Following previous announcements made on June 15 and November 2, 2023, Avalon Advanced Materials Inc. SCR-Sibelco NV announce the closing of their joint venture transaction. The new joint venture company, Separation Rapids Ltd. ("SRL"), has a mandate to advance mining activities at the Separation Rapids deposit near Kenora, ON, as well as at the Lilypad Project located near Fort Hope, ON. SRL is jointly owned by Sibelco (60%) and Avalon (40%) and is well positioned with a unique dual-market strategy to supply petalite-lithium to both the global glass & ceramics industry, as well as to the North American EV battery manufacturing market.