Mr. Ali Haji reports

ION ENERGY COMPLETES FINANCING AS COMPANY LOOKS TO COMPLETE RESOURCE ESTIMATE AT URGAKH NARAN

Ion Energy Ltd. has completed a non-brokered private placement of four million units of the company at a price of 25 cents per unit, for aggregate gross proceeds of $1-million. Each unit consists of one common share of the company and one common share purchase warrant.

Each warrant entitles the holder to acquire one share for 40 cents for a period of 12 months after the closing of the offering, provided that in the event that the daily volume weighted average closing price of the shares on the TSX Venture Exchange or a recognized Canadian stock exchange equals or exceeds 60 cents for a period of 20 consecutive trading days, the company may accelerate the expiry date of the warrants by issuing a press release announcing the reduced warrant term and in such case, the warrants will expire on the 30th calendar day after the date such press release is issued.

"The company is extremely pleased to announce the closing of this non-brokered offering that allows Ion Energy to advance the very first maiden resource estimate for brine in Mongolia, at our highly encouraging Urgakh Naran site. With the recent critical metals interest in Mongolia from governments and strategics alike, Ion's vision is being realized. This also paves the way for the commencement of exploration at our very exciting, newly-acquired Northwest Territories Tier 1 asset," said Ali Haji, chief executive officer and director of Ion Energy.

The proceeds from the offering will be used primarily for exploration activities at the company's properties, as well as for general corporate purposes. The offering is subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange. The securities issued pursuant to the offering will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws.

In connection with the offering, the company paid to finders an aggregate cash commission of $56,100.

Related party transaction

In connection with the offering, certain insiders of the company, including officers and directors, have agreed to acquire an aggregate 260,000 units, for gross proceeds of $65,000. The acquisition of the units by insiders in connection with the offering will be considered a related party transaction pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions requiring the company, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the related party transaction. The company is relying on an exemption from the formal valuation requirements of MI 61-101 available because no securities of the company are listed on specified markets, including the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the Nasdaq, or any stock exchange outside of Canada and the United States other than the Alternative Investment Market of the London Stock Exchange or the PLUS markets operated by PLUS Markets Group PLC. The company is also relying on the exemption from minority shareholder approval requirements set out in Multilateral Instrument 61-101 as the fair market value of the participation in the offering by the insiders does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the offering, which the company deems reasonable in the circumstances so as to be able to avail itself of the proceeds of the offering in an expeditious manner.

About Ion Energy Ltd.

Ion Energy is committed to exploring and developing high-quality lithium resources in strategic jurisdictions. Ion's flagship, 81,000-plus-hectare Baavhai Uul lithium brine project represents the largest and first lithium brine exploration licence award in Mongolia. Ion also holds the 29,000-plus-hectare Urgakh Naran highly prospective lithium brine licence in Dorngovi province in Mongolia. With the acquisition of the Bliss Lake project in the Northwest Territories, Canada, Ion will have significantly enhanced its lithium asset and jurisdiction profile. 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.

We seek Safe Harbor.