NEO Battery Materials Ltd. provided the following updates on its initial process of incorporating its South Korean subsidiary, 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. 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.