Avalon Undertakes a Mineral Resource Estimate Update following Positive Drill Results for Separation Rapids JV, ON

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Toronto, Ontario--(Newsfile Corp. - August 13, 2024) - Avalon Advanced Materials Inc.(TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company"), in conjunction with its Joint-Venture ("JV") partner SCR-Sibelco NV ("Sibelco"), is delighted to announce the commencement of an upcoming mineral resource update for the Separation Rapids Project in Kenora, Ontario. Managed by the Joint Venture Company Separation Rapids Ltd. ("SRL"), the 2024 winter drill campaign focused on a critical part of SRL's strategy to upgrade the 2023 Mineral Resource Estimation ("MRE") classification and to expand the mineral resource base.

Key Highlights of the 2023/2024 Drilling Results to Date: (NR Dated July 22, 2024)

  • The first batch of the 2024 winter drill campaign demonstrated significant lithium intersections, with key results including:

    • SR24-114 intersected 1.67% Li2O over 105.6 meters from 313.5 meters depth and 1.78% Li2O over 21.5 meters from 143.5 meters depth

    • SR24-113 intersected 1.68% Li2O over 66.2 meters from 292.2 meters depth and 1.95% Li2O over 32.6 meters from 121.0 meters depth

    • SR24-115 intersected 1.81% Li2O over 13.8 meters from 93.5 meters depth

    • SR24-116 intersected 1.69% Li2O over 8.9 meters from 313 meters depth and 1.67% Li2O over 12.7 meters from 325.3 meters depth

  • The results confirm the high-grade lithium and the potential to increase the mineral resource base

  • The results for the five remaining drillholes are currently pending and will be released shortly

Scott Monteith, CEO and Director of Avalon Advanced Materials Inc. commented, "We are excited with the recent drill results, which clearly demonstrate mineralization beyond the current mineral resource base. Sibelco our JV partner has been exceptional in selecting drill targets and our technical team is very confident that we will increase the resource base. This update will indicate a true reflection of the potential of this project and indicate additional exploration targets.

As we eagerly await the results from the second batch of drilling, we are beginning to update the 2023 MRE, which is on track for release in Q3 2024. Avalon is positioned exceptionally well with a lithium resource that will be instrumental in Canada's Critical Mineral Strategy and will help accelerate our corporate strategy with respect to our Thunder Bay Processing facility."

Figure 1: Five drill holes returned significant drill intercepts greater >/=0.5% Li2O from news release 22nd July 2024

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