NEO Battery Materials Announces Completion of Share Purchase Agreement with NBM Korea Co. Page 1

TORONTO, Sept. 6, 2024 (GLOBE NEWSWIRE) — NEO Battery Materials Ltd. (TSXV: NBM) (Out of town: NBMFF), a developer of low-cost silicon anode materials that enable longer-lasting, fast-charging lithium-ion batteries, has signed a share purchase agreement (the “transaction“) of NBM Korea Co., Ltd., (“NBM Korea”) with Automobile & PCB Inc. (“A&P”) as per TSX Venture Exchange (the “Exchange”) Guideline 5.3 – Acquisition and disposal of tangible assets (“Guideline 5.3”), but is subject to the fulfillment of certain conditions for final acceptance required by the Exchange.

As disclosed on January 29, 2024, NEO acquired 20% of the issued and outstanding common shares of NBM Korea from A&P for cash consideration of C$1,708,707. This transaction was an unusual transaction as A&P is an insider of NBM Korea. No finder's fee was paid in connection with the transaction. For the purposes of Multilateral Instrument 61-101 – Protection of minority shareholders in special transactions (“MI61-101“), the Company relies on exemptions from the security holder consent requirements set out in Section 5.7(a) of this Deed and the formal valuation requirements set out in Section 5.5(a) of this Deed.

The company was struggling with delays in filing Form 5C – Transaction Summary Form with the stock exchange due to the misinterpretation of the transaction as Excluded transaction pursuant to Section 3 of Policy 5.3. After the correction of the exchange, the transaction as Verifiable transaction pursuant to Section 5 of Policy 5.3, the Company has filed Form 5C and received conditional acceptance. Final acceptance of the transaction by the Exchange is subject to NEO's satisfaction of certain conditions required by the Exchange.

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. Using a patented, low-cost manufacturing process, NEO Battery enables longer-running and ultra-fast-charging batteries compared to existing state-of-the-art technologies. The Company aspires to become a global leader in silicon anode materials for the electric vehicle and energy storage industries. For more information, visit the Company's website at:

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