Iconic Minerals Ltd. provided an update on the 2022 mineral exploration and development plans for the Bonnie Claire Lithium Project (the `Project' or `Property'), located in Nye County, Nevada. The work plan is the culmination of discussions between the Company and its 50% partner in Bonnie Claire, Nevada Lithium Resources Inc. ("Nevada Lithium"). The approximately USD 5 million work program has been fully funded by Nevada Lithium through its Property earn-in payments to Iconic, as part of the Option Agreement whereby Nevada Lithium obtained its 50% interest.

The work plan is multi-faceted and is designed to accelerate completion of a Pre-Feasibility Study (PFS) that will build upon the Project's previously announced Preliminary Economic Assessment, completed in accordance with National Instrument 43-101. The program has five principal components: permitting, drilling, metallurgy, borehole mining method demonstration, and hydrology. The Company's Plan of Operation (PoO), which is currently waiting for approval from the Bureau of Land Management (BLM), will allow the joint venture to explore the Property more aggressively and with a wider scope, allowing for more surface disturbance from exploration than was allowed under the previous Notice of Intent (NOI).

This will provide the Company with significant advantages and flexibility for continued work on the Property. The joint venture partners are proactively engaging with the regulatory bodies and permitting consultants to expedite the receipt of permits and further clarify the expected timing of receipt to the market. The drilling component of the program will focus on resource delineation to improve the confidence category of the mineral resource (inferred, to indicated, to measured).

This will support an updated mineral resource estimate to be completed as part of the Preliminary Feasibility Study (PFS) and will also form the basis of the initial mineral reserve estimate for the Bonnie Claire Project upon completion of the PFS. Drilling, which will enlarge both the northern and southern resources, is expected to begin within 30 days. Details of the planned drilling will be announced soon.

Metallurgical work continued through 2021 on the Bonnie Claire Deposit and will continue throughout 2022. The primary objectives of the metallurgical work are to further refine the process flowsheet for the project as well as de-risk and develop to PFS level. This includes optimization of unit process parameters, variability studies, filtration testing, secondary product evaluation, and production of initial quantities of marketable lithium carbonate.

In addition, an assessment of the process to produce lithium hydroxide will also be completed. An advanced metallurgical testing program has been designed by Global Resource Engineering Ltd. and Hazen Research Inc. and approved by the joint venture. Borehole Mining (BHM) is a core aspect that differentiates Bonnie Claire from its peers - from a social, environmental, and sustainability perspective.

Engineering firms with BHM experience have been contacted and proposals for initial on-site testing being collected. A hydrological study is a necessary component of securing the water rights needed to produce lithium at Bonnie Claire. Although the Borehole Mining technique recommended in the PEA envisions the use of brackish water and recycling, a clear understanding of water movement and aquifer drawdown is needed for securing primary water rights for the project.

An experienced hydrologist has been engaged for this aspect of the work plan, with initial design studies having already commenced.