NEO Battery Materials And Specialty Automotive Battery Cell Manufacturer Sign Joint Development Agreement For Silicon-Enhanced Battery Technology

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• Joint Development Agreement with North American Battery Cell manufacturer for Specialty Electric Automotive & Mobility
• Collaboration to Enhance Silicon Anode Materials with Partner's Proprietary Cell Architecture
  • Systematic Progression of Evaluation within Various Battery Cell Sizes and Formats
• JDA Underscore Company's Strategy to Pursue Innovation and Commercialization through Strategic Partnerships
  • Follows First JDA Established with Fortune Global 500 Company Operating in Midstream
• To Strengthen the North American Battery Supply Chain: Diversifying Concentration and Reducing Overall Battery Costs

TORONTO, Dec. 19, 2024 (GLOBE NEWSWIRE) -- NEO Battery Materials Ltd. ( T S X V : NBM ) ( OTC: NBMFF ), a low-cost silicon anode materials developer that enables longer-running, rapid-charging lithium-ion batteries, is pleased to announce the joint development agreement (the“ Agreement ” or“ JDA ”) with a North American battery cell manufacturer (“ JDA Partner ”) effective November 30, 2024. This collaboration aims to develop and enhance the performance of silicon anode materials for specialty electric automotive and mobility applications. There are no material terms or considerations as part of this JDA.

Under the terms of the JDA, NEO will supply its proprietary polymer-coated silicon anode materials to the JDA Partner for integration into their lithium-ion battery cells. The collaboration will proceed through a structured, multi-phase approach in which NEO's silicon anodes will be modified and optimized according to the scale-up of battery cell sizes and formats. This systematic progression is designed to rigorously evaluate and enhance the silicon anode electrochemical performance within the JDA Partner's proprietary cell architecture.

Mr. Spencer Huh, Director, President, & CEO of NEO, commented,“This partnership represents our first joint development agreement and milestone with the downstream supply chain. By collaborating with this battery cell manufacturer, we aim to execute our silicon anode commercialization plans in a timely and efficient manner, thereby contributing to the advancement of electric mobility solutions. Moreover, NEO and JDA Partner intend to strengthen the North American battery supply chain, diversify the concentration of the supply chain, and reduce overall battery costs.”

This Agreement underscores NEO's dedication and strategy to forming strategic partnerships that drive innovation and commercialization in the battery industry. Furthermore, the Company is finalizing the land lease agreement with a Canadian municipality to pursue the construction and development of NEO's North American Silicon Anode Plant. The North American battery supply chain is anticipated to become a rising powerhouse, with cell production exceeding 1.2 TWh annually by 2030 from 300 GWh in 2024.

About NEO Battery Materials Ltd.
NEO Battery Materials is a Canadian battery materials 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 ultra-fast charging batteries compared to 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. For more information, please visit the Company's website at: .

On Behalf of the Board of Directors
Spencer Huh
Director, President, and CEO

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This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions.All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified notably, but not limited to, by the use of forward-looking terminology such as "plans", "expects," or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved", and similar words referring to future events and information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock prices; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with the research and development of advanced technologies; (v) the risk associated with the effectiveness and feasibility of technologies that have not yet been tested or proven on commercial scale; (vi) the risks associated with entering into joint ventures, collaboration agreements, joint development agreements, and similar commercial agreements; (vii) fluctuations in input precursor prices; (viii) the risks associated with uninsurable risks arising during the course of research, development and production; (ix) competition faced by the resulting issuer in securing experienced personnel and financing; (x) access to adequate infrastructure to support battery materials research and development activities; (xi) the risks associated with changes in the technology regulatory regime governing the Company; (xii) the risks associated with the various environmental regulations the Company is subject to; (xiii) risks related to regulatory and permitting delays; (xiv) the reliance on key personnel; (xv) liquidity risks; (xvi) the risk of litigation; and (xvii) risk management, as described in more detail in our recent securities filings available at .Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued research and development activities, no material adverse change in precursor prices and development plans to proceed in accordance with plans and such plans to achieve their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations, research and development, and commercialization plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

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