Bearing Lithium Provides Update on Consolidation of 100% of the Maricunga Project by LPI

Vancouver, British Columbia, December 16th, 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. The Arrangement is one part of a strategy for LPI to consolidate 100% ownership  of the Maricunga Lithium Brine project in Chile (the “Maricunga Project“) which Bearing currently  has a 17.14% interest in.

LPI advised today in a press release that the certain conditions to enable LPI to Completion of the  MSB SpA transaction (the “Joint Venture Partner Transaction“) (as described in the press release  dated October 31, 2022), have now been satisfied with final Australian court approval for that  transaction having been obtained on Thursday, December 15, 2022. LPI anticipates that formal  completion of the Joint Venture Partner Transaction will occur early next week, which will result  in MSB SpA transferring its 31.31% interest in the Maricunga Project to LPI.

Further details with respect to LPI’s press release can be found on LPI’s website at  https://lithiumpowerinternational.com.

Completion of the Joint Venture Partner Transaction was a condition to completion of the  Arrangement, which is now expected to close on or about December 22, 2022.

It is expected that Bearing’s common shares (“Bearing Shares“) will be halted from trading on  the TSX Venture Exchange (“TSXV“) effective the close of trading on Monday December 19, 2022  to enable final settlements to occur by December 21, 2022. The Bearing Shares will be de-listed  from the TSXV following completion of the Arrangement.

In connection with closing of the Arrangement, Bearing shareholders on the Corporation’s  register at closing will receive 0.7 of an ordinary share of LPI for each one (1) Bearing Share held,  pursuant to the terms of the Arrangement.

In addition, the cash distribution payable to Bearing shareholders under the terms of the  Arrangement will be distributed to Bearing shareholders on the Corporation’s register at the time  of closing, which payment is estimated to be in the amount of approximately $0.015 per Bearing  Share held and is expected to be distributed a few days following the closing date.

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 Bearing 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; the Corporation’s position as a minority joint venture partner in the  Maricunga Project in the event that the Arrangement does not close; 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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