Vancouver - Bearing Lithium Corp. ('Bearing' or the 'Company') (TSX Venture: BRZ) (OTCQB: BLILF) the Company is pleased to release the results of its updated Definitive Feasibility Study for the Stage One Maricunga Lithium Brine project.

The Maricunga project is managed by Minera Salar Blanco (MSB), which is owned by Lithium Power InternationaI Limited ('LPI') (51.55%), Borda Group in Chile (31.31%) and Bearing Lithium Corp. ('BRZ') (17.14%).

Maricunga Stage One DFS delivers US$1.4B NPV (after tax) at an 8% discount rate

An IRR of 39.6% and a 2-year payback period

OPEX of US$3,718 per tonne of LCE produced

Annual EBITDA of US$324M

Direct development cost US$419M, Indirect cost US$145M and Contingency US$62M for a total project CAPEX of US$626M

15,200 tonnes of LCE per annum over 20 years

Highlights

The updated Maricunga Stage One Lithium Brine project's Definitive Feasibility Study (DFS) supports 15,200 tonnes per annum production of lithium carbonate (LCE) for 20 years.

Project NPV1 (leveraged basis) of US$1.425B (after tax) at 8% discount rate, providing an IRR of 39.6% and a 2-year payback. Estimated steady-state annual EBITDA of US$324M.

Assumes a 50% leverage. On a '100% Equity Basis', the NPV (after tax) is US$1.412B, providing an IRR of 29.3 % and a 2 years and 8 months Payback.

Project operating cost places Maricunga among the most efficient producers with an OPEX of US$3,718 per tonne not including credit from potassium chloride (KCl) by-product. KCI production was not considered in the DFS.

Project direct development cost estimated at US$419M, indirect costs at US$145M and contingency costs at US$62M to provide a total project CAPEX of US$626M.

Exceptional ESG profile aims to achieve carbon neutrality once operation beds down, setting new standards for social relationships. Certification process led by Deloitte will continue during upcoming years as the project advances.

Project infrastructure including water rights have been secured by long term contracts during project construction and operation. Access to the National Power Grid has been granted, ensuring future power supply including an important component of renewable energy.

Revised DFS completed by Tier-1 engineering consultancy Worley to international standards, with cost inputs from EPC contractors to provide greater certainty on cost estimates. The Resource and Reserve estimates were prepared by Atacama Water.

Preliminary indications of interest received from international and Chilean financial institutions and private funds for debt financing and future equity financing of the project. Finance process will continue in coming months.

Updating of the EPC proposals will commence during Q1. Final Investment Decision expected for 2022, with construction to start immediately after.

Bearing Lithium Corp (TSXV: BRZ) ('BRZ' or the 'Company') through its Joint Venture ('JV') Company, Minera Salar Blanco S.A. ('MSB'), is pleased to provide details of the updated Definitive Feasibility Study (DFS) for its Maricunga Stage One lithium brine project in northern Chile. The study confirms that Maricunga Stage One could be one of the world's lowest-cost producers of lithium carbonate, with a solid ESG strategy to support a sustainable future.

About Bearing Lithium Corp.

Bearing Lithium Corp (BRZ) is a pure-play lithium company focused on the development of Chile's next high-grade lithium mine. The Maricunga JV, in which LPI holds a 17% interest, is the highest quality pre-production lithium brine project in South America and has one of the world's highest-grade lithium resources at 1,167 mg/l lithium and 8,500 mg/l potassium. The September 2021 NI 43-101 compliant resource estimate for the deposit totals 2.9 Mt LCE now all classified as Measured and Indicated. Over $US 67 million has been invested in the Maricunga Project to date.

Contact:

Gil Playford

Email: gplayford@bearinglithium.com

Cautionary Statements Regarding Forward Looking Information

This press release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.

Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible', and similar expressions, or statements that events, conditions, or results 'will', 'may', 'could', or 'should' occur or be achieved. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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