Mr. Spencer Huh reports

NEO BATTERY MATERIALS DESIGNATES PREFERRED CONTRACTOR FOR SOUTH KOREAN COMMERCIAL PLANT CONSTRUCTION

Neo Battery Materials Ltd. has designated the preferred contractor for the South Korean commercial plant, following the bids received from the RFQ (request for quotation) process.

Per the press release dated April 10, 2023, Neo Battery Materials successfully completed the RFQ process, receiving three tentative quotes from local South Korean contractors. After internal analysis, planning and discussion with Neo's management and commercialization engineering team, the company has designated the preferred contractor and will commence final negotiations regarding estimate details, construction timeline, material procurement and other relevant considerations.

Once the contract is finalized, the contractor will initiate site clearance, earth-bracing work, sleeve work, conduit, joint wall, framework and foundation construction in the first three months. Neo Battery and the contractor expect the South Korean commercial plant to be completed by the first half of 2024, with the commissioning and mass production validation occurring within that year.

The contractor has established a comprehensive engineering system to deliver Neo a turnkey-based solution for its commercial plant construction. With a high degree of expertise in various sectors, the contractor focuses on good manufacturing practice (GMP) clean rooms, advanced engineering plants for semiconductors, chemicals and logistics systems.

About Neo Battery Materials Ltd.

Neo Battery Materials is a Vancouver-based company focused on electric vehicle lithium-ion battery materials. Neo has a focus on producing silicon anode materials through its proprietary single-step nanocoating process, which provides improvements in capacity and efficiency over lithium-ion batteries using graphite in their anode materials. The company intends to become a silicon anode active materials supplier to the electric vehicle industry.

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