Lithium ION Energy Announces Completion of Debt Settlement

Toronto, Ontario–(Newsfile Corp. – June 28, 2024) – Lithium ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: ZA4) (“ION“or the”Business“) further to the announcement of March 13, 2024, confirms that it has entered into debt settlement agreements with certain arm’s length and non-arm’s length creditors. Pursuant to the debt settlement agreements, the Company has settled an aggregate amount of $98,419 of debt, in consideration for which it will issue an aggregate of 393,675 common shares (the “Actions“) of the Company at a deemed price of $0.25 per share.

All shares issued in connection with these debt settlements will be subject to a hold period expiring four months and one day after the date of issuance of the shares, in accordance with applicable securities laws and the policies of the TSXV.

About Lithium ION Energy Ltd.

Lithium ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: Z4A) is committed to exploring and developing high-quality lithium resources in strategic jurisdictions. ION’s flagship Baavhai Uul lithium brine project of over 65,000 hectares represents the largest and first lithium brine exploration license award in Mongolia. ION also holds the highly prospective Urgakh Naran lithium brine license of over 29,000 hectares in the Dorngovi province of Mongolia. With the acquisition of the Bliss Lake and Little Nahani projects in the Northwest Territories, Canada, ION has enhanced its lithium asset and jurisdictional profile. ION is well positioned to become a key player in the clean energy revolution, well positioned to meet the growing global demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR+ at www.sedarplus.ca.

For more information:

COMPANY CONTACT: Ali Haji, [email protected], 647-871-4571

MEDIA CONTACT: Siloni Waraich, [email protected], 416-432-4920

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 press release.

Caution Regarding Forward-Looking Information

The information contained in this press release contains forward-looking statements. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words indicating that the Company or management expects a given condition or result to occur. Forward-looking statements may be identified by words such as “believe”, “anticipate”, “expect”, “estimate”, “may”, “should”, “will” or “plan”. Because 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. The risks, uncertainties and other factors involved in forward-looking statements could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking information contained in this press release includes, without limitation, the Company’s objectives, goals or future plans, statements, anticipated regulatory approvals and closing and timing of closing of debt settlement . Important factors that could cause actual results to differ materially from Ion’s expectations include, among others, uncertainties relating to the availability and costs of necessary financing in the future, changes in securities markets, risks related to operations international standards, actual results of ongoing exploration activities, delays in project development, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of lithium and the ability to predict or counter the potential impact of the 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. Therefore, readers should not place undue reliance on forward-looking statements.

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