10 January 2022

Bacanora Lithium plc

("Bacanora" or the "Company")

Settlement of Debt Facility

Bacanora Lithium plc (AIM: BCN), a lithium development company, provides an update to its announcement on 22 June 2021 regarding its debt facility with RK Mine Finance.  The Company has now fully repaid all amounts due under the June 2018 first tranche drawdown of US$25 million, as well as settled the 6 million warrants issued at the time.  Accordingly, all securities registered under this facility will now be removed.

For further information please visit www.bacanoralithium.com or contact:

Notes to editors

Bacanora Lithium Plc is an AIM-listed (ticker 'BCN') lithium development company. The Company is focused on building, in collaboration with its major shareholder and offtake partner, Ganfeng Lithium (the world's largest lithium metals producer), a 35,000 tonne per annum open pit lithium carbonate operation at its flagship asset, the Sonora Lithium Project in Mexico. The Sonora Lithium Project has 8.8 million tonnes of lithium carbonate (Li₂CO₃) equivalent resources, with an approximate 250-year resource life, as detailed in its December 2017 Feasibility Study.

Sonora Lithium Ltd ("SLL") is the operational holding company for the Sonora Lithium Project and owns 100% of the La Ventana concession. The La Ventana concession accounts for 88% of the mined ore feed in the Sonora Feasibility Study which covers the initial 19 years of the project mine life. On completion of this option exercise, SLL will be owned 50% by Bacanora and 50% by Ganfeng Lithium Co., Ltd. SLL also owns 70% of the El Sauz and Fleur concessions.