Bearing Lithium Provides Update on Plan of Arrangement With Lithium Power International

Vancouver, British Columbia, December 1, 2022 – (TSXV: BRZ) Bearing Lithium Corp. (the “Corporation”  or”Bearing“) wishes to provide an update on its announced plan of arrangement (the “Arrangement“) with  Lithium Power International Limited (“LPI“) (ASX:LPI) and LPI Canada Holdings Ltd.

Bearing expects that, subject to the satisfaction of the remaining conditions to the completion of the  Arrangement, including the closing of the MSB SpA transaction (the “Joint Venture Partner Transaction“) (as  described in the press release dated October 31, 2022), the Arrangement is now expected to be completed  during December 2022.

The timeline above and the closing of the Arrangement and the Joint Venture Partner Transaction each  remain subject to the remaining closing conditions, as described in the Information Circular in respect of the  Arrangement, which is available on SEDAR under Bearing’s SEDAR profile at www.sedar.com.

As advised in our release dated November 3rd, 2022, subsequent to the Arrangement being approved by the  Bearing security holders on October 28, 2022, the Supreme Court of British Columbia granted the final  order approving the Arrangement with LPI and LPI Canada Holdings Ltd.

Bearing will issue a subsequent news release closer to the estimated Closing Date regarding the anticipated  timing for the halt of the trading of the Bearing Shares on the TSXV and subsequent de-listing of the Bearing  Shares from the TSXV.

For more Information, please contact: 

Ray Baterina

Corporate Secretary

Info@bearinglithium.com

604-262-8835

Forward-Looking Information and Disclaimers 

Certain information contained in this press release may contain forward looking statements within the  meaning of applicable securities laws. The use of any of the words “continue”, “plan”, “propose”, “would”,  “will”, “believe”, “expect”, “position”, “anticipate”, “improve”, “enhance” and similar expressions are  intended to identify forward-looking statements. More particularly and without limitation, this document  contains forward-looking statements concerning: the expected process for and timing of closing the  Arrangement, including the anticipated halt and subsequent de-listing of the Bearing Shares from the  TSXV; the anticipated benefits of the Arrangement for the Maricunga project; the closing of the  Arrangement, including with respect to obtaining any necessary approvals and satisfying any conditions  and the expected timing thereof.

In addition, forward looking statements or information are based on a number of assumptions, including  assumptions regarding the expected timing of the closing of the Arrangement, which have been used to  develop the forward-looking statements in this press release but which may prove to be incorrect and  which have been used to develop such statements and information in order to provide stakeholders with

a summary for Securityholders of the expected Arrangement timeline and impact on Bearing’s future  operations.

Forward-looking statements necessarily involve risks, including, without limitation, the risk that the  Arrangement is not completed on the terms described in this press release, or is delayed or is not closed for any reason, including for any reason described in the Information Circular; the Corporation’s position  as a minority joint venture partner in the Maricunga project in the event that the Arrangement is not  closed; the risk that the Arrangement does not yield the benefits that Bearing anticipates; the risk that LPI  does not complete the Joint Venture Partner Transaction; the general regulatory environment in which  the Corporation operates; the tax treatment of the Corporation; the general economic, financial, market  and political conditions impacting the industry and markets in which the Corporation operates; and the  risks identified in the Information Circular.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have  been used. As a consequence, actual results may differ materially from those anticipated in the forward looking statements. Furthermore, the forward-looking statements contained herein are made as at the  date hereof and Bearing does not undertake any obligation to update publicly or to revise any of the  included forward looking statements, whether as a result of new information, future events or otherwise,  except as may be required by applicable securities laws.

Shareholders are reminded that there may be tax consequences for Bearing shareholders associated with  the Arrangement, including: (1) consequences associated with the exchange of shares of a Canadian  corporation for shares of an Australian corporation; and (2) additional Chilean tax consequences for  Bearing shareholders who own or control 10% or more of the Bearing Shares at the date of the  Arrangement (inclusive of stock options, warrants, and Bearing Shares sold within 12 months prior to the  closing of the Arrangement). Shareholders should consult with their tax advisors and refer to the  information contained in the Information Circular in respect of the Arrangement, which is available on  SEDAR under Bearing’s SEDAR profile at www.sedar.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the  securities in the United States. The securities have not been and will not be registered under 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.

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO  US NEWSWIRE SERVICES. 

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