Lithium Ionic drills 1.62% Li2O over 20m in new zone at its Bandeira Property, Minas Gerais, Brazil; Mineral resource definition drill program at Bandeira and Galvani nears completion

TORONTO, May 09, 2023 - Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF; FSE: H3N) ("Lithium Ionic" or the "Company") reports assay results from its 100%-owned Bandeira property as part of a 30,000-metre drill program at the Itinga Project, located within the lithium-rich Araçuaí district in the state of Minas Gerais, Brazil. The results from this campaign will culminate in an initial mineral resource estimate expected this quarter.

Bandeira is located approximately 500 metres south of Companhia Brasileira de Lítio's (CBL) Cachoeira lithium mine, and approximately 700 metres north of Sigma Lithium Corp.'s large Barreiro lithium deposit. (See Figure 1). The Company is currently the second largest mineral rights holder in the region, controlling 14,182 hectares in this emerging hard rock lithium-producing district.

Bandeira Drill Intercept Highlights

• 1.62% Li2O over 20m (hole ITDD-23-062)
  • Drilled in the northernmost extent of the property, this hole intersected a new high-grade zone of mineralization approximately 104 metres down hole (~80 metres from surface) (see Figure 2).
• 1.42% Li2O over 15.8m and 1.73% Li2O over 11m (hole ITDD-23-078)
  • Intersected 300 metres down-dip from previously reported holes ITDD-23-054 and ITDD-23-058 which intersected 1.84% Li2O over 6.45m and 1.44% Li2O over 6m, respectively (see March 21, 2023 press release and Figure 3).
  • Extension to be confirmed with pending holes ITDD-23-084 and ITDD-23-078.
• 1.24% Li2O over 18.1m, 1.99% Li2O over 6.7m, 1.66% Li2O over 8m and 2.10% Li2O over 4m (hole ITDD-23-073)
  • Identified several well-mineralized intersections, the thickest of which is located ~500 metres from surface and 700 metres down-dip from previously reported holes ITDD-22-024 (1.71% Li2O over 5.7m and 2.46% Li2O over 2m) and ITDD-22-025 (2.22% Li2O over 3.7m) (see Figure 4).
• 2.03% Li2O over 4.3m, 1.44% Li2O over 5.1m and 1.79% Li2O over 2.8m (hole ITDD-23-060)
• 1.62% Li2O over 8m (hole ITDD-23-081)
  • A highlight interval among a group of positive results in the south end of the property, which intersected a shallow (~80 metres from surface) mineralized pegmatite zone, discordant to the regional foliation.

Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, "We are very encouraged by the ongoing positive results across the Bandeira property. We continue to encounter new zones of mineralization at surface and meaningful extensions at depth, supporting the significant scale potential of the pegmatite vein system on our property. While we approach the point when we lock the data base to be included in the initial mineral resource estimates for Bandeira and Galvani, on track for completion this quarter, definition drilling will continue on both properties to expand the resources that will be included in future resource updates. Our team is working closely with SGS Canada as they continue to analyze the database of results and construct the resource model."

Only approximately 2,000 metres of drilling remains of the 30,000-metre drill program commenced in 2022 prior to the database for the initial mineral resource estimates at Bandeira and Galvani being closed for the resource estimate, however additional infill and expansion drilling will continue.

SGS Canada ("SGS"), a global leader in the estimation and modelling of mineral deposits has been engaged to complete the initial NI 43-101 mineral resource estimate, on track for completion in Q2 2023. SGS has significant direct experience with lithium deposits in the region, including Sigma Lithium Corp.'s nearby deposits. This initial mineral resource estimate will serve as a foundation for further expansion as the Company continues to identify and drill new targets, guided by ongoing results.

Previously announced drill highlights from Bandeira include:

• 1.32% Li2O over 24m, incl. 2.12% Li2O over 8m; 2.53% Li2O over 6.09m and 1.88% Li2O over 7.72m (hole ITDD-23-065)
• 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)

The Bandeira and Galvani properties cover only 872 of the Company's 14,182 hectares land package in this unique hard-rock lithium district. The Company has begun exploratory drilling with one rig at its Itira property, located less than a kilometre West of Galvani. In addition, as announced on May 1, 2023, a 20,000-metre drilling program is underway on claims within its newly acquired Salinas project, targeting lithium-rich spodumene-bearing pegmatites which are directly adjacent to Latin Resources' 13.3Mt @ 1.2% Li2O Colina deposit.

Figure 1: Bandeira Drill Highlights, Section Locations & Nearby Lithium Deposits

View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/3024541d-c090-4bcc-bd1e-55f15f7c6083

Figure 2: Section LT800 Facing North-East; Holes ITDD-23-062 and ITDD-23-070 Identify New Zone of Mineralization

View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/42ea0deb-d02a-4cea-b133-cbdda66a522b

Figure 3: Section LT100 Facing North-East; Holes ITDD-23-078

View Figure 3 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/44f2565a-5629-495a-b51b-6c8c61af9020

Figure 4: Section LT600 Facing North-East; Holes ITDD-23-073

View Figure 4 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/8276c5e3-1e14-4cb4-a600-d29e268cd946

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 Araçuaí 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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