Mr. Blake Hylands reports

LITHIUM IONIC COMMENTS ON EMERITA SHAREHOLDER LITIGATION

Lithium Ionic Corp. is aware that a group claiming to be significant shareholders of Emerita Resources Corp. has applied to the Ontario Superior Court of Justice (commercial list) for leave to commence a lawsuit on behalf of Emerita against Lithium Ionic and others. The application has been commenced in the name of PM Super Fund, which claims to be an Australian trust.

According to the June 8, 2026, press release issued by the Emerita shareholder group, the application is premised on an application for enforcement proceedings commenced by the Ontario Securities Commission on April 9, 2026, against Emerita, certain former directors of Lithium Ionic and others. Lithium Ionic is not a respondent to the OSC proceeding, and no orders have been sought by the OSC against Lithium Ionic.

The application has been brought by a small group of Emerita shareholders. The Emerita shareholder group must obtain permission from the court before it can sue on behalf of Emerita, which approval has not been obtained. The board of directors of Emerita established a special committee of independent directors in response to the OSC proceeding. The Emerita shareholder group has acknowledged that its application has been brought contrary to the express request of the special committee.

Based on the allegations made by the OSC and facts known to the company, even if the Emerita shareholder group obtains permission from the court to sue Lithium Ionic in a derivative action, Lithium Ionic does not believe a court will find that Lithium Ionic holds the Bandeira project in trust for Emerita, or order that the Bandeira project be transferred to Emerita.

Lithium Ionic intends to take all steps necessary to protect its interest in the Bandeira project, including by responding to any lawsuits commenced against Lithium Ionic in relation to the project.

Lithium Ionic also announced, on June 5, 2026, that it had published its audited financial statements for the year ended Dec. 31, 2025, and has also filed its interim financial statements, accompanying management's discussion and analysis, and related officer certifications for the three months ended March 31, 2026.

Lithium Ionic remains focused on responsibly advancing its 100-per-cent-owned Bandeira project. The development to date of the Bandeira project, inclusive of all drill campaigns, engineering studies and project development, has been financed by Lithium Ionic shareholders, who are responsible for generating the current value of the project. The company's binding multiyear offtake agreements with leading global lithium producers, including one of the world's largest lithium hydroxide producers, reflect the quality of the asset and the confidence of sophisticated commercial counterparties in its development.

About Lithium Ionic Corp.

Lithium Ionic is a Canadian lithium development company focused on responsibly advancing its 100-per-cent-owned Bandeira lithium project in Minas Gerais, Brazil, a region coined the Lithium Valley that is emerging as a world-class hardrock lithium district. The company is executing on a focused development strategy centred on engineering derisking, permitting advancement, commercial planning and construction readiness, with the goal of becoming a near-term producer of high-quality spodumene concentrate for global battery supply chains.

Qualified persons

The contents of this news release have been reviewed and approved by Blake Hylands, PGeo, chief executive officer and director of Lithium Ionic, who is a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. Hylands is not considered independent of the company.

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