Neo Lithium Corp. announced an updated resource estimate for the Tres Quebradas lithium brine project in Catamarca Province, Argentina. This updated mineral resource estimate has been completed under the supervision of Groundwater Insight Inc., which is independent of the company. Based on this updated mineral resource estimate, the Third Quarter Project deposit continues to improve, confirming that it is one of the largest and highest-grade lithium brine deposits in the world. Since the completion of the previous mineral resource estimate in July 2018, the company has continued drilling and has revised the statistical criteria to define measured, indicated, and inferred resources. Using the new drill holes and the revised statistical criteria, the measured and indicated mineral resource categories have increased by 125% at the 800 mg/l lithium cut-off, and by 33% at 400 mg/l lithium cut-off, when compared to the July 2018 estimate. Similar average grades and impurities were observed. The updated lithium resource estimate is summarized in Tables 1 and 2, for the 800 and 400 mg/l cut-offs, respectively, with comparison to the July 2018 results. Average density for the brine is 1.217. The low magnesium and sulfate content of the mineral resource is consistent with the previous mineral resource estimate. Neo Lithium's wholly-owned Third Quarter Project is within an elongated salar, 28 km in length that contains a high-grade resource in the northern third of the salar, roughly defined by the 800 mg/l cut off, and a medium-grade resource in the southern two thirds of the salar, within the 400 mg/l cut off. The high-grade resource is strategically important because it requires smaller evaporation ponds to put the project into production. Since the pond size is geometrically related to grade, increases in grade have a significant impact in decreasing capital costs of pond construction. Ponds can represent up to 50% of the capital cost of an evaporative lithium brine project. Therefore, an important design goal of the project is to minimize pond size. The Company is working with Worley on the Feasibility Study for the Third Quarter Project. The current larger mineral resource estimate is not expected to negatively impact the new reserve estimation and mine plan that will be delivered as part of the Feasibility Study. The Company does not expect mineral extraction methods to change as a result of the increased mineral resource estimates, as the grade and location of the mineral resource remains substantially the same. Accordingly, the "Preliminary Feasibility Study ("PFS") - Third Quarter Project, NI 43-101 Technical Report Catamarca, Argentina" with an effective date of May 7, 2019 and amended as of May 8, 2019, and subsequently amended April 1, 2021 is still relevant and valid as a preliminary indication of the economic potential of the Third Quarter Project. Resource Estimate Methodology: The mineral resource estimate was prepared in accordance with best practice methods specific to brine resources. The approach includes a reliance on drilling and sampling methods that yield depth-specific chemistry and drainable porosity measurements of the brine host rock. The mineral resource calculation is based on four drilling and sampling campaigns, which included the following: Completion of 10,523.65m of drilling (6,145.75m of diamond drill and 4,377.90m of rotary holes) divided in 56 drill holes. The deepest hole was 647m. The rotary wells were completed with 8 or 10 inch PVC or iron piping. They were pumped for over 48 hours to ensure the brine flowed from the aquifer and that all remaining traces of drill mud was removed. Outflow was typically sampled at six-hour intervals. All samples were averaged (typically 6 to 10 samples were collected in each well) and the sample concentration was attributed to the gravel pack interval of the well. The diamond drill holes were cored with HQ triple tube. Of the 56 holes used for the mineral resource estimate, nine reached the basement at depths ranging from 50m (in the western boundary of the salar) to 647m in the eastern border of the salar. All others were terminated after reaching target depth or due to drill limitations. The total thickness of the basin exceeds 650m on the eastern side, and brine saturated sediments are present throughout the majority of the sequence; the exception is relatively fresher-water zones where surface inflows occur. A total of 230 brine samples plus 74 QA/QC samples were collected from the drill holes during drilling and from completed wells; and 45 surface samples were collected from the Third Quarter and Verde lagunas. Repeat samples were averaged resulting in 184 unique sample locations, that were used to calculate the resource estimate. Brine samples were collected from the diamond drill holes during drilling, using a standard packer technique (both single and double packer) to obtain samples from discrete levels of the formation. Fluorescein dye was used to ensure that the samples were representative of the collection interval. Sampling intervals range from 2m to 50m, depending on the hole. Brine was sampled (and bathymetry conducted) in Laguna Third Quarter and Laguna Verde, located at the north and south ends of the salar, respectively. Extensive sampling indicates that the brine composition in these lagunas is essentially continuous with the brine under the salar crust. Brine samples interpreted to reflect the influence of freshwater inflows (Rio Salado, Rio Nacimiento, and Rio 3Q) were removed from the data set prior to interpolation. Similarly, volumes of the subsurface associated with fresher water were also removed from the salar volume for resource estimation. The previous (2018) mineral resource estimate used a search radius criteria technique to classify measured, indicated and inferred resources. In the current estimate the approach was revised to a borehole density method. Both methods are widely used in both brine and hard rock resource estimation. The borehole density method was considered more appropriate based on an increasing body of site data, which continue to support spatially predictable geology and brine trends.