Mr. Ali Haji reports

ION ENERGY ACQUIRES NEW CANADIAN EXPLORATION ASSET

Ion Energy Ltd. has acquired two new claims by staking in the Northwest Territories, Canada, identified as the Little Nahanni claims. The Little Nahanni claims total approximately 900 hectares and are in the area of pegmatites first identified in 1961. The company believes the Little Nahanni claims are underexplored for lithium and represent opportunity for lithium discovery and positive partnerships with regional stakeholders, and will complement Ion's current lithium exploration activities in Northwest Territories.

The company also announces it has closed the acquisition of the Bliss Lake lithium pegmatite project in the Northwest Territories, Canada. The immediate consideration for the acquisition of Bliss Lake consisted of a single tranche of 571,428 company shares with a deemed value of $128,571 at a deemed price per share of 25 cents. Transaction terms also provide for deferred equity-based consideratIon to the vendors in the event assay results from exploration at Bliss Lake satisfy defined lithium oxide content thresholds and cash consideration in the event of announcement of a mineral resource estimate at Bliss Lake meeting defined criteria. A total of 57,142 company shares were issued to a finder in the transaction.

"What an exciting time for Ion Energy; while we work towards an inferred resource calculation this fall at our prized Urgakh Naran brine asset in the booming mining jurisdiction of Mongolia in such close proximity to China, we have now identified and acquired further assets in a Tier 1 region. Each of these new assets provide the company with exposure to proven pegmatite lithium districts in the Northwest Territories. Ion's long-term vision of exploring and developing high-quality lithium resources in strategic jurisdictions as the world continues to electrify is materializing rapidly," said Ali Haji, chief executive officer and director of Ion Energy.

The company also advises that, further to its press release dated July 20, 2023, announcing the closing of its non-brokered private placement, the company inadvertently announced an incorrect aggregate cash commission of $56,100 paid to finders. The correct amount paid to finders in connection with the private placement was $26,100.

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 and Little Nahani projects 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.

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