND GOVERNMENT SETTING The Authier Property is located in the Abitibi-Témiscamingue Region of the Province of Québec, Canada, approximately 45 km northwest of the city of Val-d’Or and 15 km north of the nearest of town of Rivière- Héva. The center of the Property is situated on NTS sheet 32D08 at about UTM 5,361,055 m N, 706,270 m E, NAD 1983 (48°21'47"N, 78°12'22W, see Figure 3-1). The property is 29km from NAL operations in a straight line as shown in Figure 3-4. The Property is accessible by a high-quality, rural road network connecting to the main highway, Route 109, situated a few kilometers east, which links Rivière-Héva to Amos. Route 109 connects at Rivière-Héva to Highway 117, a provincial highway that links Val-d’Or and Rouyn- Noranda (the two regional centers of the Abitibi-Témiscamingue region), to Montréal, which is the closest major city, almost 470 km to the southeast (Figure 3-2 and Figure 3-3). Figure 3-1 – Authier property location coordinates (Source: Google Earth). Authier Lithium Technical Report Summary – Quebec, Canada 53 Figure 3-2 – Location of the Property relative to a number of nearby regional townships. Figure 3-3 – Authier proximity to nearby mining services centers. Authier Lithium Technical Report Summary – Quebec, Canada 54 Figure 3-4 – Authier location

 
Authier Lithium Technical Report Summary – Quebec, Canada 55 3.1.1 Government Setting Canada is a North American country with its center of government located in Ottawa, in the Province of Ontario. Canada is a constitutional monarchy which forms part of the British Commonwealth and is ruled by a parliamentary democratic government. The Crown assumes and oversees the roles of the executive, as the Crown-in-Council; the legislative, as the Crown-in-Parliament; and the judicial, as the Crown-on- the-Bench. The country is politically stable, comprised of ten provinces and three territories, of which Québec is one. The Canadian Federation is currently governed by the elected Liberal Party of Canada, while the province of Québec is governed by the Coalition Avenir Québec. 3.2 PROPERTY OWNERSHIP, MINERAL TENURE, AGREEMENT AND ROYALTIES The Property currently consists of one block totaling 24 mineral claims covering 884 ha. The claims are located on Crown Lands in the La Motte and the Preissac Townships. The Property area extends 4.0 km in the east-west direction and 3.2 km in the north-south direction. All of the claims comprising the Property are map designated cells (CDC). Figure 3-5 shows the claims map of the Property, and a detailed listing of the Authier Property claims is included in Table 3-1. . Approximately 75% of the mineral resources are situated in CDC 2183455, 2194819 and 2116146, with the remainder in claims 2183454 and 2187652 (Figure 3-6). Authier Lithium Technical Report Summary – Quebec, Canada 56 Figure 3-5 – Property mining titles location map. Authier Lithium Technical Report Summary – Quebec, Canada 57 Figure 3-6 – Proposed pit relative to claim boundaries. Authier Lithium Technical Report Summary – Quebec, Canada 58 Table 3-1 – List of Authier Property claims Claim Number Registered holder Status Registration Date Expiry date Area (ha) Required work ($) CDC 2116146 Sayona Québec Inc. (100%) Active 08-08-2007 08-07-2025 43.24 $2,500 CDC 2116154 Sayona Québec Inc. (100%) Active 08-08-2007 08-07-2026 42.88 $2,500 CDC 2116155 Sayona Québec Inc. (100 %) Active 08-08-2007 08-07-2026 42.87 $2,500 CDC 2116156 Sayona Québec Inc. (100%) Active 08-08-2007 08-07-2025 42.86 $2,500 CDC 2183454 Sayona Québec Inc. (100%) Active 08-08-2007 06-01-2025 42.85 $2,500 CDC 2183455 Sayona Québec Inc. (100%) Active 06-02-2009 06-01-2025 42.84 $2,500 CDC 2187651 Sayona Québec Inc. (100%) Active 09-02-2009 09-01-2026 21.39 $1,000 CDC 2187652 Sayona Québec Inc. (100 %) Active 09-02-2009 09-01-2025 21.29 $1,000 CDC 2192470 Sayona Québec Inc. (100%) Active 10-22-2009 10-21-2025 21.08 $1,000 CDC 2192471 Sayona Québec Inc. (100%) Active 10-22-2009 10-21-2025 21.39 $1,000 CDC 2194819 Sayona Québec Inc. (100%) Active 11-19-2009 11-18-2025 42.82 $2,500 CDC 2195725 Sayona Québec Inc. (100%) Active 11-27-2009 11-26-2026 29.03 $2,500 CDC 2219206 Sayona Québec Inc. (100%) Active 4-22-2010 4-21-2025 5.51 $1,000 CDC 2219207 Sayona Québec Inc. (100%) Active 4-22-2010 4-21-2025 17.06 $1,000 CDC 2219208 Sayona Québec Inc. (100%) Active 4-22-2010 4-21-2025 55.96 $2,500 CDC 2219209 Sayona Québec Inc. (100%) Active 4-22-2010 4-21-2025 42.71 $2,500 CDC 2240226 Sayona Québec Inc. (100%) Active 07-09-2010 07-08-2025 42.71 $2,500 CDC 2240227 Sayona Québec Inc. (100%) Active 07-09-2010 07-08-2025 42.71 $2,500 CDC 2247100 Sayona Québec Inc. (100%) Active 8-23-2010 8-22-2025 42.75 $2,500 CDC 2247101 Sayona Québec Inc. (100%) Active 8-23-2010 8-22-2025 53.77 $2,500 CDC 2472424 Sayona Québec Inc. (100%) Active 01-11-2017 01-10-2026 42.5 $1,800 CDC 2472425 Sayona Québec Inc. (100%) Active 01-11-2017 01-10-2026 55.96 $1,800 CDC 2480180 Sayona Québec Inc. (100%) Active 2-22-2017 2-21-2026 42.51 $1,800 CDC 2507910 Sayona Québec Inc. (100%) Active 12-15-2017 12-14-2026 25.35 $1,800 Total 884.04 $48,200

 
Authier Lithium Technical Report Summary – Quebec, Canada 59 3.2.2 Mineral Rights and Permitting In order to construct and operate the mine, Sayona is required to acquire various permits from federal and provincial authorities. Following reception of the general governmental decree, specific permits are required from the regional office of the Québec Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (MELCCFP). Some other permits are also required by Québec Ministère des Ressources naturelles et des Forêts (MRNF). Lastly, additional permits will be required by federal authorities, such as the Department of Fisheries and Oceans Canada (DFO). As of June 2024, Sayona has not obtained any of the required permits. In February 2023, the government agreed to Sayona’s request to voluntarily submit the Authier project to the Bureau d’audiences publiques sur l’environnement (BAPE). In line with its commitment to transparency and collaboration, Sayona’s request will allow citizens to get involved in the project’s development. BAPE’s mission is to inform government decision-making by issuing findings and opinions that account for the public’s concerns and are based on the principles of the Sustainable Development Act. The BAPE process takes place in 4 stages: • Preparatory meeting • Preparation before public sessions • The first and second part public sessions and; • if necessary, private mediation sessions. Preparatory meeting During this 30-day period, a public information session hosted by the BAPE takes place. At this session, around twenty minutes are planned for the presentation of the Authier project and it is followed by a question period. It is during this period that a person, group, organization or municipality may request from the MELCCFP the holding of a public examination of the project by a BAPE commission of inquiry. Preparation before public sessions This preparation period is necessary in order to prepare clear answers to questions during public sessions. This period is also used to prepare visual materials that will be used during these sessions. Finally, this is the moment when Sayona will designate the spokesperson(s) during the sessions. Technical experts may be invited to participate. Authier Lithium Technical Report Summary – Quebec, Canada 60 The first and second part public sessions The first part: it is during the first public session that the commission of inquiry will invite Sayona to publicly present the reasons for the request. An additional period of approximately 20 minutes is allocated for the presentation of the project. Subsequently, Sayona's role will be to answer questions from the public and the committee immediately. Experts may be invited to present or answer questions on technical aspects of the project. The second part: at this stage, the presence of Sayona is required but is limited to the right of rectification. The interested parties present the briefs which remain confidential until their presentation in public session. Private mediation sessions It is possible that certain issues are specific to one of the stakeholders. In this case, BAPE can organize private mediation sessions with the stakeholder. If no commitment from Sayona is possible, or this commitment does not meet the expectations of this stakeholder, the Commission will make a recommendation to the Minister based on the seriousness of this commitment. After BAPE BAPE's mandate ends with the submission of the report to the Minister responsible for the Environment, who has 15 days to make it public. It is based on the environmental analysis carried out by his ministry and on the BAPE report that the minister formulates his recommendation to the Council of Ministers, which has the final decision to authorize a project, with or without modifications, or refuse it. After obtaining the government decree, the process of obtaining ministerial authorization can begin according to article 22 of the Environmental Quality Act. 3.2.3 Agreements and Royalties Table 3-2 summarizes the royalties payable from the Authier project. As of June 2024, only four tenements contain ore reserves that would create royalty obligations. These are CDC 2183454, 2183455, 2194819 and 2116146. Table 3-2 – Authier project summary royalties Tenement Royalty Royalty Details 2,116,146 2% NSR royalty payable to Jefmar Inc. § The royalty payable will be based upon the Gross Value less the deductions (costs for treatment and refining, sales, brokerage, certain taxes and transportation). Authier Lithium Technical Report Summary – Quebec, Canada 61 § Gross Value is attributable to a London Metal Exchange (LME) benchmark price (not necessarily the price actually received). § The royalty enables the owner to transact (for sales or smelting) with an affiliate. However actual prices and treatment charge deductions would be substituted with an arm’s-length value for the purposes of calculating the royalty. § 1% of the royalty can be purchased for CAD 1.0 M. 1.5% NSR royalty payable to RNC § The royalty payable will be based upon the gross value less the deductions (costs for treatment and refining, sales, brokerage, certain taxes, and transportation). § No buy-back provision. 2183454 2483455 2% NSR royalty payable to 9187-1400 Québec Inc. § Net Smelter Returns (NSR) means actual proceeds received by Glen Eagle Resources (GER) from any mint, smelter, or purchaser for sale of ores, metals or concentrated products from the Property and sold after deducting: 2194819 1% NSR royalty payable to 9187-1400 Québec Inc. o Smelting, refining charges; o Penalties, marketing costs; o Transportation of ores, metals or concentrates from the Property to any mint, smelter or other purchaser; o Insurance on all ores, metals, or concentrates; and o Any export or import taxes on ores, metals or concentrates in Canada or the receiving country. § A 1% NSR can be repurchased on claims CDC 2183454, 2183455 and 2194819 for CAD 1,000,000 leading respectively to a 1%, 1% and 0% on CDC 2183454, 2183455 and 2194819. Note: Prior to these claims being able to be mined, the final option consideration, due on the day on which a positive feasibility study is completed, will need to be paid to Québec Inc. (QI). This amount is equal to CAD500,000 plus an amount equivalent [in cash] to 1,000,000 GER share at that date. This is in addition to the royalty. This remains outstanding and the substitution of GER shares for Sayona shares has not yet been raised with QI. 2194819 1% GMR payable to Globex Enterprises Inc. § 1% Gross Metal Royalty (GMR) to Globex. § GMR is a percentage of all metals or mineral compounds including, but not limited to, lithium, lithium compounds, gold, silver, tungsten etc. produced from the Property. § No costs to be included in the Globex royalty calculation. § To be paid in cash or in kind at Globex’s option. 2116154 2116155 2116156 2187651 2192470 2192471 2219206 2219207 2219208 2219209 2247100 2247101 2% GMR payable to Globex Enterprises Inc. § 2% GMR to Globex. § GMR is a percentage of all metals including, but not limited to, lithium, gold, silver, etc. produced from the Property. § No costs to be included in the Globex royalty calculation. § To be paid in cash or in kind at Globex’s option. § Globex’s royalty and metals or minerals shall exclusively be the property of Globex immediately upon production. Authier Lithium Technical Report Summary – Quebec, Canada 62 2187652 1.5% NSR royalty payable to Canuck Exploration Inc. § 1.5% of NSR payable to Canuck on any resource extracted for commercial purpose derived from the Claim with the exception of surface minerals substances. § NSR is a percentage of the actual proceeds derived from any smelter or mill for the sale of all payable metals less deductions. § Quarterly payments; Canuck has right to audit calculations. 3.3 ENVIRONMENTAL LIABILITIES AND OTHER PERMITTING REQUIREMENTS A Phase 1 Environmental Evaluation was carried out in 2019 by Norinfra Engineering. Soil characterizations were also performed in 2019 and 2020. No sign of contamination has been observed on this greenfield site and, therefore, there are no environmental liabilities pertaining to the Property as of the effective date of the provided information. The current locations remain without significant environmental liabilities. With the exception of permit requests for the backfilling or destruction of certain wetlands, the permits that will be necessary for the start of activities will be produced once the government decree is granted, following the BAPE hearings, and will be requested according to the normal process for obtaining ministerial authorization provided for in article 22 of the Environmental Quality Act.

 
Authier Lithium Technical Report Summary – Quebec, Canada 63 4 ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES, AND INFRASTRUCTURE 4.1 ACCESSIBILITY The Property is accessible by well-maintained secondary gravel roads that connect to Route 109, situated five kilometers to the east; Route 109 links Rivière-Héva to Amos and continues to Matagami. Route 109 meets Route 117 at Rivière-Héva, which is the provincial highway linking Val-d’Or and Rouyn-Noranda. 4.2 TOPOGRAPHY, ELEVATION, VEGETATION AND CLIMATE 4.2.1 Physiography The Property is characterized by a relatively flat topography, with the exception of the northeastern area, where gently rolling hills occur. Outcrops represent approximately 5% of the Project area. The overburden is relatively thin and is characterized by glacial tills and clays. The land is drained westward by small creeks and local grassy swamps occur in topographic lows. The area is generally covered by forest populated by mixed balsam, spruce, and aspen trees. The Property’s elevation above sea level ranges from 301 m at the lowest point to 387 m in the northeastern sector, with an average elevation of approximately 350 m. Figure 4-1 shows a height-lit plot of the terrain within the 24 Authier tenements. Authier Lithium Technical Report Summary – Quebec, Canada 64 Figure 4-1 – Terrain within Authier tenements 4.2.2 Climate The region has a continental climate marked by cold, dry winters and hot, humid summers. The nearest weather monitoring station with data on climate normal, maintained by Environment Canada, is the Amos station. According to the available data collected at this weather station from 1981-2010, the coldest month is January with an average daily temperature of -17.2°C. The warmest month is July, with average daily temperature of 17.4°C. Table 4-1 shows average temperatures per month. Authier Lithium Technical Report Summary – Quebec, Canada 65 Table 4-1 – Average temperatures by month. Month Temperature (°C) January -17 February -15 March -8 April 1 May 9 June 15 July 17 August 16 September 11 October 5 November -4 December -12 Annual 1.5 The extreme temperatures measured between 1981 and 2010 were 37.2°C and -52.8°C. Temperatures are above freezing approximately 210 days per year. Data collected shows total annual precipitation was 929 mm, with peak rainfall occurring during July (112 mm average), August (98 mm average) and September (107 mm average). Snowfall is light to moderate, with annual average of 253 cm. Snow typically accumulates from October to April, with average peak snowfall occurring in November (45 cm), December (51 cm) and January (51 cm). Peak snow depth averaged 68 cm in February. On average, the Property is frost-free for 97 days, though discontinuous permafrost exists in the area. Hours of sunlight vary from 15.5 hours at the summer solstice in June to 8.1 hours at the winter solstice in December. Table 4-2 shows the average annual precipitation with the proportions of rain and snow. Table 4-2 – Average monthly precipitation with the proportions of rain and snow. Month Precipitation (mm) Rain (mm) Snow (mm) January 56 4 51 February 36 3 33 March 50 12 38 April 65 40 25 May 87 85 2 June 94 94 0 July 112 112 0 Authier Lithium Technical Report Summary – Quebec, Canada 66 August 98 98 0 September 107 107 1 October 87 79 8 November 79 34 45 December 59 7 51 Annual 929 676 253 Under normal circumstances, exploration and mining operations can be conducted year-round without interruption due to weather conditions. 4.2.3 Vegetation and Wetlands Field surveys were carried out in 2012, 2017 and 2019. Terrestrial vegetation consists mainly of mixed and coniferous forest stands, with hardwood stands scarce. Collectively forest areas cover more than 80% of the study area, with a significant portion of the study area totally or partially cut. Stands of fir and white spruce, mixed with white birch, dominate the forest landscape of the site. Other sites are occupied by black spruce, jack pine and larch, often in the company of white birch or trembling aspen. Wetlands were characterized in 2017, 2018 and 2019. Bogs and swamps are the main wetland classes characterized during the field surveys. Only a few bogs were located near the Project area. These bogs did not reveal any major particularities. Some low ecological value wetlands are located inside the limit of the open pit and the waste rock dump areas. 4.3 LOCAL INFRASTRUCTURE AND RESOURCES The Project is located in a well-developed mining region with readily available support facilities and services. The towns of Val-d’Or and Rouyn-Noranda, with populations of roughly 33,000 and 42,000, respectively, are well known for their mining history. The agricultural town of Amos, 20 km to the north, has a population of roughly 14,000. An experienced mining workforce and other mining-related support services will come from these nearby cities. Val-d’Or and Rouyn-Noranda have well-established hospitals, regional airports, schools, accommodation, and telecommunications, which are also readily accessed from the Project site.

 
Authier Lithium Technical Report Summary – Quebec, Canada 67 Québec is a major producer of electricity as well as one the largest hydropower generators in the world. The green and renewable electricity is well distributed through a reliable power network. Power will be accessed 5 km to the east of the Project site via an electrical grid supplied by low-cost, hydroelectric power. CN Rail has an extensive railway network throughout Canada. The closest rail connections to export shipping ports are located at Cadillac, 20 km to the southwest of the Property and Amos, 20km north of the Property. The rail network connects to Montréal and Québec City, and to the west through the Ontario Northland Railway and North American rail system. High- and low-pressure natural gas pipelines are located in close proximity to the Authier site, although no immediate reliance upon natural gas is expected. 4.4 SURFACE RIGHTS All of the claims composing the Property are situated on Crown Lands. There is no reason to believe that Sayona will not be able to secure the surface rights needed to construct the infrastructure related to a potential mining operation and waste disposal areas and other infrastructures in the mine industrial area (MIA). Authier Lithium Technical Report Summary – Quebec, Canada 68 5 HISTORY 5.1 GENERAL Authier is a greenfields deposit with no prior production undertaken at the site. 5.2 HISTORICAL EXPLORATION AND DRILL PROGRAMS Exploration programs have been undertaken periodically at Authier since 1955. A series of geological surveys and geoscientific studies were conducted by the Québec Government in the Project area between 1955 and 1959, and again in 1972. In 1956, an electrical resistivity (potential) survey was completed by Kopp Scientific Inc. in the central portion of the Property. In 1958, East-Sullivan Mines Ltd. conducted magnetic and polarization surveys, followed by six (6) diamond drill holes located in the southwestern area of the Property. In 1963, Space Age Metals Corp., exploring for magmatic sulfides, completed magnetic and electromagnetic surveys in the area of the main pegmatite dyke. In 1965, Delta Mining Corp. Ltd. conducted additional magnetic surveys in the area. From 1966 until 1969, exploration work was conducted under the direction and supervision of Mr. George H. Dumont, consulting engineer. The exploration programs, originally designed for magmatic sulfides, successfully outlined the main spodumene-bearing pegmatite on the Property. The work included magnetic and electromagnetic surveys, as well as 23 diamond drill holes totaling 2,611.37 m. In 1969, the Québec Department of Natural Resources carried out a series of flotation tests on two drill core composite samples. The bulk sample was composed of split core from DH AL 14 (50 m) and DH AL- 19 (38.1 m). The results confirmed that the material was amenable to concentration by flotation, producing commercial grade spodumene concentrate, assaying between 5.13% and 5.81% Li2O with recovery ranging from 67% and 82%. In 1978, Société Minière Louvem Inc. completed two (2) diamond drill holes, AL-24 and Al-25, on the western extension of the pegmatite dyke for a total of 190.50 m. In 1980, Société Québécoise d’Exploration Minière (SOQUEM) completed six (6) diamond drill holes (80- 26 to 8031), totaling 619.96 m in the central portion of the spodumene-bearing pegmatite. At the same time, 224 core samples from previous drilling, done between 1967 and 1980 on the pegmatite dyke, were re-assayed for Li2O. Authier Lithium Technical Report Summary – Quebec, Canada 69 In 1989, the Ministre de l’énergie et des ressources, today the Ministère des Ressources Naturelles et de la Faune (MRNF), released the results of a regional metallogenic study on lithium prospects and other high technology commodities in the Abitibi-Témiscamingue region (Boily et al. 1989). In 1991, Raymor Resources Ltd (Raymor) conducted small-scale metallurgical testing of pegmatite rocks mineralized in spodumene sampled on the Property. An 18.3 kg sample grading 1.66% Li2O was tested in 1991 by the Centre de Recherche Minérale (CRM). Results of the metallurgical testing returned a concentrate grade of 6.3% Li2O with recovery rate of 73%. In 1993, Raymor conducted additional drilling of 33 holes for a total of 3,699.66 m with the objective of verifying the presence and detailing the geometry of the spodumene-bearing pegmatite. Raymor also conducted geological mapping and trenching and started a 30-t bulk sampling of the pegmatite dyke, which was completed in 1996. In 1997, Raymor contracted the CRM to conduct additional metallurgical testing. The tests were conducted on two different samples weighing roughly 18 t (with an average grade of 1.32% Li2O), and 12 t, (with an average grade of 1.10% Li2O). Testwork results for the first sample returned a concentrate grade of 5.61% Li2O with a recovery rate of 61% following magnetic separation. The second sample returned a final concentrate grade of 5.16% with a recovery rate of 58%. Historical mineral resource estimates from 1994 were then revised in 1999 by Karpoff for SOQUEM and Raymor. The final historical mineral resources totaled 2,424,400 t at an average grade of 1.05% Li2O, using a cut-off grade of 0.5% Li2O. To these mineral resources, Karpoff defined an additional 1,580,000 t of historical resources in the “possible” category, without specifying the Li2O grade. Raymor concluded an agreement with SOQUEM in 1999. The group completed a prefeasibility study on the Project, including additional metallurgical testing. The metallurgical test results underlined the difficulty of generating a high quality spodumene concentrate. The economic analysis returned a negative internal rate of return (IRR), making the Project uneconomic at that time. Glen Eagle Resources (Glen Eagle or GER) acquired the Project in 2010, and completed some of the mapping, sampling, drilling, metallurgical, and resource definition programs as well as a Preliminary Economic Study in 2012. In November 2010, a ground magnetic survey was performed on the Authier Property. The survey was executed by Services Forestiers et d’Exploration (GFE) and the data was processed by MB Geosolutions at the request of Glen Eagle. The survey totaled 53.5 line-km and was done through the forest without a cut line grid. The lines were read with a GSM-19 Overhauser magnetometer, built by the company GEM of Authier Lithium Technical Report Summary – Quebec, Canada 70 Toronto, which was used in walking mode with the locations of the readings determined by an integrated GPS. The magnetic measurements were taken continuously along 23 traverse lines for a total of 66,027 readings at every 1.25 m. Magnetic diurnal was monitored with a base station and the magnetic readings were corrected accordingly. Figure 5-1 presents the results of this survey. Figure 5-1 – 2010 Authier Property magnetic survey In August 2011, a geochemical survey program was completed in an effort to discover new spodumene- bearing pegmatites. Eighty-six (86) samples were collected, mainly in the northwest sector of the Property. Four (4) samples were collected on the main pegmatite and were analyzed for the major elements. The geochemical signature of the collected samples was compared to the signature of the main pegmatite and only a few samples were determined to have a similar signature. Three (3) diamond drill holes (NQ diameter) were drilled in the area of these samples; muscovite-bearing pegmatites were discovered with little, or no, spodumene.

 
Authier Lithium Technical Report Summary – Quebec, Canada 71 From 2010 to 2012, Glen Eagle completed 8,990 m in 69 diamond drill holes (NQ diameter) on the Authier Property; 7,959 m (xx DDH) were drilled on the Authier Deposit; 609 m (five DDH) were drilled on the northwest and 422 m on the south-southwest sectors of the Property, respectively. From these drill holes, 1,474 samples were collected for analysis, representing approximately 18% of the drill core material. The drill holes are generally spaced 25 m to 50 m apart, with azimuth generally south dipping (180°) and dip ranging from 45° to 70°. The mineralized drill intersection ranged from near true thickness to 85% true thickness. The spodumene-bearing pegmatite is principally defined by one single continuous intrusion or dyke, which contains local rafts or xenoliths of the amphibolitic host rock that can be a few meters thick and up to 200 m in length. A total of 19,736 m of historical drilling has been completed on the Property. Table 5-1 shows a list of the historical drill holes. All the historical drilling that predates Sayona was diamond core of NQ diameter. Table 5-1 – Summary of drilling completed on the Property prior to the Sayona acquisition in 2016 Period Drill hole Series No. of Diamond Drill holes (DDH) Meters Drilled Historical GM-XX 5 1,176 LG-XX 12 2,437 AL-XX 31 3,433 R-93-XX 33 3,700 Glen Eagle Resources AL-10-XX 18 1,905 AL-11-XX 27 4,051 AL-12-XX 24 3,034 Total 150 19,736 5.3 HISTORICAL RESOURCE AND RESERVE ESTIMATES In 2012, Glen Eagle conducted further testing on a 270 kg composite sample and achieved very attractive results, including an 88% metallurgical recovery to a 6.09% Li2O concentrate. The results were achieved in batch flotation tests, after passing the concentrate through wet high-intensity magnetic separation (WHIMS) and two-stage cleaning, without mica pre-flotation. Bumigème Inc. used the results of this program to design a conventional process flowsheet incorporating crushing, grinding and flotation for the Authier NI 43-101 Preliminary Economic Assessment (2013). The flowsheet contemplated the processing of 2,200 tpd of ore at 85% metallurgical recovery, producing a 6.0% Li2O spodumene concentrate. This assessment suggested the technical and commercial viability of developing the deposit and reported mineral resources of 7.67 Mt at 0.96% Li2O (Table 5-2). Authier Lithium Technical Report Summary – Quebec, Canada 72 Table 5-2 – Glen Eagle 2013 Historical NI 43-101 Mineral Resource Estimate (at 0.5% Li2O cut-off) Category Tonnes Grade (% Li2O) Contained Li2O (t) Measured 2,244,000 0.95 21,318 Indicated 5,431,000 0.97 52,681 Total 7,675,000 0.96 73,999 Inferred 1,552,000 0.96 14,899 The 2013 Glen Eagle Authier historical estimate was completed from a block model estimated by inverse distance squared, utilizing composited datapoints within a mineralized 3D wireframe model. The 2013 Glen Eagle Authier historical estimate is from a previous owner and should not be relied upon. It is provided solely for comparative purposes. The current Mineral Resource Estimate is provided in Section 11. The historical estimate In August 2016, Sayona completed the acquisition of the Authier Property for CAD4.0M. In September of the same year, Sayona drilled 19 diamond drill holes, for a total of 3,982 meters, prior to completion of a prefeasibility study undertaken by SGS Minerals. From January to March 2017, 31 diamond drill holes were done, totaling 4,122 meters, drilled for definition and metallurgical testing. A prefeasibility study update was completed in December 2017 by Wave International Ltd. From January to March 2018, 19 diamond drill holes were completed, for a total of 2,025 meters, to confirm lithium mineralization at depth. Following this program, an updated Joint Ore Reserves Committee (JORC) Mineral Resources was produced returning 17.18 Mt at 1.01% Li2O in the Measured and Indicated category and 3.76 Mt @ 0.98% Li2O in the Inferred category. Towards the end of 2018, Sayona completed a seven (7) diamond drill hole program totaling 342.5 meters for condemnation (sterilization) purposes. A definitive feasibility study was completed for the Project in September 2018 by BBA Inc. The Project contemplated an open pit mine and 675,500 tpy flotation concentrator. In October 2019, BBA Inc. produced an updated feasibility study for the Authier Project. The Project contemplated an open pit mine and 883,000 tpy flotation concentrator. In September 2021, 25 diamond drill holes, totaling 3,908 meters, were completed on exploration and definition targets. Authier Lithium Technical Report Summary – Quebec, Canada 73 5.4 HISTORICAL PRODUCTION The Authier project is a greenfield project with no previous bulk production from this project. Authier Lithium Technical Report Summary – Quebec, Canada 74 6 GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT This chapter describes the process and results of the Authier Property geological setting and mineralization. Information contained in this chapter was previously published by Piedmont Lithium Inc in a Technical Report Summary with an effective date of 31st of December 2023. 6.1 REGIONAL GEOLOGY The Authier property is located in the southeast part of the Superior Province of the Canadian Shield craton, more specifically in the Southern Volcanic Zone of the Abitibi Greenstone Belt. The spodumene- bearing pegmatites observed on the Property are genetically related to the Preissac-La Corne batholith (Figure 6-1) located 40 km northeast of the city of Val-d’Or (Corfu, 1993; Boily, 1995; Mulja et al., 1995a). The Preissac-La Corne batholith is an Archean-age syn- to post-tectonic intrusive complex that intruded along the La Pause anticline into the volcano-sedimentary units of the Malartic Composite Group. The rocks of the Malartic Group are metamorphosed to the greenschist to lower amphibolite metamorphic grade and are bounded to the north by the Manneville fault and by the Cadillac-Larder Lake fault to the south. The units comprising the Malartic Group are mafic to ultramafic metavolcanic rocks (serpentinized peridotites, amphibolitic mafic flows) and metasedimentary units (biotite schists derived from greywackes). The Preissac-La Corne batholith comprises early-stage metaluminous intrusive suites, dioritic to granodioritic in composition, and four late-stage peraluminous monzogranitic plutons: Preissac, La Corne, and La Motte and Moly Hill plutons. Late Proterozoic-age diabase dykes crosscutting all the lithologies can also be observed in the region (Boily, 1995; Mulja et al., 1995; Desrocher and Hubert, 1996). The pegmatite dykes and other aplitic dykes and veins observed in the region are genetically derived from the late peraluminous plutons. More than one thousand intrusions of mineralized, but mostly barren, pegmatite dykes have been mapped in the vicinity of the Preissac-La Corne batholith. These intrusions crosscut all of the units of the Malartic Group and intrusive lithologies of the batholith, with the exception of the late Proterozoic diabase dykes. The pegmatites and the aplitic intrusions occur in two distinct morphologies: tabular, generally strongly dipping dykes with sharp contacts, and irregularly shaped dykes, often comprised of mixed pegmatitic and aplitic lithologies in contact with the country rocks. The dykes can be up to hundreds of meters in length with a thickness varying from a few centimeters to tens of meters, with the majority having less than 1 m in thickness. The pegmatites can be classified by their spatial distribution within and around the lithologies of the Preissac-La Corne batholith. The pegmatites occurring within, or in, the vicinity of the La Motte and La Corne plutons are generally mineralized in beryl and columbite-tantalite as opposed to the pegmatites

 
Authier Lithium Technical Report Summary – Quebec, Canada 75 observed in association with the Preissac pluton, which are mostly un-mineralized. The spodumene- bearing pegmatites almost exclusively cross-cut lithologies located outside the late-stage plutons of the Preissac-La Corne Batholith and can be uniform or present internal zoning enriched in spodumene. The hydrothermal veins mineralized in molybdenite occur inside, near the edges, of the intrusives related to the Preissac and Moly Hill plutons. Figure 6-1 – Regional geology map 6.2 LOCAL GEOLOGY The Project primarily encompasses extensive sections of massive to spinifex ultramafic flows from the Preissac pluton. The pegmatites occur within basaltic flows and komatiites, while being adjacent to a felsic intrusive towards the western boundary. Below is a concise overview of these rock types present within the Project area and Figure 6-2 illustrates the stratigraphic column of the local geology. Authier Lithium Technical Report Summary – Quebec, Canada 76 Numerous small pegmatites, generally composed of quartz monzonite, intruded the volcanic stratigraphy, including the larger Authier spodumene-bearing pegmatite, which is the focus of study. This pegmatite is principally defined by a single, continuous intrusion, or dyke, that contains local rafts, or xenoliths, of the amphibolitic host rock, which are a few meters thick and up to 200m in length at shallow levels within the western zone. Based on the information gathered from the drilling, the pegmatite intrusion is more than 1,100 m in length with an average thickness of 25 m, ranging from 4 to 60 m, and dipping 35 to 50 degrees to the north. It outcrops in a small, 50 m by 20 m, area at the central-eastern sector that orients east- west and is mostly covered by up to 10 m of overburden reaches depths of up to 270 m below surface in drilling to date. Authier Lithium Technical Report Summary – Quebec, Canada 77 Figure 6-2 – Stratigraphy of the Authier Lithium Project Authier Lithium Technical Report Summary – Quebec, Canada 78 A second spodumene-bearing pegmatite, not visible from surface, was intersected by diamond drill hole AL-16-10 at a shallow depth, between 15 m and 22 m, approximately 400 m north of the main pegmatite. Follow-up drilling in early 2017 and 2018 outlined this new mineral body, the Authier North pegmatite, which has a strike extension of 500 m east-west, 7 m average width, and dips gently 15 degrees to the north. The Authier North pegmatite appears at 15 m to 25 m vertical depth and is open in all directions. Figure 6-5 is a photograph showing spodumene mineralization from the new shallow pegmatite intersected by drill hole AL 16-10. The volcanic assemblages predominantly comprise ultramafic (peridotitic) metavolcanic flows, with a smaller presence of basaltic metavolcanics and Komatiites. The basaltic formations exhibit a range of appearances, varying from fine to coarse-grained textures, characterized by either massive or variolitic structures. Pillowed structures are frequently observed within these formations. Furthermore, it is common for basaltic rocks to contain chlorite and exhibit a high magnesium content. The Komatiite is often aphanitic in appearance and blueish or greenish in color. Spinifex to massive texture is common along with strong magnetism, however, this is variable at the contacts. The Authier Pegmatite is adjacent to a Felsic Intrusive formation situated towards its western boundary. This unit exhibits varying shades of gray and pink, dependent on its composition. The intrusive primarily consists of quartz, with occasional occurrences of feldspar and biotite. Contact zones between these rock formations often exhibit irregular or diffuse boundaries. 6.3 PROPERTY GEOLOGY The Property geology comprises intrusive units of the La Motte pluton to the north and Preissac pluton to the south, with volcano-sedimentary lithologies of the Malartic Group in the center (Figure 6-3). The volcano-sedimentary stratigraphy is generally oriented east-west and ranges between 500 m and 850 m in thickness (north-south). The volcanic units comprise principally ultramafic (peridotitic) metavolcanic flows with less abundant basaltic metavolcanics. Several highly metamorphosed metasedimentary units, described as hornblende-chlorite-biotite schists, occur on the south-central portion of the Property, generally in contact with the La Motte pluton to the north (Karpoff, 1994). The northern border of the Preissac pluton, composed of granodiorite and monzodiorite, runs east-west along the southern edge on the Property. To the north, muscovite monzogranitic units of the La Motte pluton cover the Property. Numerous small pegmatites, generally composed of quartz monzonite, intruded the volcanic stratigraphy, including the larger Authier spodumene-bearing pegmatite, which is the focus of study.

 
Authier Lithium Technical Report Summary – Quebec, Canada 79 Figure 6-3 – Local geological map 6.4 MINERALIZATION The lithium mineralization observed at the Authier Project predominantly comprises spodumene within pegmatite intrusive dykes. There are also trace amounts of beryllium, molybdenum, tantalum, niobium, cesium, and rubidium. Detailed logging of drill core suggests that the main pegmatite at Authier is composed of several internal phases related to intrusive placement and progressive cooling. The outside border of the pegmatite in contact with the host rocks has been identified as a transition zone or border zone. This transition zone is often significantly less mineralized in spodumene and is characterized by a centimeter-scale fine- to medium-grained chill margin, followed by a medium- to coarse-grained decimeter to meter-scale zone. The transition zone often includes fragments of the host rock and can also be intermixed with the material from the core zone. The main intrusive phase observed in the pegmatite is described as a core pegmatitic zone, characterized by large centimeter-scale spodumene crystals and white feldspar minerals. The core pegmatitic zone Authier Lithium Technical Report Summary – Quebec, Canada 80 shows internally different pegmatitic phases, characterized by different spodumene crystal lengths, ranging from coarse-grained (earlier) to fine-grained (later). The contacts between different spodumene- bearing pegmatite phases are transitional and well defined at core logging scale. Higher lithium grades are correlated with higher concentrations of larger spodumene crystals. Late-mineral to post-mineral aplite phases cut earlier spodumene–bearing mineralization, causing local diminishing of lithium grade. The core zone hosts the majority of the spodumene mineralization at Authier. Figure 6-4 is a photograph that illustrates the transition and core zones from drill hole AL-10-03. The spodumene-bearing pegmatite is principally defined by one single continuous intrusion, or dyke, that contains local rafts, or xenoliths, of the amphibolitic host rock, which are a few meters thick and up to 200 m in length at shallow levels within the western zone. The main pegmatite outcrops in a small, 50 m by 20 m, area at the central-eastern sector that orients east-west and is mostly covered by up to 10 m of overburden. Based on the information gathered from the drilling, the pegmatite intrusion is more than 1,100 m in length and can be up to 60 m thick. The intrusion is generally oriented east-west, dips to the north at angles ranging between 35° and 50° and reaches depths of up to 270 m below surface in drilling to date. A second spodumene-bearing pegmatite, not visible from the surface, was intersected by diamond hole AL-16-10 at shallow levels, between 15 m and 22 m downhole depth, approximately 400 m north of the main pegmatite. Follow-up drilling in early 2017 and 2018 outlined this new body, the Authier North pegmatite, which has a strike extension of 500 m east-west, 7 m average width, gently dipping 15 degrees to the north. The Authier North pegmatite appears at shallow levels, 15 m to 25 m vertical depth, and is open in all directions. Figure 6-5 is a photograph showing spodumene mineralization from the new shallow pegmatite intersected by drill hole AL 16-10. Authier Lithium Technical Report Summary – Quebec, Canada 81 Figure 6-4 – Drill core from hole AL-10-03, showing core and transition zones Figure 6-5 – Drill core from hole AL-16-10, showing spodumene mineralization in the new Authier North pegmatite Authier Lithium Technical Report Summary – Quebec, Canada 82 6.5 DEPOSIT TYPES The deposit type for the lithium mineralization occurring on the Authier Property is a granitic pegmatite type, more specifically the rare-element pegmatites subtype, due to the presence of spodumene. Rare-element pegmatites typically occur in metamorphic terrains and are commonly peripheral to larger granitic plutons which, in many cases, represent the parental granite from which the pegmatite was derived. The late Archean pegmatites of the Superior Province are typically located along deep fault systems that, in many areas, coincide with major metamorphic and tectonic boundaries. Most pegmatites range in size from a few meters to hundreds of meters long and from centimetric-scale to several hundred meters wide, and even more for a few known cases. Rare-element pegmatites can have complex internal structures where the internal units in complex pegmatites consist of a sequence of zones, mainly concentric, which conform roughly to the shape of the pegmatite, but differ in mineral assemblages and textures. From the margin inward, these zones consist of a border zone, a wall zone, intermediate zones, and a core zone. The border zone is generally thin and typically aplitic or fine-grained in texture. The wall zone, composed mainly of quartz-feldspar-muscovite, is wider and coarser grained than the border zone and marks the beginning of coarse crystallization characteristic of pegmatites. Intermediate zones, where present, are more complex mineralogically and contain a variety of economically important minerals such as sheet mica, beryl and spodumene. In the intermediate zones of some pegmatites, individual crystal size can reach meters to tens of meters. The core zone consists mainly of quartz, either as solid masses or as euhedral crystals. Rare-element pegmatites, typically associated with granitic intrusions, are distributed in zonal patterns around such intrusions. In general, the pegmatites most enriched in rare metals and volatile components are located farthest from intrusions (Figure 6-6). Rare-element pegmatites are generally considered to form by primary crystallization from volatile-rich siliceous melt related to highly differentiated granitic magmas. The lithology of the source rocks for these melts is a major control on the ultimate composition of subsequently formed rare-element pegmatites (Cerny, 1993; Sinclair, 1996).

 
Authier Lithium Technical Report Summary – Quebec, Canada 83 Figure 6-6 – Schematic representation of regional zonation of pegmatites source (Image from Sinclair 1996 [modified from Trueman and Cerny 1982]) Authier Lithium Technical Report Summary – Quebec, Canada 84 7 EXPLORATION This chapter describes the process and results of the Authier Property exploration activities. Information contained in this chapter was previously published by Piedmont Lithium Inc in a Technical Report Summary with an effective date of 31st of December 2023. 7.1 GENERAL Exploration drilling conducted by Sayona Québec is divided into three Phases: 2016, 2017 and 2018, respectively and are summarized individually. • Phase 1 program in October/November 2016 of 18 holes, totaling 3,967 m. Following the drilling program, Sayona completed an upgrade of the resource and completed a Prefeasibility Study, dated February 2017 • Phase 2 diamond drilling program in May 2017 of 31 holes totaling 4,117 m and • Phase 3 diamond drilling program in November/December 2017, which comprised seven diamond holes (680 m PQ and 89.5 m HQ) for a total of 769.5 m and the collection of five tonnes of core for pilot metallurgical testing; January / March 2018, which comprised 19 holes, NQ diameter, totaling 2,170.45 m; April 2018, involving condemnation (sterilization) drilling, six (6) holes, NQ diameter, for 342.65 m. Core was oriented using a Reflex ACT III tool for Phase 1 and Phase 2, whereas Phase 3 diamond core was not oriented. The drilling programs were planned and managed by Sayona’s Competent Person, assisted by one of Sayona’s Project geologists. In addition, Sayona contracted Services Forestiers et d’Exploration GFE (“GFE”) for the permitting and logistic support of the drilling program. GFE provided the office, core logging and storage facilities to Sayona, which are located less than 4 km southeast from the main pegmatite zone, near the town of La Motte. All drill core handling was done on-site with logging and sampling processes conducted by employees and contractors of Sayona. Drill core was placed in wooden core boxes and collected twice a day at the drill site and then transported to the core logging facilities. The drill core was first aligned and measured by a technician or the geologist for core recovery. After a summary review of the core, it was oriented and geologically and geotechnically logged, including rock type, spodumene abundance, mica abundance, rock quality designation (“RQD”), Authier Lithium Technical Report Summary – Quebec, Canada 85 orientation data (alpha and beta angles) for structures (faults, fractures, etc.). Point load tests (one each, 10 m average) have also been undertaken. The logging of the geological features was predominately qualitative. Parameters such as spodumene abundance are visual estimates by the logging geologist. Footwall and hanging wall barren host rock not adjacent to mineralization was summary logged. The observations of lithology, structure, mineralization, sample number and location were noted by the geologists and geotechnicians in hard copy and an excel spreadsheet and then recorded in a Microsoft Access digital database. Copies of the database are stored on an external hard drive for security. Sampling intervals were defined by a geologist. Before sampling, core was photographed using a digital camera after metre marks and sample intervals have been clearly marked on the core. The core was photographed dry and wet. The core boxes were identified with the box number, hole ID, from and to using aluminum tags. Target mineralization i.e., spodumene pegmatite, and adjacent barren host rock was logged, sampled, and assayed. Core recovery in target mineralization and adjacent barren host rocks had an average around 99% and so sampling is considered representative. 7.2 SAYONA QUÉBEC DRILLING 2016 Sayona Québec completed a Phase 1 diamond drilling program at the Authier Property, including 18 holes for 3,967 m (Figure 7-1), which had the following objectives: • Converting the Inferred Mineral Resources to be Measured and Indicated through further drilling. • Exploring extensions to existing Mineral Resources and other potential mineralization within the tenement package. • Collecting geotechnical data for incorporation in the Authier prefeasibility study. • Collecting additional drill core for any additional metallurgical testing that may be required to complete a definitive feasibility study. Authier Lithium Technical Report Summary – Quebec, Canada 86 Figure 7-1 – Drill hole collar location in isometric view and plan view Holes were typically drilled perpendicular to the strike of the mineralized pegmatite to provide high confidence in the grade, strike, and vertical extensions of mineralization. All diamond drill holes (Table 7-1) intersected high-grade spodumene mineralization. Table 7-1 – Phase 1 Sayona drill hole collar location and intercept information (Downhole intersections in meters) Drill hole East North RL (m) Azimuth Dip Depth (m) From (m) To (m) Thickness (m) Grade (% Li2O) AL-16-001 707,525 5,360,175 330 180 -45 87 12 74 62 1.35 including 27 43 16 1.65 AL-16-002 707,525 5,360,245 330 180 -45 111 50 99 49 1.18 including 81 98 17 1.49 AL-16-003 707,600 5,360,500 331 180 -55 267 170 197 27 1.46 including 181 192 11 1.66 213 223 10 1.24 including 218 221 3 1.63 AL-16-004 707,525 5,360,430 331 180 -55 246 156 206 50 1.13 including 157 168 11 1.40 200 205 5 1.89 AL-16-005 707,500 5,360,520 332 180 -55 294 197 202 5 1.44

 
Authier Lithium Technical Report Summary – Quebec, Canada 87 Drill hole East North RL (m) Azimuth Dip Depth (m) From (m) To (m) Thickness (m) Grade (% Li2O) 218 243 25 1.08 including 218 232 14 1.18 AL-16-006 707,650 5,360,210 330 180 -45 105 16 60 44 1.02 including 16 35 19 1.45 AL-16-007 707,479 5,360,174 330 180 -45 90 4 44 40 1.27 including 13 33 20 1.47 AL-16-008 707,475 5,360,425 330 180 -60 234 162 198 36 0.93 including 163 173 10 1.32 AL-16-009 707,245 5,360,478 330 180 -60 249 192 230 38 1.10 including 192 215 23 1.35 AL-16-010 707,500 5,360,580 330 180 -55 330 15 22 7 1.36 including 17 19 2 2.24 236 241 5 1.36 258 266 8 0.85 including 264 266 2 1.42 AL-16-011 707,220 5,360,420 330 180 -65 204 135 181 46 1.26 including 137 161 24 1.62 AL-16-012 707,500 5,360,460 331 180 -55 240 161 208 47 1.05 including 167 194 27 1.31 AL-16-013 707,175 5,360,478 331 180 -60 234 184 208 24 1.25 216 224 8 0.91 AL-16-014 707,600 5,360,440 331 180 -55 241 148 193 45 1.08 including 149 157 8 1.36 171 189 18 1.34 203 207 4 1.65 AL-16-015 707,175 5,360,550 330 180 -60 279 242 262 20 1.32 including 248 259 11 1.61 AL-16-016 707,400 5,360,425 331 180 -60 252 158 186 28 1.20 including 162 180 18 1.39 AL-16-017 707,280 5,360,500 330 180 -60 240 190 235 45 1.28 including 190 213 23 1.77 AL-16-018 707,318 5,360,465 330 170 -55 264 197 201 4 0.99 206 213 7 0.95 218 228 10 1.20 including 219 225 6 1.48 Note: Downhole widths are not true widths Key achievements of the 2016 drilling program were: Authier Lithium Technical Report Summary – Quebec, Canada 88 • Fourteen (14) new drill holes successfully tested the deep extensions of mineralization on the main Authier pegmatite. • Holes AL-16-01, 02, 06, and 07 effectively delineated the geometry of the Authier pegmatite at shallow depths in the eastern and central sectors, facilitating the upgrade of resource categories from Indicated to Measured. • Hole AL-16-16 intersected a substantial zone of spodumene mineralization within the gap zone, bridging the eastern and western segments of the main pegmatite. • Holes AL-16-03, 04, 05, 08, 10, 12, and 14 extended the lithium mineralization in the eastern sector of the main Authier pegmatite to depths exceeding 200 meters. • Additionally, hole AL-16-10 intercepted a previously undetected pegmatite at shallow depths between 15 meters and 22 meters, located 400 meters north of the main Authier pegmatite. • Holes AL-16-09, 11, 13, 15, 17, and 18 extended the lithium mineralization in the western sector of the main Authier pegmatite to depths beyond 200 meters. Mineralization remained open in all directions. 7.3 SAYONA QUÉBEC DRILLING 2017 Sayona Québec completed a Phase 2 diamond drilling program in May 2017 at the Authier Property, including 31 holes for 4,117 m (Figure 7-1), having the following objectives: • Defining the mineralized boundaries and lifting the resource categories in zones in the western sector that were drilled during the 2016 drill program. The 2016 drilling program in the west zone highlighted a number of new high-grade intersections between 120 m to 220 m vertical depth, such as hole AL-16-11, which returned 46 m of 1.26% Li2O from 135 m, including 24 m of 1.62% Li2O from 137 m. • Testing for mineralization in the eastern strike extension at both shallow and deeper levels at a similar vertical level to hole AL-16-14, which intercepted 45 m of 1.08% Li2O from 148 m, including 8 m of 1.36% Li2O from 149 m and 18 m of 1.34% Li2O from 171 m. • Testing for a vertical extension of mineralization in the gap zone to follow up hole AL-16-16, which intersected 28 m of 1.20% Li2O from 158 m, including 18 m of 1.32% Li2O from 149 m. • Assessing the resource potential of the new northern pegmatite, which intersected 7 m of 1.36% Li2O from 15 m in Sayona’s 2016 drilling. The Phase 2 diamond drill holes are detailed in Table 7-2. Authier Lithium Technical Report Summary – Quebec, Canada 89 Table 7-2 – Phase 2 Sayona drill hole collar location and intercept information (downhole intersections in meters) Drill hole East North RL (m) Azimuth Dip Depth (m) From (m) To (m) Thickness (m) Grade (% Li2O) AL-17-01 707,210 5,360,520 332 180 -60 283 242 252 10 NS AL-17-02 707,080 5,360,460 331 180 -65 253 165 197 32 1.15 including 177 184 7 1.44 and 186 192 6 1.37 AL-17-03 707,000 5,360,500 330 180 -60 268 222 233 11 1.07 including 226 231 5 1.42 236 240 4 1.00 AL-17-04 706,900 5,360,425 335 180 -70 264 166 177 11 0.88 including 166 169 3 1.26 214 225 11 1.03 including 218 222 7 1.26 AL-17-05 706,800 5,360,425 345 180 -75 303 199 205 6 1.09 224 243 19 1.26 including 224 233 9 1.69 AL-17-06 706,900 5,360,360 332 180 -55 240 NS AL-17-07 706,803 5,360,356 339 180 -55 246 210 211 1 0.64 214 219 6 0.89 including 215 216 1 1.48 AL-17-08 706,802 5,360,310 335 180 -45 219 165 173 8 1.07 including 167 170 3 1.31 AL-17-09 707,500 5,360,630 339 180 -55 90 26 31 5 0.84 including 28 29 1 2.34 AL-17-10 707,500 5,360,680 340 180 -55 78 20 21 1 0.62 AL-17-11 707,450 5,360,615 337 180 -55 48 23 29 6 1.32 including 24 27 3 1.76 AL-17-12 707,550 5,360,615 339 180 -55 72 27 32 5 0.90 including 30 31 1 1.71 AL-17-13 707,720 5,360,440 333 180 -55 228 153 156 3 1.17 including 154 156 2 1.32 163 189 26 1.26 including 169 184 15 1.42 AL-17-14 707,780 5,360,440 332 180 -55 213 169 189 20 0.95 including 170 180 10 1.19 AL-17-15 707,780 5,360,250 330 180 -55 81 11 14 3 1.02 including 12 13 1 1.40 AL-17-16 707,700 5,360,210 329 180 -50 87 8 15 7 0.76 including 10 11 1 1.10 Authier Lithium Technical Report Summary – Quebec, Canada 90 Drill hole East North RL (m) Azimuth Dip Depth (m) From (m) To (m) Thickness (m) Grade (% Li2O) AL-17-17 707,830 5,360,250 327 180 -60 57 22 23 1 1.13 AL-17-18 707,400 5,360,610 336 180 -55 39 22 26 4 0.82 AL-17-19 707,350 5,360,610 336 180 -55 45 11 19 8 0.88 including 11 15 4 1.27 AL-17-20 707,450 5,360,680 338 180 -55 51 NS AL-17-21 707,550 5,360,680 342 180 -90 69 NS AL-17-22 707,400 5,360,525 334 180 -60 271 227 256 29 0.92 including 232 245 13 1.10 including 248 249 4 1.46 AL-17-23 707,600 5,360,615 339 180 -55 36 16 24 9 0.82 including 21 24 3 1.53 AL-17-24 707,323 5,360,628 336 180 -55 39 12 15 3 0.56 including 12 13 1 1.13 AL-17-25 707,308 5,360,671 336 180 -65 42 NS AL-17-26 707,890 5,360,265 333 180 -65 60 27 39 13 0.73 including 27 31 4 0.95 including 37 39 2 1.33 AL-17-27 707,890 5,360,345 333 180 -65 87 NS AL-17-28 707,720 5,360,345 331 180 -65 181 NS AL-17-29 707,935 5,360,341 333 180 -45 71 NS AL-17-30 707,833 5,360,286 333 180 -45 66 16 19 3 0.84 30 40 10 1.04 including 30 33 3 1.26 including 35 39 4 1.16 AL-17-31 707,740 5,360,615 333 180 -65 30 NS Note: Downhole widths are not true widths NS: Not Significant Results The main findings of the 2017 drilling program included: • Extension of mineralization within the main pegmatite orebody by 150 meters to the east, up to 300 meters to the west at deeper levels, and 200 meters to the west at shallower levels and at depth in the gap zone. • The east-west strike length of the main deposit has been extended from 850 meters to 1,100 meters, with an average thickness of 25 meters, ranging from 4 meters to 55 meters, dipping at 40 to 50 degrees to the north. The orebody remained open to the east, west, and at depth. • Delineation of the Authier North pegmatite, with 670 meters of drilling completed in 13 holes. The northern pegmatite exhibits a narrow and gently dipping geometry between 10 meters and

 
Authier Lithium Technical Report Summary – Quebec, Canada 91 25 meters vertical depth, not visible from the surface, with downhole intersections typically averaging 5 to 8 meters in width. The pegmatite remained open in all directions. Sayona Québec aimed to delineate a resource at shallow levels that would be suitable for open-cut mining at a low stripping ratio. Drilling successfully defined a 300 m western extension of the main Authier pegmatite at between 110 m and 220 m vertical depth, including: • AL-17-02: 32 m of 1.15% Li2O, including 7 m of 1.44% Li2O • AL-17-05: 19 m of 1.26% Li2O, including 9 m of 1.69% Li2O • AL-17-08: 8 m of 1.07 % Li2O from 165 m, including 3 m of 1.31% Li2O from 167 m AL-17-02 and AL-17-05 demonstrated similar widths and grades to those in the deeper, Phase 1 holes, which included: • AL-16-13: 24 m of 1.25% Li2O from 184 m and 8 m of 0.91% Li2O from 216 m • AL-16-15: 20 m of 1.32% Li2O from 242 m, including 11 m of 1.61% Li2O from 248 m The results indicate a potential western plunge of the high-grade mineralization at deeper levels within the western sector. The higher-grade mineralization below the economic open pit depths could be amenable to future underground mining (Figure 7-2). Authier Lithium Technical Report Summary – Quebec, Canada 92 Figure 7-2 – Section 707050 m E looking west, demonstrating the extension of mineralization AL-17-01, AL-17-06 and AL-17-07 (Section 706,800 m East, see Figure 7-3) intercepted narrow zones of low-grade to barren pegmatite, which had been affected by a large north-south fault cross-cutting the mineralization in the Beaver Dam area on Section 707560 m East. The pegmatite pinched within the fault zone but shows no significant evidence of post-mineral displacement. Figure 7-3 – Section 706800 m E looking west, intersecting narrow zones of low grade to barren mineralization AL-17-22 intersected a thick zone of spodumene mineralization in the gap zone, 29 m of 0.92% Li2O, confirming an 85 m down-dip extension of the exploratory Phase 1 drill hole AL-16-16, which intersected 28 m of 1.20% Li2O from 158 m, including 18 m of 1.39% Li2O from 162 m. AL 17-22 confirmed an extension of the resource down to approximately 200 m in the gap zone (see Figure 7-4). Authier Lithium Technical Report Summary – Quebec, Canada 93 Figure 7-4 – Section 707400 m E looking west (Gap Zone) showing the dip extension of mineralization Holes AL-17-13 (section 707725 m East, Figure 7-5) and AL-17-14 (section 707775 m East) in the eastern deep zone have extended mineralization 150 m to the east. Hole AL-17-13 yielded 26 m of 1.26% Li2O from 163 m, including 15 m of 1.42% Li2O from 169 m, and is located 120 m east of AL-16-14, which intercepted mineralized pegmatite from a vertical depth of 120 m and was expected to result in an 80 m deepening of the current pit outline. Hole AL-17-28, a 100 m step forward from AL-17-13, intercepted low-grade pegmatite that was affected by a fault zone, which caused a local pinching of the main Authier pegmatite. Authier Lithium Technical Report Summary – Quebec, Canada 94 Figure 7-5 – Section 707725 m E looking west Drilling results 2017 in eastern zone showing important findings. Hole AL-17-16 intercepted a narrow zone of mineralized pegmatite, 7 m of 0.76% Li2O, within a wider zone of low-grade to barren pegmatite at shallow levels. It was interpreted that mineralization was pinched with respect to the wider pegmatite intercepted by the following holes: • AL-17-30: 10 m of 1.04% Li2O from 30 m, including 3 m of 1.26% Li2O from 30 m • AL-17-26: 13 m of 0.73% Li2O from 27 m, including 2 m of 1.33% Li2O from 37 m Hole AL-17-17 intercepted the narrow, lower portion of the eroded pegmatite, 1 m of 1.03% Li2O, immediately below 12 m of overburden being collared 35 m south (same section) of AL-17-30. Holes AL-17-30 and AL-17-26, separated 65 m east-west, intercepted the main pegmatite slightly deeper than AL-17-15 and AL-17-17. The narrow mineralization intercepted by AL-17-15 was extended 165 m down-dip by AL-17-14, which yielded 20 m of 0.95% Li2O from 169 m, including 10 m of 1.19% Li2O from 170 m, from a vertical depth of 135 m and collared 185 m north in the same section. Holes AL-17-27 and AL-17-29, the easternmost holes, intercepted narrow barren pegmatite in fault zones. The geometry of the pegmatite at narrow levels pinches and swells, but it is considered open and further drilling was required to test the easternmost strike extent. During Phase 2, drilling began to define the geometry of the new northern pegmatite, located 400 m north of the main Authier pegmatite. During the Phase 1 drilling, AL-16-10 intersected 7 m of 1.36% Li2O from

 
Authier Lithium Technical Report Summary – Quebec, Canada 95 7 m in a step-back hole targeting deeper mineralization in the main pegmatite. Drilling from the Phase 2 program defined additional mineralization over 300 m in strike length and the system remains open in all directions. Such a mineralized zone was built using a reference east–west line, 35 m north of AL-16-11, in a 50 m by 50 m drilling grid. The most significant holes are: • AL-17-11: 6 m of 1.32% Li2O from 23 m, including 3 m of 1.76% Li2O from 24 m • AL-17-12: 5 m of 0.90% Li2O from 27 m, including 1 m of 1.71% Li2O from 30 m • AL-17-19: 8.27 m of 0.88% Li2O from 10.7 m, including 4.27 m of 1.27% Li2O from 10.7 m • AL-17-23: 8 m of 0.86% Li2O from 16 m, including 3 m of 1.53% Li2O from 21 m Fifty-meter step-back holes AL-17-10 (Figure 7-6), AL-17-20, AL-17-21, AL-17-24, and AL-17-25, as well as scout hole AL-17-31, intercepted narrow and low-grade to barren pegmatite. While the grades were lower than anticipated, Sayona Québec believes the system has good potential to host further mineralization. Zones within the pegmatite occur as coarse-grained, narrow, high-grade mineralization, suggesting potential for a large feeder system at depth. Further drilling will be required to test the down- dip extensions of the pegmatite, which has only been drilled to shallow levels. Figure 7-6 – Hole AL-17-10 in the Northern Pegmatite which intersected 7 m of 1.36% Li2O from a downhole depth of 15 m (vertical depth of 12 m), including 2 m of 2.24% Li2O from 17 m Authier Lithium Technical Report Summary – Quebec, Canada 96 7.4 SAYONA QUÉBEC DRILLING 2018 Sayona Québec completed a Phase 3 diamond drilling program at the Authier Property, including 33 holes for 3,282.6 m (Figure 7-7) and having the following objectives: • Converting the Inferred Mineral Resources to Measured and Indicated and upgrading Ore Reserves for the DFS. • Exploring for extensions to the existing mineral resources and other potential mineralization within the tenement package. • Collecting geotechnical data for incorporation into the DFS and 5,000 kg of core for pilot metallurgical testing. • Condemnation (sterilization) drilling in areas planned for infrastructure. Figure 7-7 – Drill hole collar location plan view, highlighting (light blue) the Metallurgical Pilot Plan drill holes completed during Phase 3 drilling at Authier Project A total of 19 diamond core holes (NQ diameter), for 2,170 m, were completed as part of the Phase 3 drilling program. A number of diamond drill holes intercepted high-grade spodumene mineralization with the best intercepts including: Authier Lithium Technical Report Summary – Quebec, Canada 97 • AL-18-09: 25 m of 1.48% Li2O from 79 m, including 6 m of 1.77% Li2O from 80 m and 6 m of 1.78% Li2O from 94 m • AL-18-10: 6 m of 1.26% Li2O from 97.4 m, including 4 m of 1.52% Li2O from 98.4 m • AL-18-16: 37 m of 1.03% Li2O from 255 m, including 11 m of 1.24% Li2O from 266 m and 3 m of 1.67% Li2O from 281 m • AL-18-17: 33 m of 1.18% Li2O from 160 m, including 10 m of 1.25% Li2O from 166 m and 3 m of 1.75% Li2O from 190 m Drilling successfully demonstrated depth extensions of mineralization at the main Authier pegmatite. Infill drilling successfully targeted areas of low drilling density with the objective of upgrading the resource categories. A number of holes tested the eastern extensions of the main Authier pegmatite at shallow levels were stopped due to the presence of a fault zone but warrant further testing in a future drilling program. A potential third deep pegmatite dyke was intercepted at a depth of 300 m and returned low-grade mineralization due to the replacement of spodumene by phengite. Further drilling will be required to test the potential of this system, especially at shallower levels. Drilling successfully extended the mineralization at the Authier North pegmatite from 300 m to 500 m in strike length and at depth. The system remains open in all directions. Mineralization remains open in all directions. 7.4.1 Results in Main Authier Pegmatite The following summarizes the key outcomes of the resource expansion and exploration drilling program within Phase 3 drilling: • AL-18-01 and AL-18-02 were stopped before hitting the target due to a fault zone. • AL-18-09, 18-04, 18-05, 18-06 and 18-07 tested the eastern extension of the main Authier pegmatite at shallow levels, intercepting narrow zones of weak lithium mineralization. • AL-18-08 and AL-18-09 filled the gaps within the East zone of the main Authier pegmatite resource from 40 m to 70 m vertical depth. AL-18-09 yielded 25 m of 1.48% Li2O from 79 m, including 6 m of 1.77% Li2O from 80 m and 6 m of 1.78% Li2O from 94 m. • AL-18-10 intercepted a narrow lithium-mineralized zone that filled the gap of the main Authier pegmatite resource in the central part, including 6 m of 1.26% Li2O from 97.4 m, including 4 m of 1.52% Li2O from 98.4 m. • AL-18-12 drilled within a NNE fault zone intercepted narrow and weak lithium anomalies in the west zone. Authier Lithium Technical Report Summary – Quebec, Canada 98 • AL-18-16 at the deep west zone of the main Authier pegmatite intercepted a wide deep extension of the pegmatite at a vertical depth of 235 m to 270 m, 75 m step back of hole AL-16-15 (20 m of 1.32% Li2O from 242 m). A potential third pegmatite dyke was intercepted at a vertical depth of 300 m with 25 m downhole width, which returned no significant spodumene mineralization due the replacement of spodumene by phengite. Additionally, AL-18-16 intercepted the Authier North pegmatite with lithium mineralization at shallow levels. • AL-18-17, an infill hole at the East zone of the main Authier pegmatite, intercepted a wide mineralized pegmatite zone of 33 m of 1.18% Li2O from 160 m, including 10 m of 1.25% Li2O from 166 m and 3 m of 1.75% Li2O from 190 m (Figure 7-7). Sayona Québec believes that the main Authier pegmatite is still open in all directions. The geometry of the mineralized pegmatite at shallow levels in both east and west extensions seem affected by post- mineral faulting, and further drilling should be conducted at mid-to-deep levels to test along strike extension of the main pegmatite. The deep extensions of the main pegmatite demonstrated excellent grades and widths. 7.4.2 Results in Northern Authier Pegmatite Holes AL-18-13, AL-18-14 and AL-18-16 extended the mineralization from 250 m to 500 m in strike extension; AL-18-13, AL-18-18 and AL-18-19 were infill holes. The Authier North pegmatite is narrow, gently dipping to the north, and is still open along strike. The resource expansion and exploration drill hole results as part of Phase 3 diamond drilling (Table 7-3) are detailed as follows: Table 7-3 – Sayona Phase 3 Metallurgical Pilot Plan drill hole collar location and intercept information (downhole intersections in meters). Drill hole East North RL (m) Azimuth Dip Depth (m) From (m) To (m) Thickness (m) Grade (%Li2O) AL-17-32 707,520 5,360,175 329 180 -45 98 13 78 65 1.29 including 27 48 21 1.54 AL-17-33 707,520 5,360,240 331 180 -45 120 53 99 46 1.28 including 54 66 12 1.50 AL-17-34 707,550 5,360,240 331 177 -45 96 56 91 35 1.09 AL-17-35 707,425 5,360,225 330 177 -45 74 5 42 37 0.98 including 27 42 15 1.10 AL-17-36 707,150 5,360,350 330 180 -52 112 67 81 14 1.47 83 95 12 1.57 104 112 8 1.49 AL-17-37 707,218 5,360,418 330 180 -65 186 139 146 7 1.15

 
Authier Lithium Technical Report Summary – Quebec, Canada 99 Drill hole East North RL (m) Azimuth Dip Depth (m) From (m) To (m) Thickness (m) Grade (%Li2O) 151 167 16 0.54 AL-17-38 707,375 5,360,300 330 180 -45 85 34 52 18 0.96 54 60 6 1.32 63 65 2 1.30 Note: Downhole widths are not true widths 7.4.3 Condemnation/ Sterilization Drill Holes In 2018, seven (7) diamond drill holes, NQ diameter, for 342.65 m, were completed in the zone north of the Authier deposit to test and discard potential mineralized pegmatite within the planned infrastructure zone. The areas tested were selected based on geological mapping and sampling, close to outcropping pegmatite, which returned low-grade lithium anomalies after surface rock chip sampling or nearby historical drilling (Figure 7-8). All of the holes intercepted narrow zones of low-grade to barren pegmatite dykes at different depths. Sampling was undertaken to confirm the low-grade to barren character of the pegmatites dykes and results were not yet available. The condemnation (sterilization) drill hole results for Phase 3 diamond drilling are presented in Table 7-4. Table 7-4 – Sayona Phase 3 Metallurgical Pilot Plan drill hole collar location and intercept information (downhole intersections in meters). Drill hole East North RL (m) Azimuth Dip Depth (m) From (m) To (m) Thickness (m) Grade (%Li2O) AL-18-20 707,348 5,360,950 340 180 -50 48 NS AL-18-21 707,037 5,360,304 341 180 -50 42 NS AL-18-22 706,039 5,360,905 341 180 -50 51 NS AL-18-23 706,115 5,360,890 340 180 -50 51 NS AL-18-24 706,107 5,361,328 342 180 -50 49 NS AL-18-25 706,446 5,361,165 341 180 -50 51 NS AL-18-26 706,450 5,360,970 340 180 -50 51 NS Note: Downhole widths are not true widths NS: Not significant results Authier Lithium Technical Report Summary – Quebec, Canada 100 Figure 7-8 – Drill hole collar location plan view, highlighting (red) Condemnation (sterilization) drill holes completed during Phase 3 drilling at the Authier Property. Authier Lithium Technical Report Summary – Quebec, Canada 101 8 SAMPLE PREPARATION, ANALYSES AND SECURITY This chapter describes the sample preparation, analysis and security procedures employed by Sayona Québec for diamond drill core collected during the 2016-2018 programs. Information contained in this chapter was previously published by Piedmont Lithium Inc in a Technical Report Summary with an effective date of 31st of December 2023. 8.1 CORE HANDLING, SAMPLING AND SECURITY Exploration drilling was undertaken by Sayona Québec. All drill core handling was done on-site with logging and sampling processes conducted by employees and contractors of Sayona Québec. Main rock units, i.e., pegmatite and host rock, are representative with core recovery around 99%. Sampling intervals were determined by the geologist, marked and tagged based on observations of the lithology and mineralization. The typical sample length is 1.0 m, starting 2 m to 3 m above and below the contact of the pegmatite with the barren host rock. In general, at least two host rock samples were collected each side from the contact with the pegmatite. High- to low-grade lithium-bearing mineralization, i.e., spodumene, is visible during geological logging and sampling. The drill core samples were split into two halves with one half-placed in a new plastic bag along with the sample tag; the other half was placed in the core box with the second sample tag for reference. The third sample tag was archived on-site. The samples were then catalogued and placed in rice bags or sealed pails for shipping. The sample shipment forms were prepared on-site with one copy inserted into one of the shipment bags and one copy kept for reference. Full core was sent to the laboratory for PQ and NQ diameter samples taken for the metallurgical drilling program. Samples were transported on a regular basis by a courier truck contracted by Sayona Québec, directly to the SGS facilities in Lakefield, Ontario. Analytical Laboratory Procedures. All drill core handling was done on-site with logging and sampling processes conducted by employees and contractors of Sayona. Drill core of HQ size was placed in wooden core boxes and collected twice a day at the drill site and then transported to the core logging facilities. The drill core was first aligned and measured by a technician or the geologist for core recovery. After a summary review of the core, it was oriented and geologically and geotechnically logged, including rock type, spodumene abundance, mica abundance, rock quality Authier Lithium Technical Report Summary – Quebec, Canada 102 designation (RQD), orientation data (alpha and beta angles) for structures (faults, fractures, etc.). Point load tests (one each, 10 m average) have also been undertaken. The logging of the geological features was predominately qualitative. Parameters such as spodumene abundance are visual estimates by the logging geologist. The observations of lithology, structure, mineralization, sample number and location were noted by the geologists and geotechnicians in hard copy and an excel spreadsheet and then recorded in a Microsoft® Access digital database. Copies of the database are stored on an external hard drive for security. Sampling intervals were defined by a geologist. Before sampling, the core was photographed using a digital camera after meter marks and sample intervals have been clearly marked on the core. The core was photographed dry and wet. The core boxes were identified with the box number, hole ID, from and to using aluminum tags. The entire target mineralization type core, i.e., spodumene pegmatite, and surrounding barren host rock has been logged, sampled, and assayed. The footwall and hanging wall barren host rock has been summary logged. Main rock units, i.e., pegmatite and host rock, are competent with average core recovery of around 99%. High competence of the core tends to preclude any potential issue of sampling bias and sampling is considered representative. Sampling intervals were determined by the geologist, marked, and tagged based on observations of the lithology and mineralization. The typical sample length is 1.0 m, starting 2 m to 3 m above and below the contact of the pegmatite with the barren host rock. In general, at least two host rock samples were collected from each side from the contact with the pegmatite. High- to low-grade lithium-bearing mineralization, i.e., spodumene, is visible during geological logging and sampling. The drill core samples were split into two halves with one half-placed in a new plastic bag along with the sample tag; the other half was placed in the core box with the second sample tag for reference. The third sample tag was archived on-site. The samples were then catalogued and placed in rice bags or sealed pails for shipping. The sample shipment forms were prepared on-site with one copy inserted into one of the shipment bags and one copy kept for reference. Full core was sent to the laboratory for PQ and NQ diameter samples taken for the metallurgical drilling program. 8.2 ANALYTICAL LABORATORY PROCEDURES 8.2.1 Laboratory accreditation and certification ALS laboratories hold Standards Council of Canada ISO/IEC 17025 accreditation. They operate independently of Sayona Québec and have no interests in the Property.

 
Authier Lithium Technical Report Summary – Quebec, Canada 103 8.2.2 Laboratory preparation and assays ALS employed the following procedures: • Samples are sorted, bar-coded, and entered into the laboratory tracking system. • Each sample is dried, weighed, and then crushed to 70% passing through a 2 mm sieve. A 250 g split is taken using a riffle splitter and pulverised to 85% passing through a 75 μm sieve. • GE ICP90A 29 element analysis was used in 2016 and 2017 – sodium peroxide fusion that involved the complete dissolution of the sample in molten flux for ICP-AES analysis with detection limits for lithium of 10 ppm (lower) and 10,000 ppm (upper). In 2018 GE ICP91A was utilized for 28 elements – sodium peroxide fusion ICP-OES with HCl finish with the lower detection limit for lithium of 0.001% • Results are provided in Excel spreadsheets, and the official certificate is issued as a sealed and signed PDF. • Pulverised pulp is placed in kraft sample bags, and un-pulverised portions are returned to the original sample bags. • Remaining crushed samples (rejects) and pulverised pulps are sent to Sayona for storage. 8.3 QA/QC (ANALYTICAL) PROCEDURES During the 2016, 2017 and 2018 programs Sayona Québec inserted one high-Li standard, one low-Li standard and one uncertified blank sample in each batch of 20 samples. No field duplicate (quarter-core split) was employed. Geologists managed the QA/QC program and database compilation. Upon receiving analytical results, they reviewed the results for blanks and standards to ensure they met expected values. If the QA/QC criteria were met, the data were entered into the Project database; otherwise, the batch (or part of it) was retested. 8.3.3 Certified reference materials (standards) Two different standards were used by Sayona Québec for the internal QA/QC program: one Low-Li and one High-Li standard. The samples were the same standards used by Glen Eagle for the 2010-2012 drilling programs. Both standards were custom-made references produced from mineralized material from the main pegmatite intrusion at the Authier Property. Both Low-Li and High-Li standards were analyzed 15 times each at the SGS Minerals laboratory in Toronto, Ontario, and 15 times each at the ALS laboratory in North Vancouver, British-Colombia. Authier Lithium Technical Report Summary – Quebec, Canada 104 The analytical protocol used at SGS Minerals was the mineral grade sodium peroxide fusion with ICP-OES finish. The analytical protocol used at ALS was the ore grade lithium four-acid digestion with ICP-AES finish. For the Low-Li standard, the analytical results returned from SGS Minerals for the 15 samples averaged 0.63% Li2O versus an average of 0.61% Li2O for the 15 samples submitted to ALS. For the High-Li standard, the average of the 15 samples analyzed at SGS Minerals returned 2.91% Li2O versus an average of 2.88% Li2O for the 15 samples processed at ALS. Each laboratory shows relatively consistent analytical results from one sample to another for each standard analyzed. The averages for each standard also show a good correlation between SGS Minerals and ALS. The results from the analysis of the 30 samples for each Low- Li and High-Li are used to determine the expected values, based upon a mean value from the 30 samples, and the QA/QC warning/failure thresholds, i.e., ±2 standard deviations and ±3 standard deviations, respectively which shown in Table 8-1. Rock Solid Data Consultancy Pty. (RSDC) reported on the QA/QC performance to Sayona Québec and all QA/QC data was stored by RSDC in a custom-relational SQL database. All 2016 program results for both the High-Li and Low-Li reported above the expected values and fell within ±10% from expected value. The results show a consistent bias with a mean of +4.91% for High-Li and +4.56% for Low-Li. The bias might be attributed to the difference between the SGS method by which the standard samples were analyzed (SGS GE_ICP90A) and the methods used for deriving the expected value for the standards (SGS ICP90Q and ALS Li-OG63). In Figure 8-1 and Figure 8-2, orange lines represent the ±3σ from the expected value and the red lines represent ±10% of the expected value. The results for the 29 High-Li and 25 Low-Li samples are summarized in Table 8-1. Table 8-1 – Results from custom Low-Li and High-Li standards – Sayona Québec 2016 Li Standard(s) No. of Samples Calculated Values Standard Method Exp Method Exp Value Exp SD Mean Li SD CV Mean Bias High_Li FS_ICPES FS_ICPES 1.346 0.025 29 1.412 0.032 0.022 4.91% Low_Li FS_ICPES 4A_ICPES 0.289 0.014 25 0.301 0.005 0.018 4.56% Authier Lithium Technical Report Summary – Quebec, Canada 105 Figure 8-1 – RM (STD High) results Sayona Québec 2016 Figure 8-2 – RM (STD Low) results Sayona Québec 2016 In the 2017 program the two Sayona Québec standards, High-Li, and Low-Li, and SGS laboratory standards, NBS183, NIST97B and SY-4, exhibited a bias shift in the results reported during April 2017 compared to Authier Lithium Technical Report Summary – Quebec, Canada 106 the results reported in March 2017. All results for laboratory standard NBS183, reported during April 2017, fell below 3σ from the expected value, which is in contrast to the results for March 2017 and for the 2016 drilling campaign, where all results reported within ±3σ from the expected value. The apparent bias is considered due to laboratory calibration error. In the charts that follow, the orange lines represent the ±3σ from the expected value and the red lines represent ±10% from expected value. The results for the 17 High-Li and 19 Low-Li samples are summarized in Table 8-2. Table 8-2 – Results from custom Low-Li and High-Li standards – Sayona Québec 2017 Li Standard(s) No. of Samples Calculated Values Standard Method Exp Method Exp Value Exp SD Mean Li SD CV Mean Bias High_Li FS_ICPES UN_UN 1.346 0.025 17 1.360 0.051 0.038 1.05% Low_Li FS_ICPES UN_UN 0.288 0.014 19 0.289 0.010 0.035 0.29% Figure 8-3 – RM (STD High) results

 
Authier Lithium Technical Report Summary – Quebec, Canada 107 Figure 8-4 – RM (STD Low) results Authier Lithium Technical Report Summary – Quebec, Canada 108 Figure 8-5 – Authier High-Li and SGS NBS183 performance 2016-2017 In 2018 samples were submitted to SGS Lakefield and analyzed for lithium and 27 additional elements by sodium peroxide fusion ICP-OES with HCl finish with lower detection limit for lithium of 0.001% (GE_ICP91A; not GE_ICP90A as in 2016 and 2017). The lithium results for the company standards are summarized in Table 8-3, Figure 8-6 and Figure 8-7. A total of 13 standards were analyzed. All results for High-Li were within ±3σ from the expected value and all results for Low-Li were within ±2σ from the expected value. Table 8-3 – Sayona Québec standard reference material summary Li Standard(s) No. of Samples Calculated Values Standard Method Exp Method Exp Value Exp SD Mean Li SD CV Mean Bias High_Li GE_ICP91A - 1.346 0.025 6 1.366 0.023 0.002 1.50% Low_Li GE_ICP91A - 0.288 0.014 7 0.294 0.008 0.003 2.25% Authier Lithium Technical Report Summary – Quebec, Canada 109 Figure 8-6 – Authier High-Li performance Figure 8-7 – Authier Low-Li performance Authier Lithium Technical Report Summary – Quebec, Canada 110 8.3.4 Blank Samples The uncertified blank was purchased at Walmart under the name "Special Kitty” Natural Clay Cat Litter Walmart and was stored in airtight plastic tubs to prevent contamination. Each sample consisted of approximately 200 g of material scooped with a dedicated mug into the plastic sample bags. The expected value and standard deviation for the blank were set to 0.001% lithium, which is the detection limit for the analysis method. The control limits were set as ±3σ from the expected value. The 2016 blank material performed well with all samples <0.003% and no outliers reported. The results for the 57 blank samples are summarized in the Table 8-4 and Figure 8-8. Table 8-4 – Blank Summary – Sayona Québec 2016 Li Standard(s) No. of Samples Calculated Values Standard Method Exp Method Exp Value Exp SD Mean Li SD CV Mean Bias Blk_SpKi Litter FS_ICPES FS_ICPES 0.001 0.001 57 0.000 0.001 0.000 n/a Figure 8-8 – Blank Performance – Sayona Québec 2016 The 2017 blank material performed well with all samples <0.003% and no outliers reported. The results for the 44 blank samples are summarized in Table 8-5 and Figure 8-9.

 
Authier Lithium Technical Report Summary – Quebec, Canada 111 Table 8-5 – Blank summary – Sayona Québec 2017 Li Standard(s) No. of Samples Calculated Values Standard Method Exp Method Exp Value Exp SD Mean Li SD CV Mean Bias Blank FS_ICPES FS_ICPES 0.000 0.001 44 -0.001 0.001 0.000 0.00% Figure 8-9 – Blank performance – Sayona Québec 2017 In the 2018 blank program a total of 20 blank samples were analyzed. Results for the blanks are summarized in Table 8-6 and Figure 8-10. Table 8-6 – Sayona Québec blank summary Li Standard(s) No. of Samples Calculated Values Standard Method Exp Method Exp Value Exp SD Mean Li SD CV Mean Bias Blank GE_ICP91A - - - 20 0.004 0.001 0.161 - Authier Lithium Technical Report Summary – Quebec, Canada 112 Figure 8-10 – Sayona Québec blank performance 8.4 QUALIFIED PERSON COMMENTARY Previously reported sample procedures followed were based upon industry’s best practice. Previously reported QA/QC studies showed that 94% of the samples had acceptable results and consistent biases in the certified reference materials were explained by the different methodologies applied. It was previously reported that field duplicates were not utilized and it is recommended that this industry best practice be implemented. In the Qualified Person’s opinion, the methods used for sample preparation and analysis provide sufficiently reliable results for application in the Project database and use in the estimation of mineral resources. Chain of custody systems appear adequate to ensure sample security and transfer. Authier Lithium Technical Report Summary – Quebec, Canada 113 9 DATA VERIFICATION This chapter describes the data verification process for the Authier Mineral Resource Estimate. Information contained in this chapter was previously published by Piedmont Lithium Inc in a Technical Report Summary with an effective date of 31st of December 2023. 9.1 PROJECT DATABASE The Project database used in the MRE contains information for 225 drill holes completed between 1955 and 2018: − 81 historical diamond drill holes − 69 drill holes drilled by Glen Eagle between 2010 and 2012 − 75 drill holes drilled by Sayona Québec between 2016 and 2018 The database contains the survey collar location, lithology, and analytical results. The database cut-off date is August 31, 2021. The author is of the opinion that the final drill hole database is adequate to support the MRE. From this database, 199 drill holes were used for the previously reported solid modelling and MRE. There is a total of 5,049 assay intervals in the database used for the previously reported MRE having 2,456 assay intervals contained inside the previously reported modelled mineralized solids. 9.1.1 Drillhole Locations Previous reporting had stated that collar survey information was verified for 5% of drill holes contained in the Project database including field verification using a handheld GPS and comparison with the Lidar topographic surface. 9.1.2 Downhole Surveys Downhole survey information was verified in previous reports. Authier Lithium Technical Report Summary – Quebec, Canada 114 9.1.3 Assay Certificates Assay certificates were verified in previous reports and represented 20% of the overall laboratory certificates of the Property. 9.2 TWINNED HISTORICAL DRILL HOLES 9.2.4 Sayona Québec 2017 Twin Drilling As part of the Stage 3 drilling program in December 2017, Sayona Québec drilled seven (7) diamond core holes for 769.5 m, PQ diameter, to collect 5.5 tonnes of pegmatite material for the pilot plant program. All PQ drill holes were from the same drill pad as the historical drill holes and full core was sampled meter by meter. The diamond drill core was assayed and stage-crushed to the appropriate particle size to feed the pilot plant. Samples were processed and assayed at SGS Lakefield for lithium using sodium peroxide fusion, followed by ICP-OES analysis (XXXX) and whole rock analysis (major elements) using X-ray fluorescence (XRF76V) with majors by lithium metaborate fusion. No internal or laboratory QA/QC was applied for the metallurgical sampling as the aim of the analysis was to estimate composition of the two composite pilot plant feed samples, which represented Years 0 to 5 and Years 5+ of the operation. The results of the previously reported comparison study of historical and previous drilling with PQ drill holes is provided in Table 9-1. The report considered the grade and geometry variability showed a fair to good correlation for geology, historical drill hole thicknesses and Li2O% grades. Table 9-1 – Comparative results for metallurgical pilot plant drill holes vs. original drill holes - Authier Property Drill hole From (m) To (m) Thickness (m) Grade (% Li2O) Relative Difference (%) AL-17-32 Metallurgical 13 78 65 1.29 4.55 AL-16-01 Original 12 74 62 1.35 AL-17-33 Metallurgical 53 99 46 1.28 8.14 AL-16-02 Original 50 99 49 1.18 AL-17-34 Metallurgical 56 91 35 1.09 15.05 AL-14 Original 49.38 99.36 49.98 1.27 AL-17-35 Metallurgical 4.7 42 37.3 0.98 NC (1) AL-12-09 Original 6 33 27 0.85 AL-17-36 Metallurgical 67 81 14 1.47 NC (2)

 
Authier Lithium Technical Report Summary – Quebec, Canada 115 83 95 12 1.57 104 112 8 1.49 AL-10-01 Original 72 112.5 40.5 1.38 AL-17-37 Metallurgical 139 146 7 1.15 NC (3) 151 167 16 0.54 AL-16-11 Original 135 175 40 1.39 AL-17-38 Metallurgical 34 52 18 0.96 NC (4) 54 60 6 1.32 63 65 2 1.30 R-93-06 Original 36.58 70.10 33.52 1.12 Table 9-1 shows a good correlation between AL-17-32 vs. AL-16-01 and AL-17-33 vs. AL-16-02, which were collared less than 5 m from original and drilled at the same azimuth and dip. The correlation is fair for AL- 17-34 vs. AL-14. Note that NC means no comparison done due to technical or operational differences: • NC (1): No comparison was made between AL-17-35 and AL-12-09 because both holes were drilled at different azimuths and dips. • NC (2): No comparison was made between AL-17-36 and AL-10-01 because 2 m portions of pegmatite cores from AL-17-36 were used during the pilot plant setup and assays were not reported for such intervals. • NC (3): No comparisons were made between AL-17-37 and AL-16-11 because 2 m portions of pegmatite cores from AL-17-37 were used during pilot plant setup and assays were not reported for such intervals. • NC (4): No comparison was made between AL-17-38 and R-93-06 because 2 m portions of pegmatite cores from AL-17-38 were used during pilot plant setup and assays were not reported for such intervals. 9.3 QUALIFIED PERSON’S OPINION It is the QP’s opinion that the drilling, sampling and assaying protocols employed by Sayona are adequate. The drillhole database provided by Sayona is of good overall quality and suitable for use in the estimation of mineral resources. Authier Lithium Technical Report Summary – Quebec, Canada 116 10 MINERAL PROCESSING AND METALLURGICAL TESTING A memorandum of understanding (MOU) was developed between the Authier operation and NAL operation, in which NAL agrees to buy 100% of the Authier ore material at a selling price of 120 CAD/t, delivered to the NAL ore pad area. The Project ore will be sent to the NAL spodumene concentrator to be blended with the NAL run-of-mine (ROM) ore. The Project ROM ore will be stockpiled and loaded into highway trucks that will transport the ore to the NAL site during weekdays. At the NAL site, the ore will be combined with the NAL ore and fed to the crusher. Due to the MoU, the Authier Project does not require its own processing facilities. Processing information for the NAL processing facilities is covered in Chapter 10 of the S-K 1300 compliant report for the North American Lithium titled “S-K 1300 Technical Report Summary for Mineral Resource and Mineral Reserves at North American Lithium” with an effective date of June 30 2024. Previous metallurgical test work, which was based on Authier utilizing its own processing facilities ( currently not planned), can be found in the Technical Report Summary previously published and filed by Piedmont Lithium Inc with an effective date of 31st of December 2023. Authier Lithium Technical Report Summary – Quebec, Canada 117 11 MINERAL RESOURCE ESTIMATES This chapter describes the process and results of the Authier Property mineral resource estimate (MRE). Information contained in this chapter was previously published by Piedmont Lithium Inc in a Technical Report Summary with an effective date of 31st of December 2023. 11.1 METHODOLOGY The MRE was based on the review of: − diamond drill hole database − three-dimensional (3D) mineralized solids − 2018 LiDAR topographic surface − 3D block model derived from geologically-controlled interpolated Li2O% grades via Inverse Distance Squared (ID2) − 2021 pit optimization produced by SGS Geological Services with Whittle software − the classification of the mineral resource estimate 11.2 PROJECT DATABASE The Project database used in the MRE review includes data for 192 surface drill holes totaling 31,123.82 meters completed between 1993 and 2018. Historical drill holes remain present in the database and on the basis of previous reporting regarding twin drilling and sampling the historical data was previously reported as acceptable and not excluded. The Project database contains information for collar survey data, deviation survey data, assay sample intervals, analytical data, along with lithological, alteration, mineralization, and structural descriptions. Table 11-1 shows the database available data statistics. Table 11-1 – Database statistics Database Description Record Number Holes 192 Surveys 1,289 Assays 5,049 Intervals 203 Lithologies 2,738 Alterations 589 Mineralization 592 Authier Lithium Technical Report Summary – Quebec, Canada 118 Previous work completed a validation process for any inconsistencies of length, grade, lithological records, and aberrant deviation records. The Database was then imported in the SGS proprietary geological modelling and resource estimation software called Genesis© for statistical analysis, QA/QC verification, block modelling and resource estimation and classification. There is a total of 5,049 assay intervals in the database that were used for the MRE. These data comprise pegmatite and adjacent hangingwall and footwall host rock samples representing a total of 6,608.31 meters of drilling. Table 11-2 shows the range of Li2O values from the analytical data. Table 11-2 – Range of analytical data for Mineralized domains Assays in 2020 Authier Mineralized domains Li2O (%) Min Value - Max Value 2.77 Average 1.01 Length Weighted Average 1.00 Sum of Length 3,234 Variance 0.24 Standard Deviation 0.49 % Variation 0.48 Median 1.00 First Quartile 0.66 Third Quartile 1.37 Count* 2,405 Count Missing (-1) 1 Assays received as Li values had been transformed into Li2O values using the conversion factor of 2.153 as per the Ministry of Petroleum and Mines of British Columbia: https://www2.gov.bc.ca/gov/content/industry/mineral-exploration-mining/british-columbia-geological- survey/mineralinventory/documentation/minfile-coding- manual?keyword=element&keyword=conversion#appendices The drill holes drilled on the Project are generally oriented south (163° to 194°), perpendicular to the general orientation of the pegmatite intrusions, and have a weak to moderate deviation towards the west (Figure 11-4). Drill hole spacing is typically 25 m with larger spacing of 50 m spacing between sections 706750 mE and 707975 mE. Drill hole dips range from 43° to 75° with an average of 50° and so drill hole intercepts range from approximately 70% of the true width of mineralization to approximating true width.

 
Authier Lithium Technical Report Summary – Quebec, Canada 119 11.3 GEOLOGICAL DOMAINING Mineralized pegmatite intervals were previously determined as comprising a minimum grade of 0.4% Li2O over a minimum drill hole interval length of 2 m, notwithstanding that lower-grade pegmatite intervals (internal waste – 100) had been included for reasons of “geological continuity”. Mineralization within footwall or hanging wall material was excluded. Mineralized solids comprised the following (Figure 11-1): Authier Main 1 – 110 Authier Main 2 – 201 and Authier North – 301 Barren pegmatite (999) occurs sporadically in association with mineralized pegmatite at hangingwall and footwall contacts. In 2018 Sayona subcontracted a high precision LiDAR topographic surface. All drill hole collars were draped to the surface in previously reported work. Figure 11-1 – Isometric view of the final mineralized solids Authier Lithium Technical Report Summary – Quebec, Canada 120 11.4 EXPLORATORY DATA ANALYSIS Basic univariate statistical analysis was previously reported for mineralized pegmatites. Following the statistical analysis, it was determined that high grades would not be capped. Lithium assays from the Project database were previously reported as composited into 1.5 metre lengths. The 0.5 m length was selected based on the average assay length. Historical drilling focused on 1.5 m samples (5 feet) and drilling in 2016-2018 utilized 1 m samples. Approximately 45% of assays are between 1 m and 1.5 m and a further 24% of the assay data had an average interval of 1.5 m. A maximum of 1.5 m and a minimum of 0.25 m were applied to creating composites. A total of 3,321 composites were generated for the Project. Table 11-3 shows the statistics of the composited used for the interpolation of the resource block model. Figure 11-2 and Figure 11-3 show the related histograms for Li2O. Figure 11-4 and Figure 11-5 display the spatial distribution of the composites in plan and longitudinal view, respectively. Table 11-3 – Statistics for 1.5 m composites Descriptive Statistics Li2O(%) Min Value - Max Value 2.61 Average 0.70 Length Weighted Average 0.70 dateSum of Length 4,936 Variance 0.32 Standard Deviation 0.57 % Variation 0.81 Median 0.71 First Quartile 0.08 Third Quartile 1.16 Count 3,321 Count Missing - Authier Lithium Technical Report Summary – Quebec, Canada 121 * Histogram does not show the very low-grade composites associated with internal waste (999) and barren pegmatite (100). Figure 11-2 – Composite Histogram Authier Lithium Technical Report Summary – Quebec, Canada 122 Figure 11-3 – Histograms of mineralized original samples compared to the 1.5 m composites Figure 11-4 – Plan view showing the spatial distribution of composites Figure 11-5 – Section view showing the spatial distribution of composites (looking north)

 
Authier Lithium Technical Report Summary – Quebec, Canada 123 11.5 BULK DENSITY ESTIMATION Previous work at the Project indicated that 38 bulk density measurements from were collected by SGS from representative mineralized pegmatite taken from the AL 10-01 and AL-10-11 from the 2010 Glen Eagle drilling campaign. The measurements were performed using the water displacement method, i.e., weight in air divided by volume of water displaced, on representative half-core pieces weighing between 0.67 kg and 1.33 kg, with an average of 1.15 kg, and gave an average SG value of 2.71 t/m3 (Table 11-4). Table 11-4 – Specific gravity measurements statistical parameters (2010 Program) Unit Mineralized Material Count # 38 Mean t/m3 2.71 Std Dev t/m3 0.01 Minimum t/m3 2.64 Median t/m3 2.71 Maximum t/m3 2.81 In 2017 it was previously reported that Sayona collected a further 29 samples from mineralized and un- mineralized material which were sent to ALS in Val-d’Or, Québec for bulk density measurements using the same water displacement method. The results of these tests are presented Table 11-5. Table 11-5 – Bulk density statistics (2017 Program) Unit Non-mineralized Material Mineralized Material Count # 14 15 Mean t/m3 2.90 2.70 Std Dev t/m3 0.07 0.05 Minimum t/m3 2.77 2.62 Median t/m3 2.91 2.70 Maximum t/m3 2.99 2.86 11.6 GEOSTATISTICS AND GRADE ESTIMATION 11.6.1 Variography A 3D directional variography study was completed by SGS in 2018 and revised in 2020. The composites show a normal distribution (Figure 11-2) with a relatively low coefficient of variation (standard deviation to the mean) of 52%. A variogram was generated for Authier Main 1 (110) and Authier Main 2 (201). Table 11-6 shows the resulting combined 2020 model variogram for the Main zone. Authier Lithium Technical Report Summary – Quebec, Canada 124 Table 11-6 – Main Zone Variography Name Variable Type Sill Longest Range Median Range Shortest Range Azimuth Dip Spin 2020Main Li2O Nugget 0.3 0 0 0 0 0 0 2020Main Li2O Exponential 0.2 15 15 5 90 0 -55 2020Main Li2O Exponential 0.5 20 20 10 90 0 -55 A nugget effect of 30% and maximum continuity of 60 m (First Exponential component: 45 m, 45 m, 15 m and Second Exponential Component: 60 m, 60 m, 30 m) were found along both the strike and the dip orientations (-55°) and the shortest range is found across mineralization with a range of 15 m* dipping 35° towards the south (Figure 11-6). Figure 11-6 – Variogram of the 1.5 m composites for Li2O% grades Authier Lithium Technical Report Summary – Quebec, Canada 125 11.6.2 Block Model A block model was previously reported as developed to cover the entire deposit with each block having block dimensions of 3 m (NE-SW) by 3 m (NW-SE) by 3 m (vertical). Dimensions were chosen on the basis on average drill hole spacing, thickness of mineralized bodies (average minimum width) and general geometry of mineralization and potential mining methods presented in the previous feasibility study. The 3 m vertical dimension was considered to correspond with the bench height of a potential small open pit mining operation and the 3 m NE-SW dimension to correspond with potential selective mining. Previous work reported that the resource block model contained 473,962 blocks within the mineralized solids (Authier Main1 (110), Authier Main2 (201), Authier North (301)) totaling 7,993,779.19 m3 and two barren solids (Internal waste (999), Barren Pegmatite (100)) totaling 2,539,939.33 m3, for a total combined volume of 10,533,712.52 m3. The Block model was created with block fractions ranging from 0 to 1. Table 11-7 summarizes the parameters of the block model. Table 11-7 –Block model parameters Direction Block Size (m) Block Model Origin (Block Edge) Number of Blocks Coordinates (Block Edges) Min (m) Max (m) NW-SE (y) 3 5,359,998.5 235 5,359,998.5 5,360,703.5 Elevation (z) 3 -51.5 133 -51.5 347.5 11.6.3 Grade Interpolation The grade interpolation methodology utilized for the Authier block model was inverse distance squared (ID2). Based on the variogram study the interpolation process was conducted using three (3) successive passes with more inclusive search conditions from one (1) pass to the next until most blocks were interpolated for each mineralised zone and the barren pegmatite. Variable search ellipse orientations were used to interpolate the blocks. The general dip direction and strike of the mineralized pegmatite were modelled on each section and then interpolated in each block. During the interpolation process, the search ellipse was orientated following the orientation grid. The orientation grid generated the interpolation direction, azimuth-dip (dip direction) and spin (strike direction) for each block, hence better representing the dip and orientation of mineralization. The first pass was interpolated using a search ellipsoid distance of 50 m (long axis) by 50 m (intermediate axis) and 25 m (short axis) with an average orientation of 90° azimuth (local grid), -55° dip and 0° spin which represents the general geometry of the pegmatites in the Deposit. Using search conditions defined by a minimum of five composites, a maximum of 15 composites and a maximum of two composites per Authier Lithium Technical Report Summary – Quebec, Canada 126 hole (minimum of three holes), 40% of the blocks were estimated. For the second pass, the search distance was twice the search distance of the first pass and composite selection criteria were kept the same as for the first pass. A total of 79% of the blocks were interpolated following the second pass. Finally, the search distance of the third pass was increased to 300 m (long axis) by 300 m (intermediate axis) by 150 m (short axis) and again the same composites selection criteria were applied. The purpose of the last interpolation pass was to interpolate the remaining un-estimated blocks mostly located at the edges of the block model, representing 21% of the blocks. Figure 11-7 illustrates the three search ellipsoids used for the different interpolation passes. The following figures show the results of the block model interpolation (Figure 11-8, Figure 11-9, Figure 11-10, Figure 11-11, Figure 11-12 and Figure 11-13). Figure 11-7 – Search ellipsoids and orientation grid used in the interpolation process

 
Authier Lithium Technical Report Summary – Quebec, Canada 127 Figure 11-8 – Isometric and plan views of the interpolated block model (ID2) Authier Lithium Technical Report Summary – Quebec, Canada 128 Figure 11-9 – Section E706800 (looking west) view of the interpolated block model (ID2) Figure 11-10 – Section E707050 (looking west) view of the interpolated block model (ID2) Authier Lithium Technical Report Summary – Quebec, Canada 129 Figure 11-11 – Section E707400 (looking west) view of the interpolated block model (ID2) Figure 11-12 – Section E707500 (looking west) view of the interpolated block model (ID2) Authier Lithium Technical Report Summary – Quebec, Canada 130 Figure 11-13 – Bench (Z202) view of the interpolated block model (ID2) 11.6.4 Block Model Validation Previous work (the NI 43-101 Technical Report titled “NI 43-101 Technical Report Updated Definitive Feasibility Study for the Authier Lithium Project, La Motte, Québec, Canada”, dated April 14, 2023) showed that the selection of parameters and methods used during the resource estimation process underwent peer review at various stages and that visual and statistical validations were completed to ensure that the final resource block model accurately reflected the primary data. Previous work indicated that the volume of blocks for each rock code was also compared with the volumes of corresponding 3D wireframe models and no discrepancies were found during this comparison. Block model grades, composite grades, and assay results were visually compared across sections, plans, and longitudinal views and no significant differences were noted. The grade distribution showed a generally good match (see Figure 11-6) however some excessive smoothing in the block model appears evident in Swath plot (Z) of blocks vs. composites vs. volume (Figure 11-19). In order to validate the interpolation process, previous work compared the block model statistically, to the assays and composites. The distribution of the assays, composites and blocks were considered normal and showed a similar average value with decreasing levels of variance (Figure 11-15 to Figure 11-20). The assays and composites have respective averages of 0.79% Li2O and 0.69% Li2O with variances of 0.34 and 0.32. The resulting interpolated blocks have an average value of 0.74% Li2O with a variance of 0.20%

 
Authier Lithium Technical Report Summary – Quebec, Canada 131 which may indicate over-estimation (Table 11-8). Furthermore, the block values were compared to the composite values located inside the interpolated blocks. Figure 11-14 – Variogram of the 1.5 m composites for Li2O% grades Authier Lithium Technical Report Summary – Quebec, Canada 132 Figure 11-15 – Histogram of blocks (ID2) vs. composites vs. assays Figure 11-16 – Boxplot of blocks (ID2) vs. composites vs. assays Authier Lithium Technical Report Summary – Quebec, Canada 133 Figure 11-17 – Swath plot (X) of blocks vs. composites vs. volume Figure 11-18 – Swath plot (Y) of blocks vs. composites vs. volume Authier Lithium Technical Report Summary – Quebec, Canada 134 Figure 11-19 – Swath plot (Z) of blocks vs. composites vs. volume Table 11-8 – Statistical comparison of assay, composite, and block data statistics report Statistics Li2O(%) Blocks Composites Assays Min Value 0 0 0 Max Value 2.18 2.61 2.76 Average 0.74 0.69 0.79 Length Weighted Average - 0.70 0.79 Sum of Length 4,936 4,331 Variance 0.20 0.32 0.34 Standard Deviation 0.44 0.57 0.58 % Variation 0.60 0.81 0.74 Median 0.84 0.71 0.80 First Quartile 0.30 0.08 0.22 Third Quartile 1.08 1.16 1.26 Count 473,962 3,321 3,251

 
Authier Lithium Technical Report Summary – Quebec, Canada 135 Figure 11-20 – Comparison of block values versus composites contained within those blocks 11.7 MINERAL RESOURCE CLASSIFICATION This section reports the review of the Mineral Resource Estimate (MRE) for the Authier lithium Project. The previously reported Mineral Resource Estimate utilized the digital database supplied by Sayona (as of August 21, 2021) which included drill hole data completed by Sayona and previous owners since 2009. The 3D wireframe modelling, block model, and MRE were completed by SGS based on information provided by Sayona. The Mineral Resource classification follows the S-K §229.1300 definitions and guidelines includes mineral resources classified as measured, indicated and inferred categories. The classification of mineral resources was based on the following criteria: • Density of analytical information • Grade variability and • Spatial continuity The method used to determine each category was undertaken in two successive stages: automatic classification followed by manual editing. Authier Lithium Technical Report Summary – Quebec, Canada 136 The first automatic classification stage is focused on composites (and drill holes) rather than blocks to significantly limit the “spotty dog” effect. The classification process focuses around each composite respecting a minimum number of nearby composites from a minimum number of holes located within a search ellipsoid of a given size and orientation. Measured: − The search ellipsoid was 50 m (strike) by 50 m (dip) by 25 m with a minimum of seven (7) composites in at least three (3) different drill holes (maximum of 2 composites per hole) An ellipse fill factor of 55% was applied to the measured category i.e., that only 55% of the blocks were tagged as Measured within the search ellipse. Indicated: − The search ellipsoid was 100 m (strike) by 100 m (dip) by 50 m with a minimum of seven (7) composites in at least three (3) different drill holes (maximum of 2 composites per hole) An ellipse fill factor of 55% was applied to the measured category i.e., that only 55% of the blocks were tagged as Indicated within the search ellipse. Inferred: − The Inferred category was allocated to remaining blocks. The subsequent manual classification involved the manual addition of Indicated block clusters into the Measured category. The objective here was to smooth the spotted dog effect most evident in the Measured category; and also to take into account geological continuity and grade. The manual classification also involved transfer of Indicated block clusters into the Inferred category commensurate with lack of density and quality of geological information. Figure 11-21 to Figure 11-26 show the block model automatic classification on different sections and benches and the final manual classification of the blocks on sections, plan views and isometric view with respective categories (categories: Measured – red, Indicated – blue, and Inferred – grey). Authier Lithium Technical Report Summary – Quebec, Canada 137 Figure 11-21 – Classified block model on bench (Z202). Figure 11-22 – Classified block model on section E706800. Authier Lithium Technical Report Summary – Quebec, Canada 138 Figure 11-23 – Classified block model on section E707050. Figure 11-24 – Classified block model on section E707400.

 
Authier Lithium Technical Report Summary – Quebec, Canada 139 Figure 11-25 – Classified block model on section E707500. Figure 11-26 – Block model final classification in plan and isometric views. Authier Lithium Technical Report Summary – Quebec, Canada 140 11.8 RPEE CONSIDERATION AND CUT-OFF GRADE To ensure that mineral resource statements for the Authier Property satisfy the Reasonable Prospects for Eventual Economic Extraction (RPEEE) requirement, several technical and economic factors were considered in previous reporting (NI 43-101 Technical Report titled “NI 43-101 Technical Report Updated Definitive Feasibility Study for the Authier Lithium Project, La Motte, Québec, Canada”, dated April 14, 2023) in the process of derivation of the mineral resource Volume used to constrain the mineralization. A Whittle pit shell produced by SGS Geological Services in 2021 was used to constrain the MRE. A resource- level optimised pit shell and corresponding cut-off grade was used for the open pit mineral resource statement. The Whittle pit shell constraining the MRE contained a bedrock slope angle between 43° and 54°and an overburden slope angle of 30°. The pit-constrained mineral resource estimate is reported at a cut-off grade (COG) of 0.55% Li2O, based on the assumptions and parameters presented in Table 11-9. The COG should be reassessed periodically, considering market conditions and factors such as the price of lithium, exchange rates, mining techniques and associated costs. Note that the selling prices, costs, and technical parameters used were based on the best available information at the time reported study, including adjusted costs from the 2019 UDFS and geotechnical information from Journeaux Assoc.’s (Journeaux) report (2018). Table 11-9 – Parameters used for Resource pit optimization. Parameters Value Unit References Sales Revenues Concentrate Price (6% Li2O: 2.81% Li) 977 USD/tonne Sayona 1221.25* CAD/tonne Sayona Operating Costs Mining Mineralized Material 6.26 CAD/t milled BBA Mining Overburden 5 CAD/t BBA Mining Waste 5.26 CAD/t BBA Process, General and Administration 5.71 CAD/t milled BBA Freight Mine to Refinery 61.09 CAD/Conc. Sayona Metallurgy and Royalties Concentration Recovery 78 % JQCI Royalties on claims 15.23 CAD/t conc. Sayona Authier Lithium Technical Report Summary – Quebec, Canada 141 Geotechnical Parameters Pit Slopes 43° and 54° Degrees BBA Mineralized Material Density 2.71 t/m3 SGS Canada Inc. Waste Material Density 2.94 t/m3 BBA Overburden 1.9 t/m3 BBA Cut-Off Grade 0.55 % Li2O Sayona *Exchange rate: 0.75 11.9 MINERAL RESOURCE STATEMENT The mineral resource estimate as of June 30, 2024, inclusive of reserves is shown in Table 11-10. Table 11-10 – Authier Mineral Resource statement at effective date of June 30, 2024 based on USD $977/t Li₂O at a cut-off of 0.55% Li₂O, inclusive of Mineral Reserves. Authier – Open Pit Mineral Resource Statement Category Tonnes* (t) Grade (% Li2O) Measured 6,042,000 0.98 Indicated 8,098,000 1.03 Measured and Indicated 14,140,000 1.01 Inferred 2,996,000 1.00 Notes: 1. The information presented in this chapter was compiled from information previously reported by Sayona in a NI 43-101 Technical Report titled “NI 43-101 Technical Report Updated Definitive Feasibility Study for the Authier Lithium Project, La Motte, Québec, Canada”, dated April 14, 2023. 2. The effective date of the MRE is June 30, 2024. 3. Mineral Resources are inclusive of Mineral Reserves. 4. These mineral resources are not mineral reserves and do not have demonstrated economic viability. 5. Pegmatite bodies were modelled for the Main Zone (Authier Main 1 and Authier Main 2), and Authier North (Authier Main 3). 6. No assays were capped. Composites 1.5 m long were generated using the grade of the adjacent material. 7. The mineral resources were estimated using Inverse Distance Squared method on composited assays to interpolate a sub-blocked model (parent block size = 3m x 3m x 3 m). 8. The measured category was assigned to blocks estimated with a minimum of seven (7) composites in at least three (3) different drill holes in a search ellipse area of 50 m (strike) x 50 m (dip) x 25 m. The indicated category was assigned to blocks estimated with a minimum of seven (7) composites in at least three (3) different drill holes in a search ellipse area of 100 m (strike) x 100 m (dip) x 50 m. The inferred category was assigned to remaining blocks. Manual re- assignment was made to transfer block clusters from the Indicated to Measured category to account for geological continuity and from Indicated into Inferred where the density and quality of geological information was insufficient. 9. Pegmatite bulk densities (grams per cubic centimeter) were measured on representative mineralized pegmatite at 2.71 g/cm3. 10. The RPEEE requirement is satisfied by using reasonable cut-off grades for an open pit extraction scenario and constraining pit shells. The estimate is reported at a cut-off grade of 0.55% Li2O (based on iterative analysis. The estimate was calculated using a price of 977 USD/t 6% Li2O concentrate, a CAD:USD exchange rate of 0.76, recovery of Authier Lithium Technical Report Summary – Quebec, Canada 142 78%, mining cost of 5.50 $/t mined, transport cost of 157.90 $/t concentrate, G&A cost of 12.35 $/t, tailings management cost of 0.80 $/t processed, and processing cost of 35.00 $/t. The cut-off grade takes into account a royalty of 2%. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate, mining cost, etc.). 11. The number of tonnes has been rounded to the nearest thousand. Any discrepancy in the totals is due to rounding effects. 12. The authors are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing, or other relevant issues that could materially affect the mineral resources estimate other than those disclosed in this report. The total open pit constrained Mineral Resource Statement is provided in Table 11-11. Table 11-11 – Authier Mineral Resource statement of Resources at effective date of June 30, 2024 based on USD $977/t Li₂O, exclusive of Mineral Reserves. Authier – Total Open Pit Mineral Resource Statement Category Tonnes (Mt) Grade (% Li2O) Cut-Off Grade (% Li2O) Met Recovery (%) Measured 0.23 0.8 0.55 78 Indicated 3.18 0.98 0.55 78 Measured and Indicated 3.40 0.96 0.55 78 Inferred 6.35 0.98 0.55 78 Notes: 1. The information presented in this table was compiled from information previously reported by Sayona in a NI 43-101 Technical Report titled “NI 43-101 Technical Report Updated Definitive Feasibility Study for the Authier Lithium Project, La Motte, Québec, Canada”, dated April 14, 2023. 2. Mineral Resources are 100% attributable to the property. Sayona has 100% interest in Authier. 3. Mineral Resources are exclusive of Mineral Reserves. 4. Mineral Resources do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. 5. The Inferred Mineral Resource in this estimate has a lower level of confidence that applied to an Indicated Mineral Resource and is not converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. 6. Numbers in the table might not add precisely due to rounding. 7. Bulk density of 2.71 t/m³ is used. 8. Effective date June 30, 2024. 9. Only block centroids had to be inside the pit to be considered. 10. The Mineral Resource estimate has been assembled using the regulation S-K §229.1300 of the United States Securities and Exchange Commission (SEC). Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Inferred Mineral Resources are exclusive of the Measured and Indicated Resources. * Rounded to the nearest thousand.

 
Authier Lithium Technical Report Summary – Quebec, Canada 143 Figure 11-27, Figure 11-28 and Figure 11-29 present plans and cross-sections of the mineral resources, inclusive of reserves constrained within the optimised pit shell. Figure 11-27 – Optimized pit shell and block model (no waste/barren material included) in plan and isometric views Authier Lithium Technical Report Summary – Quebec, Canada 144 Figure 11-28 – Optimized pit shell and block model (waste/barren material included) in plan and isometric views) Figure 11-29 – Optimized pit shell and classified block model in plan and isometric views Authier Lithium Technical Report Summary – Quebec, Canada 145 11.10 TONNAGE – GRADE DISTRIBUTION AND SENSITIVITY ANALYSIS A limited sensitivity analysis was conducted using different estimation methods, from Ordinary Kriging (OK) to Inverse Distance Cubed (ID3). The Sensitivity analysis outlined that the OK Mineral Resources and grades are affected by smoothing and that the ID3 estimation is the one with the highest average grades (Figure 11-30). Overall, the ID2 and ID3 are relatively close in terms of tonnage and average grades. Drilling by Sayona supports the interpretation that the Authier Main Zone pegmatite is reasonably predictable in both grade and geological continuity, given the consistency of mineralized widths and grades along the strike extension tested to date. Figure 11-30 – Grade tonnage curve depending on type of estimation 11.11 UNCERTAINTY This report considers a variety of factors of uncertainty associated with estimates of inferred, indicated and measured resources on the Property, including: Reliability of sampling data - • Drilling, sampling and assaying protocols employed by Sayona are adequate. • The drillhole database provided by Sayona is of good overall quality and suitable for use in the estimation of mineral resources. Authier Lithium Technical Report Summary – Quebec, Canada 146 Confidence in the modelling of geological and estimation domains - • Measured and indicated resources are expected to be defined at a sufficient level of confidence to assume geological and grade continuity between points of observation. Previous reviews of three-dimensional models, plans and cross-section in this study validate this to be the case. • Lack of evidence for the continuity of pegmatite domains and grades in some areas of the deposit is adequately dealt with the categorisation of resources as inferred. Inferred Resources do not convert to mineral reserves during the reserve estimation process and are treated as waste in mine scheduling and reserve economic calculations. Economic uncertainty associated with the resources – • Economic uncertainty is mitigated to a large degree by Sayona’s operating experience at North America Lithium (NAL) deposit over many years. Pit optimisation and Cut-off grade assumptions are believed to be appropriate for the purpose of the MRE. A baseline consideration for all factors of uncertainty is that Sayona owns and operates an existing lithium operation at North American Lithium (NAL) mine, Québec. Sayona contains extensive experience with the exploration, definition, and conversion of mineral resources to mineral reserves which have been mined profitably. 11.12 QUALIFIED PERSON’S OPINION It is the Qualified Person’s opinion that the data, model and classification are appropriate for the reported MRE. No technical or economic factors likely to influence the prospect of economic extraction have been identified.

 
Authier Lithium Technical Report Summary – Quebec, Canada 147 12 MINERAL RESERVES ESTIMATES 12.1 RESERVE ESTIMATE METHODOLOGY, ASSUMPTIONS, PARAMETERS AND CUT-OFF-VALUE The previous Mineral Reserve estimate was completed in March 2023 and is based on the November 2021 block model prepared by SGS. This block model was used to report the Mineral Resources presented in Chapter 11 of this report. The Mineral Reserve estimate presented in this report was reviewed by Tony O’Connell, who serves as the QP for this report and has an effective date of June 30, 2024. The Project run-of-mine (ROM) ore will be sent to the North American Lithium (NAL) spodumene concentrator to be blended with the NAL run-of-mine (ROM) ore. The Project ROM ore will be stockpiled and loaded into highway trucks that will transport the ore to the NAL site during weekdays. At the NAL site, the ore will be combined with the NAL ore and fed to the crusher. The life-of-mine (LOM) production plan has been reviewed to reflect this processing strategy. The Project LOM plan and subsequent Mineral Reserve estimate are based on an ore selling price of 120 CAD/t. A memorandum of understanding (MOU) was developed between the Authier operation and NAL operation, in which NAL agrees to buy 100% of the Authier ore material at a selling price of 120 CAD/t, delivered to the NAL ore pad area. The effective date of the Mineral Reserve estimate is June 30, 2024, and based on an exchange rate of 0.75 USD:1.00 CAD. Development of the LOM plan included pit optimization, pit design, mine scheduling and the application of modifying factors to the Measured and Indicated portion of the in-situ Mineral Resource. Tonnages and grades are reported as ROM feed at the NAL crusher and account for mining dilution, geological losses, and operational mining loss factors. 12.2 RESOURCE BLOCK MODEL The resource model for the Project was provided by SGS Canada. The resource model was supplied in a file titled “20211117Authier.csv”. The model was supplied with the 3D wireframes used to define the different lithological zones. The overburden surface was also provided. This model was reviewed and validated by Steve Andrews from Measured Group, who serves as the QP for the Resources in this report. The block model file provided contained the mineralized zones and the waste material. The resource estimate considers a parent block size of 3 m x 3 m x 3 m. The resource model considers a constant pegmatite density of 2.71 t/m³. Authier Lithium Technical Report Summary – Quebec, Canada 148 12.3 TOPOGRAPHY DATA Sayona provided a LiDAR topographic survey completed in 2016 by Geoposition arpenteurs géomètres (LiDAR, 2016). Topographic contours were provided at 0.5 m intervals for the Project site in the UTM NAD 83 coordinate system. This surface was used as the reference datum for the Mineral Reserves estimate. 12.4 MINING BLOCK MODEL Based on the resource model described above, a mining block model was created to be used for mine design and planning purposes. The resource model was sub-celled along the boundaries of the different lithologies. Overburden material was assigned a constant density of 1.90 t/m³, whilst the waste densities were provided in the resource model. The sub-celled model was then regularized to the parent block size of 3 m x 3 m x 3 m, with tonnages and grades coded for each type of material, with the resource classification conserved from the resource model. The final mining block model was titled “md_nal_2021_v4.csv”. 12.5 MINE AND PLANT PRODUCTION SCENARIOS 12.5.1 Modifying Factors For the conversion of Mineral Resources to Mineral Reserves, it is necessary to apply a range of modifying factors, as discussed in the following chapters. 12.5.1.1 Metallurgical Recoveries ROM ore is subject to a variety of metallurgical recovery factors, once feed material enters the crusher. Refer to chapter 10 of the S-K 1300 compliant report for the North American Lithium titled “S-K 1300 Technical Report Summary for Mineral Resource and Mineral Reserves at North American Lithium” with an effective date of June 30, 2024, for more information on the metallurgical recoveries. Authier Lithium Technical Report Summary – Quebec, Canada 149 12.5.1.2 Mill Cut-off Grade Calculation The breakeven cut-off grade (COG) is calculated considering costs for processing, G&A, and other costs related to concentrate production and transport. Based on a 6.0% Li2O concentrate selling price of 850 USD per tonne, the COG would be 0.32% Li2O. However, due to metallurgical recovery limitations, a metallurgical COG of 0.55% Li2O was selected based on iterative analysis. 12.5.1.3 Mining Dilution and Mining Ore Losses The Project hosts spodumene-bearing pegmatite dykes. The main dyke, which represents the majority of the resource, dips at approximately 25° to 50° and has a varying thickness between 4 m and 55 m. A second minor dyke is located to the north of the main dyke. The minor dyke dips at approximately 15° and has an average thickness of 7 m. As an industrial mineral, the specification of the final product must meet relatively tight tolerances for Li2O content, as well as contaminants, such as iron. The contaminant grade in the final product is directly linked to the quantity of diluting host waste rock in the mill feed. Dilution is the quantity of non-economical material that will be sent to the mill as part of mining activities. Ore losses are the quantity of economically viable material that will be sent to the waste rock stockpiles. Typical causes for dilution and ore losses include blast movement, improper identification of ore and waste zone limits (i.e., grade control) and selectivity limitations of mining equipment. A detailed dilution model was developed using Deswik’s Stope Optimizer tool (Deswik.SO) which generated shapes of continuous mineralization above a minimum lithium content. This approach provided an automated method of evaluating on a local scale, whether the combination of a particular dyke width, pegmatite grade and distance to the next dyke, i.e., waste separation, could result in producing a mill feed above a diluted COG of 0.55% Li2O. Mineable shapes were created by the tool. Mineralized material that did not pass this selectivity test were considered ore losses. A dilution skin of 0.75 m was applied to the orebody. Based on this methodology and the final pit design, the mining ore losses totaled 2.3% and mining dilution approximately 9.0%. To account for operational errors and additional re-handling, an additional mining ore losses factor of 2.0% was applied, for a total ore losses factor of 4.3%. Authier Lithium Technical Report Summary – Quebec, Canada 150 12.5.2 Pit Optimization 12.5.2.1 Inputs The purpose of pit optimization is to determine the ultimate pit limits that satisfy business objectives. By running a series with a sensitivity on selling prices (revenue factor), the results can also be used to determine the most economical mining phases. Pit optimization was completed using the Pseudoflow module within the Deswik mining software package. Inferred resources were not considered as potential ROM ore feed and were converted to waste. This report’s financial evaluation is based on the selling of ore material to the NAL operation. However, the pit optimization was developed based on the integration of the costs and parameters associated with the concentration of the ore and production and selling of a 6.0% Li2O spodumene concentrate. The input parameters used for the pit optimization are presented in Table 12-1. Note that the selling prices, costs, and technical parameters used were based on the best available information at the time of the study, including adjusted costs from the 2019 UDFS and geotechnical information from Journeaux Assoc.’s (Journeaux) report (2018). Table 12-1 – Pit optimization parameters for the Authier Lithium Project. Item Value Unit Notes Revenue Concentrate price 850 USD/t of conc. Concentrate grade 6.0% Li2O Transportation cost 59.69 USD/t of conc. Previous estimate for Authier Royalty Based on each claim Economics Currency - Canadian Dollars Exchange rate 0.76 USD/CAD Discount rate 8.0% Costs Mining Mining cost - overburden 5.4 CAD/t mined 2023 estimate, assuming contract mining. Mining cost - ore 8.73 CAD/t mined Mining cost - waste 6.91 CAD/t mined Processing & G&A Cost 39.31 CAD/t milled Operating Parameters Ore production 1,682 tpd Overall mill recovery 74.10% Incl. ore sorter losses and mill recovery

 
Authier Lithium Technical Report Summary – Quebec, Canada 151 Geotechnical Parameters OSA - north wall 53 ° Based on BBA adjustment to Journeaux's report; OSA - south wall 42 ° -4° to accommodate ramp OSA - east and west walls 48 ° Assumed by BBA for transition between North and South walls OSA - overburden 14 ° Journeaux report Limits and Constraints Tenements Claims_Authier_Actifs.dxf Sayona stated that discussions with MERN were held concerning the suspended claims and will be reactivated when needed. Claims_Authier_Suspended.dxf Setbacks 0 m No setback applied to tenement boundaries The optimized parameters do not necessarily correspond with the final design parameters used. A pit optimization has been run using the final Project’s costs and revenue parameters. The resulting optimized pit shell has been compared to the initial selected pit shell and deemed sufficiently close to consider the initial selected pit shell adequate. 12.5.2.2 Results The optimizer estimates best, average- and worst-case discounted values. The best case requires that each shell be mined sequentially while the worst case mines the deposit on a bench-by-bench basis. The best case is generally impracticable as shell increments can be very small and therefore not minable by themselves. The worst case is always achievable but gives much lower discounted cash flows. In practice, a compromise between the two cases is generally achieved by staging the pit using suitable pushbacks. The average case discounted values are used as a measure to compare optimization results. A discount rate of 8% and ROM feed rate of 0.53 Mtpy have been used in this analysis. The values returned by the optimizer do not include capital investments and are only used as a relative indicator of the sensitivity of the Project to changes in operating costs and revenue. The revenue factor 0.86 pit shell was selected as a guide for the final pit limits. This selection was based on maximizing project reserves while respecting a relatively high NPV. This pit shell contained approximately 11.3 Mt of ROM ore feed and is within 10% of the highest average case discounted cash flow. Authier Lithium Technical Report Summary – Quebec, Canada 152 Table 12-2 – Pit optimization results. Revenue Factor Shell ROM Feed Grade Waste Strip Ratio DCFBEST DCFWORST DCFAVG (Mt) (% Li2O) (Mt) (t:t) (M$) (M$) (M$) 0.40 0.45 1.2 0.20 0.4 41.42 41.42 41.42 0.42 0.67 1.1 0.35 0.5 56.43 56.25 56.34 0.44 0.91 1.1 0.64 0.7 72.19 71.71 71.95 0.46 1.15 1.1 0.95 0.8 86.62 85.71 86.17 0.48 1.62 1.0 1.46 0.9 110.76 108.79 109.78 0.50 1.94 1.0 1.88 1.0 125.24 122.21 123.72 0.52 2.06 1.0 2.03 1.0 129.96 126.48 128.22 0.54 2.17 1.0 2.21 1.0 134.35 130.39 132.37 0.56 2.41 1.0 2.56 1.1 142.47 137.42 139.95 0.58 2.58 1.0 2.95 1.1 148.26 142.4 145.33 0.60 2.73 1.0 3.2 1.2 152.43 145.85 149.14 0.62 3.66 1.0 7.25 2.0 179.89 167.04 173.46 0.64 3.77 1.0 7.65 2.0 182.61 168.81 175.71 0.66 3.88 1.0 8.00 2.1 184.87 170.16 177.52 0.68 3.99 1.0 8.39 2.1 187.17 171.41 179.29 0.70 4.12 1.0 8.94 2.2 189.6 172.54 181.07 0.72 4.19 1.0 9.22 2.2 190.76 172.92 181.84 0.74 4.54 1.0 11.20 2.5 196.48 174.26 185.37 0.76 4.64 1.0 11.76 2.5 197.99 174.37 186.18 0.78 7.69 1.0 32.82 4.3 220.1 165.16 192.63 0.80 8.22 1.0 36.96 4.5 224.17 159.08 191.62 0.82 8.4 1.0 38.21 4.6 225.33 156.84 191.08 0.84 11.08 1.0 59.25 5.3 232.08 117.6 174.84 0.86 11.35 1.0 61.40 5.4 233.02 112.81 172.91 0.88 11.59 1.0 63.63 5.5 233.73 107.45 170.59 0.90 11.72 1.0 64.52 5.5 234 105.15 169.57 0.92 11.82 1.0 65.48 5.5 234.19 102.41 168.3 0.94 11.96 1.0 66.64 5.6 234.38 99.11 166.75 0.96 12.11 1.0 67.85 5.6 234.5 96.03 165.26 0.98 12.27 1.0 69.27 5.6 234.56 91.71 163.14 1.00 12.39 1.0 70.4 5.7 234.57 88.31 161.44 These results are presented graphically in Figure 12-1. Authier Lithium Technical Report Summary – Quebec, Canada 153 Figure 12-1 – Pit optimization results. With the exception of the revenue factors, a sensitivity analysis was not undertaken on the other parameters. 12.5.3 Mine Design 12.5.3.1 Geotechnical Parameters The geotechnical requirements for the final pit design were prepared by Journeaux and their recommendations were provided in a report titled “Open Pit Slope Design Authier Lithium Project Feasibility Study”. Recommendations were provided for the overall slope angle (OSA), inter ramp angle (IRA), bench face angle (BFA) and catch bench width. A review of the Journeaux (2018) report was conducted, with additional recommendations included to ensure stability of the pit walls: • Increase the berm width from 7.2 m to 8.2 m. • Integrate a 16.4 m geotechnical berm on the southwest wall where the pit wall height exceeded 120 m. For design purposes, the following IRA, BFA and catch berm width with triple-bench arrangement were retained and are summarized by sector in Table 12-3. Authier Lithium Technical Report Summary – Quebec, Canada 154 Table 12-3 – Pit design geotechnical parameters. Pit Slope Sector IRA (°) BFA (°) Berm Width (m) North 57.7 80.0 8.2 South 47.3 65.0 8.2 Transition 52.4 72.5 8.2 Overburden 14.0 14.0 10.0* *only at bedrock contact It is recommended that further geotechnical work be undertaken prior to advancing to the next stage of the Project. An illustration of the different slope zones is presented in Figure 12-2. Journeaux did not specify the parameters for the transition zone. It has been assumed that the values for the transition zone are between the north and south wall values. Pit Design Parameters The detailed mine design was carried out using the selected pit shell as a guide. The proposed pit design includes the practical geometry required in a mine, including pit access/haulage ramps to all pit benches, pit slope designs, benching configurations, smoothed pit walls and catch benches. The major design parameters used are described in Table 12-4 and Table 12-5.

 
Authier Lithium Technical Report Summary – Quebec, Canada 155 Figure 12-2 – Pit slope design sectors. Table 12-4 – Pit design parameters. Item Value Unit North Wall South Wall Transition Overburden Berm Width 0 m Bench Face Angle (BFA) 14 degrees Setback at the Bedrock/OB Contact 10 m Rock Bench Height 6 6 6 m Benching Arrangement Triple Triple Triple m Berm Width 8.2 8.2 8.2 m Inter-Ramp Angle (IRA) 57.7 47.3 52.4 degrees Bench Face Angle (BFA) 80.0 65.0 72.5 degrees Authier Lithium Technical Report Summary – Quebec, Canada 156 Table 12-5 – Haul road design parameters. Item Value Unit Notes Road Width (dual lane) 23 m Based on 60-65 tonne class haul truck Road Width (single lane) 17 m Bottom benches Max. no. of Benches at Single Lane 9 n/a Based on 6 m bench height Maximum Grade - Overburden 10 % Maximum Grade - Hard Rock 10 % Benches Without Ramp Access at Base 1 The design outlines a pit of ~1,000 m in length (east-west), an average of 640 m width (north-south) and down to a final pit depth of 200 m. Figure 12-3 presents plan and isometric views of the ultimate Authier pit. Figure 12-3 – Ultimate Authier Lithium pit – plan and isometric views. 12.6 MINERAL RESERVE ESTIMATE The Project LOM plan and subsequent Mineral Reserve estimate are based on a ROM ore selling price of $120 CAD/t. A memorandum of understanding (MOU) was developed between the Authier operation and NAL operation, in which NAL agrees to buy 100% of the Authier ore material at a selling price of $120 CAD/t, delivered to the NAL ore pad area. The effective date of the Mineral Reserve estimate is June 30, 2024, and based on an exchange rate of $0.75 USD:$1.00 CAD. Authier Lithium Technical Report Summary – Quebec, Canada 157 Development of the LOM plan included pit optimization, pit design, mine scheduling and the application of modifying factors to the Measured and Indicated portion of the in-situ Mineral Resource. Tonnages and grades are reported as ROM feed at the NAL crusher and account for mining dilution, geological losses, and operational mining loss factors. Table 12-6 summarizes the Proven and Probable Mineral Reserve estimate for the Project. Table 12-6 – Authier Lithium Project Mineral Reserve estimate at Effective Date of June 30, 2024 at CAD$120/t. Authier Lithium Project Ore Reserve Estimate (0.55% Li2O cut-off grade) Category Tonnes (Mt) Grades (%Li2O) Cut-off Grade % Li2O Met Recovery % Proven Ore Reserves 6.2 0.93% 0.55% 73.6% Probable Ore Reserves 5.1 1.00% 0.55% 73.6% Total Ore Reserves 11.2 0.96% 0.55% 73.6% Notes: 1. Mineral Reserves are measured as dry tonnes at the crusher above a diluted cut-off grade of 0.55% Li2O. 2. Mineral Reserves result from a positive pre-tax financial analysis based on an ore selling price of 120 CAD/t and an exchange rate of USD0.75:CAD1.00. The selected optimized pit shell is based on a revenue factor of 0.86 applied to a base case selling price of USD850/t of spodumene concentrate. 3. The reference point of the Mineral Reserves is the NAL crusher feed. 4. In-situ Mineral Resources are converted to Mineral Reserves based on pit optimization, pit design, mine scheduling and the application of modifying factors, all of which supports a positive LOM cash flow model. According to CIM Definition Standards on Mineral Resources and Reserves, Inferred Resources cannot be converted to Mineral Reserves. 5. The Mineral Reserves estimate for the Project have been developed under the supervision of Mr. Tony O’Connell, an employee of Optimal Mining Solutions Pty Ltd in the position of Principal Mining Consultant and Director and a Qualified Person as defined by regulation S-K §229.1300 of the United States Securities and Exchange Commission (SEC). 6. The Mineral Reserve estimate is valid as of June 30, 2024. 7. Totals may not add up due to rounding for significant figures. 12.6.1 Assessment of Reserve Estimate Risks The author is of the opinion that no other known risks including legal, political, or environmental, would materially affect potential development of the Mineral Reserve estimate, except for those already discussed in this report. Authier Lithium Technical Report Summary – Quebec, Canada 158 12.7 MATERIAL DEVELOPMENT AND OPERATIONS The Authier project is a greenfield project with operations slated to commence in the future. As such, no material development and/or operations have occurred.

 
Authier Lithium Technical Report Summary – Quebec, Canada 159 13 MINING METHODS 13.1 MINE DESIGN 13.1.1 Pit Design Parameters The detailed mine design was carried out using the selected pit shell as a guide. The proposed pit design includes the practical geometry required for an operating mine, including pit access and haulage ramps to all pit benches, pit slope designs, benching configurations, smoothed pit walls and catch benches. The major design parameters used are described in Table 13-1 and Table 13-2. Table 13-1 – Pit design parameters. Item Value Unit North Wall South Wall Transition Overburden Berm Width 0 m Bench Face Angle (BFA) 14 degrees Setback at the Bedrock/OB Contact 10 m Rock Bench Height 6 6 6 m Benching Arrangement Triple Triple Triple m Berm Width 8.2 8.2 8.2 m Inter-Ramp Angle (IRA) 57.7 47.3 52.4 degrees Bench Face Angle (BFA) 80 65 72.5 degrees Table 13-2 – In-pit haul roads design parameters. Item Value Unit Notes Road Width (dual lane) 23 m Based on 60-65 tonne class haul truck Road Width (single lane) 17 m Bottom benches Max. no. of Benches at Single Lane 9 Based on 6 m bench height Maximum Grade - Overburden 10 % Maximum Grade - Hard Rock 10 % Benches Without Ramp Access at Bottom 1 The design outlines a pit of ~1,000 m in length (east-west), an average of 640 m width (north-south) and down to a final pit depth of 200 m. Figure 13-1 presents plan and isometric views of the ultimate Authier Lithium pit. Authier Lithium Technical Report Summary – Quebec, Canada 160 Figure 13-1 – Ultimate Authier Lithium pit – plan and isometric views. 13.2 GEOTECHNICAL AND HYDROLOGICAL CONSIDERATIONS 13.2.1 Geotechnical Considerations The geotechnical requirements for the final pit design were prepared by Journeaux and their recommendations were provided in a report titled “Open Pit Slope Design Authier Lithium Project Feasibility Study”. Recommendations were provided for the overall slope angle (OSA), inter ramp angle (IRA), bench face angle (BFA) and catch bench width. An internal review of the Journeaux (2018) report was conducted and additional recommendations where included to ensure stability of the pit walls: • Increase the berm width from 7.2 m to 8.2 m. • Integrate a 16.4 m geotechnical berm on the southwest wall where the pit wall height exceeded 120 m. For design purposes, the following IRA, BFA and catch berm width with triple-bench arrangement were retained and are summarized by sector in Authier Lithium Technical Report Summary – Quebec, Canada 161 Table 13-3. Authier Lithium Technical Report Summary – Quebec, Canada 162 Table 13-3 – Pit design geotechnical parameters. Pit Slope Sector IRA (°) BFA (°) Berm Width (m) North 57.7 80 8.2 South 47.3 65 8.2 Transition 52.4 72.5 8.2 Overburden 14 14 10.0* *only at bedrock contact An illustration of the different slope zones is presented in Figure 13-2. Journeaux did not specify the parameters for the transition zone. It has been assumed that the values for the transition zone are between the north and south wall values. Figure 13-2 – Pit slope design sectors. 13.2.2 Dewatering A hydrogeological study was completed in 2018 by Richelieu Hydrogéologie Inc. and demonstrated that the mining activities will not affect the quality of the water.

 
Authier Lithium Technical Report Summary – Quebec, Canada 163 Dewatering is the management of groundwater that, if not diverted from the pit or pumped from it, would impede mining operations and add operating costs, notably for access to ore, blasting, and wear and tear on machinery. Dewatering requirements for the Project were estimated by Technosub, a supplier of mine dewatering equipment. The pumping system has been designed in three stages to consider the increasing water inflow over the life of mine (surface and underground combined) estimated in the hydrogeological report. 13.2.3 Hydrogeological Considerations A hydrogeological study, conducted by Richelieu Hydrogéologie Inc. in 2016 and 2017, included 27 observation wells (piezometers), groundwater sampling campaigns, variable head permeability tests and tracer profile testing as well as groundwater level surveys. The hydrostratigraphic units identified at the Authier Property are the following: • Bedrock, a regional aquifer of a standard to low permeability. • Glacial till, an aquitard discontinuously covering the bedrock. • Fluvio-glacial sand and gravel (esker), a highly permeable aquifer, covering the till. • Glacio-lacustrine sand (aquifer) and silt (aquitard), covering the till unit and, partly, the fluvioglacial unit. • Organic layer, a thin and discontinuous aquitard. Following the water level surveys that were done for all piezometers installed on the site property, the following observations were made: the groundwater level in the area of the Property is in the order of 329 m and the general direction of flow is towards the southwest under a horizontal hydraulic gradient of 0.02. During the mine life, the groundwater flow, from beneath the waste rock pile, will be directed towards the pit then, at natural flow, it will be directed towards the southwest. Water will be collected by the drainage ditch surrounding the waste rock pile and directed to the water basins. The effects of mine dewatering on residential wells are deemed negligible. In a worst-case scenario, the effect of the Project on the environment would be a reduced groundwater outflow to the local surface water network and to the wetlands. A reduced flow of brooks or drying of wetlands may occur in the area of influence. The southern part of the St-Mathieu-Berry Esker is enclosed into the area of influence of the mine. However, this part of the esker is not connected to the main part of the esker which is being tapped by Authier Lithium Technical Report Summary – Quebec, Canada 164 the drinking facilities of the city of Amos and also by the Eska water bottling society. Both portions of the esker are separated by a bedrock lump. In the esker, the groundwater generally flows towards the north, except in the Project area where it heads south and southeast and to the Harricana River watershed. The southern portion of the esker, located in the Project area, is in a different watershed than the remainder of the esker. However, because it is located at a lower altitude than the esker and isolated from it by a bedrock, the Authier Project will not threaten, in any way and under any circumstances, the water quality of this esker. 13.2.4 Ore Rehandling Area Authier ROM ore will be transported to the North American Lithium (NAL) site for processing. As such, all ore mined from the pit will be temporarily stockpiled on an ore rehandling area situated to the north of the pit. The ore will then be loaded onto highway transport trucks for transport to the NAL site. Ore transportation will only occur during the day and only from Monday to Friday. 13.2.5 Haul Roads To give more flexibility to the mining operation, mining haul roads have been designed to accommodate 2-way traffic for 60 tonne class haul trucks even though the recommended haul truck is the 40 tonne class haul truck. Roads will incorporate drainage ditches as well as a safety berms. Single-lane haul routes are proposed in some isolated locations, such as the last benches of phases or the final pit. Table 13-4 lists the specified haul road dimensions used for the final pit shell. Authier Lithium Technical Report Summary – Quebec, Canada 165 Table 13-4 – Haul road design parameters. Parameters Unit Dual Lane Single Lane Haul Truck - 60 t class 60 t class Operating Width m 5.7 5.7 Running Surface Multiplier factor 3 2 Running Surface Width m 17 11.5 Tire Diameter m 2.7 2.7 Berm Height : Tire Ratio ratio 0.5 0.5 Berm Height m 1.3 1.3 Berm slope xH:1V Ratio ratio 1.3H:1.0V 1.3H:1.0V Berm Width (Top) m 0.5 0.5 Berm Width (Bottom) m 4 4 No. of Berms - Surface Road number 2 2 No. of Berms - Pit Ramp number 1 1 No. of Berms - Pit Slot number 0 0 Ditch Depth m 0.75 0.5 Ditch slope xH:1V Ratio ratio 1.0H:1.0V 1.0H:1.0V Ditch Width (Bottom) m 0.5 0.5 Ditch Width (Top) m 2 1.5 No. of Ditches - Surface Road number 0 0 No. of Ditches - Pit Ramp number 1 1 No. of Ditches - Pit Slot number 2 2 Overall Width - Surface Road m 25 19.5 Overall Width - Pit Ramp m 23 17 Overall Width - Pit Slot m 21 14.5 Maximum Grade - Permanent Road % 10 10 Maximum Grade - Temporary Road % 12 12 Haul Road Drainage Crossfall % 2 2 13.2.6 Explosives Storage One magazine of explosives will be brought on site by the explosive provider. The magazine will house priming explosives, such as caps and detonating cords. A small number of explosives and boosters will be delivered directly to site as part of the contract mining operations. Further details are provided in Chapter 15 of this Report. Authier Lithium Technical Report Summary – Quebec, Canada 166 13.3 MINING FLEET AND MANNING 13.3.1 Contract Mining Mining activities at the Property will be conducted by a mining contractor for the entire LOM. The mining contractor will be responsible for: • Mine equipment fleet (production fleet, auxiliary fleet and support equipment); • Mine equipment operator; • Mine operations supervision; • Mine equipment maintenance; • Tree clearing and grubbing; • Overburden removal and bench preparation; • Drilling, blasting, loading and hauling of ore and waste material; • Mine dewatering; • Overall site maintenance; • Ore rehandling (loading transport trucks for ore transfer between Authier and NAL). 13.3.2 Roster The mine will operate 365 days per year with two 12-hour shifts per day. It is expected that mining contractor equipment operators, mechanics and supervisors will work on a seven-working-day / seven- rest-day schedule. All other mining contractor staff, as well as Sayona’s on-site staff, will work regular 40- hour weeks. The total non-contractor mine labour force is only six employees. Most management, technical services and other labour force are taken on by the NAL operation (e.g., mine manager, HSE coordinator, etc.). The rest of the workforce will be provided by the mining contractor and other contract service providers. 13.3.3 Mine Maintenance The mining contractor is expected to provide maintenance buildings and execute all maintenance on their equipment.

 
Authier Lithium Technical Report Summary – Quebec, Canada 167 13.3.4 Mine Technical Services The mine technical services team will consist of a senior engineer supported by a mining engineer, mining technicians, and a senior geologist supported by geology technicians. Some of these staff will be shared with NAL operations. 13.3.5 Drilling Drilling and blasting activities represent a crucial process when developing and sustaining a hard-rock mining operation. The performance and efficiency of this primary rock fragmentation process can heavily impact mining dilution, ore losses and downstream mining activities, such as loading, hauling, crushing, and grinding. Blast fragmentation curves were developed based on rock characterization, types of explosives, blast patterns and powder factors with an ore P80 particle size of 300 mm was targeted. All hard rock material will be drilled with 3.5” diameter holes by top hammer drill rigs. Production blasts will be on 6 m bench heights. The drillhole patterns in ore and waste material are presented in Table 13-5. Table 13-5 – Drilling ore and waste patterns. Drill Pattern Ore Waste Bench Height m 6 6 Hole Diameter in. 3.5 3.5 Hole Diameter mm 89 89 Burden m 2.8 3 Spacing m 2.8 3 Sub-Drill m 0.6 0.6 Pre-split drillholes will be drilled every 1.50 m along long-term pit walls to improve the pit wall quality. 13.3.6 Blasting Production drillholes will be loaded with a bulk emulsion explosive, whereas pre-split drillholes will be loaded with a continuous packaged emulsion. The production blasts will be detonated with an electronic Authier Lithium Technical Report Summary – Quebec, Canada 168 blasting system. Electronic detonators offer greater flexibility and precision for the blast sequence, which can, in turn, improve rock fragmentation and diggability, and better control the blast movement. Based on the drilling patterns listed above and blast fragmentation curves for host rock and pegmatite, by using an emulsion blasting agent with an average density (in the hole) of 1.15 g/cm3, the powder factor will vary between 0.21 kg to 0.26 kg of explosives per tonne of rock. 13.3.7 Loading A maximum of two 10.5 tonne capacity hydraulic backhoe excavators and one 10.0 t-capacity production wheel loader will be required. These equipment units are compatible with the haul truck selected. The excavators will be used to load all material from the pit. The excavators will selectively mine the ore material to minimize dilution and ore losses. The wheel loader will be used to reclaim material from the ore stockpile into the transportation trucks. In case of breakdown of an excavator in the pit, this equipment could be used to mine waste material. 13.3.8 Hauling A maximum of eight 40 tonne capacity rigid haul trucks will be required throughout the mine life. It should be noted that the ramp width was evaluated considering a larger truck, in case the mining contractor chooses a truck larger than 40 tonnes. Ore will be hauled to the ore stockpile just north of the pit crest. The waste rock, overburden and organic material will be hauled and stockpiled at the waste rock storage facility (WRSF). The overburden and organic material will be used to progressively rehabilitate the WRSF over the life of the Project (see Chapter 18 for more details). The hauling equipment fleet requirements were estimated based on the quantities of material to be transported in each period and representative haul cycle times. The haul cycle times were estimated with the MS Haulage simulation software. Authier Lithium Technical Report Summary – Quebec, Canada 169 13.3.9 Auxiliary The auxiliary equipment fleet will consist of a variety of support equipment: • A 265 hp bulldozer will be required on the waste stockpile and clean up of the dig face. • A 14 ft moldboard motor grader will be required for preparing and grading the haul roads. • A 50 tonne auxiliary excavator will be required for pit wall scaling and other secondary work around the pit (e.g., pit dewatering activities, ditches, rock breaking, etc.). • A water / sand spreader for watering the roads in the summer for dust suppression and spreading sand for better traction in the winter. • Tower lights. • Equipment transporter. • A fuel and lube truck. • Pick-up trucks. All estimated equipment requirements over the mine life are presented in Table 13-6. 13.4 MINE PLAN AND SCHEDULE A LOM plan with a 1,560 tpd crusher capacity was completed for Authier, with the details presented in the following chapters. 13.4.1 Strategy & Constraints The following constraints and objectives were considered during the development of the LOM plan: • Mine plan aligned with NAL mine production plan - to be combined with NAL ore and feed to the NAL concentrator; • Project ramp-up in Q3 2025; • Annual mill feed of approximately 530 ktpy; • No long-term stockpile; • Maximum mining rate of approximately 6 Mtpy; • Mill feed grade ≥0.8% Li2O; • Mine planning strategy: maximize NPV. Authier Lithium Technical Report Summary – Quebec, Canada 170 13.4.2 Results The run of mine (ROM) ore tonnes contained within the final pit is sufficient for a mine life of 22 years. Due to the phase designs, very little waste material is mined to supply the mill in the first two years. This strategy keeps the mining activities to a minimum, allowing the operation to improve its mining practices and equipment needs and, consequently, keeps mine operating costs low. The overall pit has a variable strip ratio. The annual mining productivity gradually increases to 6.0 Mt in Year 5, and then gradually decreases from Year 13 to the end of the mine life. Table 13-7 presents the mine plan summary and Figure 13-3 shows the Authier Lithium LOM production profile. Figure 13-4 to Figure 13-14 show isometric views of the Authier Lithium pit evolution over time, according to the production profile.

 
Authier Lithium Technical Report Summary – Quebec, Canada 171 Table 13-6 – Mine equipment requirements over the LOM. Equipment Pre-Prod Production 2023 2023 2024 2025 2026 2027 2028 2029 2030 2031-2035 2036-2040 2041-2044 Production Equipment Haul Truck – 40-t 2 2 2 2 3 6 7 7 7 8 8 2 Excavator – 10-t capacity 1 1 1 1 1 2 2 2 2 2 2 2 Wheel Loader – 10-t capacity 1 1 1 1 1 1 1 1 1 1 1 1 Drill – 3.5 in. 1 1 1 1 1 2 2 2 2 2 2 1 Auxiliary Equipment Bulldozer 1 1 1 2 2 2 2 2 2 2 2 2 Motor Grader 1 1 1 1 1 1 1 1 1 1 1 1 Auxiliary Excavator 1 1 1 1 1 1 1 1 1 1 1 1 Wheel Dozer 0 1 1 1 1 1 1 1 1 1 1 1 Water Truck / Sand Spreader 1 1 1 1 1 1 1 1 1 1 1 1 Support Equipment Fuel & Lube Truck 1 1 1 1 1 1 1 1 1 1 1 1 Service Truck 1 1 1 1 1 1 1 1 1 1 1 1 Pick-Up Trucks 3 3 3 3 3 3 3 3 3 3 3 3 Tower Lights 6 6 6 6 6 6 6 6 6 6 6 6 Authier Lithium Technical Report Summary – Quebec, Canada 172 Table 13-7 – Authier Lithium LOM plan. Physicals Unit Pre-Prod Life-of-Mine 2025 2025 2026 2027 2028 2029 2030 2031-2035 2036-2040 2040-2046 Total Total Moved (kt) 395. 1,350 2,415 2,427 3,035 6,521 6,517 32,636 26,891 8,643 90,829 Total Expit (kt) 395 1,089 1,883 1,893 2,494 5,983 5,979 29,986 24,245 5,656 79,604 Expit Waste Rock (kt) 138 466 1,289 1,019 447 4,363 4,303 26,730 21,600 2,668 63,023 Expit Overburden (kt) 257 362 61 341 1,508 1,082 1,138 607 0 0 5,356 Expit Ore to Ore Rehandling Area (kt) 0 261 533 534 540 538 538 540 2,647 2,631 11,225 Expit Ore to Ore Rehandling Area (% Li2O) 0.000 0.973 0.939 0.944 0.920 0.851 0.904 0.928 0.966 1.042 0.964 Rehandling (kt) 0 261 533 534 540 538 538 2,649 2,645 2,987 11,225 Stripping Ratio (twaste:tRoM) 0.00 1.00 2.00 3.00 4.00 5.00 6.00 10.32 8.17 0.89 6.09 Authier Lithium Technical Report Summary – Quebec, Canada 173 Figure 13-3 – Authier Lithium LOM production profile. 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 O re G ra de (% L i 2O ) M at er ia l Q ua nt iti es (k t) Year Ore Waste Rock Overburden Rehandling Ore Grade Authier Lithium Technical Report Summary – Quebec, Canada 174 Figure 13-4 – Isometric view of 2025 pre-production period. Figure 13-5 – Isometric view of 2025 production period.

 
Authier Lithium Technical Report Summary – Quebec, Canada 175 Figure 13-6 – Isometric view of 2026. Figure 13-7 – Isometric view of 2027. Authier Lithium Technical Report Summary – Quebec, Canada 176 Figure 13-8 – Isometric view of 2028. Figure 13-9 – Isometric view of 2029. Authier Lithium Technical Report Summary – Quebec, Canada 177 Figure 13-10 – Isometric view of 2030. Figure 13-11 – Isometric view of 2031-35. Authier Lithium Technical Report Summary – Quebec, Canada 178 Figure 13-12 – Isometric view of 2036-2040. Figure 13-13 – Isometric view of 2041-2046.

 
Authier Lithium Technical Report Summary – Quebec, Canada 179 Figure 13-14 – Isometric view at the end of 2046. Authier Lithium Technical Report Summary – Quebec, Canada 180 14 PROCESSING AND RECOVERY METHODS The current Project considers mining Authier ore for shipment to the North American Lithium (“NAL”) concentrator for processing. There is a memorandum of understanding that the NAL operation will purchase the Authier ore; therefore, no details on the recovery methods are provided in this Report. Authier Lithium Technical Report Summary – Quebec, Canada 181 15 INFRASTRUCTURE The proposed new site infrastructure for the Project include: • Run of mine (ROM) and loadout pad; • Administrative building; • Dry room; • Fuel storage; • Lay down area for mining contractor equipment shop; • Explosive magazine; • A waste rock stockpile; • A mine wastewater treatment plant; • Site access road; • Mine hauling and service roads; and • Mine water management infrastructure, including, ditches, basins, pipelines, and pumping stations. Given that the ore will be processed at North American Lithium (NAL), the site no longer requires a processing facility, nor a tailings storage facility. A preliminary site layout is presented in Figure 15-1 and shows the operational requirements for the site, light and heavy vehicle traffic flows, site access, pit access, water management infrastructure and ore and waste rock stockpiles. Authier Lithium Technical Report Summary – Quebec, Canada 182 Figure 15-1 – Site layout. 15.1 WASTE ROCK STORAGE FACILITY The following standards and regulations were used for the design of the waste rock storage facility (WRSF) and its related water management structures: • Directive 019 specific to the mining industry in Québec; • Metal and Diamond Mining Effluent Regulations (MDMER) in Canada; • Loi sur la sécurité des barrage (The Dam Safety Law applied in Québec) (LSB) and the associated regulation (RSB); • The Dam Safety Guideline produced by the Canadian Dam Association (2007); • Manuel de conception des ponceaux (MTQ, 2004); • Règlement sur la santé et la sécurité du travail dans les mines, Loi sur la santé et la sécurité du travail - Québec (2014) (Québec health and safety regulations); • The Québec and/or the Canadian Legal framework applied to the environment and water sectors.

 
Authier Lithium Technical Report Summary – Quebec, Canada 183 15.1.1 General Project Description The following items were considered when designing the WRSF: • Waste rock is considered metal leaching. For this reason, the pile foundation and cover will be engineered as impervious layers. • Runoff water will be considered potentially contaminated by metals and total suspended solids (TSS). Site water management infrastructure (ditches and basins) will be designed with engineered impervious features. • Ore will not be processed at the Authier site; therefore, no tailings will be produced. • Site inorganic overburden and organic material will be handled inside the limit of the waste rock stockpile footprint. Inorganic overburden will be used as the foundation layer of the impervious structure. For closure, both inorganic overburden and organic material will be progressively used as waste rock stockpile cover. • On the western side of the waste rock pile, two fish habitats have been confirmed. Infrastructure has been located outside these protected habitats. • On the western side, the footprint of the facility will not be expanded over the limits of the La Motte municipality. • At the eastern side, the footprint of the facility cannot be expanded towards the Saint-Mathieu- Berry Esker. The Waste rock stockpile must stay inside the eastern limit of the current footprint. • Water management basins will not be placed directly on top of or in close proximity to the mine open pit crest. 15.1.2 Design Update The waste materials that will be managed at Authier are waste rock, overburden, and organics. The expected LOM tonnages extracted from the mining plan are summarized in Table 15-1. Table 15-1 – Summary of the LOM waste material from Authier pit. Waste type Quantity Waste rock (WR) 63,000,000 t Overburden (OB) 4,609,354 t Organic material (ORG) * 740,646 t * Pit organic layer is assumed at 1 m thickness Authier Lithium Technical Report Summary – Quebec, Canada 184 Results of the geochemical characterization of waste rock concluded: • Waste rock is not acid generating. • A substantial portion of waste rock could be considered metal leaching (approximatively 70%). • Waste rock will not be considered as high-risk level mining waste. It is expected that an average of 30% of the waste rock will be considered inert. However, the current approach is to place all waste rock in the same stockpile. For these reasons, as per Directive 019, level A groundwater protection measures will have to be applied at the foundation of the waste rock stockpile. Based on the available geotechnical and hydrogeological investigation information, the current design assumes that the in-situ soils will not meet Québec Directive 019 requirements. To ensure aquifer protection, a geomembrane impervious structure is required. Furthermore, the facility closure plan should also consider the imperviousness of the stockpile final surface. At this stage of the Project, it is assumed that the pit overburden and organic material will form the cover structure. Material will be placed between 1% to 2% slope grades to ensure proper water drainage at the crest. At the selected location, the waste rock stockpile foundation is characterized by the presence of rock outcrops. Moreover, in different locations, bedrock appears to be close to the surface. To install impervious liners, the foundation will require some preparation. It must include organic stripping, site grading earthworks and a layer of subgrade soil for the geomembrane. Soil cover will also be required as a protection layer for the impervious liner. Geotechnical investigations indicate that pit overburden material could be appropriate to form the geomembrane structure. In summary, overburden and organic material will be used during construction and closure of the WRSF. The designed concepts allow management and storage of all Authier waste materials within the same footprint, as presented in Figure 15-2. Figure 15-2 – Waste rock stockpile cross-section – Overall concept. Authier Lithium Technical Report Summary – Quebec, Canada 185 Material deposition will take place during different phases. A synchronized operation between pit development and waste rock stockpile construction will be implemented. Remaining tonnages will be temporarily stored at the non-developed area of the waste rock stockpile footprint. Waste rock, overburden and organic material production have been extracted from the mining plan and are presented in Table 15-2. Table 15-2 – Authier waste LOM production. Period Waste Material Type Waste Rock Overburden (estimated) Organic Material (estimated) Total (Mt) (Mt) (Mt) (Mt) YR1 0.6 0.53 0.09 1.22 YR2 1.31 0.03 0.01 1.35 YR3 1.01 0.31 0.05 1.37 YR4 0.43 1.31 0.21 1.95 YR5 4.38 0.92 0.15 5.45 YR6 4.26 1.02 0.16 5.44 YR7 5.49 0 0 5.49 YR8 5.49 0 0 5.49 YR9 4.93 0.47 0.07 5.47 YR10 5.44 0.02 0 5.46 YR11 5.47 0 0 5.47 YR12 5.48 0 0 5.48 YR13 4.95 0 0 4.95 YR14 5.04 0 0 5.04 YR15 4.07 0 0 4.07 YR16 1.99 0 0 1.99 YR17 0.86 0 0 0.86 YR18 0.51 0 0 0.51 YR19 0.44 0 0 0.44 YR20 0.38 0 0 0.38 YR21 0.3 0 0 0.3 YR22 0.17 0 0 0.17 Total 63 4.61 0.74 68.35 The waste rock stockpile footprint will be surrounded by four surface drainage ditches. Runoff is collected and directed to two water management basins. Ditches and basins will also consider a geomembrane structure in the design. Optimization of the facility construction and design should be completed in detailed engineering. Authier Lithium Technical Report Summary – Quebec, Canada 186 15.1.3 Design Summary Authier waste rock, overburden and organic materials will be contained in the same storage facility. The design was completed utilizing the following parameters: • Final overall slope angle: 2.5H:1V; • Bench slope angle: to be finalized in detailed engineering; • Bench height: to be finalized in detailed engineering; • Ramp width: 22 m; • Access ramp slope: 10%; • Waste rock placed density: 2.3 t/m³; • Dry overburden placed density: 1.7 t/m³; • Dry organic material placed density: 1.3 t/m³; • The organic layer thickness was assumed to be 1 m, which corresponds to approximately 14% of the total soil excavated; • Facility foundation condition has been established from the most recent geotechnical information collected by BBA in 2020; • The pile has a footprint of approximately 75 ha, and a maximum height of 83 m. The average height is approximately 72 m; • Organic material will be stripped from the waste rock facility foundation and will be further used in the closure plan. The foundation layer thickness is assumed at 30 cm. Table 15-3 summarizes the capacities of waste material to be managed. Table 15-3 – Waste rock storage facility required capacity. Parameter Quantity Overburden quantity 4.61 Mt Overburden volume 2.71 Mm³ Tonnage of pit footprint organic material 0.74 Mt Tonnage of stockpile footprint organic material* 0.38 Mt Organic material volume 0.86 Mm³ Waste rock quantity 63.00 Mt Waste rock volume 27.39 Mm3 Total stockpile capacity 30.96 Mm³ Extracted materials from the pit will be continuously placed on the waste rock stockpile. The construction sequence will require coordination between both pit and stockpile developments. Construction efforts

 
Authier Lithium Technical Report Summary – Quebec, Canada 187 will change every year as per material storage needs. Table 15-4 summarizes the LOM volumetric requirements of the WRSF. Table 15-4 – Waste rock stockpile volumetric LOM requirements. Period Waste Material Type Waste rock Overburden (estimated) Organic Material (estimated) Total (Mm³) (Mm³) (Mm³) (Mm³) (YR1) 0.26 0.31 0.07 0.64 (YR2) 0.57 0.02 0 0.59 (YR3) 0.44 0.18 0.04 0.66 (YR4) 0.19 0.77 0.16 1.12 (YR5) 1.9 0.54 0.11 2.56 (YR6) 1.85 0.6 0.13 2.58 (YR7) 2.39 0 0 2.39 (YR8) 2.39 0 0 2.39 (YR9) 2.14 0.27 0.06 2.47 (YR10) 2.37 0.01 0 2.38 (YR11) 2.38 0 0 2.38 (YR12) 2.38 0 0 2.38 (YR13) 2.15 0 0 2.15 (YR14) 2.19 0 0 2.19 (YR15) 1.77 0 0 1.77 (YR16) 0.87 0 0 0.87 (YR17) 0.37 0 0 0.37 (YR18) 0.22 0 0 0.22 (YR19) 0.19 0 0 0.19 (YR20) 0.17 0 0 0.17 (YR21) 0.13 0 0 0.13 (YR22) 0.07 0 0 0.07 Total 27.39 2.71 0.57 30.67 15.1.4 Stability Analysis for WRSF and Related Infrastructure The following stability analyses have been performed considering different loading conditions. The geotechnical study focuses on the Authier waste rock stockpile and its related water management infrastructure. Figure 15-3 presents the analyzed sections. Stability analysis considers the stockpile and geomembrane structure constituent materials presented in Figure 15-2. Facility foundation stratigraphy was established from the factual data gathered by BBA in 2020 and by Richelieu in 2018. Authier Lithium Technical Report Summary – Quebec, Canada 188 The following areas are identified: • The foundation of the northwest area is mostly silt; • The foundation of the west and south areas is till which mixes with sand and silt; • The foundation of the southeast area is sandy till; • The foundation of the east (northeast) area is loose sand. The properties of foundation soils and waste rock pile were estimated based on available geotechnical reports and typical data collected from literature, as well as several simplifying assumptions (see below). The geotechnical parameters used in this stability analysis are presented in Authier Lithium Technical Report Summary – Quebec, Canada 189 Table 15-5. Figure 15-3 – Critical sections for stability analysis. Authier Lithium Technical Report Summary – Quebec, Canada 190 Table 15-5 – Geotechnical parameters of waste rock stockpile constituent materials. Materials γ (kN/m3) C’ (kPa) Φ’ (˚) Ksat (m/s) Waste rock 22 0 36 1×10-4 Foundation (compact to dense silty sand) 19 0 32 1×10-6 Compacted till 19 0 34 1×10-7 Foundation till 18 0 33 1x10-6 Foundation silt 16.5 0 32 1×10-9 MG56 21 0 35 N/A Organic material 13 0 28 N/A Rip rap 22 0 37 N/A The results of slope stability analysis under different loading conditions are presented in

 
Authier Lithium Technical Report Summary – Quebec, Canada 191 Table 15-6 for both global and local stability. The calculated factors of safety show that the stability of WRSF and basins (BC1 and BC2) in the proposed configurations meets the design criteria specified in the Ministère des Ressources naturelles et des Forêts (MRNF formerly MERN) (2017), and Directive 019 (Ministère du Développement Durable, de l'Environnement et des Parcs(MDDEP), 2012) in the context of this study. Stage construction is recommended in the next design phase, especially if clayey soils are identified later at the site from additional geotechnical investigations. It should also be noted that the validity of various assumptions needs to be confirmed by more detailed geotechnical testing during the detailed engineering phase. The stability of the waste rock pile at Authier has been analyzed in this study, based on some assumptions regarding the geotechnical properties of the foundation soils and waste rock. In total, four critical sections were chosen around the waste rock pile (A-A, B-B, C-C, D-D) and stability analyses were performed under the static and pseudo-static conditions, for both short-term and long-term (Figure 15-3). A geomembrane will be used in different structures to prevent pollutants from migrating to the groundwater. The groundwater table was analyzed in section A-A showing that the groundwater table stays close to the foundation of the pile. The obtained groundwater table was applied as the critical condition in other sections. The modelling and analysis were carried out with several hypotheses. Basin BC2 in section B-B is mostly excavated in bedrock. Authier Lithium Technical Report Summary – Quebec, Canada 192 Table 15-6 – Factor of safety of slope stability analysis. Section Estimated FoS After excavation (local stability) End of construction (Short-term) Long-term Pseudo-static FoSmin = 1.2 FoSmin = 1.3 to 1.5 FoSmin = 1.5 FoSmin = 1.1 Section A-A – Basin BC1 Excavation 1.2 1.7 1.5 Section A-A – Basin BC1 Dyke 1.2 2.2 1.9 Section A-A – WR Stockpile 1.7 1.7 1.6 Section B-B – Basin BC2 Dyke-downstream 1.5 1.3 Section B-B – Basin BC2 Dyke-upstream 1.6 1.5 Section B-B – WR Stockpile 1.8 1.7 1.5 Section C-C 1.8 1.8 1.6 Section D-D 1.9 1.9 1.6 15.1.5 Waste Rock Handling Methodology The handling of waste, overburden and organics is to be conducted using 40t trucks from the pit to the WRSF. 15.2 WATER MANAGEMENT 15.2.1 Water Management Strategy The general water management strategy developed for the Project aims to: • Divert all non-contaminated water off-site (clean water) from undisturbed areas surrounding the site; • Manage water by collecting, draining, conveying, and containing runoff from all sources including: o Surface infrastructure; o Waste rock storage area. • Treat all contaminated water before releasing it into the environment. • Minimize the waste rock footprint to reduce water storage basin requirements. TSS material and nickel leachate are the key contaminants in the water. Removal of these parameters can be achieved by using sedimentation of contact water in ponds for partial TSS removal and by conditioning of the water with the addition of chemicals in order to generate metal hydroxides and to Authier Lithium Technical Report Summary – Quebec, Canada 193 precipitate out metal hydroxides and TSS in filters and/or clarifiers prior to release into the environment. Any other contaminant should be treated using appropriate water treatment processes. 15.2.2 Projected Infrastructure for Water Management The Authier water management infrastructure is composed of two clean water diversion ditches; four contact water collection ditches that surround the waste rock disposal area and other mining areas; two water storage basins (BC1 and BC2); pumping stations and conveyance pipelines and a water treatment plant (WTP). The main infrastructure is shown in Figure 15-4. Figure 15-4 – Watersheds in developed conditions. Authier Lithium Technical Report Summary – Quebec, Canada 194 15.2.3 Design Criteria for Basins and Ditches The environmental flood design criteria for basins are the following: The water management basins must be able to manage a 1,000-year recurrence 24-h rainfall combined with a 100-year recurrence snowmelt, as per Directive 019 (MDDEP), with the water from rainfall being stored and the snowmelt being treated simultaneously as it arrives at the basin. The criteria have been defined given that the waste rock is not acid-generating but considered metal-leachable. Where retained structures are considered in the construction of basins, an emergency spillway and channel must be able to safely discharge the most severe flooding event, i.e., Inflow Design Flood (IDF). This is the Probable Maximum Flood (PMF) as specified in the Directive 019; freeboard requirements are as stipulated by Directive 019 (section 2.9.3.1) and the Canadian Dam Association (CDA) guidelines (section 6.4). It is proposed that dykes be designed to have a freeboard of at least 1.0 m, measured between the impermeable dam crest (elevation of membrane anchor and not that of the running coarse) and the maximum water level during the design for Environmental Design Flood (EDF). The design criteria applying to the ditches of the WRSF are presented below and are based on a design rainfall of a 100-year recurrence as per Directive 019: • Minimum depth 1.0 m; • Minimum base width 1.0 m; • Minimum freeboard m 0.3 m; • Minimum longitudinal slope 0.001 m/m; • Minimum velocity 0.5 m/s; • Lateral slopes are defined according to the natural terrain; • Riprap must be defined according to water velocities. To consider the risks and impacts related to climate change, precipitations used for the design were increased by 18% (see Section 15.2.10). 15.2.4 Watersheds The watersheds have been delineated to perform the design of ditches and basins. Figure 15-4 and Figure 15-5 show the watersheds of the mine site in natural (undeveloped) and developed conditions. Topographic information was gathered from Données Québec which gives access to LiDAR information at a resolution of 1 m.

 
Authier Lithium Technical Report Summary – Quebec, Canada 195 Figure 15-5 – Watersheds in undeveloped conditions for the Project area. 15.2.5 Operational Water Balance and Flux Diagrams An operational water balance was performed for the different hydrological conditions. The following parameters were considered: • Total annual precipitations are 903 mm with 651 mm of rainfall and 253 mm of snowfall (SNC Lavalin, 2018); • It is assumed that the snowmelt occurs from mid-April to mid-May; • The total annual lake evaporation is 460 mm (SNC-Lavalin, 2018); • The potential evapotranspiration (ETP) is 364 mm (SNC-Lavalin, 2018). It is assumed that the stockpile and the mine pit have respective rates of 70% and 50% of the ETP; • It is assumed that the ice cover of the basins is 1 m thick and forms from mid-December to mid- April; Authier Lithium Technical Report Summary – Quebec, Canada 196 • The groundwater infiltration rate into the mine pit is 108 m³/h (SNC-Lavalin, 2018). The resulting flow diagram and the main outcomes of the water balance are presented in Table 15-7 and Figure 15-6. Table 15-7 – Main outputs of the operational water balance. Parameter Hydrological condition Normal Dry Wet Value (m³) Value (m³) Value (m³) Input 1,610,476 1,312,966 1,746,761 Underground water 946,080 946,080 946,080 Hydrological losses 441,483 412,832 463,262 Yearly volume of water released to the effluent 2,115,073 1,846,213 2,229,579 Authier Lithium Technical Report Summary – Quebec, Canada 197 Figure 15-6 – LOM water balance for normal precipitation. Authier Lithium Technical Report Summary – Quebec, Canada 198 15.2.6 Basins Sizing and Design Based on the design criteria (Directive 019), and the water management approach previously described, the environmental design flood was established. Two basins, BC1 and BC2 will be required to manage Authier contact water. BC1 and BC2 require a storage capacity of 53,270 m³ and 114,034 m³ respectively, with both basins impervious. A geomembrane liner has been considered at this stage of the Project. Basin capacity has taken into consideration the operation of a water treatment plant having a capacity of 0.18 m³/s. Basin volumes will be attained partially through excavation and partially through the construction of dams. Dam height has been limited to roughly 4.0 m. Table 15-8 provides crest elevations for each basin as well as the elevations for each associated spillway. Table 15-8 – Crest elevations. Basin designation Basin volume (m3) Crest elevation (m) Spillway elevation (m) Freeboard (m) BC1 53,270 330 328 1.5 BC2 114,034 338.5 337 1 15.2.7 Design of the Ditches Four main ditches are designed to manage surface water from the waste rock stockpile facility. Two diches drain towards basin BC1 (BC1A, BC1B) and the other two towards BC2 (BC2A, BC2B). These ditches will also be lined with a geomembrane. Two deviation ditches are considered; they are located north and east of the WRSF. A trapezoidal transversal cross-section was considered for hydraulic calculations. Dimensions vary depending on the chainage station of each ditch section. Table 15-9 summarizes waste rock stockpile ditches dimensioning.

 
Authier Lithium Technical Report Summary – Quebec, Canada 199 Table 15-9 – Typical Cross-section to be used for the mine site ditches. Ditch ID Length Discharge Roughness coefficient Base Lateral slope Water depth Velocity Total width depth (1) [m] [m3/s] [s/m1/3] [m] [H:1V] [m] [m/s] [m] BC1A 979.2 5.08 0.04 1.0 2 0.9 2.3 1.0 – 1.5 BC1B 228.4 1.16 0.04 1.0 2 0.4 2.3 1.0 BC2A 2,056.7 9.25 0.04 1.0 - 3.5 2 1.67 2.04 1.0 – 2.0 BC2B 77.5 1.06 0.04 1.0 2 0.41 1.42 1.0 15.2.8 Pumping Systems At least three major pumping stations are required over the life of the Project. One to transfer water from BC1 to BC2, one for pumping water from BC2 to the treatment plant, and a dewatering pumping system is to be installed in the pit to basin BC2. Detailed design of the pumping stations will be done in the next stage of the Project. Pumping lines and requirements are summarized in Table 15-10. Table 15-10 – Pumping system and lines. Pumping System Pumping requirement (m³/s) Pumping Line Length (m) Pit 0.18 1,610 BC1 0.18 350 BC2 0.18 60 15.2.9 Wastewater Treatment Waste rock from the Authier mine is non-acid generating, but is classified as metal-leaching; as such, in addition to conventional sedimentation within the designed ponds for TSS removal, a physico-chemical treatment approach will be required for treatment of metals. The cost estimates provided for the facility have been derived from wastewater treatment facilities from similar projects. The required treatment capacity has been estimated to 0.18 m3/s (650 m3/h). Authier Lithium Technical Report Summary – Quebec, Canada 200 15.2.10 Assessment of the Risk of Climate Change In general, consequences of climate change are a new risk that needs to be addressed in water management plans and for the design of the water management infrastructures, e.g., basins and ditches. Mitigation measures and adaptation measures must be considered. For the Authier Lithium project, the risk was analyzed based on available scientific data including recommendations put forward by the OURANOS consortium for the province of Québec. According to the simulations performed by OURANOS (https://www.ouranos.ca/climate-portraits/#/) for the Abitibi region, assuming Val-d’Or as a reference station, the projections (2041-2070 horizons) of climate change in terms of temperature increase and precipitation are based on a ‘high level of greenhouse gas emissions’ scenario (50th percentile) and shown in Table 15-11. Table 15-11 – OURANOS Projections for temperature and precipitation. Seasons Temperature Precipitations Actual average value Projected Variation Actual average value Projected Variation Projected Variation (° C) (°C) (mm) (mm) (%) Annual 2,0 +3,2 900 85 9 Winter -14,0 +3,8 161 30 19 Spring 1,4 +2,6 188 32 17 Summer 16,3 +3,1 295 -5 -17 Autumn 4,2 +2,9 261 25 10 For the Authier Lithium project, the design for water collecting ditches has assumed an increase by 18% of the Intensity Duration-Frequency values that are available for the Amos weather station (Environment Canada). Also, to manage the risk, the mine pit was considered as a buffer in case of an extreme precipitation event beyond the design criteria. It is understood that during extreme events the mining operations will be temporarily stopped. Authier Lithium Technical Report Summary – Quebec, Canada 201 15.3 ACCESS ROADS ON/OFF AND ROM PADS 15.3.11 Site Preparation and Pads General site preparation will consist of clearing, grubbing, topsoil and overburden removal, rock excavation, backfilling and surface leveling for all site infrastructures. Access and hauling roads were designed based on project requirements and additional project constraints provided by Sayona. Clearing and grubbing will be completed in and around all infrastructure areas. Topsoil and overburden will be removed to provide a stable sub-base for roads and pads. A general overview of the Authier site can be found in the general arrangement plan in Figure 15-1. Site drainage will be achieved with the excavation of drainage ditches at the extremity of the infrastructure pads and on the side of the roads. A frost depth of 2.8 m is considered for building foundations not sitting on bedrock and for the underground piping network. The mine industrial area (MIA) will consist of granular pads to accommodate the structures identified in Section 15.1.1. The site entrance is located on Chemin des Pêcheurs to the east of the Property. The main access road has a total width of 20 m and is approximately 440 m long to the ROM loadout area. From this point to the mining infrastructure pad, the road transforms into a hauling road for about 1,300 m. For this portion of the road, an additional service road for regular vehicle transit is considered. The mine operations site access is controlled by an access gate located approximately at the intersection with the Chemin Preissac. On-site roads consist primarily of heavy-duty traffic haul roads for access between the mine operations pad, the waste rock stockpile, and the open pit. The total width of the haul roads is 20 m. A 770 m long and 7 m wide light-vehicle traffic service road also traverses from the mine operations pad to the explosives magazine. If required, additional traffic gates may be installed at strategic points to control traffic circulation for safety issues. They will temporarily prevent traffic from entering the Property or leaving the industrial site. Traffic gates will be closed prior to blasting and standard operating procedures will be developed to sweep the road. Vehicular traffic is to be kept at least 300 m from the pit during blasting or otherwise managed. All roads and circulation areas are defined based on standard engineering practices and designed according to the subgrade conditions and the different vehicle load types. Factual geotechnical data indicate that roads and pads will be mainly built over soils composed by silt and sand and, in some areas, over rock outcrops. Authier Lithium Technical Report Summary – Quebec, Canada 202 15.3.12 Haul Roads Heavy vehicle (HV) haul roads have been designed to provide access to the active pit, the waste rock stockpile area, the ore stockpile laydown pad, and the MIA. These are two-way roads, 20 m wide, with a geometry accommodating mining haul trucks. Light vehicles (LV) provide access to the pit and ROM dump area and will share the HV haul roads along with the heavy vehicles. Driving and communication standard operating procedures will be developed to manage HV / LV interaction on HV haul roads. 15.3.13 Internal LV Roads and Car Parking Internal LV roads will be constructed prior to the commencement of operations. Two-way LV roads will be constructed with a 7 m wide gravel surface. One LV car park, for 20 vehicles, will be provided adjacent to the administration building at the mine operations pad. The explosive magazine storage area will only be accessible via the main hauling road, 770 m from the security gate. It consists of a single-lane road suitable for LV traffic. 15.4 ELECTRICAL POWER SUPPLY AND DISTRIBUTION The expected power demand for the Project is approximately 3 MW. For this amount of power, the local utility company, Hydro-Québec, will deliver the power directly at 600 V. Hydro-Québec will need to extend an existing 25 kV power line, located approximately five kilometers away, to the southeast of the site, and perform upgrades on a portion of the existing line so it can deliver the required three-phase power. At the Authier site, the 25 kV will be stepped down to 600 V through a pad-mount transformer. For such a 600 V service entrance, Hydro-Québec supplies and installs all that is required at 25 kV as well as the step-down transformer. The Project will provide and install the required civil infrastructures to install the transformer and cabling according to Hydro-Québec requirements. On-site, near the step-down transformer, a prefabricated electrical room will house the 600 V switchboard which will be the source of all main 600 V feeders to the different site loads: truck shop, water treatment plant, offices, main gate, etc. This switchboard will be sized for more than the original expected power

 
Authier Lithium Technical Report Summary – Quebec, Canada 203 demand to simplify the addition of potential future loads. The site power distribution will be done mainly using cables in trays or buried underground. 15.5 WATER SUPPLY 15.5.1 Raw Water Raw water will be untreated and used for washrooms and emergency showers. It is proposed to be supplied either from site-treated effluent or from one or two well(s) located on-site. Raw water will be pumped directly to a reservoir and then distributed to the various buildings for use via underground PVC piping installed below frost depth. Potable water will be distributed in bottles to the administrative building and the MIA. 15.5.2 Fire Water Fire water for the mine site will be drawn, initially, from the freshwater tank located on the mine infrastructure pad; if more supply is needed then BC2 basin will be used. The fire water pumping system will consist of both an electric delivery pump, to supply firefighting water to buildings throughout the mine site at the required pressure and flows, and a diesel driven electric start pump that will start in the event that power is unavailable to the electric pump, or it fails to start within a set time of a fire demand being registered. An electric “jockey” pump will be used to maintain pressure in the fire mains. The maximum fire water requirement has been estimated at 268 m³/h over a 2-hour period, with full replenishment required within 8 h. Water will be supplied to the freshwater tank from BC2 basin. Fire water will be distributed from the tank to the administrative building and the MIA via underground PVC piping installed below frost depth. 15.5.3 Sewage Sewage and domestic wastewater generated in the occupied areas of the MIA will be collected in underground PVC piping installed below frost depth and directed to a central collection tank located to the west of the administration building. Effluent from the collection tank will be discharged into a buried disposal field. Solid waste from the collection tank will be collected on a regular basis by a local cartage contractor and disposed of at a local authority sewage treatment farm. Authier Lithium Technical Report Summary – Quebec, Canada 204 15.6 CONSTRUCTION MATERIALS 15.6.1 Fuel, Lube and Oil Storage Facility An external bunded fuel facility will hold two x 50,000 L diesel storage tanks, a 10,000 L gasoline storage tank as well as bulk lubricant and coolant supplies, which will be moved into the maintenance workshop as required. All tanks and piping will be of steel construction. The diesel supply will be fitted with high flow reticulation to the HV refueling bay and both diesel and gasoline with low flow reticulation to a LV fuel dispenser. These quantities are deemed sufficient for more than a week of supply at peak operations. A dedicated, self-bunded, semi-trailer sized bay will be provided for fuel and bulk lube deliveries. A fuel truck will be used for fueling track-mounted equipment. 15.6.2 Explosives Magazine One explosives magazine will be brought on-site by the explosives provider. The magazine will house priming explosives, such as caps and detonating cords. A small number of explosives and boosters will be delivered direct to site as part of contract mining operations. The magazine will be strategically located in a fenced and gated area on the southwest corner of the Property to meet provincial and federal explosives regulations. A gravel road from the MIA will be built to access this area. As the proposed main supplier of explosives is near the mine, the magazine capacity will be kept at a minimum. 15.7 COMMUNICATIONS A factored allowance was made in this study for a site-wide communications system. No details have been developed around its components or implementation. Cell phone coverage is currently available at site. A site-wide radio system will be installed for the mining operation and emergency response. 15.8 SECURITY AND ACCESS POINT A guard house and gate will be erected at the entrance to the mine site, along the main access road. This area may also be the site of the weigh station, which will weigh incoming and outgoing ore transport trucks. The guard house will be a serviced, prefabricated building, similar in construction to a mobile home. Authier Lithium Technical Report Summary – Quebec, Canada 205 15.9 ON-SITE INFRASTRUCTURE 15.9.1 Temporary Construction Management Facility At early stages of the Project, an area of approximately 1 ha will be provided for the establishment of a construction management building and car park. Construction facilities will be a pre-engineered, re- locatable type of structure with temporary services (tank and pump for potable water delivered from off- site, self-contained wastewater collection facility for pump out and disposal off-site, temporary communications facility and temporary one-phase power line for construction power). Construction contractors for MIA buildings and services will be required to supply similar facilities for their management purposes and workforce requirements. At the completion of construction, these facilities will be reallocated to the operations and any disturbed area should be rehabilitated in accordance with the site environmental requirements. 15.9.2 Offsite Infrastructure The site will be accessed starting from Road 109, then the Chemin de Preissac and finally the Chemin de la Sablière. A 170 m road will be constructed between Chemin de la Sablière and the entrance of the mine site on Route du Nickel. Route du Nickel will be closed from the entrance of the mine site to the junction of Chemin de Preissac as the current road is located within the footprint of the open pit mine. 15.9.3 General Earthworks The ROM loadout area and mine operations pad (including ancillary buildings and car park) are approximately 0.86 ha and 1.94 ha in size, respectively. The water treatment plant area is approximately 0.74 ha. At the commencement of construction, these areas will be cleared of vegetation and topsoil and graded. Pad peripheral surface water management ditches, where required, will be built. Drain water will be directed to site collection ponds. All trafficked areas (pads) will be designed with gravel pavements suitable for the foundation soils and the classes of vehicles using them. Sand and gravel backfill will be fabricated from rock excavations performed while building basins BC1 and BC2. This material will be placed and compacted to establish the required mine pads. Similarly, in-situ fabricated sand and gravel material will be used for construction of all site roads. Authier Lithium Technical Report Summary – Quebec, Canada 206 15.9.4 General, Green and Regulated Waste Mine site waste including general, green, and regulated waste will be collected, recycled where applicable and disposed of according to its type. Domestic and general waste will be disposed of by licensed contractors, most likely at a local authority operated facility. Green waste will be recycled and utilized in regeneration works, where practicable and feasible. Regulated waste will be disposed of by licensed contractors, as per statutory requirements. 15.9.5 Ore Transportation The ore will be transported from Authier to NAL by four-axle trucks and four-axle trailers with lateral. The capacity of each truck is 38 tonnes. The use of four-axle trailers will respect the Ministry of Transportation and Sustainable Mobility regulations for transport during the thaw period. 15.9.6 Administration Facility The proposed administration building will be located within the mine industrial pad and will be a light construction modular building with steel cladding and roofing. This building will be sized for a workforce of ten people and includes offices for staff, a first aid room, washrooms (M/F), communications and storeroom, dining room, and meeting rooms. The building will be compliant with the relevant Québec and Canadian Building Codes. A dry room will be annexed to the administration building. Part of the administration building could be built as part of the early works program and will serve as the construction office during the construction period.

 
Authier Lithium Technical Report Summary – Quebec, Canada 207 16 MARKET STUDIES AND CONTRACTS Portions of this section have been adapted from the “Lithium Forecast Report” prepared by Benchmark Materials for Sayona Quebec dated Quarter 2, 2024. The author believes that the information in this study is still relevant for this report. 16.1 MARKET BALANCE Lithium prices declined sharply in 2023, due to a combination of lower than expected EV sales, build-up of in-process inventories and rising supply, which created an oversupplied market. Furthermore, macroeconomic factors such as persistent inflation in several major economies and lower end-consumer confidence, fueled a negative sentiment in the market. In 2024, prices levelled off during the first half of the year. However, oversupply in China has been exerting continued downward pressure on prices. Forecast higher demand in the second half of the year, particularly in Q3, will establish support levels for prices. Overall, supply is projected to grow by 24% in 2024, while demand is expected to grow at a faster pace of 31% thereby creating a nearly-balanced market for the year. In 2025, prices are expected to remain subdued as an oversupplied market emerges from increasing supply in several countries. Although demand is projected to grow by approximately 23% in 2025, this increase will not be sufficient to counterbalance supply growth of nearly 32%, resulting in an oversupplied market of 121kt LCE. Electric vehicle (EV) sales in 2025 are anticipated to surpass the 23 million units mark for the first time, reflecting 27% year-on-year growth and representing nearly 5 million additional vehicles sold. As shown in Figure 16-1, the lithium market is projected to enter a deficit from 2030 onwards. From this point onwards there is an ever-growing deficit which will lead to either demand destruction or yet-to-be identified new supply coming online to bridge the supply gap. Authier Lithium Technical Report Summary – Quebec, Canada 208 Figure 16-1 – Lithium market balance forecast 2026 - 2040 It is forecast that the emerging deficit will push up lithium carbonate prices to a peak level in 2030 before prices retreat to the long-term incentive price by 2034. These prices will be sufficient to incentivize new supply to catch up with demand. 16.2 DEMAND FORECAST Global lithium demand is forecast to increase from 877kt LCE in 2023 to 1,147kt LCE in 2024. The largest growth in lithium demand is expected to come from EVs, with demand from this sector expected to grow by 32% to 788 kt LCE in 2024. There has been a large shift in the source of the battery-related lithium demand. In 2015, portables made up the largest share with 54% of the market demand, 34kt LCE. Over the last few years, this has shifted from 22% in 2020 to an expected 5% battery-related market share in 2024. EVs now have the majority share of lithium battery demand, and total lithium demand. In 2024 it is expected that they will have a 79% market share of lithium battery demand. This is up from 44% in 2015, and 73% in 2020. Glass & ceramics are expected to have the largest share of industrial lithium demand. Adding lithium lowers the melting point of the glass and can allow for the conservation of energy usage. It can also increase ceramic body strength and is used in glazes to brighten the color. The grade of lithium needed for industry is lower than that for batteries, being ~99% with battery grade tending to be >99.5% for lithium carbonate. Authier Lithium Technical Report Summary – Quebec, Canada 209 Lithium demand is projected to reach 2.8 Mt LCE by 2030, representing a substantial increase of 172% (approximately 1.75Mt LCE) from 2024 levels. The primary catalyst for this growth is the burgeoning battery demand, driven by larger battery pack sizes and a significant rise in EV sales. This shift is markedly increasing the market share of batteries compared to industrial demand. In 2020, battery demand constituted around 60% of total lithium demand. This dominance is anticipated to rise to 85% by 2024 and further to 95% from 2035 onwards. The penetration rate of electric vehicles is expected to accelerate significantly, growing from 22% in 2024 to nearly 49% by 2030. Looking further ahead, the EV penetration rate is forecasted to surpass three- quarters of the global total by 2040, with over 81 million vehicles sold, compared to 18 million this year. Despite lower-than-expected demand, EV sales this year are projected to rise by 4 million units compared to 2023. For 2025, a 31% increase in demand compared to 2024 is forecast. Consequently, a compound annual growth rate (CAGR) of 11% in lithium demand from 2024 to 2040 is forecasted. In addition to EVs, the Energy Storage System (ESS) sector is also expected to drive significant demand for lithium. This sector is forecast to more than double by 2030, although it will still only account for approximately 12% of total battery demand. 16.3 SUPPLY FORECAST In 2024, global lithium supply is expected to surpass 1 million tonnes LCE for the first time, with a forecast of 1.2Mt LCE in 2024. In 2024, 10 new projects and 7 expansions are forecast to come online, with total supply rising by 228kt LCE. The majority of new supply is expected to be from hard rock sources. Sinomine’s Bikita project is expected to have the largest growth in terms of LCE tonnage from 2023 – 2024. The project had a petalite expansion and spodumene line come online in 2023. Bikita’s production is forecast to be 66.5kt LCE in 2026, thereby making it Africa’s largest lithium-producing mine. In 2024, an expansion project at the Huaqiao Dagang Porcelain lepidolite mine will add 25kt LCE to annual production. The project is expected to produce 50kt LCE by 2027. Sigma’s Grota do Cirlio spodumene project in Brazil, is expected to ramp up in 2024 after starting operations in 2023. This project is forecasted to have its Phase 2 expansion operational by 2026, adding 67kt LCE of capacity. Zhejiang Huayou’s Arcadia project started operating in 2023 and is expected to ramp up to full production by 2027 to 45kt LCE. Arcadia is forecasted to be Zimbabwe’s second-largest-producing lithium mine in 2024, after Bikita. Authier Lithium Technical Report Summary – Quebec, Canada 210 SQM’s Salar de Atacama, the second biggest lithium operation in the world after Greenbushes, is expected to increase output by 20kt LCE this year. In China, brine operations are concentrated in Qinghai province, with a few direct lithium extraction (DLE) projects under development in Tibet. Lithium chemical supply from brine is expected to grow from 100kt in 2024 to 193 kt LCE in 2028, accounting for 36% of total lithium supply from China. Chinese producers have long relied on imported minerals, but domestic mined production is growing to meet the conversion demand. Overall mineral supply is forecast to reach 341kt LCE in 2028, representing a 139% increase from 2024. By 2028, mica production is expected to contribute 46% to the domestic lithium supply in China. 16.4 PRODUCT PRICING In 2021 Sayona Quebec and Piedmont Lithium entered into an offtake agreement where Piedmont holds the right to purchase the greater of 50% of spodumene concentrate for 113,000 tpa from North American Lithium at a floor price of $500 /t and a ceiling price of $900 /t (6.0% Li2O equivalent). For purposes of financial modeling and the Technical Report Summary sales from 2023 to 2026 are based on the greater of 113 kt of spodumene concentrate or 50% of spodumene concentrate sales at the Piedmont Lithium contract price and the remaining concentrate sales at BMI Q4 2024 spodumene market prices. From 2027 onwards, the entire concentrate sales are settled at BMI Q4 2024 spodumene market prices, given the ongoing efforts and high confidence in restructuring the current contract with Piedmont. In the event that the current offtake agreement continues past 2027, the operation generates substantial cashflows and a post-tax NPV (8%) of approximately CA$780m. For the contracted volume to Piedmont Lithium, a price of $810 USD/t (from the reference of $900 USD/t @ 6.0% Li2O to adjusted value of $810 USD/t assuming 5.4% Li2O and applied 10% price discount) assumed over 2023-26, while the remainder of the concentrate production uses market prices. From 2027 and beyond, Sayona Quebec is reverting back to market prices for the entire production as it seeks to pursue a lithium transformation project on-site, leveraging prior investments, in line with its commitments with the Government of Québec related to its acquisition of NAL. Forecast lithium product sale prices calculated by BMI are shown in Figure 16-2The average sale price of 6% spodumene concentrate is approximately US$1,860/t between 2026 and 2040.

 
Authier Lithium Technical Report Summary – Quebec, Canada 211 Figure 16-2 – Lithium products price forecast 2026-2040 16.5 CONTRACT SALES Piedmont entered into a purchase agreement with Sayona Québec for the purchase of 50% of the production or 113,000 t (dry) of spodumene concentrate per year, containing 6.0% Li2O grade with less than 1.5% Fe2O3 (dry basis) and less than 12.0% total moisture. With regards to the remaining spodumene volume projected at 113,000 t (dry), Sayona Québec is currently exploring the most advantageous commercial options to commercialize its share of the spodumene production. 16.6 PACKAGING AND TRANSPORTATION Spodumene concentrate is bulked transported by truck from the NAL mill to a rail trans boarding facility in Val-d’Or were concentrate is transferred into mineral covered railcar gondolas and then shipped on CN’s mainline to the Québec City port. The total LOM transport and logistics costs are at $133.92 CAD/t transported (wet basis). Authier Lithium Technical Report Summary – Quebec, Canada 212 16.7 RISKS AND UNCERTAINTIES It is anticipated that starting in 2030, lithium supply is projected to fall short of demand. Authier Lithium Technical Report Summary – Quebec, Canada 213 17 ENVIRONMENTAL STUDIES, PERMITTING, SOCIAL OR COMMUNITY IMPACTS 17.1 ENVIRONMENTAL BASELINE AND IMPACT STUDIES 17.1.1 Environmental Baseline Environmental baseline studies including literature review, field works, and laboratory analysis were conducted in 2012, and from 2017 to 2022, by Sayona Quebec and the previous owner. 17.1.2 Topography The topography of the Authier Property is relatively flat. The average elevation is 350 m, varying from 320 m to 390 m. On a regional scale, the crest of the Esker of St-Mathieu-Berry overhangs the surrounding ground by approximately 50 m to 60 m, with a general down slope in a north direction except for its southern extension, just north of the mining property, which has a down slope in a south, southwest, and southeast direction. 17.1.3 Local Geomorphology The three main geological features are small and large bedrock outcrops, the Esker of St-Mathieu-Berry, and glacial lacustrine sediments. Outcrops represent approximately 5% of the area. However, over this, the bedrock is only covered by a thin layer of soil in one third of the Northern claims. The Esker of St-Mathieu-Berry is made up of glaciofluvial sand and gravel with a core of gravel and pebbles, deposited directly over the bedrock. It has a cross-section form of a bell and of a longitudinal crest extending over 25 km on a south-to-north orientation, with its southern limit starting in the northeast corner of the Property. The crest of the Esker of St-Mathieu-Berry overhangs the surrounding ground by 20 m to 30 m. Sand and gravel pits are exploited both in the northern and in the southern portions of the esker. The thick basal till, observed in the southwest corner of the Property, is described as continuous with an average thickness over 1 m and a content of less than 30% of fine particles (silt and clay). The location of the Esker of St-Mathieu-Berry is clearly visible in Figure 17-1, which shows a height lit plot of the terrain around the 24 Authier leases. Authier Lithium Technical Report Summary – Quebec, Canada 214 Figure 17-1 – Surrounding Terrain Height Lit by Elevation A total of ten water wells are located within a radius of 5 km from the center of the pit with the closest well located at 3 km. The overburden thickness varies regionally (radius of 5 km) with an average of 8.8 m (Richelieu Hydrogéologie, 2018).

 
Authier Lithium Technical Report Summary – Quebec, Canada 215 17.1.4 Soils Quality Soils quality studies were carried out in 2017, 2018, 2019 and 2020. All samples did not show indication of potential contamination on the Property for polycyclic aromatic hydrocarbon (PAH), hydrocarbons, and metals. 17.1.5 Hydrology The Authier Project is close to the water division of two important watersheds that divide the province of Québec: the Harricana River which reports to James Bay, and the Kinojevis River which reports to the St- Lawrence River. The Authier Project is located in the Kinojevis watershed. The Authier Property is located on Kapitagama Lake sub-watershed and Croteau Lake sub-watershed. There are no significant bodies of water or streams close to the future mine site, other than small streams and ponds. A hydrogeological study conducted in 2016 and 2017 included the installation of 27 observation wells (piezometers), groundwater sampling campaigns, the achievement of variable head permeability tests and tracer profile testing as well as groundwater level surveys. 17.1.6 Underground Water Quality From 2017 to 2022, 27 wells were sampled and analyzed for a variety of parameters including metals, nutrients, major anions and cations, volatile compounds, polycyclic aromatic hydrocarbons and C10-C50 petroleum hydrocarbons. Some aluminum, manganese and mercury concentrations exceeded drinking water standards. Criteria for the protection of aquatic life were also exceeded for copper, mercury, and zinc. 17.1.7 Surface Water Quality Surface water was sampled between 2017 and 2019 in five locations - the four stations in the core study area and one outside the extended study area, along the mainstream draining the core study area. Some exceedances of criteria for protection of aquatic life were observed for aluminum, iron, copper, manganese, lead, and nickel. Authier Lithium Technical Report Summary – Quebec, Canada 216 17.1.8 Sediments Sedimentation characterization was carried out between 2018 and 2020. Although several metal concentrations exceeded criteria in the two lakes under study, all the concentrations analyzed fall within the range of concentrations making up the geochemical background of sediments. 17.1.9 Vegetation and Wetlands Field surveys were carried out in 2012, 2017, 2019 and 2020. Terrestrial vegetation consists mainly of mixed and coniferous forest stands. Hardwood stands are scarce. Together, forest areas cover more than 80% of the study area. It should be noted that a significant portion of the study area has been totally or partially cut. Stands of fir and white spruce, mixed with white birch, dominate the forest landscape of the site. Other sites are occupied by black spruce, jack pine and larch, often in the company of white birch or trembling aspen. Wetlands were characterized between 2017 and 2020. Bogs and swamps are the main wetland classes characterized during the field surveys. Some bogs were located near the Project area, however these did not reveal any major particularities. Some low ecological value wetlands are located inside the limit of the open-pit and the waste rock dump areas. 17.1.10 Terrestrial and Avian Fauna Field inventory for snakes, salamanders and anurans was carried out in 2017 and 2018. Bird surveys were conducted in 2017 and 2019. A bat inventory was also completed in 2017. Finally, a small mammal and rodent inventory was conducted in 2017. No herpetofauna and no small mammal species at risk were observed. Three of the four bat species observed are at risk and are described hereafter. A total of 66 bird species were observed during the inventories. Nesting was confirmed for two species (Sharp-tailed Grouse and Cedar Waxwing). Species at risk observed are described hereafter. Authier Lithium Technical Report Summary – Quebec, Canada 217 17.1.11 Fish and Fish Habitat Fish and fish habitats surveys were carried out in 2017 and 2019 on nine streams. Fish habitats have been observed for streams located at the open-pit location, downstream from the open-pit location, northwest of the waste rock dump location and downstream from the expected effluent discharge point. Results indicated that spawning and nursery/foraging habitats are of low quality in streams of the core study area due to, among other things, physicochemical conditions. Only one fish species was captured, the Brook Stickleback. 17.1.12 Benthic Community The benthic community of the different stations sampled in 2012 is mostly composed of nematodes, annelids, insect larvae and mollusks. Results show between 4 and 34 different species with a variation of the number following the sampling stations. 17.1.13 Endangered Wildlife The Centre de Données sur le Patrimoine Naturel du Québec (CDPNQ) and Committee on the Status of Endangered Wildlife in Canada (COSEWIC) databases were consulted to identify any endangered species potentially present on the Property. It is important to mention that the absence of a species from a database or a field survey does not mean that the species is absent from the area of interest. Three at risk bat species were observed in the study area. The Hoary and Silver-haired bats are likely to be designated threatened or vulnerable in Québec (MFFP, 2019). They have no status at the federal level. The Little Brown bat is considered endangered and is listed in Appendix 1 of the Species at Risk Act in Canada. 17.2 MONITORING PROGRAM During the mining operations, a monitoring program will be implemented with instrumentation (e.g., groundwater monitoring wells, surface water monitoring stations, etc.) installed. The environmental monitoring program aims to ensure compliance with the environmental laws and regulations, conditions of the various permits and commitments that Sayona has made during the various meetings with stakeholders and public consultations. The monitoring program will be used to continue the environmental monitoring of the site after its rehabilitation and closure. Authier Lithium Technical Report Summary – Quebec, Canada 218 17.2.1 Groundwater Monitoring Piezometers have been installed on the site and monitoring of groundwater quality has been undertaken since 2017. Some piezometers are equipped with water level probes and measurements are done continuously. This monitoring will continue during construction, operation and after the closure of the site. Piezometers will be added before construction outside the affected areas, as many of the piezometers currently installed will have to be destroyed (i.e., footprint of the open-pit or the waste rock dump). 17.2.2 Effluent Monitoring The monitoring of the final effluent will comply with the requirements of Directive 019 on the mining industry and the requirements of the Metal and Diamond Mining Effluent Regulation. Monitoring will be carried out as soon as the final effluent is discharged and will continue for five years after closure. 17.2.3 Environmental Effects Monitoring Program Only the federal government requires monitoring of the biological environment, which is a requirement of the Metal and Diamond Mining Effluent Regulation (MMER). The Metal Mining Environmental Effects Monitoring Program includes characterization of effluents (including toxicity testing), and receiving environment (fish, fish tissues, benthos, sediments). 17.3 WASTE ROCK, ORE, AND WATER MANAGEMENT Waste rock, ore and water management are presented in Chapter 15 (Project Infrastructure). Only geochemical characterizations and their results are presented hereafter. Geochemical studies allow the classification of waste rock, ore, and tailings according to provincial authority’s regulations standard for acid rock drainage potential (ARD) and metal leaching potential and identify any chemical that could potentially affect the surface or groundwater quality. Several studies of the mineralogy and environmental risk classification of waste rocks have been caried out from 2017 to 2021 and concluded that acid mine drainage is unlikely to occur in the waste stockpile and the temporary ore pile, but there is a potential for nickel leaching.

 
Authier Lithium Technical Report Summary – Quebec, Canada 219 17.3.1 Preliminary Geochemical Characterization Sayona conducted a preliminary geochemical characterization study of ore, waste rock and tailings samples in 2017 (Lamont, 2017). A total of 3 ore samples and 52 waste rock samples were collected and tested. These samples were selected based on geological cross-sections through the deposit to ensure the selected samples represent the vertical and spatial variability of the lithological rock units. The main conclusions of the preliminary geochemical characterization were: • All waste rock types and ore are not potentially ARD generating; • Ore is not “leachable” as per Directive 019 classification; • Main waste rock lithologies are “leachable” as per Directive 019 classification. Metal leaching is especially important for nickel. 17.3.2 Kinetic Geochemical Characterization Kinetic testing was carried out by CTRI in 2019-2020. Kinetic testing has been carried out on four composite samples using humidity cells, columns, and on-field barrels procedures. The kinetic tests, especially the barrels, showed that waste rock is not ARD, but nickel leaching is significant. Storage of leachable mining residues (including waste rock) require Level A sealing measures (e.g., geomembrane) for the protection of groundwater (Figure 17-2). Authier Lithium Technical Report Summary – Quebec, Canada 220 Figure 17-2 – Decision flowsheet to determine the level of required protective measures (translation of Figure 2.3 of Directive 019, March 2012 version). Authier Lithium Technical Report Summary – Quebec, Canada 221 17.3.3 Complementary Geochemical Studies In order to document the feasibility of segregation of waste rock as “leachable” and “non leachable”, various studies have been carried out: • Analysis of 611 waste rock samples for total metals and sulfur contents; • 3-D modelling of the nickel and sulfur distribution in the orebody; • Comprehensive mineralogical studies of ten samples with different characteristics (nickel content, sulfur content, etc.) targeting nickel speciation; • Static leaching tests on comprehensive mineralogical samples. • The main conclusion of these studies was that segregation is not possible because: o Nickel and sulfur in significant contents are not located in specific zones of the orebody; o Nickel is contained in both silicates and sulfides; o No relation has been observed between nickel leaching rates and nickel contents or sulfur contents. 17.3.4 Prediction of Water Quality Based on results from preliminary geochemical study and kinetic testing geochemical study, (MDAG, 2021) has produced a modelling of the quality of the water percolating through the waste rock pile and the water from open-pit dewatering. The predicted values will be used for wastewater treatment designs and installations. 17.4 PROJECT PERMITTING 17.4.1 Provincial Requirements In accordance with Québec’s Mining Act and Environmental Quality Act, permits are required in order to build and operate a mine. A mining lease is required from the Ministère des Ressources naturelles et des Forêts (MRNF), formerly MERN. From a federal perspective, no Environmental Impact Assessment (EIA) is required as long as none of the physical activities (SOR/2012-147) would trigger the federal process. Furthermore, other permits and authorizations may be required in connection with the mining activities. Authier Lithium Technical Report Summary – Quebec, Canada 222 17.4.1.1 Mining Lease The mining lease is required to extract ore under the Mining Act. The application must be accompanied by, among other things, an approved closure and rehabilitation plan and a scoping and market study on processing in Québec. Reception of a mining lease is conditional on obtaining approval of the closure plan. According to the Quality Environmental Act, a certificate of authorization is also required for construction and operation of the mine. A public consultation must also be part of the legal obligation and should last at least two months and include public open doors in the municipality where the Project is located. 17.4.1.1 Certificate of Authorization (Governmental Decree) The global certificate of authorization frames the environmental component of the Project, in respect to the Regulation respecting the environmental assessment and review of certain projects (CQLR, cQ2, r23.1). The projects listed in Schedule 1 are subject to the environmental impact assessment and review procedure under the Environment Quality Act (article 31.1). Therefore, Schedule 1 includes the establishment of a mine whose maximum daily capacity is equal to or greater than 2,000 metric tons. The following items summarize the timeline of events which have occurred regarding approvals: • In 2018, a project notification was sent to the MELCC for an 1,850-tpd project. • Due to the nature of the Project, and potential environmental issues, the MELCC has decided to use their discretionary power to make the Project subjected to the environmental assessment and review procedure. • In May 2019, Sayona sent a revised Project notification for a 2,600-tpd project. • In June 2019, the MELCC issued Guidelines for the EIA study of the Project. • In January 2020, Sayona issued the EIA study. • At the end of March 2020, the MELCC sent Sayona a first list of questions and commentaries. • In December 2020, Sayona provided the MELCC with responses to the questions. • In February 2021, the MELCC sent a second list of questions and commentaries to Sayona. • In August 2021, Sayona acquired the NAL site. This site has operated between 2013 and 2018. In addition to the mine, a spodumene concentrator and a lithium carbonate hydrometallurgical NAL site are present at this site. Therefore, Sayona has decided to modify the Authier Project in order the transport the ore to the NAL site for processing.

 
Authier Lithium Technical Report Summary – Quebec, Canada 223 • At the end of 2021, Sayona advised the MELCC that the Project has been modified in order to extract the ore at a 1,480-tpd rate for an extended life of mine (LOM) of 22 years. Mixing of NAL and Authier ores increase the overall lithium recovery. • In November 2022, Sayona notified the MELCCFP that the company would like the Authier project to remain under the provincial environmental authorization procedure (BAPE) even if the production rate is lower than regulatory trigger. • In November 2022, Sayona sent a new Project Notice to MELCCFP. • In February 2023, MELCCFP notified Sayona that the Authier Lithium Project will be subjected to the BAPE procedure. In terms of social acceptability of the Authier Lithium Project and relations with stakeholders, Sayona has put in place a monitoring committee in accordance with the Mining Law and discussions are underway for the establishment of an Impact and Benefit Agreement with Abitibiwinni (Pikogan) and Lac Simon First Nations. 17.4.1.2 Permits from MELCCFP Regional Office Following obtainment of the Governmental Decree, permits (ministerial authorization) will have to be delivered by the MELCCFP regional office. 17.4.2 Federal Requirements As per the Impact Assessment Act and the Physical Activities Regulations, a project is subject to the federal environmental impact assessment procedure if the mining or milling rates exceed 5,000 tpd. Therefore, the Authier Project is not subject to the federal procedure. 17.4.3 Other Authorizations Other permits or leases will have to be obtained depending on planned development activities at the site. Also, depending on RCM or municipal legislation, some permits may also be required from the RCM or the municipality. The Project is subject to a number of provincial, federal and, in some cases, municipal regulations. Main laws and regulations that are applicable are listed in Table 17-1. Authier Lithium Technical Report Summary – Quebec, Canada 224 Table 17-1 – Provincial and federal acts and regulations. Acts and Regulations Provincial Environment Quality Act (c. Q-2) Regulation respecting the application of section 32 of the Environmental Quality Act (Q-2, r. 2) Regulation respecting the application of the Environment Quality Act (Q-2, r. 3) Regulation respecting the regulatory scheme applying to activities on the basis of their environmental impact (Q-2, r.23.1) Design code of a storm water management system eligible for a declaration of compliance (Q-2, r.9.01) Clean Air Regulation (Q-2, r. 4.1) Regulation respecting operation of industrial establishments (Q-2, r. 26.1) Snow, road salt and abrasives management regulation (Q-2, r. 28.2) Regulation respecting pits and quarries (Q-2, r. 7) Regulation respecting the declaration of water withdrawals (Q-2, r. 14) Regulation respecting mandatory reporting of certain emissions of contaminants into the atmosphere (Q-2, r. 15) Regulation respecting halocarbons (Q-2, r. 29) Regulation respecting hazardous materials (Q-2, r. 32) Regulation respecting the reclamation of residual materials (Q-2, r.49) Regulation respecting activities in wetlands, bodies of water and sensitive areas (Q-2, r.0.1) Protection policy for lakeshores, riverbanks, littoral Zones and floodplains (Q-2, r. 35) Water withdrawal and protection regulation (Q-2, r. 35.2) Land protection and rehabilitation regulation (Q-2, r. 37) Regulation respecting the charges payable for the use of water (Q-2, r. 42.1) Directive 019 sur l’industrie minière (2012) Protection and rehabilitation of contaminated sites policy (1998) Mining Act (c. M-13.1) Regulation respecting mineral substances other than petroleum, natural gas and brine (M-13.1, r. 2) Threatened or Vulnerable Species Act (c. E-12.01) Regulation respecting threatened or vulnerable wildlife species and their habitats (E-12.01, r. 2) Regulation respecting threatened or vulnerable plant species and their habitats (E-12.01, r. 3) Compensation Measures for the Carrying out of Projects Affecting Wetlands or Bodies of Water Act (M-11.4) Act respecting the conservation of wetlands and bodies of water (2017, chapter 14; Bill 132) Watercourses Act (c. R-13) Regulation respecting the water property in the domain of the State (R-13, r. 1) Conservation and Development of Wildlife Act (c. C-61.1) Regulation respecting wildlife habitats (C-61.1, r. 18) Act respecting the lands in the domain of the state (chapter T-8.1) Regulation respecting the sale, lease and granting of immovable rights on lands in the domain of the State (chapter T-8.1, r. 7) Sustainable Forest Development Act (chapter A-18.1) Regulation respecting the sustainable development of forests in the domain of the State (chapter A-18.1, r. 0.01) Regulation respecting forestry permits (chapter A-18.1, r. 8.) Building Act (c. B-1.1) Safety Code (B-1.1, r. 3) Construction Code (B-1.1, r. 2) Explosives Act (c. E-22) Regulation under the Act respecting explosives (E-22, r. 1) Cultural Heritage Act (c. P-9.002) Occupational Health and Safety Act (c. S-2.1) Regulation respecting occupational health and safety in mines (S-2.1, r. 14) Highway Safety Code (c. C-24.2) Authier Lithium Technical Report Summary – Quebec, Canada 225 Acts and Regulations Transportation of Dangerous Substances Regulation (C-24.2, r. 43) Federal Impact Assessment Act (S.C. 2019, c. 28, s. 1) Physical Activities Regulations (SOR/2019-285) Designated Classes of Projects Order (SOR/2019-323) Information and Management of Time Limits Regulations (SOR/2019-283) Fisheries Act (R.S.C., 1985, c. F-14) Authorizations Concerning Fish and Fish Habitat Protection Regulations (SOR/2019-286); Metal Mining Effluent Regulations (SOR/2002-222) Canadian Environmental Protection Act (S.C. 1999, c. 33) PCB Regulations (SOR/2008-273) Environmental Emergency Regulations, 2019 (SOR/2019-51); Federal Halocarbon Regulations (SOR/2003-289) National Pollutant Release Inventory Species at Risk Act (S.C. 2002, c. 29) Canadian Wildlife Act (R.S.C., 1985, c. W-9) Wildlife Area Regulations (C.R.C., c. 1609) Migratory Birds Convention Act, 1994 (S.C. 1994, c. 22) Migratory Birds Regulations (C.R.C., c. 1035) Nuclear Safety and Control Act (S.C., 1997, c. 9) General Nuclear Safety and Control Regulations (SOR/2000-202) Nuclear Substances and Radiation Devices Regulations (SOR/2000-207) Hazardous Products Act (R.S.C., 1985, c. H-3) Explosives Act (R.S.C., 1985, c. E-17) Transportation of Dangerous Goods Act (1992) Transportation of Dangerous Goods Regulations (SOR/2001-286) 17.5 OTHER ENVIRONMENTAL CONCERNS The Project will create temporary and permanent modifications to the mine site. During the environmental assessment process, project activities, that may directly or indirectly affect the environmental (physical and biological) and social (human) components, have been identified. These activities could be conducted during one or all of the three phases of the Project: construction, operation, and closure & restoration. 17.5.1 Air Quality Air emission modelling was conducted in 2022 and Sayona will put in place a dust management plan to limit the majority of impact areas highlighted. The Project will establish various mitigation measures, such as use of water to control dust on mining site roads and all gravel roads used for ore transportation to the North American Lithium (NAL), site as well as progressive revegetation of the waste rock pile. Sayona will implement a complaint management protocol to allow citizens to express their concerns if the mining activities generate dissatisfaction. Authier Lithium Technical Report Summary – Quebec, Canada 226 17.5.2 Noise Noise modelling for the Project was carried out in 2019 and then updated in 2022. Given the size and remoteness of the Authier site, the soundscape should not be impacted, and the citizens should remain unaffected by noise. However, the soundscape will be locally altered and may disturb some territory users. A noise model was generated in 2022 for the ore transportation to the NAL site. The study showed that with all mitigation measures in place the impact will be negligible. In order to limit noise, the Project will implement various mitigation measures, such as blasting activities prohibited during evenings, weekends and at night, as well as no ore transportation on weekends and speed reduction on the small portion of the Route du Lithium. 17.5.3 Soils On-site activities may affect soil quality. Sayona will implement a procedure in the event of an oil, hazardous waste or hazardous material spill and carry out employee training. 17.5.4 Hydrology Water flows will be affected by mining operations. Therefore, the Project has been designed so that it has the smallest possible footprint and to avoid, as much as possible, any infringement on permanent watercourse. 17.5.5 Surface Water Quality To reduce unwanted effects on surface waters, Sayona will establish various mitigation measures including use of emulsion type explosives, placement of a geomembrane under the waste rock pile, the ditches and the water basins and installation of a treatment system capable of ensuring the discharge of effluents respecting Directive 019 norms and Metal and Diamond Mining Effluent Regulations (MDMER) norms, as well as aiming to respect, as far as possible, the Effluent Discharge Objectives that will be fixed

 
Authier Lithium Technical Report Summary – Quebec, Canada 227 by the Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (MELCCFP; formerly MELCC). By applying all these mitigation measures, the water that will be discharged into the natural environment is expected to be harm-free for the environment. 17.5.6 Hydrogeology and Underground Water Quality Dewatering the pit will cause localized groundwater drawdown during the mine operation period. This drawdown will not affect water users; therefore, no mitigation measures are required for this potential issue. However, a geomembrane will be installed under the waste rock pile, the ditches, and the water basins in order to protect groundwater quality. A hydrogeological study, conducted by Richelieu Hydrogéologie Inc., started in December 2016 included the installation of 27 observation wells (piezometers), groundwater sampling campaigns, the achievement of variable head permeability tests and tracer profile testing as well as groundwater level surveys. The hydrostratigraphic units identified at the Authier Property are the following: • Bedrock, a regional aquifer of a standard to low permeability. • Glacial till, an aquitard discontinuously covering the bedrock. • Fluvio-glacial sand and gravel (esker), a highly permeable aquifer, covering the till. • Glacio-lacustrine sand (aquifer) and silt (aquitard), covering the till unit and, partly, the fluvioglacial unit. • Organic layer, a thin and discontinuous aquitard. Following the water level surveys that were done for all piezometers installed on the site property, the following observations could be made: the groundwater level within the Property is in the order of 329 m and the general direction of flow is towards the southwest under a horizontal hydraulic gradient of 0.02. During mining operations, the groundwater flow, from beneath the waste rock pile, will be directed towards the pit then, at natural flow, it will be directed towards the southwest. Water will be collected by the drainage ditch surrounding the waste rock pile and directed to the water basins. The effects of mine dewatering on residential wells are deemed negligible. The effect of the Project on the environment would be, in the worst-case scenario, a reduced groundwater outflow to the local surface water network and to the wetlands. A reduced flow of brooks or drying of wetlands could then occur into the area of influence. Authier Lithium Technical Report Summary – Quebec, Canada 228 The southern part of the St-Mathieu-Berry Esker is enclosed into the area of influence of the mine. However, this part of the esker is not connected to the main part of the esker which is being tapped by the drinking facilities of the city of Amos and also by the Eska water bottling society. Both portions of the esker are separated by a bedrock lump. In the esker, the groundwater generally flows towards the north, except in the Project area where it is heading south and southeast and to the Harricana River watershed. The southern portion of the esker, located in the Project area, is in a different watershed than the remainder of the esker. However, because it is located at a lower altitude than the esker and isolated from it by a bedrock, the Authier Project will not threaten, in any way and under any circumstances, the water quality of this esker. 17.5.7 Terrestrial Vegetation In order to reduce negative effects of activities on the terrestrial vegetation, Sayona will establish various mitigation measures, such as adequate delimitation of construction areas to minimize the size of terrestrial vegetation affected, revegetation of affected construction areas with indigenous species after the work is completed and progressive reclamation of the waste rock pile. 17.5.8 Wetlands In order to reduce negative effects of activities on wetlands, Sayona will implement various mitigation measures, such as adequate delimitation of construction areas to minimize the wetlands surface affected and installation of culverts in areas where a road crosses wetlands to ensure that surface water circulates freely. Finally, a compensation plan has been developed to offset losses of wetlands under the Act respecting the conservation of wetlands and bodies of water. 17.5.9 Ichthyofauna In order to reduce negative effects of activities on ichthyofauna, Sayona will establish various mitigation measures, such as adequate delimitation of construction areas to minimize the fish habitats affected, location of infrastructure outside fish habitats where feasible, conservation of a riparian strip with a width of at least 30 m will be preserved on the banks of watercourses and waterbodies and treatment of potentially contaminated waters, if needed, before being sent back into the aquatic environment. Authier Lithium Technical Report Summary – Quebec, Canada 229 17.5.10 Species of Interest Sayona will implement numerous mitigation measures in order to protect herpetofauna, chiropterofauna, avifauna and small mammals. Those mitigation measures will reduce negative effects of activities on species of interest according to their taxonomic group. 17.5.11 Cultural and Archaeological Heritage No mitigation measures or specific maximization is planned for the cultural and archaeological heritage, except if, during mining activities, a cultural or archaeological site is discovered. In this case, the managers must report it to the site supervisor and, if necessary, work will cease at this site until an evaluation is completed by archaeologists. The public will also be informed. An archaeological potential study carried out in 2018 concluded that the archaeological potential is very low, or even non-existent. 17.6 SOCIAL AND COMMUNITY IMPACTS 17.6.1 Decarbonization Plan According to numerous scientists, to avoid the worst effects of climate change, global temperature rise must be limited to 1.5°C above pre-industrial levels. To tackle the issue, world leaders at the UN Climate Change Conference (COP21) signed the historic Paris agreement. One of its goals is to reduce global greenhouse gas emissions to limit the global temperature increase in this century to 2°C while pursuing efforts to limit the increase further to 1.5°C. To align with the Paris agreement objectives, different governments are making commitments to reduce their country’s greenhouse gas (GHG) emissions. In Canada, the Net-Zero Emissions Accountability Act (2021), enshrines in legislation Canada's commitment to achieve net-zero emissions by 2050. For its part, the Québec government committed itself to reducing by 37.5% by 2030 its GHG emissions in relation to the 1990 level. In a February 2023 report, governmental agency Statistiques Canada calculated that the mining sector in the province of Québec was responsible for 2.6% of the direct GHG emissions of the province (Statistiques Canada, 2021). Incidentally, many mining companies are stepping up to lower their emissions on a path towards carbon neutrality. As such, Sayona is engaged to play a role in global GHG emission reduction by extracting battery material that supports the transition to a low carbon energy economy and fight against Authier Lithium Technical Report Summary – Quebec, Canada 230 climate change (United Nations, 2020) while respecting the environment by aiming a low carbon footprint of its activities and applying best practices. With that in mind, the Company started developing a decarbonization plan for the Authier Lithium Project. The first steps of the plan’s development consisted in research and workshop sessions, which resulted in a preliminary roadmap identifying strategies for reducing the Project’s GHG emissions. As the technologies develop regarding GHG emissions reduction, the Company’s decarbonization plan will evolve and the related strategies will be adjusted. 17.6.2 Strategy A preliminary GHG emission level assessment over the life of the Authier Project showed that nearly 80% of the Project’s GHG emissions will come from mining operations as well as ore transportation. In order to reduce its environmental impact by reducing its GHG emissions, the Project’s decarbonization plan will address primarily those two emission factors. It will focus on two initial approaches: 1. Deploying innovative technologies to reduce GHG emissions produced by vehicles. 2. Compensating for difficult-to-reduce emissions by investing in GHG offsets. 17.6.2.1 Innovative Technologies Sayona will aim at implementing innovative technologies to reduce the GHG emissions for the Authier Project resulting from the Project related vehicles, both for the mining operation and the ore transportation. Three specific initiatives will be studied as part of the company’s decarbonization plan: • Alternative fuels: Operating conventional vehicles with renewable diesel sourced through the local supply chain; Retrofitting vehicles to run on renewable natural gas RNG; Collaborating with an original equipment manufacturer (OEM) and hydrogen producer for a proof of concept. • Electrification: Deploying battery powered trucks for ore transportation to LAN; Evaluating the best option to electrify mine operation with a mix of battery, trolley, and plug-in equipment. • Vehicle design: Working with an OEM to design more energy efficient equipment; Transitioning to an equipment fleet with structurally different energy consumption profile.

 
Authier Lithium Technical Report Summary – Quebec, Canada 231 Sayona is looking at the different readily available 100% electric transportation truck and related infrastructures to implement a trial period. 17.6.2.2 GHG Emissions Compensation Because a complete reduction of the Authier Project’s GHG emission cannot be foreseen with the current technology maturity, compensation investments will be considered in the decarbonization plan. There are two compensation efforts that will be evaluated: • Indirect compensation: Purchasing carbon credits from accredited/recognized organizations, with an emphasis on Québec based organizations; Invest in a local GHG reduction initiative. • Direct compensation: Restoring natural habitats, such as wetland, impacted by previous mining activities or other with a high sequestration potential; Creating and running a tree planting program with a focus on the Abitibi region. For Sayona, the decarbonization plan will be an opportunity for a unifying venture for its team, suppliers and stakeholders going forward. 17.6.3 Population The Authier Project site is located in La Motte, in the administrative region of Abitibi-Témiscamingue. The Property is accessible by a rural road network (Preissac Road and Nickel Road) connecting to Route 109, located a few kilometers east of the site (approximately 5 km). Route 109 connects Rivière-Héva with Amos, then Matagami; then joins Route 117 at Rivière-Héva. The Project is located approximately 35 km south of the Abitibiwinni Community of Pikogan. The Abitibiwinni (Community of Pikogan) are the Algonquins of northern Abitibi. Today, Abitibiwinni is one of nine Algonquin communities in Québec. The community of residence of Abitibiwinni is known as Pikogan, a reserve established in 1956, 3 km north of the city of Amos. The Authier Project mine area is at the heart of the ancestral Abitibiwinni Aki territory, which the Abitibiwinni has never yielded. Community members continue to frequent this territory, including traditional hunting, fishing, and picking activities. The community lives approximately 35 km north of the Authier Project mine site and 3 km north of Amos, on the west bank of the Harricana River. Municipalities near the Authier Project site include: La Motte, Saint-Mathieu d’Harricana, Rivière-Héva, Preissac, and Amos. Authier Lithium Technical Report Summary – Quebec, Canada 232 17.6.4 Stakeholder Mapping Stakeholder identification was completed in 2017 using a mapping of the study area and a series of interviews with community stakeholders. The Project is located on the territory of the municipality of La Motte and on the territory recognized in the agreement signed between the Government of Québec and the Abitibiwinni First Nation. Thus, these two communities were targeted first for information and consultation meetings. The list of stakeholders was then completed by identifying the individuals or groups that could be directly or indirectly affected by the Authier Project. The main Community/Regional Stakeholders (non-exhaustive list) are as follows: • Abitibiwinni First Nation; • Municipality of La Motte; • Municipality of Saint-Mathieu-d’Harricana; • City of Amos; • Municipality of Rivière-Héva; • Municipality of Preissac; • Municipality of Saint-Marc-de-Figuery; • Regional County Municipality of Abitibi; • Comité citoyen pour le développement durable de La Motte; • Société de l’eau souterraine d’Abitibi-Témiscamingue (SESAT); • Groupe de recherche sur l’eau souterraine (GRES UQAT); • Organisme de bassin versant du Témiscamingue (OBVT); • Organisme de bassin versant Abitibi-Jamésie (OBVAJ); • Eska Inc. 17.6.5 Land Uses The proposed mine site is entirely located on a forestry sector of public tenure which is not regulated by agreement. The main authorized uses for this forested area are production and harvesting of trees, outdoor activities, and agriculture. In the Project area, the activities found are as follows: • Timber harvesting. • Mining activities. • Exploitation of eskers and moraines. • Agricultural crop production. Authier Lithium Technical Report Summary – Quebec, Canada 233 • Recreational (trails, campsites, ski resorts, etc.) and residential activities (residences, motels, cottages). • Ecological reserves. • Hunting, fishing, and trapping activities. 17.6.6 Potential Community Related Requirements and Status of Negotiations or Agreements 17.6.6.1 Community Relations Program A Community Relations Program has been developed to approach and engage local stakeholders. This program included information sessions and consultations with municipalities, land users, First Nation community, non-governmental environmental organizations, and recreational associations. Consultation and community engagement efforts that have been deployed throughout the Project development allowed Sayona to outline stakeholders’ main preoccupations and expectations. The objective of this program is to provide baseline information to address some of the communities’ concerns and take them into consideration in the permitting process and in the design of the operation phase. The involvement of stakeholders will continue throughout the various project stages. 17.6.6.2 Impacts and Benefits Agreement An Impacts and Benefits Agreement (IBA) will be signed with Abitibiwinni First Nation (AFN). The IBA will contain clauses concerning issues such as financial arrangements, business opportunities, hiring of AFN members living or not in Pikogan, adapted formation program, transportation, social worker, establishment of various committees, environmental clauses, etc. An Agreement in Principle was concluded with AFN in December 2019 for the exploration phase of the Project. Authier Lithium Technical Report Summary – Quebec, Canada 234 17.6.6.3 Environmental Monitoring Committee The Environmental Monitoring Committee is composed of the following members: • Sayona; • AFN; • La Motte Citizens; • La Motte Senior Recreation Committee; • Regional Environmental Council; • Témiscamingue Watershed Organization; • Community Organization; • Centre-Abitibi Chamber of Commerce; • Harricana SADC; • Abitibi Local Centre for Development; • Eska Inc.; • Municipality of Preissac; • Municipality of La Motte; • Municipality of St-Matthieu d’Harricana; • Ministry of Natural Resources and Forests; • Abitibi MRC - Land Management; • Cegep of Abitibi-Témiscamingue. Meetings of this committee were held three times in 2019, three times in 2021 and twice in 2022. Annual reports from this committee will include: • A summary of the committee activities during the year. • Numbers of employees from La Motte and Preissac municipalities, from Pikogan and from Abitibi and Vallée de l’Or MRC. • Level of capital investments in Abitibi and in Québec province. • Level of operating costs spent in AFN, in Abitibi-Temiscamingue and in Québec province. Annual reports will be made public, and minutes of meetings will be made available on the Sayona internet site.

 
Authier Lithium Technical Report Summary – Quebec, Canada 235 17.6.6.4 Sayona-Abitibiwinni First Nation Joint Committee In 2021 and 2022, Sayona held numerous meetings with Abitibiwinni Band Council and with the AFN Liaison Agent in order to discuss the various aspects of the Project. 17.6.6.5 Economic Spinoffs Committee Employment creation in this region is expected by the community; Sayona has committed to favor employing local population if qualifications are deemed equivalent to ensure direct social and economic benefits for the local population. Sayona also committed to giving subcontracting contracts to local companies, particularly for construction, deforestation, or transport, which will further stimulate the economy and direct benefits to the local economy. This commitment was made before the La Motte Community as well as the Abitibiwinni First Nation. For this purpose, Sayona initiated the creation of a local business register that also contains their contact information. This will facilitate local recruitment. 17.7 CLOSURE AND RECLAMATION PLAN A rehabilitation and closure plan is required as per the Mining Act. It must be approved before issuance of the mining lease, and a financial guarantee to fully implement the plan must be provided in three payments in the first two years following the approval of the plan. The closure plan was submitted in May 2018 and will be adjusted as the Project develops. Progressive reclamation will be prioritised during the mining operation and will involve activities to reclaim, where possible, some parts of the waste rock stacking areas, exhausted borrow pits, etc. Rehabilitation would involve all activities after mining operations in accordance with the approved plan. Finally, monitoring would ensure that rehabilitation has been done successfully. Once all these steps are completed to the satisfaction of the MRNF, the land could be returned to the Crown. Authier Lithium Technical Report Summary – Quebec, Canada 236 17.7.1 Overview In accordance with the Mining Act requirements, a detailed closure plan must be submitted to the MRNF. The closure plan includes the following activities: • Rehabilitate the waste rock pile by covering slopes and flat areas with geotextiles, compacted inorganic overburden, organic overburden, and vegetation. • Remove from the site all surface and buried pipelines. • Remove buildings and other structures. • Rehabilitate and secure the open pit. • Reclaim any civil engineering works. • Remove machinery, equipment, and storage tanks. • Complete any other work necessary for final rehabilitation and closure. 17.7.2 Post-Closure Monitoring The detailed post-closure monitoring program will be conducted for at least five years after the final activities are completed. It will include the following aspects: • Monitoring of final effluent and surface water quality. • Status of revegetation. • Inspection for slope of the open pit, waste rock pile, ditches, etc. • Monitoring of groundwater quality. 17.7.3 Costs Estimation A financial guarantee whose amount corresponds to the total anticipated cost of completing all the work set forth in its rehabilitation and restoration plan. The payment shall be provided in three installments constituting 50%, 25% and 25% of the total restoration costs. The first payment shall be provided within 90 days of receiving the approval of the restoration plan. The second and third installments (25%) are due on the anniversary date of the restoration plan approval. The total cost of closure and reclamation (and the guarantee) is estimated at $41.7M. This cost includes the direct and indirect costs of site rehabilitation as well as post-closure monitoring, engineering costs (30%) and the mandatory 15% contingency. Authier Lithium Technical Report Summary – Quebec, Canada 237 It is noteworthy that the construction of the cover (overburden and geomembrane) over the waste rock pile corresponds to 89% of the total cost estimate. Installation of the cover will be carried out progressively. Authier Lithium Technical Report Summary – Quebec, Canada 238 18 CAPITAL AND OPERATING COSTS This chapter summarizes the capital and operating cost estimates related to the Project. All costs presented in this Report are in Canadian dollars, unless otherwise specified. 18.1 SUMMARY OF CAPITAL COST ESTIMATE The capital cost estimate prepared for this study meets AACE Class 3 criteria, usually prepared to establish a preliminary capital cost forecast and assess the economic viability of the Project. This allows management, and / or the Project sponsor, to obtain authorization for funds for the Project’s next stages. As such, this estimate forms the initial control estimate against which subsequent phases will be measured and monitored. Table 18-1 provides a summary by cost type for the initial capital costs. Table 18-1 – Initial capital costs summary. Item Total (M CAD) Mining (mining contractor, mining equipment and services) $5.80 Infrastructure $69.62 Wetland Compensation $1.50 Royalty Buyback $1.00 Total $77.92 Most of the capital for Authier is either pre-production or in the first year and is not presented on an annual basis. This is not the case for sustaining capital and is presented on an annual basis in a later section.

 
Authier Lithium Technical Report Summary – Quebec, Canada 239 18.1.1 Mine Capital Expenditure The mining cost estimate includes all elements associated with mining activities, including mine preproduction, the ore rehandling wheel loader, and other services, dewatering, clearing, grubbing, surveying, and spare parts. The mining operations will be performed by a mining contractor. Table 18-2 – Initial capital cost estimate for mining. Item Total (M CAD) Preproduction 3.39 Equipment 2.41 Total 5.80 The capital expenditure is based on budgetary quotes received from equipment suppliers and mining contractors. 18.1.2 Plant Capital Expenditure Plant capital costs have been assigned to the NAL project as the material mined from Authier will be transported and processed at that location. 18.1.3 Infrastructure Capital Expenditure Infrastructure costs included in the capital cost estimate are summarized as follows: • Waste stockpile foundation work; • Water collection basins; • Water treatment plant; • Electrical work; • On-site roads; • Access road; • Owner’s costs; • EPCM services; • Commissioning; • Overhead; Authier Lithium Technical Report Summary – Quebec, Canada 240 • Other; • Contingency. Table 18-3 provides the infrastructure capital cost estimate. Table 18-3 – Infrastructure capital cost estimate. Item Total (M CAD) Waste Stockpile and Water Management $44.85 Electrical Work $0.84 On-site Roads $2.53 Access Road $0.65 Owner's Costs $2.44 EPCM Services $7.33 Commissioning $0.28 Overhead $0.22 Other $1.37 Contingency $9.08 Total $69.62 Contingency is an integral part of the estimate and can best be described as an allowance for undefined items or cost elements that will be incurred, within the defined Project scope, but that cannot be explicitly foreseen due to a lack of detailed or accurate information. Contingency analysis does not consider Owner’s costs, Project risk, currency fluctuations, escalation, or costs due to potential scope changes or labour stoppages. 18.2 PREPRODUCTION AND ENVIRONMENTAL COSTS Table 18-4 summarizes the initial capital cost estimate with the following sections providing further detail and relevant basis for the estimate. Authier Lithium Technical Report Summary – Quebec, Canada 241 Table 18-4 – Project initial capital cost detailed summary. Item Total (M CAD) Mining $5.80 Preproduction Mining $3.39 Owner Equipment and Mine Services $2.41 Infrastructure $69.62 Waste Stockpile and Water Management $44.85 Electrical Work $0.84 On-site Roads $2.53 Access Road $0.65 Owner's Costs $2.44 EPCM Services $7.33 Commissioning $0.28 Overhead $0.22 Other $1.37 Contingency $9.08 Wetland Compensation $1.50 Wetland Compensation $1.50 Royalty Buyback $1.00 1 claim $1.00 Total $77.92 18.3 BASIS OF ESTIMATE 18.3.4 Estimate Overview and Qualifications The capital cost estimate includes data from different sources and allocations from the Owner’s team. The capital cost estimate includes all direct costs, indirect (Owner and other) costs, contingency, and other allowances. The estimate is based on the preliminary engineering and design completed to date. Budget quotations have been obtained for key equipment while materials and construction efforts are based on in-house data from similar projects and industry standard estimating factors. 18.3.5 Base Date The estimate is expressed in constant Canadian dollars with a base date of Q1 2023. Authier Lithium Technical Report Summary – Quebec, Canada 242 18.3.6 Estimate Accuracy The estimate accuracy is evaluated based on the level of scope definition and type of pricing obtained for each element. This estimate’s accuracy level is expected to be between -20% to +20%. Foreign exchange risk or new duties impact have not been included in the accuracy assessment. This estimate of accuracy is also limited to the current scope. This accuracy level could be exceeded if the scope is varied by, for example, changing production rate, new environmental study results, or by major changes to assumptions regarding infrastructure. 18.3.7 Exclusions and Assumptions The caveats, exclusions, and assumptions relevant to the capital estimate include, but are not limited to: • Limited geotechnical data was available for the feasibility study; • Hydrogeological inputs to the FS were nominal only; • No infrastructure geotechnical investigations have been undertaken; • Cost of schedule delays caused by scope changes, labour disputes, or environmental permitting activities are excluded; • Project financing cost is excluded; • Additional study costs prior to Project implementation are excluded, e.g., water studies, sampling, ongoing testing, drilling and resource development; • VAT, import duties, surcharges and any other statutory fees are excluded; • Any provisions for Project risks, outside of those related to design and estimating confidence levels, have not yet been evaluated; • Mineral rights, rental fees and the purchase or use of the land are excluded; • Escalation and impact of currency fluctuations has been excluded; • Risk from new duties on material such as steel and aluminum on bulk material (e.g., structural, rebar and embedded metal in concrete, equipment, pipe, wire, etc.) is not included. 18.3.8 Wetlands Compensation A CAD$1.5M compensation measure is expected to offset losses of wetlands under the Act respecting the conservation of wetlands and bodies of water.

 
Authier Lithium Technical Report Summary – Quebec, Canada 243 18.3.9 Royalty Buyback A buyback of the 1% royalty on claim CDC2116146, for an amount of CAD$1.0M, is planned. 18.3.10 Closure and Reclamation In accordance with the Mining Act of Québec, closure and reclamation requirements have been developed to return the Authier Lithium Project site to an acceptable condition, ensuring that the site is safe, and the surrounding environment is protected. The cost of restoring the Authier Lithium site is estimated to be CAD$41.7M. As required by the Ministère des Ressources naturelles et des Forêts (MRNF, formerly MERN), this cost estimate includes the cost of site restoration, the post-closure monitoring as well as engineering costs (30%) and a contingency of 15%. In accordance with the regulations, Sayona intends to post a bond as a guarantee against the site restoration cost. 18.4 SUSTAINING CAPITAL The total sustaining capital cost is estimated at CAD$74.4M through the mine life. The sustaining capital cost is composed of the following items, presented in Table 18-5. Table 18-5 – Sustaining capital costs. Year Unit 2026 2027 2028 2029 2030 2031 –2035 2036 –2040 2041 –2047 Total Mining M CAD $0.00 $0.00 $0.14 $0.14 $1.34 $1.48 $0.26 $0.41 $3.76 Infrastructure M CAD $29.84 $0.00 $9.12 $21.29 $0.00 $10.39 $0.00 $0.00 $70.64 Sustaining Capital Costs M CAD $29.84 $0.00 $9.26 $21.43 $1.34 $11.88 $0.26 $0.41 $74.40 18.4.1 Mining The mine sustaining capital cost is attributable to the growing need for mine dewatering and clearing and grubbing as well as replacement for the ore-rehandling wheel loader. Authier Lithium Technical Report Summary – Quebec, Canada 244 18.4.2 Infrastructure Infrastructure sustaining costs include the expansion of the waste pile foundation and drainage ditches. Waste pile foundation has been sequenced in time for three reasons: 1. No need to prepare the whole area for Year 1. 2. Limit the amount of water to be treated with a larger area. 3. Delay capital expenditure. 18.4.3 Closure and Reclamation The mine closure cost estimated is attributable to: • The dismantling of the infrastructure, including restoration and the rehabilitation of the sector; • The dismantling and demobilization of the water treatment system and the pumping station including restoration and rehabilitation of the area; • Securing the site; and • The management of residual materials. 18.5 SUMMARY OF OPERATING COST ESTIMATE Table 18-6 summarizes the operating costs calculated for the life of mine (LOM) of the Project. Table 18-6 – Summary LOM operating costs. Cost Area LOM (M CAD) Unit (CAD/t Ore) Unit (USD/t Ore) Mining $540.56 $48.16 $36.12 Water treatment management $58.73 $5.23 $3.92 General and administration $20.97 $1.87 $1.40 Total operating costs $620.27 $55.26 $41.44 Reclamation bond insurance payment $7.65 $0.68 $0.51 Ore transport and logistics costs $223.36 $19.90 $14.92 Total operating and other costs $851.28 $75.84 $56.88 Royalty deductions $28.96 $2.58 $1.94 First Nation royalties $27.04 $2.41 $1.81 Reclamation and closure costs $41.71 $3.72 $2.79 Total Operating, Royalties, Reclamation and Closure Costs $948.99 $84.54 $63.41 Authier Lithium Technical Report Summary – Quebec, Canada 245 18.6 MINE OPERATING COST 18.6.1 Mine and Geology The operating costs have been estimated using parameters outlined in the previous sections of the Report. A mining contractor will carry out the majority of the mining and maintenance activities. Budgetary quotes were obtained from various mining contractors to estimate the operating costs. The cost estimate was developed from first principles and was based on the following general inputs and assumptions: • Diesel price of CAD$1.160/L. • Mining costs, excluding fuel, mine dewatering, supervision and technical services, and pre-split drilling and blasting: o Ore: CAD$7.01/t mined. o Waste Rock: CAD$5.28/t mined. o Overburden: CAD$3.80 CAD/t mined. • The mine operations salaries were provided by Sayona. Table 18-7 presents the estimated mining operating costs over the LOM and Table 18-8 presents the unit costs per cost category. Authier Lithium Technical Report Summary – Quebec, Canada 246 Table 18-7 – LOM mining operating costs. Description Unit 2025 2026 2027 2028 2029 2030 2031–2035 2036–2040 2041–2046 LOM Mining Contractor M CAD $5.66 $11.01 $10.59 $12.14 $31.31 $31.43 $165.32 $135.16 $35.73 $438.34 Owner Equipment M CAD $0.07 $0.14 $0.14 $0.14 $0.14 $0.14 $0.71 $0.71 $0.80 $2.99 Fuel M CAD $0.80 $1.57 $1.93 $2.08 $3.22 $3.27 $18.28 $17.93 $9.95 $59.04 Salaries M CAD $0.46 $0.92 $0.92 $0.92 $0.92 $0.92 $4.59 $4.59 $4.28 $18.51 Services M CAD $0.53 $1.08 $1.08 $1.09 $1.09 $1.11 $5.51 $5.59 $4.60 $21.69 Total Cost M CAD $7.53 $14.73 $14.66 $16.36 $36.68 $36.86 $194.41 $163.98 $55.35 $540.56 Total Unit Cost CAD/t mined $6.92 $7.82 $7.74 $6.56 $6.13 $6.17 $6.48 $6.76 $9.79 $6.79

 
Authier Lithium Technical Report Summary – Quebec, Canada 247 Table 18-8 – LOM mining operating cost breakdown. Cost Category LOM % of Total (CAD/t mined) Mining Contractor $5.51 81% Owner Equipment $0.04 1% Fuel $0.74 11% Salaries $0.23 3% Services $0.27 4% Total $6.79 100% 18.7 PLANT OPERATING COST Plant operating costs have been excluded as these form part of the NAL property operating costs. 18.8 GENERAL & ADMINISTRATION The total general and administration (G&A) costs are estimated at CAD$20.97M for the life of the Project, for an average of CAD$1.87/t of ore. The G&A costs are relatively low due to the processing and tailings disposal synergies with the North American Lithium (NAL) mine. The G&A costs include: • Contract services (janitor, security, garbage disposal); • Infirmary and safety equipment. • Site communications. • Training expenses. • Taxes & municipality support. • Additional environmental services. • Insurances. • Other general costs. Authier Lithium Technical Report Summary – Quebec, Canada 248 19 ECONOMIC ANALYSIS 19.1 ECONOMIC BASE CASE, INPUTS AND ASSUMPTIONS The economic analysis was performed using the following assumptions and basis: • The economic analysis has been done on a Project basis and does not take into consideration the timing of capital outlays that have been completed prior to the date of this Report. • The financial analysis was based on: o the Mineral Reserve Estimate presented in Chapter 15, o the mine plan and assumptions detailed in Chapter 16, o the marketing assumptions in Chapter 19, o the capital and operating costs estimated in Chapter 21, and o by taking into consideration key Project milestones as detailed in Chapter 24. • Production of ore is scheduled to begin in the third quarter (Q3) of 2025 model Year 1. Mine operations are estimated to span a period of approximately 22 years. • A discount rate of 8% has been applied for the NPV calculation. • The ore price of CAD$120/t is established by a contractual procurement agreement between NAL and Authier Lithium and will last for the whole production period of Authier Lithium. Furthermore, to confirm that this price is justifiable, a transfer pricing analysis was performed which provides a feasible price range for Authier Lithium’s ore of CAD$96/t (based on return of capital employed methodology) and CAD$137/t (based on return of total costs methodology). • All products are assumed to be sold in the same year they are produced. • Class-specific capital cost allowance rates are used for the purpose of determining the allowable taxable income. • The economic analysis was performed on Proven and Probable Mineral Reserves only as outlined in this Report. • Tonnes of mined ore are presented as dry tonnes. • Discounting starts in January 2025. • Cash inflows and outflows start in March 2025 and are presented in constant Q1 2023 CAD, with no inflation or escalation factors considered. • The accuracy levels ranged from -10% to +15%. This financial analysis was performed on both a pre-tax and after-tax basis with the assistance of an external tax consultant. The general assumptions used for this financial model, are summarized in Table 19-1. Table 19-2 shows all project costs for the life of the Project. Authier Lithium Technical Report Summary – Quebec, Canada 249 Table 19-1 – Authier Lithium operation – Financial analysis summary. Item Unit Value Unit Value Mine Life year 22 year 22 Strip Ratio t:t 6.1 t:t 6.1 Total Mill Feed Tonnage Mt 11.2 Mt 11.2 Revenue Ore Selling Price CAD/t ore 120 USD/t ore 90 Exchange Rate USD:CAD 0.75 Project Costs Open Pit Mining CAD/t ore 48.16 USD/t ore 36.12 Water Treatment and Management CAD/t ore 5.23 USD/t ore 3.92 General and Administration (G&A) CAD/t ore 1.87 USD/t ore 1.4 Reclamation Bond Insurance Payment CAD/t ore 0.67 USD/t ore 0.5 Ore transport and logistic costs CAD/t ore 19.9 USD/t ore 14.92 Project Economics Gross Revenue CAD M 1,347 USD M 1,010.3 Total Operating Cost Estimate CAD M 627.9 USD M 470.9 Reclamation Bond Insurance Payment CAD M 7.6 USD M 5.7 Transportation and Logistics Cost CAD M 223.4 USD M 167.5 Total Capital Cost Estimate CAD M 77.9 USD M 58.4 Total Sustaining Capital Cost Estimate CAD M 74.4 USD M 55.8 Reclamation and Closure Costs CAD M 41.7 USD M 31.3 Royalty Deduction CAD M 29 USD M 21.7 First Nation Royalties CAD M 27 USD M 20.3 Non-discounted Cash Flow (Pre-Tax) CAD M 280.4 USD M 210.3 Discount Rate % 8% % 8% PRE-TAX NPV @ 8% CAD M 58.1 USD M 43.5 Pre-Tax Internal Rate of Return (IRR) % 14.6% % 14.6% Table 19-2 – Authier Lithium operation – Authier Lithium total project costs. All Project Costs CAD (M) CAD/t Ore USD (M) USD/t Ore Total Operating Cost Estimate $628 $55.94 $471 $41.95 Transportation and Logistics Cost $223 $19.90 $168 $14.92 Total Sustaining Capital Cost Estimate $74 $6.63 $56 $4.97 Total Capital Cost Estimate $78 $6.94 $58 $5.21 Reclamation and Closure Costs $42 $3.72 $31 $2.79 Royalty Deduction $29 $2.58 $22 $1.94 First Nation Royalties $27 $2.41 $20 $1.81 Total Project Costs $1,101 $98.11 $826 $73.58 Authier Lithium Technical Report Summary – Quebec, Canada 250 19.2 PRODUCTS CONSIDERED IN THE CASH FLOW ANALYSIS Table 19-3 – Project cash flows on an annualized basis (CAD). Detailed Period/Fiscal Year Financials 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 LOM Total Authier Mine Production Summary Waste Rock (Mt) 0.1 1.1 1.2 0.7 2.4 4.3 4.9 5.4 5.2 5.2 5.4 5.5 5.2 5 4.6 3 1.4 0.7 0.5 0.4 0.3 0.2 0.1 63 Overburden (Mt) 0.3 0.4 0.2 0.9 1.3 1.1 0.6 0 0.2 0.3 0 0 - - - - - - - - - - - 5.4 ROM Ore to Plant (Mt) - 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.2 10.6 Stripping Ratio - 2.9 2.5 3.1 6.9 10.1 10.1 10.2 10.4 10.4 10.4 10.4 9.8 9.4 8.7 5.8 2.7 1.3 0.9 0.8 0.6 0.5 0.5 6.1 Revenues Ore Sales ($M) - 63.2 64 64.4 64.7 64.6 64.7 64.2 63.2 63.2 63.4 63 64 64.3 63.2 63 62.9 63.2 63.5 63.1 63.3 52.9 21 1347 Royalty Deduction ($M) - -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.1 -0.5 -29 Total Revenue ($M) - 61.9 62.6 63.0 63.3 63.2 63.3 62.8 61.9 61.8 62.0 61.7 62.7 62.9 61.8 61.6 61.6 61.8 62.1 61.8 62.0 51.8 20.5 1,318.1 Operating Expenditures Open Pit Mining ($M) - OWNER - 3.7 3.9 4.2 4.8 5.4 5.5 5.6 5.7 6 6 6 6 6.1 5.9 5.3 4.5 4.1 4 3.9 3 1.8 0.7 102.2 Open Pit Mining ($M) - CONTRACT - 11.2 10.8 11.4 21.7 31.4 32.3 33.1 32.7 32.7 33.4 33.4 31.8 31 28.6 19.9 11.4 7.5 6.4 6 5.5 4.4 1.7 438.3 Water Treatment/Management ($M) 0.5 1.5 1.5 1.5 2.3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2.5 1 58.7 General and Administration ($M) 0.3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0.5 21 Reclamation Bond Insurance Payment ($M) - 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 7.5 Total Onsite Operating Costs ($M) 0.8 17.7 17.5 18.3 30.1 41.1 42.1 43.0 42.7 43.0 43.7 43.7 42.2 41.5 38.9 29.5 20.3 16.0 14.7 14.1 12.8 10.0 4.0 627.7 Ore Transport and Logistics Costs ($M) - 10.5 10.6 10.7 10.7 10.7 10.7 10.6 10.5 10.5 10.5 10.5 10.6 10.7 10.5 10.4 10.4 10.5 10.5 10.5 10.5 8.8 3.5 223.4 Total Operating and Shipping Costs ($M) 0.8 28.2 28.1 29.0 40.8 51.8 52.8 53.6 53.2 53.5 54.2 54.2 52.8 52.1 49.3 40.0 30.7 26.5 25.3 24.6 23.3 18.7 7.5 851.1 Capital Expenditures

 
Authier Lithium Technical Report Summary – Quebec, Canada 251 Detailed Period/Fiscal Year Financials 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 LOM Total Pre-production ($M) 67.9 10 - - - - - - - - - - - - - - - - - - - - - 77.9 Sustaining ($M) - 14.9 14.9 4.6 15.3 11.4 0.7 - 1.7 5.4 4.2 0.7 0.1 - - - 0.1 0.2 0.1 - - - - 74.4 Mine Closure Plan Financial Guarantee ($M) - 20.9 10.4 10.4 - - - - - - - - - - - - - - - - - - - 41.7 Total Capital Costs ($M) 67.9 45.8 25.3 15.1 15.3 11.4 0.7 - 1.7 5.4 4.2 0.7 0.1 - - - 0.1 0.2 0.1 - - - - 194.0 First Nation Royalties First Nation Royalties ($M) 0.1 1.3 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.1 0.4 27 Cumulative First Nation Royalties ($M) 0.1 1.4 2.6 3.9 5.2 6.5 7.8 9.1 10.4 11.6 12.9 14.2 15.4 16.7 18.0 19.2 20.5 21.8 23.0 24.3 25.6 26.6 27.0 27.0 Pre-Tax Cash Flow Pre-Tax Cash Flow ($M) -57.4 -7.9 7 20.1 9.2 -1.3 10.1 9.6 7.6 3.6 3.4 7.1 9.9 11.3 12.6 21.6 31 35.4 37.1 37.5 38.9 33.9 0.2 280.4 Cumulative Pre-Tax Cash Flow ($M) -57.4 - 65.3 - 58.3 - 38.2 - 28.9 - 30.2 - 20.2 - 10.6 -3.0 0.6 4.0 11.1 21.0 32.2 44.8 66.4 97.4 132.8 169.9 207.4 246.3 280.2 280.4 280.4 Taxes Federal Corporate Income Tax ($M) - 2 1.9 2.2 1 - - - - - - - 0.1 1 1.2 2.4 3.6 4 4.1 4.2 4.3 3.7 1.5 37.2 Provincial Corporate Income Tax ($M) - 1.5 1.5 1.7 0.8 - - - - - - - 0.1 0.7 0.9 1.9 2.8 3.1 3.2 3.2 3.3 2.8 1.1 28.5 Québec Mining Tax ($M) - 1 1.8 2.7 1 0.4 0.4 0.4 0.6 0.5 0.5 0.7 0.8 1.1 1.9 3.4 5.5 7.6 8.4 8.6 9.4 8.2 3.2 68.1 Total Taxes ($M) - 4.5 5.1 6.6 2.7 0.4 0.4 0.4 0.6 0.5 0.5 0.7 1.0 2.9 4.0 7.8 11.8 14.7 15.7 16.0 17.0 14.7 5.8 133.7 Post-Tax Cash Flow Post-Tax Cash Flow ($M) -57.4 - 12.5 1.8 13.4 6.4 -1.8 9.6 9 7 3 2.8 6.3 8.8 8.3 8.5 13.7 19 20.7 21.3 21.4 21.8 19.1 -5.6 144.7 Cumulative Post-Tax Cash Flow ($M) -57.4 - 69.9 - 68.1 - 54.7 - 48.2 - 50.0 - 40.4 - 31.4 - 24.5 - 21.5 - 18.7 - 12.4 -3.6 4.7 13.2 26.9 46.0 66.7 87.9 109.3 131.2 150.3 144.7 144.7 Authier Lithium Technical Report Summary – Quebec, Canada 252 19.3 FINANCIAL MODEL AND KEY METRICS The financial evaluation results for the base case of the Project are presented in Table 19-4. Table 19-4 – Financial analysis summary (pre-tax and after-tax). Description Base Case Unit Pre-Tax Non-Discounted Cashflow $280.40 CAD (M) Net Present Value (8% disc.) $58.10 CAD (M) Internal Rate of Return (IRR) 14.6% % After-Tax Non-Discounted Free Cashflow $144.70 CAD (M) Net Present Value (8% disc.) $10.60 CAD (M) Internal Rate of Return (IRR) 9.4% % The pre-tax base case financial model resulted in an IRR of 14.6% and a NPV of CAD$58.1M with a discount rate of 8%. On an after-tax basis, the base case financial model resulted in an IRR of 9.4% and a NPV of CAD$10.6M, with a discount rate of 8%. 19.4 TAXES, ROYALTIES AND OTHER FEES 19.4.1 Royalties The Project is subject to paying royalties to several parties. Furthermore, Sayona is engaging with First Nations with the consideration of paying both fixed and variable royalties based on project cash flows. Preliminary assumptions have been included in the financial projections for the Project. 19.4.2 Working Capital The change in working capital is included in the calculation of both the pre-tax and after-tax cashflows. The major categories of working capital are: • Accounts receivable; • Accounts payable; Authier Lithium Technical Report Summary – Quebec, Canada 253 • Deferred revenue; • Inventory. 19.4.3 Taxation The Project is subject to three (3) levels of taxation: federal corporate income tax, provincial corporate income tax, and provincial mining taxes. The taxation calculations for the Project were completed by PricewaterhouseCoopers (PwC). The current Canadian tax system applicable to Mineral Resource income was used to assess the annual tax liabilities for the Project. This consists of federal and provincial corporate income taxes, as well as provincial mining taxes. The federal and provincial (Québec) corporate income tax rates currently applicable over the operating life of the Project are 15.0% and 11.5% of taxable corporate income, respectively. The marginal tax rates applicable under the Mining Tax Act in Québec are 16%, 22% and 28% of taxable income and are dependent on the profit margin. It has been assumed that the 20% processing allowance rate associated with transformation of the mine product to a more advanced stage within the province would be applicable in this instance. The tax calculations are based on the following key assumptions: • The Project is held 100% by a corporate entity carrying on its activities solely in La Motte, Québec, and the after-tax analysis does not attempt to reflect any future changes in corporate structure or property ownership. • Financing with 100% equity and, therefore, does not consider interest and financing expenses. • Tax legislation, i.e., federal, provincial, and mining, will apply up to the end of the period covered by the calculations as currently enacted and considering currently proposed legislation. • It is anticipated, based on the Project assumptions, that Authier will pay approximately CAD$133.7M of taxes over the life of the Project. 19.5 CONTRACTS A memorandum of understanding (MOU) was developed between Authier and NAL, whereby NAL agrees to buy 100% of the Authier ore material at a selling price of CAD$120/tonne of ore, delivered to the NAL ore pad area. The MOU was developed based on a lithium grade of 0.80% Li2O to 1.15% Li2O. Authier Lithium Technical Report Summary – Quebec, Canada 254 19.6 INDICATIVE ECONOMICS, BASE CASE The economic assessment of the Project was carried out using a discounted cash flow (DCF) approach on a pre-tax and after-tax basis, based on the procurement contract between Authier Lithium and North American Lithium (NAL). No provision was made for the effects of inflation as real prices and costs were used in the financial projections. Current Canadian tax regulations were applied to assess the corporate tax liabilities, while the most recent provincial regulations were applied to assess the Québec mining tax liabilities. Cash inflows consist of annual revenue projections. Cash outflows consist of capital expenditures including sustaining capital costs, operating costs, and taxes. These are subtracted from the inflows to arrive at the annual cash flow projections. To reflect the time value of money, annual net cash flow projections are discounted back to the Project valuation date using a discount rate. For this evaluation, a base case discount rate of 8% has been assumed. The discounted present values of the cash flows are summed to arrive at the Project’s net present value (NPV). The internal rate of return (IRR) on total investment was calculated based on 100% equity financing. The IRR is defined as the discount rate that results in a NPV equal to zero. The Project’s payback period has been calculated as the time required to achieve cumulative positive cash flow. Furthermore, an after-tax sensitivity analysis has been performed to assess the impact of variations in ore price, operating costs, project capital costs and sustaining capital costs on IRR and NPV at different discount rates (0%, 5%, 8%, 10%, 12%). The economic analysis presented in this section contains forward-looking information with regard to the Mineral Resource Estimates, commodity prices, exchange rates, proposed mine production plan, projected recovery rates, operating costs, construction costs and the Project schedule. The results of the economic analysis are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those presented here. 19.7 SENSITIVITY ANALYSIS A financial sensitivity analysis was conducted on the base case after-tax cash flow NPV and IRR of the Project. The after-tax results for the Project IRR and NPV, based on the sensitivity analysis, are summarized in Table 19-5 through Table 19-8.

 
Authier Lithium Technical Report Summary – Quebec, Canada 255 The sensitivity of the after-tax NPV was evaluated for changes in key variables and parameters such as: • Capital costs; • Sustaining capital costs; • Operating costs; • Price of ore sold to NAL. After-tax NPV sensitivities are from -30% to +30% to show the impact of NPV outputs at 8% discount rate. To complement after-tax NPV sensitivities is the after-tax IRR graph, which shows the overall project impact at these various sensitivities. The after-tax sensitivity analyses show that changes in the price of ore sent to NAL and the Project operating costs create the largest NPV variations. Table 19-5 – Ore price sensitivities on after-tax NPV. Ore Price % Variation -30% -20% -10% 0% 10% 20% 30% Ore Price (CAD/t) $84 $96 $108 $120 $132 $144 $156 Discount rate 0% -$138 -$25 $65 $145 $221 $297 $372 Discount rate 5% -$144 -$71 -$11 $43 $91 $139 $186 Discount rate 8% -$140 -$82 -$33 $11 $49 $87 $125 Discount rate 10% -$136 -$86 -$43 -$4 $30 $63 $95 Discount rate 12% -$133 -$88 -$50 -$15 $15 $44 $73 IRR 0.0% 0.0% 4.0% 9.0% 15.0% 20.0% 25.0% Table 19-6 – Operating costs sensitivities on after-tax NPV. Operating Costs % Variation 30% 20% 10% 0% -10% -20% -30% Operating Costs (CAD M)) $806 $744 $682 $620 $558 $496 $434 Discount rate 0% $24 $67 $107 $145 $181 $216 $252 Discount rate 5% -$43 -$12 $16 $43 $67 $90 $113 Discount rate 8% -$60 -$35 -$11 $11 $30 $48 $67 Discount rate 10% -$66 -$44 -$23 -$4 $13 $29 $45 Discount rate 12% -$70 -$51 -$33 -$15 $0 $14 $28 IRR 1.0% 4.0% 7.0% 9.0% 12.0% 14.0% 17.0% Authier Lithium Technical Report Summary – Quebec, Canada 256 Table 19-7 – Capital costs sensitivities on after-tax NPV. Capital Costs % Variation 30% 20% 10% 0% -10% -20% -30% Capital Costs (CAD M)) $101 $94 $86 $78 $70 $62 $55 Discount rate 0% $130 $135 $140 $145 $150 $154 $159 Discount rate 5% $26 $32 $37 $43 $48 $53 $59 Discount rate 8% -$6 -$1 $5 $11 $16 $22 $27 Discount rate 10% -$21 -$16 -$10 -$4 $2 $7 $13 Discount rate 12% -$33 -$27 -$21 -$15 -$10 -$4 $2 IRR 7.0% 8.0% 9.0% 9.0% 10.0% 11.0% 12.0% Table 19-8 – Sustaining capital costs sensitivities on after-tax NPV. Sustaining Capital Costs % Variation 30% 20% 10% 0% -10% -20% -30% Sustaining Capital Costs (CAD M)) $97 $89 $82 $74 $67 $60 $52 Discount rate 0% $130 $135 $140 $145 $149 $154 $159 Discount rate 5% $29 $34 $38 $43 $47 $52 $56 Discount rate 8% -$2 $2 $6 $11 $15 $19 $23 Discount rate 10% -$17 -$12 -$8 -$4 $0 $4 $8 Discount rate 12% -$27 -$23 -$19 -$15 -$11 -$7 -$4 IRR 8.0% 8.0% 9.0% 9.0% 10.0% 11.0% 11.0% Authier Lithium Technical Report Summary – Quebec, Canada 257 Figure 19-1 – After-Tax NPV at 8% discount rate for different sensitivity scenarios. -CA$ 150 -CA$ 100 -CA$ 50 CA$ 0 CA$ 50 CA$ 100 CA$ 150 -30% -20% -10% 0% 10% 20% 30% % Variation Ore Transfer Price Opex Project Capex Sustaining Capex Authier Lithium Technical Report Summary – Quebec, Canada 258 Figure 19-2 – After-Tax IRR for different sensitivity scenario. 0% 5% 10% 15% 20% 25% 30% -30% -20% -10% 0% 10% 20% 30% % Variation Ore Transfer Price Opex Project Capex Sustaining Capex

 
Authier Lithium Technical Report Summary – Quebec, Canada 259 19.8 ALTERNATIVE CASES / SENSITIVITY MODELS As described in the previous sections, several sensitivity analyses have been undertaken on the Base Case scenario with variations of -30% to + 30% on the transfer price, the Opex, the Project Capex and the Sustaining one. For Authier, the transfer price variation has the most material impact on the profitability of the project. This price has been determined by Sayona based on the appropriate level to extract and transport ore to North-American Lithium and it represents a fair market value considering the existing conditions. In addition, in the past, the project has been evaluated on the basis of having its own process plant at site with the associated infrastructures and cost. The possibility of trucking ore to the NAL concentrator has numerous advantages and did improve the project profitability. Authier Lithium Technical Report Summary – Quebec, Canada 260 20 ADJACENT PROPERTIES The area surrounding the Property, which is located between Val-d’Or, Amos and Malartic, is well known for mineral exploration activity, especially for gold, copper, and zinc. The Authier Property is surrounded by several exploration properties owned by various companies. Figure 20-1 shows the location of metallic deposits and showings in the area. The light green dots are occurrences of lithium in the area (from the Québec MRNF Sigeom Interactive database, 2012). It should be noted that the following information is not necessarily indicative of the mineralization on the Property that is the subject of this Technical Report. The most relevant mineral property in proximity (27 km east) to the Project (Figure 20-1) is Sayona Québec’s North American Lithium (NAL) property. NAL hosts a lithium deposit occurring in a series of spodumene-bearing pegmatite dykes. In recent history, NAL operated between 2013-2014 and 2017- 2019. The project was put into care and maintenance in 2019 due to poor spodumene market conditions. Sayona Québec acquired NAL on August 30, 2021. Sayona Québec restarted mining operations at NAL in late 2022 and commenced concentrator operations in February 2023. Authier Lithium Technical Report Summary – Quebec, Canada 261 Figure 20-1 – Local metallic deposits and showings. Figure 20-2 shows a map of adjacent claims to the Authier Project. Owners of adjacent properties included 2814250 Ontario Inc., First Energy Metals Limited, Olivier Lemieux, Eagle Ridge Mining Ltd., 9219-8845 Québec Inc., Lisa Daigle, and Ressources Jourdan Inc. Authier Lithium Technical Report Summary – Quebec, Canada 262 Figure 20-2 – Adjacent properties map.

 
Authier Lithium Technical Report Summary – Quebec, Canada 263 21 OTHER RELEVANT DATA AND INFORMATION Sayona was in the process of developing the Authier Property as a mine and concentrator facility until the acquisition of the former North American Lithium (NAL) Project. Since then, Sayona has reoriented the Authier Project to a spodumene ore producer selling its ore to NAL. This chapter describes how the Authier Project will be implemented. 21.1 PROJECT EXECUTION PLAN This execution plan is conceptual in nature and will be adjusted and refined during the next phases of the Project. Construction is expected to begin soon after reception of the certificate of authorization. The critical path to ore production is the reception of the certificate of authorization, mobilizing the mining contractor, and building the main access roads and the stockpile pads. In parallel with this work, the permanent facilities will continue to be built during the mining operation with the construction of the ancillary facilities. The following will be completed first: • Administration building; • Mine security and access point; • Fuel, lube, and oil storage facility. The permanent water treatment plant (WTP) will be completed prior to mining due to a long delivery lead times, specifically for the thickener, of 12 months. Until the permanent WTP is operational, temporary treatment solutions will be implemented. 21.2 PROJECT ORGANIZATION 21.2.1 Engineering and Procurement All Project phases including detailed engineering, procurement, preproduction, and construction activities will be under the direction of the Sayona project manager. Permitting will be supported by Sayona’s environmental team. Sayona has hired complementary expertise in project and construction management to increase its project delivery ability. The result is a team of experienced individuals with knowledge of the Abitibi local Authier Lithium Technical Report Summary – Quebec, Canada 264 construction conditions and contractors. They have managed projects in similar environments for the engineering and planning stages through construction to commissioning and transfer to operations. During the completion of the feasibility study phase, the request for proposal for engineering services will be sent out. The engineering firms will be responsible for the following procurement functions: • Technical specification and scope of work documents; • Technical and economical evaluations; • Short list meetings; • Purchase order requisition preparation; • Drawing management and approval; • Reception and coordination of vendor maintenance and operational documents. The Sayona team is responsible for the following procurement functions: • Bid request; • Addenda; • Reception of bids; • Final negotiation; • Contract award; • Purchase order release; • Progressive payment; • Shop visits; • Site logistics. 21.2.2 Construction Management Sayona will provide Project construction management services under the direction of the Construction Manager. The Construction Management Team (CMT) will include the following services: • Site supervision; • Reporting; • Project cost control; • Health and safety; • Scheduling; • Site procurement and logistics. It is recognized that an effective health and safety program during the Project is a necessity. The success of the construction safety program is contingent upon its enforcement at all stages of the Project including design, construction planning, construction execution, and start-up and commissioning. Authier Lithium Technical Report Summary – Quebec, Canada 265 The CMT will also follow the Sayona procedures and work methods to ensure the protection of the environment. Furthermore, the CMT will work closely with each department of the operations group to ensure proper installation and functional results. 21.3 RISK AND OPPORTUNITY ASSESSMENT There are a number of risks and uncertainties identifiable to any new project that usually cover the mineralization, process, financial, environment and permitting aspects. This project faces the same challenges, and an evaluation of the possible risks was undertaken; the highlights of which are summarized in this section. The resulting register identifies risks, impact categories, the severity and probability ratings as well as potential risk mitigation measures. Risks in the register have been grouped into the following categories: • Financial; • Organizational; • Geology – Resources & Reserves; • Mining; • Design/Engineering; • Procurement; • Construction; • Infrastructure; • Environmental & Permitting; • Legal; • Community; • Technological; • Operations; • Sales; • Fabrication; • Logistics. The severity/impact and likelihood ratings were identified as shown in Table 21-1. . Authier Lithium Technical Report Summary – Quebec, Canada 266 Table 21-1 – Risks. Rating Likelihood (Risk probability) Impact 1 Rare: <1% 1 (Minor) 2 Unlikely 1-10% 2 (Moderate) 3 Possible 10-20% 3 (Serious) 4 Likely 20-50% 4 (Major) 5 Almost Certain: >50% 5 (Critical) A high-level project risk assessment has been completed. The risk assessment identifies risks, impact category and a mitigation plan. The likelihood, impact, controls, and measures were developed for the identified risks. The assessment is necessarily subjective and qualitative. Table 21-2 and Table 21-3 show the top risks of the Project; the whole register can be found in Table 21-4. The risk and opportunities registers should be reviewed and updated at each stage of the Project to reduce uncertainties and de-risk the Project. Table 21-2 – Main project risks. Risks Details Category Description Rating category Mitigation Measures Logistics Worldwide crisis on freight forwarding Schedule Dedicate resources for expediting & logistics Health & Safety Mining traffic uses segments of roads common to ore transport and employee traffic. Berm separates the mining traffic from the others Safety Road to be widened and berm separating mining and other traffic. Add secondary access road to remove crossings Operation Start-up during wintertime Operation Implement temporary WTP during initial mining development Operation NAL will process with new ore from Authier after about six months of operation Production Support from external engineering staff during NAL transition to the blended ore processing Engineering Consultant engineers are very busy Schedule Frequent follow-up Construction Local contractors are very busy Schedule Reach out to province-wide contractors Environment Delays in obtaining mining and construction permits Schedule Frequent follow-up and pro-active approach of permitting authorities

 
Authier Lithium Technical Report Summary – Quebec, Canada 267 Table 21-3 – Main project opportunities. Opportunity Details Category Item Financial Assess the impacts of various financing scenarios Organization Begin planning to build a strong Owner’s team for the detailed engineering phase Resource Potentially increase the size of the Mineral Resource by testing extensions of known mineralization along strike at both of the Authier pegmatites, as well as by conversion of Inferred Mineral Resources to Reserves Geology Infill definition drilling within the main resource zone where the mineralization is not well defined and is currently treated as waste Geology Increase the size of the Mineral Resource at depth by testing the deep extensions of the known mineralization, especially those located on the west portion of the deposit Mining Assess the impact of high grading during the first three years of operation Mining Assess the option of varying the number of cutbacks Mining Perform a cost trade-off to assess the used and/or larger mining equipment Environment Optimize water management and design/construct basins and treatment facilities Construction Continue focusing on delivery of turn-key packages from local contractors Construction Optimize excavation/backfill by using existing Construction Develop strategies to maximize use of waste rock as construction materials Community Continue to increase visibility of Sayona in the local community Transport Explore various transportation options Authier Lithium Technical Report Summary – Quebec, Canada 268 Table 21-4 – Project risk register. Risk Details Mitigation Category Item Likelihood Impact Principal Impact Category Risk Score Actions Status Likelihood Impact Principal Impact Category Risk Score Logistics Worldwide crisis on freight forwarding. 5 5 Project delay/ cost 25 Shipments from China need to be identified and should be rigorously followed. Different suppliers should be approached if this is the case and dedicate a resource for expediting and logistics. Open 3 5 Project delay and cost 15 Health & Safety Mining traffic uses segments of roads common to ore transport and employee traffic. Berm separates the mining traffic from the others. 4 5 Safety 20 Road to be widened and berm separating mining and other traffic. Add secondary access road to remove crossings. Open 2 5 Safety 10 Operation Start Up during wintertime. 5 4 Operation 20 Implement temporary WTP during initial mine development. Open 4 3 Operation 12 Processing Process at NAL with new ore from Authier after about 6 months. 5 4 Processing 20 Support from external engineering staff during NAL transition to the blended ore processing (NAL+Authier). Open 4 3 Processing 12 Employment Consultants’ engineers and mining contractors are very busy. 4 4 Schedule 16 Frequent follow up. Open 2 2 Schedule 4 Construction Availability of local resources in Val 'D’Or for the construction activities. 5 3 Project Delay 15 Reach out to a variety of contractors (province-wide) and express Sayona’s interest in working with them. Open 3 3 Project Delay 9 Environmental Delays in obtaining mining & construction permits. 5 3 Project Delay 15 Open 3 3 Project Delay 9 Financial Any suspension of NAL operations will remove sole buyer of Authier Ore. 3 5 Financial 15 Open 3 5 15 Organization Hiring key employees 5 3 Management 15 Hiring external support. open 3 3 Management 9 Community Social acceptability of mining project and ore transport from Authier to NAL 3 4 Social 12 Regular communication with the communities and local surveillance committee. Open 2 2 Social 4 Public hearings (impact assessment). Company's social and financial commitment to community projects. Environmental Dust generation above limits 4 3 Environment 12 Reduce speed limit to 25-30 km/h+H21 in dry condition. Open 2 2 Environment 4 Authier Lithium Technical Report Summary – Quebec, Canada 269 Risk Details Mitigation Category Item Likelihood Impact Principal Impact Category Risk Score Actions Status Likelihood Impact Principal Impact Category Risk Score (Wind erosion of TSF and roads. Dust from mining operations and processing) Water spraying on hauling roads during dry condition. Water spraying during blasting, ore and rock loading and crushing. Keep tailings and waste moisture or flooded. Progressive TSF revegetation. Financial Contract Mining OPEX higher than expected 3 4 Financial 12 Select contract mining expert to counsel during proposal request and contractual documents Open 2 2 Financial 4 Incorporate lessons learned from NAL mining procurement process. General Limitations for electronic material supplies (the difficulty of receiving components from Asia in this time of COVID and port delays) 3 4 Schedule 12 Manufacturing control at the supplier's site. Constant follow-up from suppliers. Open 2 2 Schedule 4 Logistics Roadblocks for construction or maintenance between NAL and Authier forcing rerouting 3 4 Financial 12 Prepare permit requests for alternate routings Open 3 3 9 Logistics Maintenance cost of Preissac Road to be assumed by Sayona, current assumption is road maintenance by municipality. 4 3 Financial 12 Open discussions with municipality Open 3 3 9 Procurement Equipment availability delays due to Covid impact of fabrication resource availability (Mining, lifting, treatment …) 4 3 Schedule 12 This factor has and will affect fabrication of equipment. The mitigation plan can be not to use sole source, not to have common spare parts and to accept to pay a premium to receive the equipment on site earlier. Open 2 3 Cost/ Operation 6 General Covid delays and costs 5 2 Project Delay/ Cost 10 Anticipate delays and additional costs since the impacts are not fully known. The market still volatile. Open 4 2 Project Delay/ Cost 8 Community Issues related to Indigenous relations. 2 4 Social 8 Continuous discussions, meeting with communities and signing of agreement. Open 2 3 Social 6 Authier Lithium Technical Report Summary – Quebec, Canada 270 Risk Details Mitigation Category Item Likelihood Impact Principal Impact Category Risk Score Actions Status Likelihood Impact Principal Impact Category Risk Score Geology Reserves lower than expected. 2 4 Financial 8 Ongoing R&R update Open 2 3 Financial 6 Community Social acceptability aggregate transport during construction. 3 2 Social 6 Regular communication with the communities and local surveillance committee. Open 2 1 Social 2 Public hearings (impact assessment). Company's social and financial commitment to community projects. Environmental Spring freshet requires temporary water storage in the pit and may affect productivity. 2 3 Environment 6 Open 2 3 Environment 6 Environmental Costs increase in waste rock storage facility closure plan and other assets retirement obligations. Final guarantee. Lack of a recent mine closure plan update. 2 3 financial 6 Closure plan currently under development Open 1 2 financial 2 Financial CAPEX higher than expected. 3 2 Financial 6 CAPEX update Open 2 2 Financial 4 Environmental Existing geochemical characterization has been carried out for waste rock samples. Based on results, geomembrane has been required. MELCC could require more comprehensive geochemical characterization targeting waste rock. Recent results expected based on existing SPLP results from 2017-2018. Causing a significant capital cost increase. 1 5 CAPEX 5 - Future demonstration that waste rock stockpile water contamination is within acceptable levels would allow for reduction / elimination of future bentonite membrane installation. Open 2 5 CAPEX 10 Environmental Other contaminants in the mine water over discharge limit due to explosives (ammonium nitrate) Potential surface water contamination. 2 2 Environment 4 Appropriate explosive management and best practice in blasting and appropriate water treatment. Monitoring program of the final effluent. Everything in place and function. Closed 0 0 Environment 0 Non-compliance of water quality at the final effluent. Loss of control of the water treatment. Environmental 2 2 Operation 4 Internal auditing. Open 1 2 Operation 2

 
Authier Lithium Technical Report Summary – Quebec, Canada 271 Risk Details Mitigation Category Item Likelihood Impact Principal Impact Category Risk Score Actions Status Likelihood Impact Principal Impact Category Risk Score Failure in environmental impact assessment, surveillance and management. Periodic performance review. Infrastructure Overflow of untreated water due to water treatment plant shutdown. 2 2 Environment 4 Preventative maintenance program and available spare parts, training. Open 1 2 Environment 2 Design/ Engineering Availability of qualified technical personnel dedicated to the project. 3 1 Design 3 Engineering firm needs to be secured early Open 2 2 Design 4 Environmental Seismic activities above limit disturb community. 1 2 Social 2 Review and improvement of blasting method and design. Open 1 2 Social 2 Environmental Spill or unauthorized discharge of contaminants, chemical or petroleum products. 2 1 Environment 2 Employee’s awareness and SOPs review. Open 2 1 Environment 2 Implementation of SOPs. Internal auditing. Periodic performance review. Daily inspection of operations and infrastructures (Refer to OMS manual). Employee tasks observation/assessment. Preventive maintenance of equipment. Spill kits available in all equipment and in strategic locations on site. Procurement Adequate supply and storage of reagents for water treatment of the final effluent (May result in non- compliance of discharged water quality and in the stopping of dewatering of mine pit and of process water pumping). 1 2 Environment 2 Timely discussions with distributors / manufacturers and testing reagents from various sources. Open 1 2 - 2 Authier Lithium Technical Report Summary – Quebec, Canada 272 Authier Lithium Technical Report Summary – Quebec, Canada 273 22 INTERPRETATION AND CONCLUSIONS 22.1 PROJECT SUMMARY The S-K §229.1300 compliant Technical Report Summary provides a summary of the results and findings from each major area of investigation to a level that is equivalent and normally expected for a Feasibility Study of a resource development project. 22.2 KEY OUTCOMES The authors noted the following interpretations and conclusions in their respective areas of expertise, based on the review of data available for this Report. 22.3 GEOLOGY AND RESOURCES Highlights of the Authier Lithium deposit Mineral Resource Estimate (MRE) Update are as follows: Highlights of the Authier Lithium deposit Mineral Resource Estimate (MRE) Update are as follows: • The MRE inclusive of Mineral Reserves was reported at a cut-off of 0.55% Li2O and totals 6.04 Mt, with an average grade of 0.99% Li2O in the Measured category, 8.10 Mt, with an average grade of 1.03% Li2O in the Indicated category, for a combined total of 14.1 Mt at an average of 1.01% Li2O in the Measured and Indicated categories. An additional 3.00 Mt, with an average grade of 1.00% Li2O in the Inferred category is also present at Authier Lithium; • The effective date of the MRE is June 30, 2024. • The MRE exclusive of Mineral Reserves was reported at a cut-off of 0.55% Li2O and totals 229 Kt, with an average grade of 0.80% Li2O in the Measured category, 3.18 Mt, with an average grade of 0.98% Li2O in the Indicated category, for a combined total of 3.4 Mt at an average of 0.96% Li2O in the Measured and Indicated categories. An additional 6.34 Mt, with an average grade of 0.98% Li2O in the Inferred category is also present at Authier Lithium; • The effective date of the MRE is is June 30, 2024. Authier Lithium Technical Report Summary – Quebec, Canada 274 22.4 MINING AND RESERVES Key mining outcomes include: • Conversion of a portion of the Mineral Resources into Proven and Probable Mineral Reserves of 11.2 Mt at an average grade of 0.96% Li2O. Of this total, 6.2 Mt are Proven Reserves at 0.93% Li2O and 5.1 Mt are Probable Reserves at 1.00% Li2O; • Development of a mine plan that provides sufficient ore to support an annual feed rate of approximately 530,000 tonnes at the North American Lithium (NAL) crusher; • Updated detailed mine designs, including pit phasing; • Development of a dilution model to ensure that the ore sold to NAL and fed to the crusher respects final product specifications; • Development of a life of mine (LOM) plan that results in a positive cash flow for the Project, which permits conversion of resources to reserves. 22.5 INFRASTRUCTURE AND WATER MANAGEMENT Key Infrastructure outcomes include: • Site has been optimized through the reduction in the overall footprint; • The number of basins has been reduced from the original concepts; • New geochemical data has been considered and the use of membranes in ditches and below the waste rock facility are now required; • A progressive reclamation plan has been put in place as part of the overall facility sequencing. 22.6 MARKET STUDIES A supply agreement was signed between Authier and NAL for the purchase of 100% of the ore mined at $120 CAD/t delivered (Li2O content of 0.80% to 1.15%). 22.7 ENVIRONMENTAL AND SOCIAL ISSUES As mentioned in February 2023, the government agreed to Sayona’s request to voluntarily submit the Authier project to the Bureau d’audiences publiques sur l’environnement (BAPE). In line with its

 
Authier Lithium Technical Report Summary – Quebec, Canada 275 commitment to transparency and collaboration, Sayona’s request will allow citizens to get involved in the project’s development. The BAPE’s mission is to inform government decision-making by issuing findings and opinions that account for the public’s concerns and are based on the principles of the Sustainable Development Act. 22.8 PROJECT COSTS AND FINANCIAL EVALUATION 22.8.1 Capital Costs • The Project no longer considers a concentrator on site. All ore material will be sold to NAL and treated at the NAL concentrator. • Given that all waste rock material must be considered as metal leaching, the waste rock storage facility and water collection infrastructure must be built with a geomembrane as a foundation. • The total initial capital expenditure for the Project is estimated at CAD$77.9M. This estimate qualifies as Class 3, as per AACE recommended practice R.P.47R-11. The accuracy of this estimate has been assessed at -20% to +20%. • The estimate includes all the direct and indirect project costs, complete with the associated contingency. The estimating methods include quotations from vendors and suppliers specifically sought for this Project, approximate quantities and unit rates sourced from quotations and historic projects and allowances based on past projects. A summary of the capital expenditure distribution and sustaining capital expenditures are shown in Table 22-1 and Table 22-2. Table 22-1 – Project initial capital cost detailed summary. Item Total (M CAD) Mining $5.80 Preproduction Mining $3.39 Owner Equipment and Mine Services $2.41 Infrastructure $69.62 Waste Stockpile and Water Management $44.85 Electrical Work $0.84 On-site Roads $2.53 Access Road $0.65 Owner's Costs $2.44 EPCM Services $7.33 Commissioning $0.28 Overhead $0.22 Other $1.37 Contingency $9.08 Wetland Compensation $1.50 Wetland Compensation $1.50 Authier Lithium Technical Report Summary – Quebec, Canada 276 Royalty Buyback $1.00 CDC2116146 $1.00 Total $77.92 Table 22-2 – Project sustaining capital cost detailed summary. Year Total (M CAD) Mining $3.76 Infrastructure $70.64 Sustaining Capital Costs $74.40 22.8.2 Operating Costs The operating and other costs for the Project are CAD$949M or CAD$84.54/t ore for the LOM. The detailed operating costs are presented in Table 22-3. Table 22-3 – Summary LOM operating costs. Cost Area LOM Unit Unit (M CAD$) (CAD$/t Ore) (USD$/t Ore) Mining $540.56 $48.16 $36.12 Water treatment management $58.73 $5.23 $3.92 General and Administration $20.97 $1.87 $1.40 Total operating costs $620.27 $55.26 $41.44 Reclamation bond insurance payment $7.65 $0.68 $0.51 Ore Transport and Logistics Costs $223.36 $19.90 $14.92 Total operating and other costs $851.28 $75.84 $56.88 Royalty deductions $28.96 $2.58 $1.94 First Nation royalties $27.04 $2.41 $1.81 Reclamation and closure costs $41.71 $3.72 $2.79 Total Operating, Royalties, Reclamation and Closure Costs $948.99 $84.54 $63.41 22.8.3 Financial Analysis The NPV and IRR were calculated based on the sale of ore to the NAL operation at CA$120/t. Table 22-4 provides a summary of the financial analysis, which demonstrates that the NAL Project is economically viable. Key outcomes of the UDFS include: Authier Lithium Technical Report Summary – Quebec, Canada 277 • An estimated pre-tax NPV of CAD58.1M at an 8% discount rate and a pre-tax IRR of 14.6%. • An estimated after-tax NPV of CAD10.6M at an 8% discount rate and an after-tax IRR of 9.4%. The LOM has been extended to 22 years, based on estimated Proven and Probable Mineral Reserves of 11.2 Mt @ 0.96% Li2O. Table 22-4 – Financial analysis summary. Item Unit Value (CAD) Unit Value (USD) Production Mine Life year 22 year 22 Strip Ratio t:t 6.1 t:t 6.1 Total Ore Production Mt 11.2 Mt 11.2 Revenue Ore Selling Price CAD/t 120 USD/t 90 Exchange Rate CAD:CAD 1 USD:CAD 0.75 Project Costs Open Pit Mining CAD/t ore 48.16 USD/t ore 36.12 Water Treatment and Management CAD/t ore 5.23 USD/t ore 3.92 General and Administration (G&A) CAD/t ore 1.87 USD/t ore 1.4 Reclamation Bond Insurance Payment CAD/t ore 0.67 USD/t ore 0.5 Ore Transport and Logistic Costs CAD/t ore 19.9 USD/t ore 14.92 Project Economics Gross Revenue CAD M 1347 USD M 1010.3 Total Operating Cost Estimate CAD M 627.9 USD M 470.9 Transportation and Logistics Cost CAD M 223.4 USD M 167.5 Total Capital Cost Estimate CAD M 77.9 USD M 58.4 Total Sustaining Capital Cost Estimate CAD M 74.4 USD M 55.8 Reclamation and closure costs CAD M 41.7 USD M 31.3 Royalty Deduction CAD M 29 USD M 21.7 First Nation Royalties CAD M 27 USD M 20.3 Undiscounted Pre-tax Cash Flow CAD M 280.4 USD M 210.3 Discount Rate % 8% % 8% Pre-tax NPV @ 8% Internal Rate of Return (IRR) % 14.6% % 14.6% After-tax NPV @ 8% Internal Rate of Return (IRR) % 9.4% % 9.4% Authier Lithium Technical Report Summary – Quebec, Canada 278 23 RECOMMENDATIONS 23.1 PROJECT SUMMARY The current mine plan and schedule confirms the technical and financial viability of constructing a simple open-cut mining operation, waste rock storage facility and water treatment plant at the Authier site. The positive study demonstrated the opportunity to create substantial long-term sustainable shareholder value at a low capital cost. Given the technical feasibility and positive economic results of the current plan, it is recommended to continue the work necessary to support a decision to fund and develop the project. 23.2 GEOLOGY AND RESOURCES The Author considers that the Authier Lithium deposit contains a significant open pit Mineral Resource that is associated with a well-defined mineralized trend and model. The current Mineral Resource Estimate (MRE) update has shown that the Deposit can likely be mined by conventional open pit mining methods with a scenario of off-site custom milling ore rather than constructing and using an on-site mill. Drill hole results highlighted mineralization at depth and demonstrate that the Property has the potential for an underground resource. Further drilling is recommended to ascertain this potential. The Author considers the Property to have significant potential for delineation of additional Mineral Resources and that further exploration is warranted. Sayona’s intentions are to continue to drill the Deposit and plan to direct their exploration efforts towards resource growth, with a focus on extending the limits of known mineralization along strike and at depth, as well as infill drill of the existing deposit to convert portions of Inferred Mineral Resources to Indicated and convert portion of Indicated to Measured Mineral Resources. Given the prospective nature of the Property, it is the Author's opinion that the Property merits further exploration and that a proposed plan for further work is justified. A proposed work program by SGS will help improve the Deposit development stage and will improve key inputs required to evaluate the economic viability of a mining Project (open pit and underground) at a feasibility study level. SGS is recommending that Sayona conduct further exploration, subject to funding and any other matters which may cause the proposed exploration program to be altered in the normal course of its business activities or alterations which may affect the program as a result of exploration activities themselves. A total of 30,000 m of drilling is proposed to continue to focus on updating, expanding, and extending Mineral Resources, upgrading existing Indicated and Inferred Resources as well as exploring the Deposit at depth.

 
Authier Lithium Technical Report Summary – Quebec, Canada 279 The total cost of the recommended work program is estimated at CAD$5,625,000 (Table 23-1). Table 23-1 – Recommended work program for the Authier Lithium Deposit. Item Cost in CAD$ Surface mapping, outcrop detailed description, channeling, and sampling $100,000 Soil sampling of prospective areas $50,000 Resource classification drilling; 10,000 m $1,500,000 Underground potential drilling; 20,000 m $3,000,000 Assays/Geochemistry $900,000 Updated Resource Estimate $75,000 Total $5,625,000 23.3 MINING AND RESERVES The following recommendations are provided with regards to mining and reserves: • Perform a surveying campaign to confirm bedrock surface, focusing on Phase 1 and Phase 2 of the pit, as well as the water basins locations; • Assess the impact of high grading during the initial years of operation; • Assess the option of varying the numbers of mining phases; • Perform pit optimization sensitivity on overall pit slopes, metallurgical recovery and dilution/ore loss; • Perform pit optimization using Inferred Mineral Resources to provide guidance for in-fill drilling; • Conduct an additional geotechnical assessment to confirm the recommended pit slopes prior to advancing to the next stage of the project; • Produce a 2-year detailed mine plan, including a pre-production plan; • Assess the financial and operational gains which may be achieved via the use of larger mining equipment at Authier; • Reschedule the Authier plan with a potential later state date; • Confirm haul road and pit ramp designs based on the mining contractor haulage equipment fleet. 23.4 INFRASTRUCTURE Sayona has committed not to displace any material from the adjacent esker for construction. A conceptual site layout plan was developed which includes water management and treatment facilities, traffic management, and infrastructure. All major buildings were located on existing out-crops easily visible from the LiDAR surveys. Preliminary geotechnical studies were undertaken in 2018 after completion of the Authier Lithium Technical Report Summary – Quebec, Canada 280 Definitive Feasibility Study (DFS). Final plant lay-out and water management basin dimensions will be optimized during detailed engineering. The following recommendations are made related to project infrastructure: 1. Site layout: a. Further work is recommended to optimize the site layout and footprint; b. Review roads configurations to ensure efficient traffic flow and safety of personnel; c. All road and pad construction can be appropriately scheduled to maximize the use of mine waste rock from the pit. There is a possibility of using crushing equipment to produce aggregate for the civil construction to lower costs; d. Examine extending the industrial site by back-filling with waste rock; e. Examine a strategy for waste pile management and perimeter ditch construction to be performed by mining operations; f. Optimization of the use of waste rock for construction of internal roads and infrastructure areas. 2. Geotechnical: a. Additional geotechnical investigations are recommended to characterize and define the soils on the site. 3. Survey: a. Further ground-feature surveys are needed for the proposed infrastructure areas including off-site roads and proposed intersection locations. 4. Water management: a. Water management (e.g., location of ditches, catchment basin size and water treatment plant location and size) will be optimized during the detailed engineering phase. Basin size must be appropriately dimensioned to include fire water reserve. 5. General infrastructure: a. All recommended service infrastructure work should be focused on developing turn-key packages from local contractors to reduce the overall cost. Current costs are based on preliminary proposals from local contractors. Further negotiations during the detailed engineering phase with local contractors will allow for cost optimization. 6. Off-site infrastructure: a. If sections of roads must be enlarged, or culverts should be replaced, it is recommended to discuss the financial aspects with the La Motte and La Corne municipalities. Authier Lithium Technical Report Summary – Quebec, Canada 281 23.5 MARKET STUDIES For Authier, the ore extracted is to be transported to the North-American Lithium concentrator for processing alongside North-American Lithium's ore to produce spodumene concentrate. There is no external market. For North-American Lithium, the ore processed is processed into lithium spodumene. The spodumene is then sold in part to Piedmont Lithium through the existing offtake agreement, and in part sold to market participants, for transformation in lithium carbonate or hydroxide. The spodumene can be sold directly to customers, or through an intermediary commodity trader. 23.6 ENVIRONMENTAL AND SOCIAL RECOMMENDATIONS • Continue to inform and involve stakeholders as the project advances. • Continue evaluating the impacts of the project on the environment. • Design of mitigation measures, if required, to control dust, noise, light, etc. • Increase visibility of Sayona in the region with a local office in La Motte. • Conduct BAPE audience. 23.7 PROJECT COSTS AND FINANCIAL EVALUATION • Assess impacts of different financing scenarios. • Assess the financial gains achieved via the use of larger mining equipment. • Begin tender and negotiation processes for mining contractor and ore transport contractor. 23.8 WASTE DUMPS MANAGEMENT • Complete geochemical characterization of the waste rock to determine whether the rock is acceptable as off-site civil construction materials. • Optimization of the water management plan and design/construction of the water basins and treatment plant. • Initiate and complete geochemical characterization of rock excavated from the proposed basins to confirm if this material can be reused for site construction purposes. Authier Lithium Technical Report Summary – Quebec, Canada 282 23.9 DECARBONIZATION Continue developing Sayona’s decarbonization plan: • Complete a detailed assessment of greenhouse gas (GHG) emissions for the Project. • Develop a holistic decarbonization strategy for Sayona, aligned with broader environmental, social and governance (ESG) goals. • Determine the feasibility and viability of the selected options and continue technological monitoring. 23.10 PROJECT EXECUTION A project execution strategy was included in the Updated DFS with a clear separation between detailed engineering and an owner-driven Project Construction Management (PCM) team. The flexibility of a small owner-driven construction team fits well with the size and scope of the Project. Implementing this approach, typically, is more adaptable in a short timeline, such as this one, and simplifies the construction contract administration process.

 
Authier Lithium Technical Report Summary – Quebec, Canada 283 24 REFERENCES 24.1 LIST OF REFERENCES BBA, 2023. Leblanc, I., Piciacchia, L., Jarry, M., Dupuis, P., Richard, P.-L., Quinn, J. NI 43-101 Technical Report for the Definitive Feasibility Study Report for the North American Lithium Project, La Corne, Québec, Canada. Prepared for Sayona Mining Limited. April 14, 2023. Boily, M., Pilote, P., Raillon, H., 1989. la Metallogenie des Metaux de Haute Technologie en Abitibi- Temiscamingue. MERN; MB 89-29, 118 pages, 1 Plan. Boily, M., 1995. Petrogenese du Batholite de Preissac-Lacorne: Implications pour la Metallogenie des Gisements de Metaux Rares. MRN; et 93-05, 79 pages. Canadian Dam Association, 2007, The Dam Safety Guidelines 2007 (2013 edition) Canadian Dam Association, 2013, Application of Dam Safety Guidelines to Mining Dams. Canadian Dam Association, 2014, Application of Dam Safety Guidelines to Mining Dams. Cernÿ, P., 1993. Rare element granitic pegmatites. Part I: Anatomy and internal evolution of pegmatite deposits. Ore Deposit Models, volume 2, Geoscience Canada Reprint Series 6, p. 29-47. Cernÿ, P., 1993: Rare element granitic pegmatites. Part II: Regional to global environments and petrogenegis. Ore Deposit Models, volume 2, Geoscience Canada Reprint Series 6, p. 49-62. Corfu, F.,1993, The evolution of the southern Abitibi greenstone belt in light of precise U-Pb geochronology, Economic Geology (1993) 88 (6): 1323–1340. Desrocher, JP., and Hubert, C., 1996, Structural evolution and early accretion of the Archean Malartic composite block, southern Abitibi greenstone belt, Quebec, Canada: Canadian Journal of Earth Sciences, v. 33, p. 1556-1569. Environment Canada, 2016, Guidelines for the Assessment of Alternatives for Mine Waste Disposal. Government of Canada website, Canadian Climate Normals, https://climate.weather.gc.ca/climate_normals/index_e.html, accessed Auhust 23, 2022. Hawley, M., Cunning, J., 2017, Guidelines for Mine Waste Dump and Stockpile Design, CRC Press/Balkema. https://francophonie.sqrc.gouv.qc.ca/VoirDocEntentes/AfficherDoc.asp?cleDoc=1171071051202441392 0119115718054076212106206139 Authier Lithium Technical Report Summary – Quebec, Canada 284 http://www.empr.gov.bc.ca/Mining/Geoscience/MINFILE/ProductsDownloads/MINFILEDocumentation/ CodingManual/Appendices/Pages/VII.aspx Karpoff, B.S., 1994: Summary report on Lithium Lamotte Property for Raymor Resources Ltd, GM53176, 21 pages. Kramer, S.L., 1996, Geotechnical Earthquake Engineering, Prentice Hall Inc., Englewood Cliffs, NJ. Journeaux (2018). Open Pit Slope Design, Authier Lithium Project, Feasibility Study, Sayona Mining, Val D’or, Quebec, for Sayona Mining Limited, by Journeaux Assoc. Report No. L-14-2035-1 Rev. A, April 25, 2018, 55 pages. Lamont. 2017. Caractérisation géochimique des stériles, du minerai et des résidus. Projet Authier. 28 p. + appendices. LiDAR, 2016. File: 20161108_Courbes_Geoposition_La_Motte_NAD83_MTM10.dwg. MDAG. 2021. Authier Project – Maximum Full-Scale On-Sire Concentrations in Contact with Rock and Tailings. 22 p. + appendices. MFFP. 2019. Liste des espèces fauniques menacées ou vulnérables au Québec. Internet site. Ministère de l’Énergie et des Ressources Naturelles, Direction de la restauration des sites miniers, 2016, Guide de préparation du plan de réaménagement et de restauration des sites miniers au Québec. Ministère du Développement durable, de l’Environnement et des Parcs, 2012, Directive 019 sur l’industrie minière. Ministère des Ressources Naturelles, Direction de la restauration des sites miniers, 2014, Approbation de la mise à jour du plan de restauration du site minier Québec Lithium. Ministère des transports. (2004). Manuel de conception des ponceaux. Québec : Direction des structures Mulja, T., Williams-Jones, A.E., Wood, S.A. and Boily, M., 1995a: The rare-element-enriched monzogranite-pegmatite-quartz vein system in the Preissac-Lacorne batholith, Quebec. I. Geology and mineralogy, Canadian Mineralogist, v. 33, p. 793-815. Mulja, T., Williams-Jones, A.E., Wood, S.A. and Boily, M., 1995b: The rare-element-enriched monzogranite-pegmatite-quartz vein system in the Preissac-Lacorne batholith, Quebec. II. Geochemistry and Petrogenesis, Canadian Mineralogist, v. 33, p. 817-833. Richelieu Hydrogéologie Inc., 2018. Projet de lithium Authier de Sayona Québec Étude hydrogéologique et évaluation des effets du projet sur l’environnement. 77p. + appendices. Authier Lithium Technical Report Summary – Quebec, Canada 285 Sinclair, 1996. Sinclair, W.D. 1996: Granitic pegmatites; & Geology of Canadian Mineral Deposit Types, fed.) O.R. Eckstrand, W.D. Sinclair, and R.I. Thorpe; Geological Survey of Canada, Geology of Canada, no. 8, p. 503-512 (a& Geological Society of America, The Geology of North America, v. P- 1). Statistique Canada. (2021). Tableau 14-10-0202-01 - Emploi selon l'industrie, données annuelles, Code SCIAN 212. Repéré à https://doi.org/10.25318/1410020201-fra – Format de rechange - ZIP (Archive compressée) (statcan.gc.ca). Sayona Mining, 2024. O’Connell, T., Andrews, S., O’Leary and S., Hocking, A. S-K 1300 Technical Report Summary for Mineral Resource and Mineral Reserves at North American Lithium, with effective date of June 30, 2024. Sayona Mining, 2024. Collard, S., Quinn, J., Dupere, M. and Chabot, P. Authier Lithium DFS Technical Report Summary, with effective date of December 31, 2023. United Nations (2020). United Nations Conference on Trade and Development. Commodities at a glance. Special issue on strategic battery raw materials: https://unctad.org/system/files/official- document/ditccom2019d5_en.pdf. URSTM. 2015. Essais cinétiques sur quatre lithologies du projet Québec Lithium. 54 p. Wood Mackenzie, 2022, Global lithium strategic planning outlook – Q1 2022. Authier Lithium Technical Report Summary – Quebec, Canada 286 25 RELIANCE ON INFORMATION SUPPLIED BY REGISTRANT 25.1 INFORMATION SUPPLIED BY REGISTRANT The authors of the original Definitive Feasibility Study (DFS) upon which this Report is based, relied upon information provided by experts who were not authors of the Report. The authors of the various sections of the Report believe that it is reasonable to rely upon these experts, based on the assertion that the experts have the necessary education, professional designation, and related experience on matters relevant to the technical report. The authors have assumed, and relied on the fact, that all the information and existing technical documents listed in Chapter 27 (References) of this Report are accurate and complete in all material aspects. While the authors reviewed all the available information presented, we cannot guarantee its accuracy and completeness. The authors reserve the right, but will not be obligated, to revise the Report and conclusions, if additional information becomes known subsequent to the date of this Report. The statements and opinions expressed in this document are given in good faith and in the belief that such statements and opinions are neither false, nor misleading at the date of this Report. A draft copy of the Report has been reviewed for factual errors by Sayona. Any changes made because of these reviews did not involve any alteration to the conclusions made. 25.2 DETAILS OF RELIANCE The following is a list of the experts relied upon during the development of the Updated Definitive Feasibility Study, which this report is based on, in 2023: • BBA: BBA is an engineering consulting firm which among others offers a wide range of services to the mining industry. The provided inputs related to the infrastructure and the mining, environmental, financial analysis aspects. • Price Waterhouse Coopers: PwC provided support for the pre-tax cashflow and post-tax financial analysis as well as sensitivity analysis. • Richelieu Hydrogéologie Inc.: Richelieu Hydrogéologie was founded in 2005 to provide hydrogeological consulting services. The company specializes in numerical modeling of underground water flows around mines, quarries, and sand pits, e.g., evaluation of dewatering rates for open pits, optimization of dewatering well spacing, evaluation of the impact of groundwater pumping, as well as risk assessment associated with the transport of dissolved contaminants.

 
Authier Lithium Technical Report Summary – Quebec, Canada 287 • Journeaux Assoc.: Journeaux Assoc. is an engineering consulting firm specialized in foundations, dams, bridges, maritime ports, excavations, hydrogeology, tunnels, underground transportation systems and permafrost. They offer engineering, consulting, and design services in these sectors. • Craler: This firm provided the ore transportation study. • Services Forestiers et Exploration GFE Inc.: GFE provided technical personnel to support the various drilling campaign and samples collection. • Services d’ingénierie Norinfra Inc.: Norinfra did work on the environmental evaluation EES1 and soil characterization. Norinfra are well known in Abitibi and provide engineering services to numerous mining companies. • Intervia: This firm produced the traffic study. • Groupe-conseil Nutshimit-Nippour: This First Nation consulting company, a member of Groupe Desfor, contributed to environment expertise and to the landscaping architecture and related matters. Their expertise of the local Algonquin community and other First Nations particularities brings a unique and complementary expertise to this study. • MDAG and Lamont Inc.: These firms are specialized in geochemistry. They have been involved in geochemical characterization and prediction of mine water quality and waste rock dump water quality. • CTRI: This research institute carried out geochemical characterization studies. • COREM: This research center carried out mineralogical characterization of waste samples for management optimization. • Consultants GCM, Del Degan, Massé et Associés Inc., SNC Lavalin, and Patricia Desgagné, anthropologist and Englobe Corporation, also participated in the drafting of the Environmental Impact Assessment.