LSEG Stock Reports Plus

SAYONA MINING (SYA-AU) DETAILED REPORT SUMMARY

Mineral Resources / Metals & Mining / Specialty Mining & Metals Report Date: 2024-Jun-30

I/B/E/S MEAN LAST PRICE PRICE TARGET (12-MONTH)

0.04 (AUD) 0.18 0.08 (AUD)
BUY 2024 June 28 0.15 0.15 (+80.7%) Target vs. Current: 130.6%
# of Analysts: 3
3 Analysts 0.12
AUSTRALIAN
Exchange 0.09 0.08 (Mean) The chart indicates where
analysts predict the stock
0.06 0.04 price will be within the next
I/B/E/S (Institutional Brokers Estimates System) 0.04 (-51.8%)
0.03 12 months, as compared to
Mean recommendation from all analysts covering Current Price Price Target the current price.
the company on a standardized 5-point scale.

AVERAGE SCORE
NEGATIVE OUTLOOK: SYA's current score of 3 Score Averages
places it among the bottom quartile of stocks Metals & Mining Group: 4.9 Small Market Cap: 6.7
scored. Mineral Resources Sector: 4.9 ASX 200 Index: 6.8

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive IPX 6 9 9 10 9
WC8 2 9 9 9 9
Neutral INR 4 6 4 4 4
SYA 5 5 3 3 3
Negative
SYR 6 3 2 2 2
2021-06 2022-06 2023-06 2024-06

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 6 Years) Positive 2023-09-29 2023-06-30 -0.002 -0.007 71.4%

Surprise Type Amount Percent

Positive Years (> 2%) 1 100.0%
Negative Years (< -2%) 0 --
In-Line Years (within 2%) 0 --

FORWARD PE BUSINESS SUMMARY

Forward PE: -- Sayona Mining Limited is an Australia-based lithium producer with projects in
5-Year Average: -- Quebec, Canada and Western Australia. The Company's projects include Authier
ASX 200 Index Average: 17.6 Lithium Project, Tansim Lithium Project, Moblan Lithium Project, Lac Albert Lithium
Metals & Mining Group Average: 14.3 Project, Western Australia Lithium Projects, Western Australia Gold Projects, and
Western Australia Graphite Projects. The Authier Lithium project is situated
24
22 approximately 45 kilometers (km) northwest of the city of Val d'Or, a mining service
20 center in Quebec. The project area comprises 19 mineral claims totaling 653
18
16 hectares and extends approximately 3.4 km in the east-west, and 3.1 km in a
14 north-south direction, respectively. The Tansim Lithium project is situated
12
10 approximately 82 km southwest of the Authier Lithium Project. The project
8 comprises 355 mineral claims spanning 20,546 hectares (ha) and is prospective
6
4 for lithium, tantalum, and beryllium. The Moblan Lithium project is located in the
SEP OCT NOV DEC JAN FEB MAR APR MAY JUN
2023 2023 2023 2023 2024 2024 2024 2024 2024 2024 Eeyou-Istchee James Bay region of northern Quebec.

Important things you need to know about this research

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on methodology supplied by LSEG. LSEG does not provide any recommendations made in this research report. Under the nabtrade service there is
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obligations or performance of its subsidiaries or the products or services its subsidiaries offer. © National Australia Bank Limited
SAYONA MINING (SYA-AU)
Mineral Resources / Metals & Mining / Specialty Mining & Metals DETAILED STOCK REPORT
Report Date: 2024-Jun-30

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
0.04 (AUD) 33.7M 0.20 -- -- -4.3% -- -16.3%
2024 June 28 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
AUSTRALIAN Exchange
371M 0.03 -- -- 118M 19.3% -7.7%

AVERAGE SCORE
NEGATIVE OUTLOOK: SYA's current score of 3 Score Averages
places it among the bottom quartile of stocks Metals & Mining Group: 4.9 Small Market Cap: 6.7
scored. Mineral Resources Sector: 4.9 ASX 200 Index: 6.8

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive IPX 6 9 9 10 9
WC8 2 9 9 9 9
Neutral INR 4 6 4 4 4
SYA 5 5 3 3 3
Negative
SYR 6 3 2 2 2
2021-06 2022-06 2023-06 2024-06

HIGHLIGHTS I/B/E/S MEAN

- The score for Sayona Mining has been on a positive trend from
1 to 3 over the past 8 weeks. Buy Mean recommendation from all analysts covering
3 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was primarily due to
an improvement in the Earnings and Price Momentum
component scores. Strong Strong
Sell Hold Buy
Sell Buy

PRICE AND VOLUME CHARTS

1-Year Return: -78.8% 5-Year Return: 375%

BUSINESS SUMMARY
Sayona Mining Limited is an Australia-based lithium producer with projects in Quebec, Canada and Western Australia. The Company's projects include
Authier Lithium Project, Tansim Lithium Project, Moblan Lithium Project, Lac Albert Lithium Project, Western Australia Lithium Projects, Western
Australia Gold Projects, and Western Australia Graphite Projects. The Authier Lithium project is situated approximately 45 kilometers (km) northwest of
the city of Val d'Or, a mining service center in Quebec. The project area comprises 19 mineral claims totaling 653 hectares and extends approximately
3.4 km in the east-west, and 3.1 km in a north-south direction, respectively. The Tansim Lithium project is situated approximately 82 km southwest of
the Authier Lithium Project. The project comprises 355 mineral claims spanning 20,546 hectares (ha) and is prospective for lithium, tantalum, and
beryllium. The Moblan Lithium project is located in the Eeyou-Istchee James Bay region of northern Quebec.

Page 1 of 11
© 2024 LSEG. All rights reserved.
SAYONA MINING (SYA-AU)
Mineral Resources / Metals & Mining / Specialty Mining & Metals DETAILED STOCK REPORT
Report Date: 2024-Jun-30

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of five widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, and Price Momentum. A simple average of the underlying component ratings is normally
distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently using
alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment styles.
Additional criteria should always by used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum

PEER ANALYSIS Currency in AUD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2024-06-28) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
4 LTR 0.91 -33.9% -22.6% -68.4% 2.2B -- -- -- -- -- Hold 12

2 VUL 3.76 -21.3% 31.0% -8.3% 708M -- -- -- -368.6% -- Buy 3

9 JMS 0.32 -4.5% 40.0% 57.5% 617M 8.1 12.1 7.0% 548.5% -- Buy 1

9 IPX 2.04 -15.7% -9.3% 85.5% 525M -- -- -- -3797% -- Buy 2

9 WC8 0.32 -34.4% -51.9% 173.9% 380M -- -- -- -1322% -- Buy 2

3 SYA 0.04 -16.3% -7.7% -78.8% 371M -- -- -- -23.3% -- Buy 3

2 SYR 0.36 -25.3% -28.3% -58.4% 367M -- -- -- -178.7% -- Buy 5

4 INR 0.15 -28.6% -6.3% -54.5% 349M -- -- -- -- -- Buy 3

7 OMH 0.45 -11.0% 2.3% -11.9% 341M 11.9 8.7 2.3% 3.1% -- -- --

4 RNU 0.09 -20.0% 4.8% -52.4% 224M 488.9 -- -- 38.4% -- -- --

3 TLG 0.58 -17.7% -20.5% -60.7% 220M -- -- -- -3465% -- Buy 3

5.1 Average 0.82 -20.8% -6.2% -7.0% 572M 169.6 10.4 4.6% -951.5% -- Buy 3.8

PEER COMPANIES
INR ioneer RNU Renascor Resources
IPX Iperionx SYR Syrah Resources
JMS Jupiter Mines TLG Talga Group
LTR Liontown Resources VUL Vulcan Energy Resources
OMH OM Holdings WC8 Wildcat Resources

Page 2 of 11
© 2024 LSEG. All rights reserved.
SAYONA MINING (SYA-AU)
Mineral Resources / Metals & Mining / Specialty Mining & Metals DETAILED STOCK REPORT
Report Date: 2024-Jun-30

EARNINGS Currency in AUD

NEUTRAL OUTLOOK: Mixed earnings Earnings Score Averages

expectations and performance. Metals & Mining Group: 4.8 Small Market Cap: 5.5
Mineral Resources Sector: 4.9 ASX 200 Index: 5.7

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive INR 5 8 8 8 8
SYA 2 6 7 6 6
Neutral SYR 5 1 3 1 1
IPX NR NR NR NR NR
Negative
WC8 NR NR NR NR NR
2021-06 2022-06 2023-06 2024-06

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

INR
IPX
INR SYA
SYA
WC8

SYR SYR

IPX INR
SYA IPX
WC8 SYR
WC8

Last 4 Years Last 4 Weeks Last 120 Days

# Positive Surprises (>2%) 1 # Up Revisions 0 # Broker Upgrades 1
# Negative Surprises (<-2%) 0 # Down Revisions 0 # Broker Downgrades 0
# In-Line Surprises (within 2%) 0 Avg Up Revisions 0.00%
Avg Surprise 50.0% Avg Down Revisions 0.00%

HIGHLIGHTS PRICE TARGET

- Sayona Mining currently has a relatively neutral Earnings Rating of 6. The chart indicates where analysts predict the stock price will be within
The average Earnings Rating for its Specialty Mining & Metals industry the next 12 months, as compared to the current price.
is 4.6 and the S&P/ASX 200 index average is 5.7.
0.18 12-Month Price Target
- SYA's current fiscal year consensus estimate has decreased notably Mean (AUD) 0.08
over the past 90 days from 0.00 to -0.00, a loss of -233.3%. This trails 0.15 HIGH
High 0.15
the average Specialty Mining & Metals industry move of 0.0% during 0.12
the same time period. Low 0.04
0.09 MEAN Target vs. Current 130.6%
- During the past four weeks, analysts covering SYA have made no
0.06 # of Analysts 3
upward or downward EPS estimate revisions for the current fiscal year. 0.04
LOW
0.03
Current Price Price Target
(AUD)

Page 3 of 11
© 2024 LSEG. All rights reserved.
SAYONA MINING (SYA-AU)
Mineral Resources / Metals & Mining / Specialty Mining & Metals DETAILED STOCK REPORT
Report Date: 2024-Jun-30

EARNINGS PER SHARE

Actuals Estimates

Earnings per share (EPS) is calculated Quarterly -- --

by dividing a company's earnings by the Mean -- --
number of shares outstanding. Analysts Quarterly data is not available
tend to interpret a pattern of increasing High -- --
earnings as a sign of strength and flat Low -- --
or falling earnings as a sign of
# of Analysts -- --
weakness.

The charts provide a comparison NA NA NA NA

between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 0.006

0.003 Annual 2024 2025

Mean -0.004 -0.002
0.000 -0.002 HIGH
MEAN
High 0.000 0.000
-0.003 Low -0.008 -0.006
-0.006 LOW # of Analysts 3 3

-0.009
2023 2024 2025

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price I/B/E/S Mean: Buy (3 Analysts)
-- -- 2024 2025 Target
Strong Buy 0
Current -- -- -0.004 -0.002 0.08
30 Days Ago -- -- -0.004 0.000 0.08 Buy 2
90 Days Ago -- -- 0.003 0.001 0.08 Hold 1
% Change (90 Days) -- -- -233% -300% 0.00%
Sell 0
Current Fiscal Year End: 24-06
Strong Sell 0
Next Expected Report Date: 2024-07-29

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 6 Years) Positive 2023-09-29 2023-06-30 -0.002 -0.007 71.4%

Surprise Type Amount Percent

Positive Years (> 2%) 1 100.0%
Negative Years (< -2%) 0 --
In-Line Years (within 2%) 0 --

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may HIGH
influence a buy recommendation, while 250.0M MEAN
LOW 2024 2025
flat or falling sales and faltering 200.0M
earnings may explain a sell Mean 220.1M 240.4M
recommendation. A rising EPS with flat 150.0M High 230.2M 241.7M
or falling sales may result from
increased cost efficiency and margins, 100.0M
Low 210.1M 239.0M
rather than market expansion. This Forecasted Growth 13395% 14639%
chart shows the sales forecast trend of 50.0M
# of Analysts 2 2
1.6M
all analysts and the highest and lowest
projections for the current and next 0.00
2023 2024 2025
fiscal year.

Page 4 of 11
© 2024 LSEG. All rights reserved.
SAYONA MINING (SYA-AU)
Mineral Resources / Metals & Mining / Specialty Mining & Metals DETAILED STOCK REPORT
Report Date: 2024-Jun-30

FUNDAMENTAL
NEUTRAL OUTLOOK: Fundamentals relatively Fundamental Score Averages
in-line with the market. Metals & Mining Group: 5.3 Small Market Cap: 6.0
Mineral Resources Sector: 5.3 ASX 200 Index: 5.7

Fundamental Score Trend Peers 2020 2021 2022 2023 Current 6Y Trend
WC8 4 1 2 2 8
Positive SYA 1 2 9 9 7
IPX 4 1 6 4 6
Neutral
INR 3 6 2 3 3
Negative
2018 2019 2020 2021 2022 2023 SYR 6 8 10 4 2

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

SYA
WC8 WC8 SYA
INR

IPX IPX
IPX
SYR SYR

INR
INR
SYR
SYA
WC8

INR
IPX
SYA
SYR
WC8
Revenue Growth 7367% Current Ratio 3.0 Oper. Cash Yield 127.5% Dividend Growth --
For year over year For interim period For latest 12 months For year over year
ending 2023-12 ending 2023-12 ending -- ending --
Gross Margin -20.7% Debt-to-Capital 3.2% Accruals 47.2% Dividend Payout --
For latest 12 months For annual period For latest 12 months For latest 12 months
ending 2023-12 ending 2023-06 ending 2023-06 ending --
Return On Equity -4.3% Interest Funding 2.1% Days Sales In Inv. -509.8 Dividend Coverage --
For interim period For interim period For annual period For annual period
ending 2023-12 ending 2023-12 ending 2023-06 ending --
Net Margin -23.3% Interest Coverage -106.3 Days Sales In Rec. 5080.1 Current Div. Yield --
For latest 12 months For interim period For annual period For latest 12 months
ending 2023-12 ending 2023-12 ending 2023-06 ending --

HIGHLIGHTS
- The Fundamental Rating for Sayona Mining improved significantly over - The company's accruals ratio has been higher than its industry group
the last year from 1 to 7. The average Fundamental Rating for its average for each of the past five years.
Metals & Mining industry group is 5.3 and the S&P/ASX 200 index - Sayona Mining does not currently pay a dividend. Of 706 firms within
average is 5.7. the Metals & Mining industry group, it is among the 663 companies
- SYA's gross margin of -20.7% is substantially above the Metals & without a dividend.
Mining industry group average of -235%.
- SYA's debt-to-capital of 3.2% is substantially above the Metals &
Mining industry group average of 0.01%.

Page 5 of 11
© 2024 LSEG. All rights reserved.
SAYONA MINING (SYA-AU)
Mineral Resources / Metals & Mining / Specialty Mining & Metals DETAILED STOCK REPORT
Report Date: 2024-Jun-30

RELATIVE VALUATION
NEGATIVE OUTLOOK: Multiples significantly Relative Valuation Score Averages
above the market or the stock's historic norms. Metals & Mining Group: 5.1 Small Market Cap: 5.3
Mineral Resources Sector: 5.1 ASX 200 Index: 4.9

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive SYR 7 4 4 4 4
SYA 7 4 1 1 1
Neutral INR NR NR NR NR NR
IPX 2 NR NR NR NR
Negative
WC8 1 NR NR NR NR
2021-06 2022-06 2023-06 2024-06

RELATIVE VALUATION INDICATORS

Price to Sales Trailing PE Forward PE
(33.3% weight) (33.3% weight) (33.3% weight)

SYR

SYA

INR INR INR

IPX IPX IPX
WC8 SYA SYA
SYR SYR
WC8 WC8
Price to Sales 224.7 Trailing PE -- Forward PE --
5-Yr Average 20.0 5-Yr Average 23.4 5-Yr Average --
Rel. to 5-Yr Avg. >100% Premium Rel. to 5-Yr Avg. -- Rel. to 5-Yr Avg. --
ASX 200 Index 2.2 ASX 200 Index 22.8 ASX 200 Index 17.6
Rel. to ASX 200 >100% Premium Rel. to ASX 200 -- Rel. to ASX 200 --

HIGHLIGHTS
- Sayona Mining currently has a Relative Valuation Rating of 1 which is - SYA's Price to Sales ratio of 224.7 represents a >100% Premium to its
significantly below the S&P/ASX 200 index average rating of 4.9. 5-year average of 20.0.

Page 6 of 11
© 2024 LSEG. All rights reserved.
SAYONA MINING (SYA-AU)
Mineral Resources / Metals & Mining / Specialty Mining & Metals DETAILED STOCK REPORT
Report Date: 2024-Jun-30

PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 224.7 Trailing PE: --
5-Year Average: 20.0 5-Year Average: 23.4
ASX 200 Index Average: 2.2 ASX 200 Index Average: 22.8
Metals & Mining Group Average: 1.7 Metals & Mining Group Average: 17.9
>20 5-Yr Average 39
18 36
16 33
14 30
12 27
10 24 5-Yr Average
8 21
6 18
4 15
2 12
0 9
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: -- Forward PEG: --
5-Year Average: -- 5-Year Average: --
ASX 200 Index Average: 17.6 ASX 200 Index Average: 2.0
Metals & Mining Group Average: 14.3 Metals & Mining Group Average: 2.6
24 >5.0
22 4.5
20 4.0
18 3.5
16 3.0
14 2.5 This valuation data is not available
12 2.0
10 1.5
8 1.0
6 0.5
4 <0.0
OCT DEC FEB APR JUN 2019 2020 2021 2022 2023
2023 2023 2024 2024 2024

Page 7 of 11
© 2024 LSEG. All rights reserved.
SAYONA MINING (SYA-AU)
Mineral Resources / Metals & Mining / Specialty Mining & Metals DETAILED STOCK REPORT
Report Date: 2024-Jun-30

RISK
NEGATIVE OUTLOOK: Variable return patterns Risk Score Averages
(high volatility). Metals & Mining Group: 4.0 Small Market Cap: 7.3
Mineral Resources Sector: 4.1 ASX 200 Index: 8.6

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive IPX 6 5 7 7 7
SYR 2 3 5 5 5
Neutral WC8 2 4 4 4 5
INR 4 4 4 4 4
Negative
SYA 4 1 3 3 3
2021-06 2022-06 2023-06 2024-06

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

IPX
INR
WC8
SYA
SYR

IPX
SYR
SYR
INR
WC8 IPX
IPX
INR
SYA
SYA

INR
WC8 SYA WC8
SYR

Daily Returns (Last 90 Days) Standard Deviation Beta vs. ASX 200 2.40 Correlation vs. ASX 200
Best 12.2% Last 90 Days 5.03 Positive Days Only 4.57 Last 90 Days 29%
Worst -12.2% Last 60 Months 30.64 Negative Days Only 0.94 Last 60 Months 33%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 2.79 Correlation vs. Group
Best 113.3% Average 6.7% Positive Days Only 2.27 Last 90 Days 38%
Worst -43.7% Largest 15.1% Negative Days Only 2.85 Last 60 Months 32%

HIGHLIGHTS RISK ANALYSIS

- Sayona Mining currently has a Risk Rating of 3, which is Last 90 Days Last 60 Months
significantly below the S&P/ASX 200 index average rating of Best Worst # # Largest Best Worst
8.6. Daily Daily Days Days Intra-Day Monthly Monthly
- On days when the market is up, SYA tends to outperform the Peers Return Return Up Down Swing Return Return
S&P/ASX 200 index. On days when the market is down, the SYA 12.2% -12.2% 18 27 15.1% 113.3% -43.7%
stock generally performs in-line with the index.
- In both short-term and long-term periods, SYA has shown INR 18.0% -10.9% 23 29 17.4% 68.8% -48.4%
average correlation (> 0.2 and < 0.4) with the S&P/ASX 200 IPX 10.5% -8.2% 26 30 12.0% 100.0% -48.0%
index. Thus, this stock would provide only average levels of
diversification to a portfolio similar to the broader market. SYR 7.4% -8.1% 22 34 10.1% 95.6% -34.9%
- Over the last 90 days, SYA shares have been more volatile WC8 9.2% -11.8% 21 38 11.9% 250% -42.5%
than the overall market, as the stock's daily price fluctuations
have exceeded that of 98% of S&P/ASX 200 index firms. ASX 200 1.6% -1.8% 29 32 2.2% 10.0% -21.2%

Page 8 of 11
© 2024 LSEG. All rights reserved.
SAYONA MINING (SYA-AU)
Mineral Resources / Metals & Mining / Specialty Mining & Metals DETAILED STOCK REPORT
Report Date: 2024-Jun-30

PRICE MOMENTUM Currency in AUD

NEGATIVE OUTLOOK: Weak recent price Price Momentum Score Averages

performance or entering historically poor Metals & Mining Group: 5.8 Small Market Cap: 6.2
seasonal period. Mineral Resources Sector: 5.8 ASX 200 Index: 5.7

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive IPX 10 10 10 10 10
WC8 9 10 10 9 9
Neutral INR 7 8 4 4 3
SYA 5 7 2 2 2
Negative
SYR 6 8 2 3 2
2021-06 2022-06 2023-06 2024-06

PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(50% weight) (50% weight)

IPX IPX
WC8 WC8

INR
SYA

INR
SYR SYR
SYA

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
SYA Industry Avg Jun Jul Aug
Last 10 Days 45 41 Company Avg -2.9% 1.7% 4.9%
Last 50 Days 45 45 Industry Avg -4.2% 10.3% 2.5%
Last 200 Days 45 47 Industry Rank 51 of 70 17 of 70 25 of 70

PRICE PERFORMANCE
Daily close prices are used to calculate the SYA SYA ASX 200
performance of the stock as compared to a
ASX 200 Close Price (2024-06-28) 0.04 7,768
relevant index over five time periods.
52-Week High 0.20 7,897
2.9%
1-Week 52-Week Low 0.03 6,773
-0.4%

1-Month
-16.3% - Sayona Mining has a Price Momentum Rating of 2, which is
0% significantly below the S&P/ASX 200 index average rating of
5.6.
-7.7% - On 2024-06-28, SYA closed at 0.04, 82.0% below its 52-week
3-Month
-1.6% high and 12.5% above its 52-week low.
-49.3% - SYA shares are currently trading 7.2% below their 50-day
YTD moving average of 0.04, and 33.6% below their 200-day
2.3%
moving average of 0.05.
-78.8%
1-Year
7.9%

Page 9 of 11
© 2024 LSEG. All rights reserved.
SAYONA MINING (SYA-AU)
Mineral Resources / Metals & Mining / Specialty Mining & Metals
DETAILED STOCK REPORT TIPS
The Stock Report from LSEG is a comprehensive, company-specific analysis that
includes a proprietary Stock Rating along with underlying component indicators and
supportive data elements. The report is updated daily, although some of the data
elements and the ratings are updated weekly.
Average Score
The Stock Reports Plus Average Score combines a quantitative analysis of five
widely-used investment decision making tools - Earnings, Fundamental, Relative
Valuation, Risk, and Price Momentum. First, a simple average of the five underlying
component ratings is calculated. Then, a normal distribution is used to rank each
stock across the market on a scale of 1 to 10, with 10 being most favorable. A score
of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is negative. These five
factors may be evaluated differently using alternative methodologies, and the
importance of individual factors varies across industry groups, market capitalization
and investment styles. Additional criteria should always be used to evaluate a stock.
A company must have sufficient data available for at least three of the five
component indicators in order to receive an overall Average Score. Approximately
85% of the stocks within the coverage universe meet the criteria to generate a
score.
Indicator Components
The five indicators that comprise the stock rating are displayed. Like the stock
rating, the component rating scale is 1 to 10, with 10 being best. A company will
receive an 'NR' for No Rating if the required data elements or criteria are not met. A
detailed section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrences of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
● The Refinitiv Business Classification (TRBC) schema is used for industry
comparisons. It is designed to track and display the primary business of a
corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
● The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies classified within that industry.
Highlights
The automated text-generation system from LSEG creates highlights summarizing
the most noteworthy data. The bullets will vary by company and will change from
week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprises,
estimate revisions, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1 to
10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
● Earnings Surprises - The number of positive and negative surprises within the last
4 periods (quarters or years).
●
Estimate Revisions - The number of up and down revisions and the average
percentage change of those revisions within a 4 week period.
● Recommendation Changes - The number of broker upgrades and downgrades in
the last 120 days.
Price Target
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months.
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
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© 2024 LSEG. All rights reserved.
DETAILED STOCK REPORT
Report Date: 2024-Jun-30
Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters (when available) and two years. The
percentage change is calculated for the company as a means for comparison by
measuring the difference between the current consensus estimate and that of 90
days ago.
Analyst Recommendations
The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
as provided by I/B/E/S, the Institutional Brokers Estimate System, from LSEG. The
recommendations are presented on a five-point standardized scale: strong buy, buy,
hold, sell, and strong sell.
Earnings Surprises
● The surprise summary includes the total number of time periods (and percentage)
in the last 12 quarters (quarterly) or last 4 years (annual) in which earnings
surprises were positive, negative, or in-line. In order to be recognized as a
positive or negative surprise, the percent must be greater than 2% above or 2%
below the consensus, respectively.
● The surprise detail section includes a listing of the company's quarterly earnings
reported for the most recent 6 periods (quarters or years). The consensus analyst
estimate is provided to determine if the actual earnings report represented a
positive surprise, negative surprise, or in-line result.
Fundamental
The Fundamental Rating is based on a combination of four fundamental component
factors: profitability, debt, earnings quality, and dividend. Companies that do not pay
a dividend are not penalized. Each factor is equally weighted. Then, equal deciles
are used to rank each stock across the market on a scale of 1 to 10, with 10 being
most favorable. A stock needs to have at least two of the four fundamental factors
present in order to receive a score.
Profitability
● Revenue Growth: (Net Sales - Previous Net Sales) / Previous Net Sales
● Gross Margin: Gross Profit / Net Sales
● Return on Equity: Net Income / Total Equity
● Net Margin: Net Profit / Net Sales
Debt
● Current Ratio: Current Assets / Current Liabilities
● Debt-to-Capital: Total Debt / Total Capital
● Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) / Funds
from Operations
● Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
Debt + Preferred Cash Dividends)
Earnings Quality
● Operating Cash Yield: (Operating Cash Flow - Net Income) / Net Income
● Accruals: (Net Income - Operating Cash Flow - Investing Cash Flow) / Average
Net Operating Assets
●
Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
● Days Sales in Receivables: 365 / (Net Sales / Receivables)
Dividend
The company must have a current dividend yield.
● Dividend Growth Rate: (Dividends per Share - Previous Dividends per Share) /
Previous Dividends per Share
● Dividend Funding: Dividends / Operating Cash Flow
● Dividend Coverage: (Pre-Tax Income + Interest Expense) / (Interest Expense +
Dividends)
● Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays either quarterly scores over the past three
years or annual scores over the past six years, depending on the reporting periods
for the country. The best and worst scores can be easily determined from the values
shown on the chart for each quarter or year.
Relative Valuation
The Relative Valuation Rating is based on a combination of three component
factors: Price to Sales, Trailing P/E, and Forward P/E. Each factor is equally
weighted. Equal deciles are then used to rank each stock across the market on a
scale of 1 to 10, with 10 being most favorable. These common valuation metrics are
evaluated against the overall market, the index, and the company's own historic 5-
year averages. A stock needs to have at least one of the three relative valuation
factors in order to receive a score.
● Price to Sales: Close Price / (Sales for 4 Quarters or 1 Year / Shares
Outstanding)
SAYONA MINING (SYA-AU)
Mineral Resources / Metals & Mining / Specialty Mining & Metals DETAILED STOCK REPORT
Report Date: 2024-Jun-30

● Trailing P/E: Close Price / Most Recent 4 Quarters or 1 Year of Earnings
● Forward P/E: Close Price / Upcoming 4 Quarters or 1 Year of Earnings
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the
averages.
Valuation Multiples
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and
Price to Sales for the company and the relevant index average. In addition, a
comparison of the current company's values to its 5-year average and an industry
average are presented. A discount occurs when the company's ratio is valued more
favorably (lower) than that to which it is compared.
Risk
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and short-
term (90-day) stock performance measures including volatility, magnitude of returns,
beta, and correlation. Each factor is equally weighted. Then, equal deciles are used
to rank each stock across the market. A stock needs to have at least two of the four
risk factors in order to receive a score.
● Magnitude of Returns - The best / worst daily returns in the past 90 days and the
best / worst monthly returns in the past 60 months.
● Volatility - The standard deviation of the stock price over the last 90 days and last
60 months, along with the average and largest intra-day stock swing.
● Beta - Measures the tendency of a security?s returns to respond to swings in the
market, based on the beta of the company versus the relevant index.
●
Correlation - Determines how closely the returns of the stock and the relevant
index move together, measured over the last 90 days and last 60 months.
So far as laws and regulatory requirements permit, WealthHub Securities, its related
companies (including NAB), associated entities and any officer, employee, agent,
adviser or contractor thereof (the "NAB Group") does not warrant or represent that
the methodology, information, recommendations, opinions or conclusions contained
in this research report ("Information") is accurate, reliable, complete or current. The
Information is indicative and prepared for information purposes only and does not
purport to contain all matters relevant to any particular investment or financial
instrument. The Information is not intended to be relied upon and in all cases
anyone proposing to use the Information should independently verify and check its
accuracy, completeness, reliability and suitability and obtain appropriate
professional advice. The Information is not intended to create any legal or fiduciary
relationship and nothing contained in this research report will be considered an
invitation to engage in business, a recommendation, guidance, invitation,
inducement, proposal, advice or solicitation to provide investment, financial or
banking services or an invitation to engage in business or invest, buy, sell or deal in
any securities or other financial instruments.
The Information is subject to change without notice, but the NAB Group shall not be
under any duty to update or correct it. All statements as to future matters are not
guaranteed to be accurate and any statements as to past performance do not
represent future performance.
WealthHub Securities and the NAB Group take various positions and/or roles in
relation to financial products and services, and (subject to WealthHub Securities and
NAB policies) may hold a position or act as a price-maker in the financial
instruments of any company or issuer discussed within this research report, or act
and receive fees as an underwriter, placement agent, adviser, broker or lender to
such company or issuer. WealthHub Securities and the NAB Group may transact,
for its own account or for the account of any client(s), the securities of or other
financial instruments relating to any company or issuer described in the Information,
including in a manner that is inconsistent with or contrary to the Information.

Risk Analysis Subject to any terms implied by law and which cannot be excluded, the NAB Group
Price analysis for the company and the relevant index is provided over two time shall not be liable for any errors, omissions, defects or misrepresentations in the
periods. Daily analysis is provided for the last 90 days, whereas monthly statistics Information (including by reasons of negligence, negligent misstatement or
are used for the last 60 months. otherwise) or for any loss or damage (whether direct or indirect) suffered by persons
who use or rely on the Information. If any law prohibits the exclusion of such liability,
Price Momentum the NAB Group limits its liability to the re-supply of the Information, provided that
The Price Momentum Rating is based on a combination of two technical such limitation is permitted by law and is fair and reasonable.
performance factors: relative strength and seasonality. The factors are equally
This research report is intended for clients of the nabtrade service only and may not
weighted. Equal deciles are then used to rank each stock across the market on a
be reproduced or distributed without the consent of WealthHub Securities or NAB.
scale of 1 to 10, with 10 being most favorable. A stock needs to have data for the
The Information is governed by, and is to be construed in accordance with, the laws
relative strength factor in order to receive a score.
in force in the State of Victoria, Australia.
● Relative Strength - The relative strength of the company for the last 10 days, 50
days, and 200 days on a scale of 1 to 100. Methodology Disclaimer: The information provided represents the output of the
● Seasonality - The average monthly return (price performance) for the current methodologies adopted and does not necessarily reflect the views of the NAB
month and next 2 months for the company and industry, over the past 10 years. A Group.
lower industry rank indicates a higher return.
WealthHub Securities receives commission from dealing in securities, and from its
Price Performance
related parties and referrers. WealthHub Securities and its related parties may hold
Daily close prices are used to calculate the price performance of the stock. The shares in the companies about which it distributes research/information. The
performance of the relevant index is also displayed as a means of comparison. compensation of analysts who prepared this report is determined exclusively by third
party service providers ("Service Providers"). The research staff responsible for this
report receive remuneration from their employers only. Neither WealthHub
DISCLAIMER Securities nor the NAB Group have any influence on the payment of remuneration to
the research staff employed by the Service Providers. No inducement nor
The nabtrade service (nabtrade) is provided by WealthHub Securities Limited ABN
assistance has been or will be received by WealthHub Securities or the NAB Group
83 089 718 249 AFSL No. 230704 ("WealthHub Securities"), a Market Participant
from the subject of this report or its associates to undertake the research or make
under the ASIC Market Integrity Rules and a wholly owned subsidiary of National
the recommendations.
Australia Bank Limited ABN 12 004 044 937 AFSL 230686 (NAB). NAB doesn't
guarantee the obligations or performance of its subsidiaries or the products or
services its subsidiaries offer.
This nabtrade research report and any recommendations in this report are provided
by WealthHub Securities Limited ABN 83 089 718 249 AFSL No. 230704
("WealthHub Securities") based on methodology supplied by LSEG (Markets)
Australia Pty Limited ABN 70 002 834 237 ("LSEG"). LSEG does not provide any
recommendations in the research report.
This research report has been prepared by LSEG. Any advice contained in this
research report has been prepared without taking into account your objectives,
financial situation or needs. Before acting on any advice in this research report,
WealthHub Securities recommends that you consider whether the advice is
appropriate for your circumstances. WealthHub Securities recommends that you
obtain and consider the relevant Product Disclosure Statement or other disclosure
document, before making any decision about a product including whether to acquire,
dispose or to continue to hold it.
Research reports are issued by WealthHub Securities unless otherwise specified,
and are provided as general advice only. Past performance is not a guarantee of
future results.

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