NEO Battery Materials Ltd V.NBM

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Suite 520, 800 West Pender Street, Vancouver, B.C. V6C 2V6 Telephone: [phone]
www.neobatterymaterials.com

NEO Battery Materials Provides Corporate Updates on South Korean Subsidiary

Vancouver, British Columbia – September 28, 2021 – NEO Battery Materials Ltd. (TSXV: NBM) (OTCQB: NBMFF) (“NEO” or the “Company”) is pleased to provide the following updates on its initial process of incorporating its South Korean subsidiary, NEO Battery Materials Korea.

NEO Battery Materials Korea

NEO is currently under the process of establishing its South Korean subsidiary, incorporating under the name of NEO Battery Materials Korea (or “NBM Korea”). The subsidiary will allow for a wider and aggressive marketability of NEO’s proprietary silicon anode materials and business initiatives in the South Korean market. NBM Korea will enable a greater ease of access to communication and partnerships with key companies in the lithium-ion battery value chain and

non-dilutive financing from the South Korean government. As NEO is on an accelerated timeline to complete its semi-commercial facility, the subsidiary will provide additional flexibility from an operational and logistical standpoint.

Opening of Toronto Office

With the current headquarter being located in Vancouver, the Company has opened an additional office in Toronto. The purpose of the secondary office is related with expanding NEO’s presence within the epicenter of the country’s economy and increasing its business activities with institutions and entities to pursue potential research and commercialization opportunities.

Mr. Spencer Huh, President and CEO of NEO, commented, “We are currently above our scheduled business timeline, and all our team members in Canada and South Korea are diligent for a fast- track commercialization of NEO’s proprietary silicon anode materials. The Company is actively pursuing diversified entry points within the lithium-ion battery market and partnerships as NEO’s anodes stretch across all battery applications. Advancements with our silicon anode prototypes are continuously occurring with Dr. J. H. Park, Director and Chief Scientific Advisor, optimizing the cell chemistry, performance, and cost of the materials for the final commercialized pipeline.”

About NEO Battery Materials Ltd.

For more information, please visitthe Company’s website at: https://www.neobatterymaterials.com/.

On behalf of the Board of Directors

Spencer Huh
President and CEO [e-mail]