Neo Lithium Corp. announced positive results of a National Instrument 43-101 Feasibility Study ("FS") for the production of lithium carbonate from its wholly owned Tres Quebradas lithium brine project ("3Q Project") in Catamarca Province, Argentina. The FS represents a comprehensive study of the technical and economic viability of the Third Quarter Project and has advanced to a stage where a preferred processing route has been established, and an effective method of lithium extraction has been determined. Capacity for the feasibility study remains at 20,000 tonnes per year, but the design footprint for ponds and plant already considers an expansion to 40,000 tonnes per of LCE per year since the resource and reserve is large enough to justify larger production by shortening the mine life. An increase of approximately 4% in the high-grade Measured and Indicated Resource was recently realized, due to the acquisition of a small additional mining claim on October 21, 2021. After pond filling is complete, the strategy to maximize value at the Third Quarter Project is to first extract the high-grade brine with four new and two existing wells strategically located in the middle of the high-grade component of the measured and indicated resource. Early extraction of high-grade brine allows early-stage pond size to be minimized. Grade is predicted to decrease with time, as progressively lower-grade brine is extracted. A numerical groundwater model was developed to support the reserve estimate and development of the 50-year life of mine plan. Modelling predicts a brine grade decrease over time and simulates additional brine recovery to maintain production at around 20,000 tonnes of lithium carbonate equivalent (LCE) for the first 20 years of mine operation. Thereafter, production decreases as recovered grade decreases. The modelling simulates long term brine recovery, based on a rigorous evaluation of groundwater flow and brine transport. The design recovery rates are within the tested parameters of the brine aquifer. The Company has already installed one production well capable of sustained production of 84 L/s. In the initial 14 years of the mine plan, four new and seven existing wells would each produce between 12.5 and 42.2 L/s of high-grade brine. From year 15 onwards, two new wells and one existing well would be added to the operation, with individual production rates between 13 and 84.5 L/s. These variable brine recovery rates are designed to maintain a relatively constant annual production rate of approximately 20,000 tonnes LCE for the first 20 years, and then decreasing thereafter as the resource is recovered. Ample space exists within the resource for additional production wells, if required. The FS identifies the preferred development option as being a conventional evaporation pond operation followed by concentrated brine purification and precipitation of lithium carbonate. The processing method is unique to the Third Quarter Project high grade, low impurity brine, allowing the Company to minimize water and energy consumption. This has been validated by significant research completed on optimal process flows. The process remains relatively unchanged from that described in the release dated March 11th, 2020, with the extraction of brine from pumping wells into solar evaporation pre-concentration ponds in order to reduce brine volume by water evaporation. Concentration causes the crystallization in the ponds of sodium chloride, potassium chloride and calcium chloride which periodically must be harvested from these ponds. The concentrated brine (with 3.3% lithium by mass) is then transported to the purification plant in Fiambal?. Processing of the concentrated brine into Lithium Carbonate is achieved in five steps: Solvent Extraction to remove remaining boron. Removal at ambient temperature of magnesium with calcium hydroxide produced as a by-product in the plant. Calcium removal with caustic soda at room temperature. Polishing of residual calcium with soda ash at room temperature. Addition of soda ash and heat to precipitate lithium carbonate, followed by drying and packaging. This process is based on conventional, proven parameters and has been tested in pilot plant operations for the last few years.