ION Energy Strengthens Mongolian Team with Addition of Dr. Khashbat Dashteseren, PhD as Special Advisor

Toronto, February 3, 2021 - ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) ("ION" or the "Company"), is pleased to announce the appointment of Dr. Khashbat Dashteseren as Special Advisor to ION, based in Ulaanbaatar, Mongolia.

Dr. Dashteseren is a geologist and scholar with an extensive amount of experience exploring various minerals in Mongolia and has served with the Urban Development for the Department of Urban Development and Investment in Mongolia. Dr. Dashteseren was also the Chief Geologist at Geolink LLC before moving on to hold the role of Chief Executive Officer. Following that, Dr. Dashteseren worked as an Exploration Manager for Resource Partners Group. He has also spent a considerable amount of time researching laboratory analysis methods for lithium at the Akita University in Japan.

Dr. Dashteseren holds a PhD in Lithium Mineralization from the Mongolian University of Science and Technology, Ulaanbaatar, and is a Professional Geologist accredited by the Mongolian Professional Institute of Geology and Mining as well as a Professional Engineer accredited by the Mongolian Ministry of Mineral Resources and Energy.

"We are very pleased to have an individual of Dr. Dashteseren's caliber join our local team in Mongolia. His appointment further illustrates the potential of the Mongolian people and provides the company with an unparalleled lithium exploration technical team in country," stated ION Energy's CEO, Ali Haji, on the addition of Dr. Dashteseren as a Special Advisor.

The Company also announces that it has granted to certain consultants and insiders of the Company an aggregate of 685,000 incentive stock options (the "Stock Options") to purchase common shares under the Company's incentive stock option plan (the "Plan"). Each Stock Option is exercisable into a common share of the Company at a price of $0.55 for a period of two years from the date of grant. The Stock Options will vest immediately and be subject to the terms and conditions of the Plan and the policies of the TSX Venture Exchange.

About ION Energy Ltd.

ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) is committed to exploring and developing Mongolia's lithium salars. ION's flagship, 81,000+ hectare Baavhai Uul lithium brine project, represents the largest and first lithium brine exploration licence award in Mongolia. ION Energy is well-poised to be a key player in the clean energy revolution, positioned well to service the world's increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR at www.sedar.com.

For further information:

MEDIA CONTACT: Siloni Waraich, siloni@ionenergy.ca, 416-432-4920

Cautionary Note Regarding Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Information set forth in this news release contains forward‐looking statements. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Important factors that could cause actual results to differ materially from Ion Energy's expectations include, among others, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of lithium, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company's business. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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