NEO BATTERY MATLS LTD - NBMFF STOCK NEWS

NEO Battery Materials Ltd. has signed a letter of intent with a top U.S. university spin-out developer to enhance their silicon anode materials. This collaboration aims to integrate the developer's polymer electrolyte technology into NEO's silicon anodes, addressing volume expansion issues and improving safety by using non-flammable electrolytes. Both parties will work on fast-paced R&D to scale their technologies for commercial applications. CEO Spencer Huh expressed optimism about the partnership, emphasizing potential improvements in durability and application versatility for NEO's silicon anodes.

NEO Battery Materials Ltd. (TSXV: NBM, OTCQB: NBMFF) announced the results of its Annual General and Special Meeting held on February 21, 2023. All management nominees for director were elected, and DeVisser Gray LLP was re-appointed as auditors. Key resolutions included:

• Change of Business to a Technology Issuer with 99.5% approval
• Continuation from British Columbia to Ontario's Business Corporations Act with 90.7% approval
• 10% Rolling Stock Option Plan approved

President & CEO Spencer Huh highlighted plans to build a North American strategy backed by non-dilutive funding.

NEO Battery Materials Ltd. (TSX: NBM, OTCQB: NBMFF) has outlined ambitious plans for expansion in Ohio, focusing on the electric vehicle (EV) battery supply chain. Key developments include engaging with JobsOhio and REDI Cincinnati for optimal site selection and securing state-level funding. The company aims to establish an R&D center to facilitate joint ventures and enhance logistics for silicon anode manufacturing. Recent NDA signings with five additional partners indicate growing interest in their NBMSiDE™ silicon anode technology. The company continues to collaborate with NanoRial Technologies to enhance product differentiation.

NEO Battery Materials Ltd. (TSX: NBM, OTCQB: NBMFF) has announced the grant of 1,300,000 incentive stock options to researchers and commercialization engineers, each with an exercise price of $0.40. This move follows milestone contracts with global battery industry players, and the options will vest over three years under an accelerated schedule. The company is set to appoint a Chief Technology Officer and a PhD-level engineer to enhance its engineering team, aiming to optimize its silicon anode technology, NBMSiDE™, for commercialization. CEO Spencer Huh noted significant performance improvements as the company prepares for supply to the electric vehicle mass market.

NEO Battery Materials (NBMFF) announced a collaboration with NanoRial Technologies to enhance the performance of its silicon anode materials, specifically NBMSiDE™, through the integration of carbon nanotube (CNT) technology. The partnership aims to optimize battery conductivity and capacity, crucial for electric vehicle (EV) applications, leveraging NanoRial's CNT products. Additionally, both companies plan to apply for non-dilutive funding from Canadian governmental programs post-NEO's planned relocation to Ontario. This collaboration is set against the backdrop of Canada's strong position in the global battery supply chain.

NEO Battery Materials Ltd. (TSXV: NBM, OTCQB: NBMFF) announced the appointment of Dr. Basudev Swain as Chief Science Officer, enhancing its leadership and technical expertise in lithium-ion battery development. Dr. Swain brings over 20 years of experience in battery materials and recycling, focusing on sustainable production processes. His role will support NEO's expansion in silicon anode commercialization and recycling initiatives, particularly in the U.S. market. CEO Spencer Huh highlighted Dr. Swain's potential to accelerate commercialization and improve material performance. The company aims to become a leading supplier in the EV battery materials sector.

NEO Battery Materials announced plans to establish NBM America Ltd., a wholly-owned subsidiary in Ohio, aimed at expanding its core silicon anode business and exploring new projects in the battery materials industry. The subsidiary will facilitate U.S. market entry, enhance collaborations with U.S.-based partners, and secure funding from state and federal initiatives, including the Inflation Reduction Act. Ohio is becoming a strategic hub for the U.S. battery supply chain, with significant investments from major companies. CEO Spencer Huh noted that this expansion seeks to capitalize on the potential in silicon waste recycling and strengthen NEO's presence in the U.S.

NEO Battery Materials Ltd. has received approval for construction of its Silicon Anode Commercial Plant in Pyeongtaek City, allowing it to produce 240 tons of silicon anodes annually, sufficient for 160,000 electric vehicles. The company targets a long-term capacity of 2,000 tons per year. NEO is currently seeking strategic investments to support construction and minimize shareholder dilution, while also pursuing non-dilutive funding through South Korean green technology policies. The construction permit is seen as a substantial catalyst for attracting investors and advancing business initiatives in the EV battery market.

NEO Battery Materials Ltd. has signed a Memorandum of Understanding (MOU) with a confidential Asia-based recycler to transform silicon by-product waste from solar and semiconductor manufacturing into high-purity silicon powder. This partnership could reduce silicon input costs by up to 40% and provide long-term supply stability. The company plans to conduct sample testing of recycled silicon in January. NEO is exploring market collaboration as gigafactories emerge in North America, aiming to enhance the competitiveness of its silicon anode materials for electric vehicle batteries.