Lithium Ionic drills 1.71% Li2O over 5.7m, 1.49% Li2O over 6.7m and 2.22% Li2O over 3.7m, at Bandeira Deposit, Minas Gerais, Brazil

TORONTO, Dec. 21, 2022 - Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF) ("Lithium Ionic" or the "Company") reports assay results from an ongoing drilling program at its 100%-owned Bandeira property (formerly "Area 1"), in the state of Minas Gerais, Brazil. Bandeira is located ~800m South from the lithium-producing CBL mine and ~800m North from Sigma Lithium's Grota do Cirilo property, the largest lithium hardrock deposit in the Americas.

Bandeira Results Highlights

• 1.22% Li2O over 9.2m, incl. 1.71% Li2O over 5.7m;
  and 2.46% Li2O over 2m (hole ITDD-22-024)
• 1.49% Li2O over 6.7m (hole ITDD-22-030)
• 2.22% Li2O over 3.7m (hole ITDD-22-025)
• 1.97% Li2O over 3.7m (hole ITDD-22-019)

Blake Hylands, Chief Executive Officer of Lithium Ionic, commented, "We are very encouraged by the excellent results coming from Bandeira. The definition of mineralization is improving significantly as we continue to identify new parallel zones of mineralized pegmatites at surface as well as down dip from existing zones."

The current drilling program at Bandeira aims to target near-surface mineralization associated with several lithium soil anomalies covering a 1.3 km trend. The Company is aggressively drilling its properties with a total of five drills and remains on track to deliver an inaugural NI 43-101 compliant mineral resource estimate in early 2023.

Bandeira is located 800 metres south of the operating CBL lithium mine and 800 metres north of Sigma Lithium's construction-stage Barreiro project. 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 nearby lithium producer as well as published metallurgical work from adjacent properties.

The strong values announced today have confirmed new parallel zones of mineralized pegmatites and confirmed high-grade depth extensions of previous trench and drill results, which is consistent with the style of deposition in this area, which is characterized by several stacked and intercalated pegmatite vein sets. Combined meterage over the length of drill holes is significant, and these continued positive results support the Company's belief in a broad mineralized system at this target. (See Figures 1 and 2).

Previously announced drill highlights from Bandeira include:

• 1.44% Li2O over 8.33m (hole ITDD-22-012)
• 1.99% Li2O over 6.75m (hole ITDD-22-011)
• 1.93% Li2O over 5.66m (hole ITDD-22-002)
• 1.55% Li2O over 5.2m (hole ITDD-22-001)
• 1.56% Li2O over 3.90m and 1.66 Li2O over 2.76 (hole ITDD-22-013)
  

Lithium Ionic Completes Acquisition of Borges Claims

The Company has successfully closed the transaction which it announced on December 7, 2022, in which it acquired three claims totaling 1,527 hectares, within the same lithium basin as its other properties, in Minas Gerais, Brazil (see Figure 3, location map). These newly acquired claims are located along trend with the known lithium deposits in the Itinga Pegmatite Field, including lithium producer CBL's deposit, as well as Sigma Lithium's Xuxa and Barreiro deposits.

Several pegmatite occurrences have already been identified on these properties and will be systematically explored with the aim to define potential spodumene mineral resources.

Figure 1: Bandeira Drill Hole and Section Locations
https://www.globenewswire.com/NewsRoom/AttachmentNg/9a63d768-f4c5-43b4-b49c-33f584d0a4f1

Figure 2: Section LT600 Facing North-East
https://www.globenewswire.com/NewsRoom/AttachmentNg/af1182fe-6785-42b4-8e07-a8f90445bdec

Figure 3: Lithium Ionic Claims on Geology Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/cf3bcc6c-e3df-47cb-a05c-123b385f000c

Table 1. Bandeira 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 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.

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 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 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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