Mr. Jeremy Poirier reports

BEARING LITHIUM JOINT VENTURE SECURES KEY INFRASTRUCTURE FOR MARICUNGA PROJECT

Bearing Lithium Corp.'s joint venture company, Minera Salar Blanco (MSB), has secured water rights and is in final negotiations for key electricity infrastructure for the Maricunga lithium project in Chile. Bearing holds an 18-per-cent interest in the Maricunga project through its corresponding 18-per-cent ownership in MSB.

Project infrastructure

MSB has negotiated and secured rights to process water capable of supplying ample water for the planned industrial operation as outlined in the December, 2017, preliminary economic assessment (PEA). As outlined in the PEA, the industrial water requirements for the 20,000 tonnes per annum of lithium carbonate production plus potash requires approximately 100 cubic metres per hour. Long-term pump tests demonstrated sustainable flow rates in excess of 125 cubic metres/h. The 20-year agreement was finalized on Oct. 9, 2018.

The Chilean electricity regulator, Coordinador Nacional Electrico, has authorized MSB to use the existing transmission infrastructure for the project. Negotiations regarding final conditions are continuing with the owner of the power line and will be finalized within the next quarter (Q1/2019).

Project definitive feasibility study (DFS)

The Maricunga definitive feasibility study, which is being prepared by Worley Parsons, remains on track for completion in December, 2018. Remaining activities include the finalization of the reserve model and the engineering for the production plants, which are being further developed by GEA Messo in Germany, and are all nearing completion.

Strategic objectives for joint venture in 2019

In the recent months, the joint venture (JV) has received approaches from third parties offering project finance, acquisition of equity in the company and/or off-take relationships. It has been the JV's agreed strategy not to progress with potential off-take partnerships or project financing until the completion of the definitive feasibility study (DFS) in December, 2018. The focus of 2019 will be on securing the long-term financing and/or off-take agreements required for developing the project.

Jeremy Poirier, Bearing's chief executive officer and president, commented: "We are excited to have derisked the project further, having secured long-term agreements on critical infrastructure. We look forward to receipt of the definitive feasibility study in December and further advancements on securing project funding in 2019."

About Bearing Lithium Corp.

Bearing Lithium is a lithium-focused mineral exploration and development company. Its primary asset is an 18-per-cent interest in the Maricunga lithium brine project in Chile. The Maricunga project represents one of the highest-grade lithium brine salars globally and the only preproduction project in Chile. Over $30-million (U.S.) has been invested in the Maricunga project to date and all expenditures through 2018, including the delivery of a definitive feasibility study in Q4 2018, have been fully financed by the earn-in joint venture partner.

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