Mr. Spencer Huh reports

NEO BATTERY MATERIALS TO UPSIZE SOUTH KOREAN R&D SCALE-UP CENTRE FOR PRE-COMMERCIALIZATION DEVELOPMENT

Neo Battery Materials Ltd. will upsize the R&D (research and development) scale-up centre in South Korea for increased material production and precommercialization preparation.

Neo will upsize the R&D scale-up centre in Yonsei Engineering Research Park to accommodate the increased material evaluation pipeline with global battery cell manufacturers and EV (electric vehicle) automakers. Positive commercialization developments have required larger-scale sample production with a greater head count of battery industry professionals to support Neo's precommercialization phase and silicon anode optimization. The company is hiring at least five master or PhD engineering professionals with expertise in the lithium-ion battery manufacturing and materials industry.

Through the strategic MOU (memorandum of understanding) co-operation with Gyeonggi Province, Neo has applied to Gyeonggi Technopark for additional R&D manufacturing space. Gyeonggi Technopark retains the ideal commercial and academic collaboration environment, beneficial lease rates, and cluster development with related industry players. Preceding the commercial plant in 2024, upsized production capacity at Gyeonggi Technopark will be an essential step for advanced agreements with battery manufacturers and EV automakers.

Spencer Huh, president and chief executive officer of Neo, commented: "We are glad that Gyeonggi Province is aiding us in our silicon anode commercialization process. From the government's pro-active business and administrative support, Neo is advancing our commercialization timeline faster than scheduled. As our R&D team is concurrently producing favourable performance results, we expect to move forward with milestone deals in the short term."

About Neo Battery Materials Ltd.

Neo Battery Materials is a Canadian battery materials technology company focused on developing silicon anode materials for lithium-ion batteries in electric vehicles, electronics and energy storage systems. With a patent-protected, low-cost manufacturing process, Neo Battery enables longer-running and ultrafast-charging batteries compared with existing state-of-the-art technologies. Building the first commercial plant in South Korea, the company aims to be a globally leading producer of silicon anode materials for the electric vehicle and energy storage industries.

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