Definitive Feasibility Study Confirms Positive Outlook for Maricunga Stage One Lithium Brine Project - Seite 2

Preliminary indications of interest received from international and Chilean financial institutions and private funds for debt financing and future equity financing of the project. Finance process will continue in coming months.

Updating of the EPC proposals will commence during Q1. Final Investment Decision expected for 2022, with construction to start immediately after.

Bearing Lithium Corp (TSXV: BRZ) (“BRZ” or the “Company”) through its Joint Venture (“JV”) Company, Minera Salar Blanco S.A. (“MSB”), is pleased to provide details of the updated Definitive Feasibility Study (DFS) for its Maricunga Stage One lithium brine project in northern Chile. The study confirms that Maricunga Stage One could be one of the world’s lowest-cost producers of lithium carbonate, with a solid ESG strategy to support a sustainable future.

NPV Discount Rate	Leveraged (50%)		Pure Equity
	Pre-Tax	After-Tax	Pre-Tax	After-Tax
	US$M	US$M	US$M	US$M
NPV 8%	1,984	1,425	1,971	1,412
IRR	44.5	39.6	33.4	29.3
Project Payback (Years)	2	2	2.8	2.8

Summary of key economic parameters of the Stage One project

Access to the full DFS report prepared by Worley, is available on the Bearing Lithium website https://www.bearinglithium.com/ and www.SEDAR.com

Minera Salar Blanco’s Chief Executive Officer, Cristobal Garcia-Huidobro, commented:

“We are extremely pleased with the results of the updated DFS for the Maricunga Stage One lithium brine project. The strong economics, as well as the exceptional sustainability profile, confirms the high standard and attractiveness of the project.

The priority for 2022 is to finalise project finance for the Stage One project. We are actively working with both international and Chilean financial institutions on different structures for debt financing, as well as with potential strategic partners for equity investments. Update of the EPC proposals will soon commence, with the expectation of a Final Investment Decision (FID) by the end of the year. Construction should start immediately after the FID.