Mr. Spencer Huh reports

NEO BATTERY MATERIALS APPOINTS KENNETH HOFFMAN, DISTINGUISHED BATTERY INDUSTRY LEADER AND FORMER MCKINSEY'S GLOBAL HEAD OF BATTERY MATERIALS, AS NEW DIRECTOR

As part of a battery board transition initiative, Neo Battery Materials Ltd. has appointed Kenneth Hoffman, CFA, CIM, to its board of directors, effective immediately.

Mr. Hoffman is an internationally distinguished expert in battery materials with over 30 years of experience in investment management, energy, and metals and mining. Previously, Mr. Hoffman was the global head of battery materials at McKinsey & Company, where he advised on strategic planning, supply chain integration and capital raising for clients across the global battery value chain. He has conducted more than 100 due diligences involving battery technologies and critical mineral assets and developed artificial-intelligence-enabled evaluation frameworks for leading industry stakeholders.

Prior to McKinsey, Mr. Hoffman served as the global head of Bloomberg metals and mining research at Bloomberg, and has held senior investment positions as a portfolio manager and global director of research for prominent, large assets under management funds, including Millennium Partners and MarCap Investors.

As a member of Neo's board of directors, Mr. Hoffman will provide strategic support for industry partnerships, battery market expansion and corporate development, reinforcing the company's position as a leading battery material innovator. Moreover, his extensive global network and expert understanding of the global battery and investment landscape will be instrumental in advancing Neo's commercialization of its silicon anode technology.

In addition to his corporate roles, Mr. Hoffman is frequently invited as a keynote speaker at international forums and conferences, including PDAC, Saudi Arabia's Future Minerals Forum, Fastmarkets events and London Metal Exchange conferences. He also serves as a director of North America's largest battery industry event, The Battery Show, and is a special adviser to Pure Lithium, a Boston-based lithium metal battery technology company.

Mr. Hoffman commented: "The world is looking for faster-charging, less expensive and higher-density batteries. Being able to produce lower-cost silicon anodes that enable faster-charging and longer cycle life will be a key improvement in battery technology. I look forward to working with Neo as they look to solve these problems facing current silicon anodes."

Spencer Huh, president and chief executive officer of Neo, stated: "We are greatly excited to invite Ken onto Neo's board. Ken brings exceptional industry insight and strategic capabilities to the company. His expertise in battery technology, supply chain development and investment strategy will prove invaluable as we accelerate the commercialization of our silicon anode technology."

As a part of director compensation, the company has granted incentive stock options to Mr. Hoffman to acquire an aggregate of 300,000 common shares in accordance with the company's 10-per-cent rolling stock option plan. Subject to the terms of the stock option agreement, all options were granted at an exercise price of 60 cents with an expiry date of April 25, 2025, in which 150,000 options will vest immediately and the rest will vest in four months from the date of grant.

2025 annual general and special meeting of shareholders

The annual general and special meeting of shareholders of the company will be held on June 4, 2025, at 11 a.m. ET. Proxy materials, including the management information circular and the form of proxy, can be found on the company's website or on SEDAR+. All proxies must be received by June 2, 2025, at 11 a.m. ET. Only shareholders of record at the close of business on the record date of April 15, 2025, will be entitled to receive notice of and vote at the meeting.

About Neo Battery Materials Ltd.

Neo is a Canadian battery material 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 Battery 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.

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