Mr. Richard Barnett reports

ICONIC ANNOUNCES OPTION AGREEMENT WITH NEVADA LITHIUM FOR BONNIE CLAIRE PROPERTY AND ANNOUNCES $1 MILLION NON-BROKERED PRIVATE PLACEMENT

Iconic Minerals Ltd., subject to TSX Venture Exchange acceptance, has entered into an option agreement with Nevada Lithium Corp., whereby Iconic, through its wholly owned subsidiary, Bonaventure Nevada Inc. granted Nevada Lithium the option to earn up to a 50-per-cent interest in the Bonnie Claire lithium property located in Nye county, Nevada.

Richard Kern, the company's chief executive officer, commented, "We are very excited to be working with Nevada Lithium to develop the Bonnie Claire property and advance it to the production stage."

Option terms

Pursuant to the option agreement, Nevada Lithium may exercise the option in three stages by financing $5.6-million (U.S.) in cumulative exploration expenditures on the Bonnie Claire property, as set out in the table included.

                 OPTION FINANCING SCHEDULE FOR BONNIE CLAIRE PROPERTY

Option phase                Exercise date   Exploration expenditures (U.S.)   Interest acquired

Phase I        On or before March 8, 2021                       $1,600,000                  20%       
Phase II        On or before June 1, 2021                       $2,000,000                  20%       
Phase III       On or before Oct. 1, 2021                       $2,000,000                  10%       
Total                                                           $5,600,000                  50%       

Upon the exercise of the option in full, the company and Nevada Lithium will form a joint venture for the development of the Bonnie Claire property, with the initial joint venture interests of the parties being 50 per cent as to the company and 50 per cent as to Nevada Lithium. The company and Nevada Lithium will each finance approved joint venture work programs in proportion to their joint venture ownership percentage; provided that if a party contributes less than its proportionate interest to a work program, that party's interest in the joint venture will be reduced. If a party's interest is reduced to 10 per cent or less, such party's ownership interest will automatically convert to a 0.5-per-cent-net-smelter-returns royalty if the phase II exploration expenditures have not been financed or a 1-per-cent-NSR royalty if the phase II exploration expenditures have been financed. The non-diluting party may repurchase at any time (i) the 0.5-per-cent-NSR royalty for $1-million (U.S.); or (ii) the 1-per-cent-NSR royalty for $2-million (U.S.), payable in cash.

If Nevada Lithium fails to finance the phase I exploration expenditures before the applicable exercise date, the option agreement will terminate and Nevada Lithium will not acquire any interest in the Bonnie Claire property. If Nevada Lithium fails to finance the phase II or phase III expenditures before the applicable exercise dates, Nevada Lithium will retain any interest in the Bonnie Claire property already acquired pursuant to the option agreement and the each of the parties will each finance approved work programs in proportion to their ownership interest in the Bonnie Claire property; provided that if a party contributes less than its proportionate interest to a work program, that party's interest in the Bonnie Claire property will become subject to dilution and conversion into an NSR royalty, as set out above.

Subject to the terms of the option agreement, prior to the formation of the joint venture, Bonaventure will be the operator of the Bonnie Claire property.

Bonnie Claire property

The Bonnie Claire property is located within Sarcobatus Valley, which is approximately 30 kilometres (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Drill results from the salt flat have included lithium values as high as 2,550 parts per million Li and a 1,560-foot (roughly 475-metre) vertical intercept that averaged 1,153 ppm Li. The current 43-101 report on the project notes that, with a cut-off grade of 600 ppm Li and average grade of 1,027 ppm Li, one square mile contains an inferred resource of 5.025 billion kilograms Li (though this is a resource, not a reserve, and has not yet proven economic viability). The gravity low within the valley is 20 km (12 miles) long, and the current estimates of depth to basement rocks range from 600 to 1,200 m (2,000 to 4,000 feet). The current claim block covers an area of 74 square kilometres (28.6 mi2) with potential for brine systems and further sediment resources.

Private placement

The company also announces a non-brokered private placement to raise aggregate gross proceeds of up to $1-million through the sale of up to 10 million units at a price of 10 cents per unit. Each unit will consist of one common share in the capital of the company and one-half of one transferable common share purchase warrant, with each warrant entitling the holder thereof to purchase one share at an exercise price of 15 cents per share for a period of 12 months from the closing of the offering.

All securities issued in connection with the offering will be subject to a four-month and one-day hold period in Canada. The company may pay finders fees to arm's-length parties that have introduced the company to subscribers participating in the offering.

The net proceeds from the offering are intended to be used for general working capital.

Qualified person

Mr. Kern, certified professional geologist, a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Kern is not independent of the company as he is the CEO of Iconic.

We seek Safe Harbor.