ION Energy Limited announced the results of a TEM (Transient Electro Magnetic) survey on its Urgakh Naran project. The TEM survey detects high conductivity and low resistivity across the basin, and to predict extensions, faults, and displacements affecting the aquifer. The program was highly successful in meeting all objectives.

Summary: ION Energy has successfully completed an 82 line-km TEM survey on its Urgakh Naran project in Mongolia. The survey identified very low resistivity northeast structures narrowing from the southwest to the northeast direction in the central licence. ION Energy is currently assessing the data to determine suitable drill monitoring well locations to test the conductive zone at depth.

A three hole monitoring well drill program is planned that will be announced to market in order to obtain samples for lithological description and porosity testing, flow rates and depth-specific brine samples that include chemical assays to allow the Company to achieve an early resource estimate. Survey Results: All lines show resistivity beginning at a highly encouraging 0.2 Ohm, with a maximum resistivity of 500 Ohm, drawing similarities to assets in the Lithium Triangle. Going Forward: ION Energy is highly encouraged by the results of the TEM survey.

Surface brine sampling at 918 Mg/L Li at Urgakh Naran along with the 1502 ppm Li seen at the White Wolf Prospect at Baavhai Uul continue to display high prospectivity. The TEM results, geophysics at Baavhai Uul have confirmed the potential for the development of a potentially large, deep highly conductive zone in the central part of the Urgakh Naran concession supporting the geological exploration model and thesis developed by the company.