NEO Battery Materials Selected to Intellectual Property Support Program by South Korean Government Organization

TORONTO, July 27, 2023 - (TSXV: NBM) (OTCQB: NBMFF)

• Selected Among 10 Recipients of the Intellectual Property Support Program Administered by Korea Invention Promotion Association
• Active Support to Secure Exclusive Rights and Patents with Pro-Bono Technology Consulting for Market Competitiveness and Growth
  • Expanding IP Strategy through New Patents, PCT Application Support, and Increasing Collaborations with South Korean Battery Industry Players
    

NEO Battery Materials Ltd. ("NEO" or the "Company"), a low-cost silicon anode materials developer that enables longer-running, rapid-charging lithium-ion batteries, is pleased to announce that NBM Korea Co. has been selected as a recipient of the Intellectual Property Support Program administered by the Korea Invention Promotion Association ("KIPA"), an affiliated organization of the federal Korean Intellectual Property Office ("KIPO").

KIPA's Intellectual Property Support Program aims to actively support small and medium-sized enterprises to establish exclusive rights and intellectual property ("IP") to each firm's proprietary technologies. Selected among 10 IP-based companies, NEO will receive a grant and pro-bono technology consulting to strengthen market competitiveness by implementing new R&D directions and securing indisputable patents. The program will assist the Company to further apply for the Patent Cooperation Treaty (PCT) for worldwide jurisdictional protection of NEO's silicon anode technology.

Along with KIPA's consultants, NEO Battery Materials will strengthen the IP portfolio by patenting innovative processes, analyze competitors' technologies to develop IP dispute mitigation strategies, and increase collaborations with EV battery industry players. Cooperating with Gyeonggi Province and Gyeonggi Technopark, the Company targets to apply for further incentives and grant programs to support silicon anode commercialization.

Legal Action Against Private, Anonymous Stock Chat Users for Defamation
NEO Battery is in action to pursue legal action against anonymous commenters within stock chat forums such as Yahoo Finance for alleged intentional and malicious defamation of the Company and management. NEO has assessed the content disseminated within stock forums in which private-profile, anonymized users have purportedly engaged in making false, misleading, illusory, and derogatory claims concerning NEO's operations, financial standing, and reputation. These statements are devoid of any factual basis and have caused significant harm to the Company's new and existing shareholders and employees. Consequently, the Company has engaged legal counsel to commence necessary proceedings against these anonymous commenters with the appropriate courts to seek due remedies for the damages incurred.

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-fasting charging batteries compared to existing state-of-the-art technologies. Building the first commercial plant in South Korea, 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: https://www.neobatterymaterials.com/.

On behalf of the Board of Directors
Spencer Huh
President and CEO
604-355-6463
shuh@neobatterymaterials.com

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of technologies which have not yet been tested or proven on a commercial scale, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at?www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

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