Iconic Releases Resource Report That May Indicate Bonnie Claire Is the Largest Known Lithium Resource in North America

Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (the "Company" or "Iconic") is pleased to announce it has released an updated NI 43-101 resource report for the Bonnie Claire project (the "Property") located 48 km (30 miles) north of Beatty, Nevada. The report was done by Global Resource Engineering Ltd. ("GRE") of Denver, Colorado. Modelling the resource using two open pits in areas of shallow higher grade lithium mineralization along with borehole mining of deeper high grade mineralization GRE calculated an Inferred Resource estimate of 18.68 million tonnes of Lithium Carbonate Equivalent (LCE) (the "Resource"). This Resource is significantly larger than identified resources reported by other lithium companies in Nevada.

GRE reported using data collected from drilling results of three deep drill holes (average 550 meters or 1,800 feet) and seven shallow drill holes (average 90 meters or 300 feet) drilled to date. The resource estimate was completed using Leapfrog® Geo and Leapfrog® Edge software. GRE used three estimation methods to model Li grade into a block model: inverse distance to the second power (the "ID2"), ordinary Kriging (Kr), and nearest neighbor (NN). The block model was validated and classified as the inferred resource."

For the shallow, pit constrained resource, GRE generated pit shells using Lerchs-Grossman "pit optimizer" software, where two open pits on the Property were defined. The first identified pit is located under the shallow portion of deep hole BC 1601 and the second identified pit is located under the shallow drill holes BC 2001C, BC 2003 and BC 2006, at 3,000 meters (9,800 feet) to the south. GRE designed the pits based on experience and benchmarking against similarly defined projects. GRE states it "considers that the two blocks located within the resulting conceptual pit envelope show "reasonable prospects for economic extraction" and can be reported as a mineral resource". The Resource is reported in the table below which was extracted from the NI 43-101 technical report.

For the deeper, potentially borehole mineable and much larger resource, GRE used past experience with the technique to define the resource. Pressurized water is pumped down a large diameter drill holes and used to liquify the soft lithium-bearing sediment that is then pumped to the surface for milling or treated by in situ leaching. A large void is formed which is then filled with waste rock. For the mineral resource that may be potentially borehole mineable GRE assumes a 60% mining recovery, but do not include mining dilution, plant recovery, refining penalties, or pit constraints. This resource is also reported in the table. It should be noted that these results are mineral resources and not "mineral reserves". A prefeasibility study or feasibility study is required to state Mineral Reserves. Iconic and its JV partner, Nevada Lithium Resources Inc. have nearly completed a Preliminary Economic Assessment( PEA) also being done by GRE. Results will be released as soon as the report is finalized.

Richard Kern, Iconic's President and CEO, stated, "I am pleased that the updated 43-101 report shows such a significant mineral resource at Bonnie Claire from such a small number of drill holes. This project is beginning to get the attention it deserves, and I look forward to our upcoming PEA."

Bonnie Claire Mineral Resource Estimate

1. Cut-off grade of 500 ppm Li
2. The effective date of the Mineral Resource is May 3, 2021.
3. The Qualified Person for the estimate is Terre Lane of GRE.
4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
5. Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
6. The Mineral Resource is based on an assumed lithium price of 9,000 $/tonne Li2CO3, and Li2CO3 to lithium ratio of 5.323
7. For the Open-pit constraint - assumed mining cost of 2.0 $/tonne, assumed processing cost of 17.00 $/tonne , an assumed metallurgical recovery of 83%, pit slopes of 18 degrees,.
8. For the Borehole constraint - Assumes 60% recovery by borehole

Bonnie Claire Property

The Bonnie Claire Property is located within Sarcobatus Valley, which is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Drill results from the salt flat have included lithium values as high as 2550 ppm Li and a 1560 foot (roughly 475 meter) vertical intercept that averaged 1153 ppm Li. The current 43-101 report on the project notes that, with a cutoff grade of 600 ppm Li and average grade of 1,027 ppm Li, one square mile contains an inferred resource of 5.025 billion kilograms Li (though this is a resource, not a reserve, and has not yet proven economic viability). The gravity low within the valley is 20 km (12 miles) long, and the current estimates of depth to basement rocks range from 600 to 1,200 meters (2,000 to 4,000 feet). The current claim block covers an area of 74 km² (28.6 mi²) with potential for brine systems and further sediment resources.

Qualified Person

Richard Kern, Certified Professional Geologist, a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Kern is not independent of the Company as he is the Chief Executive Officer of Iconic.

On behalf of the Board of Directors

SIGNED: "Richard Kern"

Richard Kern, President and CEO
Contact: Keturah Nathe, VP Corporate Development (604) 336-8614

For further information on Iconic, please visit our website at www.iconicminerals.com. The Company's public documents may be accessed at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to the Option, the Joint Venture, the amount of the Offering, the expected use of proceeds from the Offering and the future business plans and exploration activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "will", "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that investor interest will be sufficient to close the Offering, that market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals required for the Option Agreement and the future development of the Company's projects in a timely manner.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Bonnie Claire Property, requirements for additional capital, future prices of lithium and gold, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the business, financial condition and exploration and development activities of the Company, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including of the TSX Venture Exchange in respect of the Option Agreement and the Offering, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's latest interim Management's Discussion and Analysis and filed with the Canadian Securities Authorities. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

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