Mr. Spencer Huh reports

NEO BATTERY MATERIALS APPOINTS PROMINENT SOUTH KOREAN ATTORNEY, MR. SEOK HYUNG LEE, AS NEW DIRECTOR AND ANNOUNCES BATTERY BOARD TRANSITION INITIATIVE

Neo Battery Materials Ltd. has appointed Seok Hyung Lee as a new independent director of the company and the South Korean subsidiary, NBM Korea Co. Ltd. (NBM Korea), effective Nov. 22, 2024.

Mr. Lee is a distinguished South Korean attorney with an illustrious legal and public service career of over 50 years. Serving in a multitude of highly acclaimed legal positions, Mr. Lee was the lead attorney-at-law for the Former South Korean President and the Presiding Judge of the Seoul High Court. As part of public service, he served in federal ministerial-level roles, including chairperson of the press arbitration commission (committee of the Ministry of Culture, Sports and Tourism), and audit commissioner of the board of audit and inspection (direct agency of the President of South Korea).

Beyond the scope of legal roles, Mr. Lee has been an independent director of HD Hyundai Electric (South Korea's largest power generation and transmission company and affiliate of global conglomerate HD Hyundai), and an independent director of KB Capital and KB Asset Management (subsidiary of South Korea's largest financial institution, KB Financial Group). He is currently the managing partner of Sangyung Law Firm and has earned his LLB from Seoul National University College of Law.

As Neo's independent director, Mr. Lee will oversee overall corporate governance and strategy, and help the company and NBM Korea navigate through South Korea's legal and business environments. With an extensive network in politics, finance and commerce, he will enable Neo to establish invaluable connections and to gain further opportunities to build the company's battery business.

Spencer Huh, director, president and chief executive officer of Neo, commented: "We extend our warmest welcome to Mr. Seok Hyung Lee, and we look forward to his valuable insights and leadership. Mr. Lee's appointment aligns with the company's commitment to securing highly qualified personnel to aid in the commercializing of Neo's silicon battery technology. We are confident that Mr. Lee's expertise and contributions will guide the company through its next growth phase in the Asia-Pacific region."

Battery board transition initiative

Neo is undertaking the initiative to transition the existing board of directors into a new set of board members who are strategically aligned with the company's battery business. The battery board aims to consist of industry, finance and governmental professionals who will deliver high impact to advance Neo's silicon anode commercialization. The transition process is expected to be completed in the next six months.

As a part of the transition process, Christopher Chung has resigned as a director of the company. Neo would like to thank him for his contributions to date.

About Neo Battery Materials Ltd.

Neo is a Canadian battery materials technology company focused on developing silicon anode materials for lithium-ion batteries in electric vehicles, electronics and energy storage systems. With a patent-protected, low-cost manufacturing process, Neo enables longer-running and ultrafast-charging batteries compared with existing state-of-the-art technologies. The company aims to be a globally leading producer of silicon anode materials for the electric vehicle and energy storage industries.

We seek Safe Harbor.