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“The Company is extremely pleased to report TEM results that suggest that the Urgakh Naran project’s aquifer is large in size and shows low resistivity. On the back of at surface samples of 918 Mg/L Lithium as announced by the Company on May 9, 2022, these geophysics results further advance the hypothesis of a potential significant lithium brine deposit at the Company’s Urgakh Naran site.” said Ali Haji, CEO & Director of ION Energy.

Summary

ION Energy has successfully completed an 82 line-km TEM survey on its Urgakh Naran project in Mongolia.

The survey identified very low resistivity northeast structures narrowing from the southwest to the northeast direction in the central licence. 

ION Energy is currently assessing the data to determine suitable drill monitoring well locations to test the conductive zone at depth. A three hole monitoring well drill program is planned that will be announced to market in order to obtain samples for lithological description and porosity testing, flow rates and depth-specific brine samples that include chemical assays to allow the Company to achieve an early resource estimate. Figure 1 illustrates the highly conductive zone on the resistivity sections.

Survey Results

All lines show resistivity beginning at a highly encouraging 0.2 Ohm, with a maximum resistivity of 500 Ohm, drawing similarities to assets in the Lithium Triangle.

Going Forward

ION Energy is highly encouraged by the results of the TEM survey. Surface brine sampling at 918 Mg/L Li at Urgakh Naran along with the 1502 ppm Li seen at the White Wolf Prospect at  Baavhai Uul continue to display high prospectivity. The TEM results, geophysics at Baavhai Uul have confirmed the potential for the development of a potentially large, deep highly conductive zone in the central part of the Urgakh Naran concession supporting the geological exploration model and thesis developed by the company.

All technical information disclosed in this press release has been reviewed and approved by Khurelbaatar Lamzav, P.Geo., an independent consultant to the Company and a “Qualified Person” under National Instrument 43-101.

About ION Energy Ltd.

ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FRA: 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 also holds the 29,000+ hectare Urgakh Naran highly prospective Lithium Brine licence in Dorngovi Province in Mongolia. ION 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:

COMPANY CONTACT: Ali Haji, ali@ionenergy.ca, 647-871-4571

MEDIA CONTACT: Siloni Waraich,[email=siloni@ionenergy.ca,]siloni@ionenergy.ca,[/email] 416-432-4920

In Europe:

Swiss Resource Capital AG

Jochen Staiger

info@resource-capital.ch

www.resource-capital.ch

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.