• Situated in the arid and infrastructure rich region of the South Gobi Desert.
• The brine sample was collected at surface from a shallow pool and assayed 918 mg/L Lithium.
• The highest grade lithium brine known to have ever been collected in Mongolia.

In 2022, ION’s team successfully completed almost 100 kms of TEM survey, indicating strong conductivity and low resistivity that is typical of a significant brine aquifer.

• • A shallow, auger drilling program (73 holes during April and May);
  • An 82 line-km TEM geophysical survey (results announced in July (which defined a large low resistivity zone); and
  • A follow-up 16-km TEM survey (which confirmed the continuity of the low resistivity zone).
• The TEM surveys outlined a 22.7 billion m3 brine aquifer with a cut off of <6.5ohm.
• Drawing similarities to assets in the Lithium triangle.
• Successfully completed the drilling of three lithological diamond core drill holes for a total depth of 954m, showing an average grade of +320 ppm Li, on average, over 100m intercepts.
• Notable two metre drill core results Include:
  • UNDH-01: 123m at 278ppm lithium from 122m, with maximum lithium reported at 832ppm over 2m;
  • UNDH-02: 100m at 362ppm lithium from 65m, with maximum lithium at 601ppm over 2m; and
  • UNDH-03: 71.4m at 360ppm lithium from 3.6m with maximum lithium at 911ppm over 2m.
• Deployed Solinst pumps, bailers and various hydrogeological testing equipment on site;
• Hydrogeological testing will be the foundation for upcoming NI 43-101 resource estimates and is expected to advance Urgakh Naran to a position in which an inferred resource can be calculated.