Toronto, Ontario--(Newsfile Corp. - March 21, 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 update the market on the progress of the water well drilling at its 100%-owned Urgakh Naran project.

Water well drilling at UNWH-03 has now been completed to a depth of 300m, with a six-inch tricone bit, four-inch steel slotted pipes and gravel packed.

The team has now deployed the Solinst pumps, bailers and various hydro geological testing equipment on site, to ensure that brine samples will be collected from our three water wells for analysis in the coming week.

Highlights:

• UNWH-03 has been drilled to 300m;

• Additional hydro geological testing equipment, Solinst pumps and bailers have been deployed to the Urgakh Naran site.

"Our team is very excited by progress that has already been made: completing UNWH-03's water well drilling at 300m. Being able to mobilize additional equipment to the site not only ensures that sampling for analysis will commence in the coming weeks, but emphasizes that ION is advancing toward inferred resource calculations at our highly-encouraging Urgakh Naran project," said Ali Haji, CEO & Director of ION Energy.

Figure 1: Well cap at UNWH-03, at the Urgakh Naran Lithium Project, Mongolia.

Figure 2: Continuing to deploy equipment at Urgakh Naran.

Figure 3: Preparing Urgakh Naran site with hydro geological testing equipment.

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.