NEO Battery Materials Files Key Silicon Anode Patent and Announces Completion of RFQ Process for Commercial Plant Construction

VANCOUVER, British Columbia, April 10, 2023 (GLOBE NEWSWIRE) --  (TSXV: NBM) (OTCQB: NBMFF)

• Files 6^th Patent to Korean Intellectual Property Office for One-Step Nanocoating Technology for Silicon Anodes
  • Ongoing Commitment to Strengthen IP Portfolio and Protect Unique Battery Engineering and Technology Solution
• Expected to File Multiple Patents on Materials and Manufacturing Process in First Half of 2023
• Completed RFQ Process & Received Bids from 3 Candidate Contractors in South Korea
  • To Negotiate and Select Contractor for Initial Civil Engineering and Project Management Plan to Start Construction
    

NEO Battery Materials Ltd. ("NEO" or the "Company"), a low-cost silicon anode materials developer that enables longer-running, rapid-charging lithium-ion batteries, is pleased to announce that the Company has filed its 6^th patent to the Korean Intellectual Property Office ("KIPO"). This latest patent application demonstrates NEO's on-going commitment to strengthening its IP portfolio and protecting its one-step nanocoating technology for silicon anodes.

Sixth Patent Filed to KIPO
The patent entitled Silicon composite manufacturing method further extends on the cost-reduction innovation and technical excellence for the research and development of NBMSiDEtm, NEO Battery's Silicon Anode Materials. The Company additionally intends to apply to the U.S. Patent and Trademark Office and the World Intellectual Property Organization for extensive patent protection in various jurisdictions. In the first half of 2023, NEO Battery Materials will shortly file multiple patents to develop a robust IP portfolio for its materials and manufacturing processes.

Dr. S. G. Kim, CTO of NEO, commented, "With the battery industry and multiple evaluation parties impressed with NEO's differentiated product solution, our R&D team in South Korea is committed to engineering excellence to remain at the forefront for low-cost, high-performance silicon anodes. Dr. Basudev Swain, Chief Science Officer, and I will combine efforts to efficiently optimize materials and enable commercialization by the first half of next year."

Completion of RFQ Process for Commercial Plant Construction Initiation
Following the last press release, the Company has completed the request for quotation (RFQ) process and received three tentative quotes for constructing the South Korean Commercial Plant. As the next phase, NEO Battery Materials will negotiate with the candidate contractors. Once a contractor is finalized, the Oseong Zone site clearance, basic civil engineering, procurement planning, and construction management plan are expected to be initiated.

About NEO Battery Materials Ltd.
NEO Battery Materials Ltd. is a Vancouver-based company focused on electric vehicle lithium-ion battery materials. NEO has a focus on producing silicon anode materials through its proprietary single-step nanocoating process, which provides improvements in capacity and efficiency over lithium-ion batteries using graphite in their anode materials. The Company intends to become a silicon anode active materials supplier to the electric vehicle industry. For more information, please visit the Company's website at: https://www.neobatterymaterials.com/.

On behalf of the Board of Directors
Spencer Huh
President and CEO
604-355-6463
[email protected]

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of technologies which have not yet been tested or proven on a commercial scale, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at?www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

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