Sayona’s Pilbara gold leases are prospective for intrusion related gold mineralisation, similar in style to that identified at the Hemi gold discovery. This style of mineralisation is hosted within altered late stage hi‐Mg diorites. Sayona’s tenement portfolio remains effectively untested for its gold potential with large areas masked by surficial cover.

The Mt Dove Project is within 5km of De Grey’s greater Hemi project area, a 15km trend which includes Hemi and adjacent intrusions and which is host to 8.5Moz Au in gold resources.

During the year, airborne magnetic surveys and geological mapping was undertaken which identified magnetic features for drill testing.

The Deep Well Project covers an area of 119 sq km to the west of Port Hedland.

Interpretation of new high resolution geophysical data, covering the entire lease area, has identified 11 discrete magnetic anomalies. A 60-hole air-core drilling program, carried out in May, completed a total of 60 drill holes for 1,677m. Drill samples have been submitted fogold, lithium and multi-element analysis. Results are pending.

Drilling targeted magnetic features that display similarities to the Hemi style of intrusion-related gold mineralisation. The T1, T2, T3, T7, T12a and T12b targets were tested. Planning for follow up RC drilling is underway.

Sayona holds the lithium rights at the Deep Well, Tabba Tabba and Red Rock tenements which cover a total of 334 sq km.

The Tabba Tabba Project is located north of the Pilgangoora lithium mining area, in a region of historic tin and tantalum mining.

It comprises six tenements covering 588 sq km, located 40km to the north of the Pilgangoora lithium mining area.

The main Tabba Tabba tenement, E45/2364 (lithium rights only), is centred in an area of historic tin and tantalum mining. Spodumene pegmatite has been identified in adjacent tenure and the Tabba Tabba Project provides exposure to the area’s emerging lithium prospectivity.

Soil geochemistry and geological mapping has identified pegmatite and geochemical anomalies and planning for drill testing of these features in the 2022 season are advanced.

During fiscal 2022, a geological and regolith terrain mapping study was undertaken over the tenements area, identifying a north-east trading structural corridor extending from Pilgangoora in the south.

As a first pass test for lithium and gold mineralisation, a soil geochemical sampling program was completed over a 10km+ extent to this target zone. Once results are returned they will be assessed for potential targets for drill testing.