Toronto, Ontario--(Newsfile Corp. - April 12, 2023) - ION Energy Limited (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) ("ION" or the "Company"), Mongolia's first lithium brine explorer and developer, is very pleased to share that hydrogeological studies have commenced at the 100%-owned Urgakh Naran site. This crucial step in the Company's exploration efforts is expected to lay the framework for NI 43-101 resource estimates at this site, and guide future exploration work. Lithological results released in December 2022 have shown the basin to be impregnated.

"As the first mover for lithium brine in Mongolia, and with the world's continued lithium supply constraints, our Company is pleased that this work brings us a step closer towards resource estimates, and ensures ION Energy has the ability to disrupt the battery metals supply chain in Asia," said Ali Haji, CEO & Director of ION Energy. "ION Energy's team remains encouraged by the positive results to-date, and we expect the ongoing hydrogeological work to form the basis of a NI 43-101 Mineral Resource Estimate by Q3 2023. We believe that all of these critical steps will bring the Company closer to unearthing the vast potential that the Urgakh Naran asset represents."

This phase of hydrogeological testing is intended to serve as the foundation for upcoming NI 43-101 resource estimates and is expected to advance Urgakh Naran to a position in which an inferred resource can be calculated.

Urgakh Naran is a 100%-owned, +29,000 hectare lithium project, strategically located in Mongolia's Dorngovi Province - an infrastructure rich region of the South Gobi Desert with major throughfares to the Chinese border.

Figure 1: Hydrogeological bailers deployed at Urgakh Naran's UNWH-01.

Figure 2: Hydrogeological testing at UNWH-02.

Figure 3: Brine samples being collected at UNWH-01.

Figure 4: Brine samples being collected at UNWH-01.

Figure 5: Solinst Level Logger at UNWH-01.

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) (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 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, This email address is being protected from spambots. You need JavaScript enabled to view it., 647-871-4571

MEDIA CONTACT: Siloni Waraich, This email address is being protected from spambots. You need JavaScript enabled to view it., 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.