Ion Energy Announces Filing of Final Short-Form Prospectus and Updates to Previous Disclosure - Seite 2

The Company engaged its auditors to perform a review of the previously filed unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2020 (the “Previously Filed Financial Statements”) in connection with the Prospectus. During the auditor’s review, the Company identified a number of adjustments to the financial statements. These include: the incorrect recognition of a liability related to the exploration licence, where the conditions for recognition have not yet been met; a reclassification between current assets and current liabilities; the incorrect valuation of broker warrants related to the Company’s previously completed Qualifying Transaction; an error in the calculation of expenses for the three month period ended September 30, 2020; and an incorrect (non-retrospective) presentation of the share consolidation that occurred in connection with the Qualifying Transaction. The net impact of the adjustments is a reduction in both assets and liabilities in the amount of $306,942, a reduction in the reported loss for the three-month period of $174,594, a reduction in the reported loss for the nine month period of $88,705, and a reduction in share capital, contributed surplus and accumulated other comprehensive income in the total amount of $88,705.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About ION Energy Ltd.

ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FRA: 5YB) is committed to exploring and developing Mongolia’s lithium salars. ION’s flagship, 81,000+ hectare Baavhai Uul lithium brine project, represents the largest and first lithium brine exploration licence award in Mongolia. ION also holds the 19,000+ hectare Urgakh Naran highly prospective Lithium Brine licence in Dornogovi Province in Mongolia. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world’s increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR at www.sedar.com.