Lithium Ionic drills 1.98% Li2O over 26m at Galvani and 1.99% Li2O over 7m at Bandeira Showing, Brazil

TORONTO, Nov. 10, 2022 - Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF) ("Lithium Ionic" or the "Company") reports assay results from drilling at its Galvani claims, as well as Bandeira (formerly Area 1) of its Itinga claims. The 100%-owned properties are located in the state of Minas Gerais, Brazil, neighbouring the lithium-producing CBL mine and Sigma Lithium's Grota do Cirilo property, the largest lithium hardrock deposit in the Americas (see Figure 1, location map).

Results Highlights

• 1.98% Li2O over 25.63m (Galvani, hole ARDD-22-030)
• 1.99% Li2O over 6.75m (Bandeira, hole ITDD-22-011)
• 1.56% Li2O over 3.90m and 1.66 Li2O over 2.76 (Bandeira, hole ITDD-22-013)
• 1.44% Li2O over 8.33m (Bandeira, hole ITDD-22-012)

Blake Hylands, Chief Executive Officer of Lithium Ionic, commented, "The strong assays from Bandeira are providing confirmation of depth extensions near and below the excellent results from the surface work and trenching program. We continue to feel very confident in our ability to delineate a broad system and look forward to progressing with our drill program."

Galvani Claims Area Update

The Galvani claims were acquired in September 2022, following a due diligence review including a drilling program initiated in June 2022. The results announced today of 1.98% Li2O over 25.63 metres are the strongest grades in this area encountered since the Company began drilling earlier this year and further reinforce the potential of the area (See Figure 2). Other previously announced assay highlights from Galvani include 1.68% Li2O over 20.7m, 1.77% Li2O over 10.85m, 1.94% Li2O over 19.78m and 1.30% Li2O over 38.5m and have shown a continuous zone of spodumene-bearing pegmatite over ~800m along a northwest-southeast trend down to approximately 100m elevation below surface. While the company works on better understanding the geology at the Galvani claims and assesses the entire area with soil geochemistry and trenching, the focus of drilling has moved to the Bandeira area.

The Galvani property is located less than 4 kilometres from Sigma Lithium's Xuxa deposit (over 17Mt grading 1.55% Li2O M+I). The high grade and large widths of the intercepts to date demonstrate excellent potential to outline a significant resource very quickly. Mineralization is hosted in spodumene bearing pegmatites sourced from the same granitic intrusive, which characterizes Lithium Ionic's Bandeira Showing, CBL's lithium mining operation, and Sigma Lithium's resources (Figure 2).

Strong Results from Bandeira

The current drilling program targets near surface mineralization at Bandeira associated with several lithium soil anomalies over a 1.3 km trend with the aim of delineating an inaugural mineral resource estimate in early 2023. Bandeira is located 800 metres south of the operating CBL Lithium Mine and directly north of Sigma Lithium's Barreiro project. The strong values announced today of 1.99% Li2O over 6.75m, 1.56% Li2O over 3.90m and 1.44% Li2O over 8.33m are located within 50 metres from surface (See Figures 3 and 4).

Today's results follow-up on the excellent assays announced on May 31, 2022, including 1.93% Li2O over 5.66m and 1.55% Li2O over 5.2m, which confirmed high-grade depth extensions of strong trenching results that returned 1.46% Li2O over 8.8m incl. 1.82% Li2O over 5.8m (see press release dated May 24, 2022). The Company continues to uncover several pegmatite showings across this area via trenching and looks forward to updating results from several prospective showings in the coming weeks. So far, the style of deposition in this area is characterized by several stacked and intercalated pegmatite vein sets that show significant combined meterage over the length of drill holes. The potential to add significant resources very quickly in this area is becoming more apparent as new pegmatites are uncovered.

Lithium-bearing pegmatite/spodumene showings in this prolific mining jurisdiction are characterized by high grade and high-quality battery-grade lithium as demonstrated by the production at CBL and published metallurgical work on adjacent properties.

Table 1. Galvani Drill Results

Table 2. Area 1 Drill Results

About Lithium Ionic Corp.

Lithium Ionic is a Canadian-based lithium-focused mining company with properties covering ~2,000 hectares located in the prolific Aracuai lithium province in Minas Gerais State, Brazil, which boasts excellent infrastructure, including highways, access to hydroelectrical grid power, water, and nearby commercial ports. Its Itinga and Galvani claims are located in the same district as the lithium-producing CBL mine and development-stage Sigma Lithium Corp.'s large Barreiro and Xuxa lithium deposits.

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 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.

For more information please contact:

Lithium Ionic Corp.
Blake Hylands, P.Geo.
Chief Executive Officer
Email: bhylands@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 Itinga Project and the Galvani claims, the mineralization and development of the Itinga Project, Galvani claims 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.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

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