Toronto, Ontario--(Newsfile Corp. - February 10, 2021) - ION Energy Limited (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) ("ION" or the "Company"), is pleased to announce the acquisition of the Urgakh Naran Lithium Brine Project (the "Urgakh Naran Project") located in Mongolia's Dorngovi Province. The name "Urgakh Naran" is Mongolian for "Rising Sun" and the Project covers an area of approximately over 19,000 hectares of highly prospective lithium terrain located 150km WNW of the Company's flagship property, the Baavhai Uul Lithium Brine Project. The acquisition of the Urgakh Naran Project brings the total land area held by ION that is prospective for lithium salars to over 100,000 hectares (247,000 acres).

The Company acquired the Urgakh Naran Project as a result of its successful tender bid submitted to the Mineral Resource Authority of Mongolia. The total cost of acquiring the Urgakh Naran Project was approximately USD$310,000 for consulting, administrative and transfer tax costs.

"The acquisition of this project represents the further execution of our Company's objectives to secure terrains highly prospective for the discovery of lithium salars. Ion Energy is a leader in Mongolia's lithium exploration and development. It also solidifies Ion Energy's long-term commitment to support our world's green revolution by playing a key role in the supply chain. The Urgakh Naran Project is situated in the arid and infrastructure rich region of the South Gobi Desert," commented ION's CEO, Ali Haji. Work has already commenced to develop the exploration program on this highly prospective project. The Company will also be releasing results from its recently completed Geophysics program on the Baavhai Uul Lithium Brine Project.