ION Energy Ltd. Announces Upsize to Previously Announced Bought Deal Offering to C$5 Million

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FRA: 5YB) (" ION " or the " Company ") is pleased to announce that ION has entered into an agreement with PI Financial Corp. as lead underwriter (" PI ") on its own behalf and on behalf of a syndicate of underwriters (together with PI, the " Underwriters ") to increase the size of the previously announced bought deal financing to an aggregate of 10,000,000 units of the Company (the " Units ") at a price of C$0.50 per Unit (the " Offering Price ") for gross proceeds of C$5,000,000 (the " Offering ").

Each Unit shall consist of one common share and one common share purchase warrant (each whole such common share purchase warrant, a " Warrant "). Each Warrant shall be exercisable into one additional common share (" Common Share ") of the Company for thirty six (36) months from closing at an exercise price of $0.70 per Common Share. ION intends to use the net proceeds of the offering to fund exploration at the Company's lithium brine projects and for general working capital purposes.

The Company will grant the Underwriters an option to increase the size of the Offering by up to 15% (the " Underwriters' Option "). The Underwriters' Option may be exercised in whole or in part by written notice to the Company within 30 days following the closing of the Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act ") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Closing of the Offering is expected on or about April 13, 2021 and is subject to regulatory approval including that of the TSX Venture Exchange.

About ION Energy Ltd.

ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FRA: 5YB) is committed to exploring and developing Mongolia's lithium salars. ION's flagship, 81,000+ hectare Baavhai Uul lithium brine project, represents the largest and first lithium brine exploration licence award in Mongolia. ION also holds the 19,000+ hectare Urgakh Naran highly prospective Lithium Brine licence in Dorngovi Province in Mongolia. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world's increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca , or under its profile on SEDAR at www.sedar.com .

For further information:

MEDIA CONTACT: Siloni Waraich, siloni@ionenergy.ca , 416-432-4920

Cautionary Note Regarding Forward-Looking Information

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 news release.

Information set forth in this news release contains forward-looking statements. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Important factors that could cause actual results to differ materially from Ion Energy's expectations include, among others, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of lithium, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company's business. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.