Li-Metal Awarded $1.4 Million in Grant Funding from the Government of Ontario

Funding to advance the development of environmentally friendly lithium metal production technology

Supports Li-Metal's patented lithium metal production technology and the development of a domestic battery supply chain

TORONTO, ON / ACCESSWIRE / June 6, 2023 / Li-Metal Corp. (CSE:LIM) (OTCQB:LIMFF) (FSE:5ZO) ("Li-Metal" or the "Company"), a developer of lithium metal and lithium metal anode technologies critical for next-generation batteries, today announced that it has been awarded over CAD$1.4 million in grant funding from various programs sponsored by the Government of Ontario to develop and commercialize its lithium metal production technology. The funding consists of a CAD$930,826 grant from the R&D Partnership Fund - Electric Vehicle, administered by the Ontario Vehicle Innovation Network ("OVIN") and a CAD$500,000 grant from the Critical Minerals Innovation Fund ("CMIF"), funded by the Ontario Ministry of Mines.

Li-Metal will use the funds from OVIN to support scale-up of its production and refining capabilities for battery-grade lithium metal. In addition, the Company will use the funds to advance the piloting of new lithium metal products, such as specialty lithium alloy ingots for next-generation batteries. Lithium alloys have the potential to improve cycle life and charging / discharging rates, and thus offers tremendous potential as a next-generation battery material. As Li-Metal continues to build out its product portfolio, the development of alloy products will further enhance the Company's ability to support the unique needs of its growing customer network.

"We are pleased to have been awarded this non-dilutive funding from the Government of Ontario," said Srini Godavarthy, CEO of Li-Metal. "Li-Metal continues to advance the commercialization of a patented, cleaner and improved lithium metal production technology to establish ourselves as a domestic supplier of lithium metal for the broader North American market. We believe these grants further validate the technology we are commercializing and endorse the role that Li-Metal is poised to play in building a next-generation battery supply chain."

OVIN is focused on promoting the development of advanced automotive technologies in Ontario, supporting the province's role as an automotive hub within Canada. In line with its goal to accelerate the development of Ontario's role as a battery manufacturing epicenter, OVIN's R&D Partnership Fund - Electric Vehicle (Stream 1) seeks to support projects related to the development and demonstration of technologies in EVs and battery manufacturing technologies[i], such as Li-Metal's lithium metal technology and production process.