Lithium Ionic drills best hole to date; 13 individual well-mineralized pegmatite veins within one hole with highlights of 1.32% Li2O over 24m

The Company has completed 22,000 metres of the drill program to date between the Bandeira and Galvani properties, which together cover only 872 of the 14,182 hectares it controls in this lithium-producing district. Bandeira is located approximately 500 metres south of Companhia Brasileira de L?tio's (CBL) Cachoeira lithium mine, and approximately 700 metres North of Sigma Lithium's large Barreiro lithium deposit (see Figure 1).

Hole ITDD-23-065 Highlights:

• Hole drilled to a depth of approximately 500m, intersected 13 individual well-mineralized stacked pegmatite veins from 160m to 485m down hole (see Figure 2 cross section), consistent with other large lithium deposits nearby.
• Best intersections drilled to date at Bandeira, with high lithium content over significant widths, including:
  • 1.32% Li20 over 24m, incl. 2.12% Li2O over 8m (See core photo, Figure 3)
  • 2.53% Li20 over 6.09m
  • 1.88% Li20 over 7.72m
• The hole successfully extended high-grade mineralization a further 200 metres down dip from previously reported hole ITDD-23-52 (see Figure 2), exceeding expectations with a continuous mineralized zone extending 500m from surface which significantly widens at depth.
• Two 150m step-out holes planned to test mineral continuity to the North-West, while assays are pending for drilled holes ITDD-23-060 and ITDD-23-052 to confirm up dip mineral continuity.
  

Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, "Hole 65 returned exceptional results, which from a grade and thickness perspective is by far the best hole ever drilled at the Bandeira property. Although this zone of multiple new mineralized pegmatites requires further definition, we are very encouraged by the prospect of a high-grade vein system which remains completely open to expansion up dip and at depth. We believe there is strong potential to expand on this extensive body of mineralization with the ongoing drilling. Our initial 30,000 metre drill program is nearing completion with five drills now turning at Bandeira and an additional two at Galvani. We look forward to continuing to report on the remaining results, which is expected to culminate into a mineral resource estimate in Q2 2023."

The new hole ITDD-23-065, along with holes ITDD-23-061 and ITDD-23-063 announced on March 21, 2023, which returned well-mineralized intervals of 1.43% Li2O over 17.1m and 1.73% Li2O over 13.6m represent much thicker pegmatites than previous results and point to the scale potential of the project as 12 separate NE-SW trending LCT (Lithium - Cesium - Tantalum) pegmatites continue to be defined.

The Company continues to drill nearly 4,000 metres per month and has completed approximately 22,000 metres (158 drill holes) of a budgeted 30,000 metre drill program, focused primarily on the Bandeira and Galvani targets. Approximately 14,000 metres (94 drillholes) have been drilled at Bandeira and approximately 8,000 metres (64 drillholes) have been drilled at Galvani. Seven drills are turning at the Bandeira and Galvani targets, with an 8^th rig being prepared for mobilization, as the Company continues to define the extent of the lithium deposits in preparation for a NI 43-101 mineral resource estimate expected in Q2 2023. The drill campaign at the Itinga Project was designed to deliver an initial mineral resource estimate by targeting near-surface mineralization associated with extensive lithium soil anomalies and trenches identified in 2022.

Previously announced drill highlights from Bandeira include:

• 1.43% Li2O over 17.1m (hole ITDD-23-061)
• 1.73% Li2O over 13.6m (hole ITDD-23-063)
• 1.47% Li2O over 15m from 242 metres depth (hole ITDD-23-057)
• 1.59% Li2O over 9.62m, incl. 2.39 Li2O over 5m (hole ITDD-22-039)
• 1.27% Li2O over 10.09m, incl. 2.13% Li2O over 5.06m (hole ITDD-22-023)
• 1.99% Li2O over 6.75m (hole ITDD-22-011)
• 1.44% Li2O over 8.33m (hole ITDD-22-012)
• 1.22% Li2O over 9.2m, incl. 1.71% Li2O over 5.7m (hole ITDD-22-024)
• 1.49% Li2O over 6.7m (hole ITDD-22-030)
• 2.22% Li2O over 3.7m (hole ITDD-22-025)
• 1.93% Li2O over 5.66m (hole ITDD-22-002)
• 1.55% Li2O over 5.2m (hole ITDD-22-001)

Figure 1: Plan Map of Bandeira Property with Drill Highlights, Section Locations & Nearby Lithium Deposits
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/67146f53-ca08-41b9-b551-53a60e37f524

Figure 2: Section LT700 Facing North-East; Holes ITDD-23-065
View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/ef4aa8a6-7dfd-467e-8f9a-3f2f9474db1a

Figure 3: Core Photo of Hole ITDD-23-065 from section LT700
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/5705c76f-2d3c-41c5-9b8d-c49280e3a83b

Table 1. Bandeira Drill Results

About Lithium Ionic Corp.

Lithium Ionic is a Canadian-based lithium-focused mining company with properties covering 14,182 hectares located in the prolific Ara?ua? province in Minas Gerais State, Brazil, which boasts excellent infrastructure, including highways, access to hydroelectrical grid power, water, and nearby commercial ports. Its Itinga Project neighbours CBL's Cachoeira lithium mine and Sigma Lithium Corp.'s construction-stage Grota do Cirilo project.

Quality Assurance and Control

During the drill program, assay samples were taken from NQ core and sawed in half. One-half was sent for assaying at SGS Laboratory, a certified independent commercial laboratory, and the other half was retained for results, cross checks, and future reference. A strict QA/QC program was applied to all samples. Every sample was processed with Drying, crushing from 75% to 3 mm, homogenization, quartering in Jones, spraying 250 to 300 g of sample in steel mill 95% to 150. SGS laboratory carried out multi-element analysis for ICP90A analysis.

Qualified Persons

The technical information in this news release has been prepared by Carlos Costa, Vice President Exploration of Lithium Ionic and Blake Hylands, CEO and director of Lithium Ionic, and both are "qualified persons" as defined in NI 43-101.

Investor and Media Inquiries:

+1 647.316.2500
info@lithiumionic.com

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute "forward-statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the prospectivity of the Company's mineral properties, the Company's ability to produce a NI 43-101 compliant mineral resource estimate, the mineralization and development of the Company's mineral properties, the Company's exploration program and other mining projects and prospects thereof. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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