Avalon Advanced Materials Inc. announced an updated Mineral Resource Estimate ("MRE") for the Avalon-Sibelco joint venture lithium deposit at Separation Rapids. This updated MRE, compliant with NI 43-101, reports 10.08 million tonnes (Mt) averaging 1.35% of Measured and Indicated Lithium Oxide ("Li2O"), a 20% increase compared to previous results. The MRE for the Separation Rapids lithium deposit was conducted by SLR Consulting (Canada) Ltd. ("SLR"), an independent global mining advisory and consulting firm, using available drill hole data as of June 16, 2023.

The MRE was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The updated MRE is based on 98 surface diamond drill holes for a total of 17,444m of drilling. This includes 13 new surface diamond drill holes totaling 4,128.3m1 drilled since the 2018 resource estimate.

The new resource estimate will be incorporated into a definitive feasibility study of Separation Rapids, to. be completed by early to mid-2024, with the intention of commencing on-site operations in 2026.