ION Energy Limited pleased to share that hydrogeological studies have commenced at the 100%-owned Urgakh Naran site. This crucial step in the Company's exploration efforts is expected to lay the framework for NI 43-101 resource estimates at this site, and guide future exploration work. Lithological results released in December 2022 have shown the basin to be impregnated.

This phase of hydrogeological testing is intended to serve as the foundation for upcoming NI 43-101 resource estimates and is expected to advance Urgakh Naran to a position in which an inferred resource can be calculated. Urgakh Naran is a 100%-owned, +29,000 hectare lithium project, strategically located in Mongolia's Dorngovi Province - an infrastructure rich region of the South Gobi Desert with major throughfares to the Chinese border.