Lithium Power International to Consolidate 100% Ownership of Maricunga Lithium Brine Project

Lithium Power International Limited (

ASX:

LPI

) (“

LPI

” or the “

Company

”) is pleased to announce it has entered into definitive binding agreements to consolidate 100% ownership of the Maricunga Lithium Brine project in Chile (“

Maricunga

” or the “

Project

”) via two all scrip mergers with its joint venture partners Minera Salar Blanco SpA (“

MSB SpA

”) and Bearing Lithium Corp. (

BRZ:TSXV

) (“

Bearing

”) (together the “

JV Partners

”) (individually the “

Transaction

” or together the “

Transactions

”).

To read the company’s full ASX release in this regard, please click here.

Lithium Power’s Chairman, David Hannon, commented:

“We are extremely pleased to have reached an agreement with both MSB SpA and Bearing to consolidate 100% ownership of Maricunga. The updated DFS released on 20 January 2022 demonstrates that Maricunga could be one of the lowest cost producers of lithium carbonate in the world, with the Project’s strong economics underpinning a highly attractive asset.

This transaction is a highly logical step for LPI. By assuming full control of the Project, LPI will create a strong platform from which to develop and fund Maricunga. We look forward to continuing to deliver long-term value for all LPI shareholders, including MSB SpA and the new Bearing shareholders.”

For further information, please contact:

Cristobal Garcia-Huidobro – CEO; or Andrew Phillips – CFO Lithium Power InternationalE: [e-mail] Ph: [phone]www.lithiumpowerinternational.com@LithiumPowerLPI

Jane Morgan – Investor and Media Relations+ 61 (0) 405 555 [e-mail]

For U.S. and other international investor relations enquiries:

Arrowhead Business and Investment Decisions, LLCThomas Renaud | Managing Director 42 Broadway, 17th FloorNew York, NY 10004 Office: [phone]

1 Based on diluted proforma ownership of LPI assuming LPI 1M VWAP share price as at market close on 21 June 2022 from IRESS.2 Refer footnote 1 above.3 Refer to the Company's ASX announcement entitled ‘Maricunga Stage One DFS delivers an after tax NPV of US$1.4B’ dated 20 January 2022. The Company confirms that all material assumptions underpinning the production targets, and the forecast financial information derived from such production targets, in this Announcement, continue to apply and have not materially changed.