NEO Battery Materials Ltd. announced the Company has signed a site due diligence contract with a third-party engineering consulting firm for the South Korean semi-commercial facility. NEO has selected a site for its semi-commercial plant to produce silicon anode active materials through the Company's proprietary nanocoating process and is under the process of finalizing this site through a third-party engineering due diligence report. The engineering firm will perform the following detailed scope of works for the location decision: 1) Holistic Suitability Review, 2) Review of Process Safety Management (PSM) and Hazardous Risk Prevention Protocols, 3) Review of Authorization to Change Hazardous Material Manufacturing Facility, 4) Review of Chemical Accident Prevention Management Plan, 5) Review of Other Required Licenses, and 6) Physical Site Visitation. After performing due diligence, the firm will provide 1) a Comprehensive Report and 2) List & Schedule for Required Licenses to NEO for the selected site.