Bearing Lithium Corp. provided a significant update on the advanced progress of the Maricunga Lithium Project in Chile as announced by Minera Salar Blanco ("MSB"). The company's proposed Maricunga Stage One has a nameplate capacity of 15,000 tonnes-per-year of lithium carbonate production, with significant future expansion potential from subsequent stages. The Maricunga project, the highest-grade, undeveloped lithium project in Chile, is managed by Minera Salar Blanco (MSB), which is owned by LPI (51%), Borda Group (31%) and Bearing Lithium (18%). A new field program will be undertaken from February 2021 to update detailed engineering work to re-size and optimise the revised Maricunga Stage One development. The program consists of 2,400m of drilling, along with sampling and hydraulic testing activities. This work is in line with the announcement made by the Company on 9 December 2020 to advance the Maricunga project in a number of stages and by fast- tracking a Stage One development based on the tenements known as `Old Code' concessions. The target is to expand the current resource, which is from near surface to 200m depth, to include the interval between 200m and 400m. Drilling for the project's DFS established that there was a thick sequence of volcaniclastic material (established by MSB's historical S-19 exploration hole drilled to 362m) beneath gravel and near surface clay units in the `Old Code' concessions. This zone has high drainable porosity and permeability that is considerably higher than near surface units. Expansion of the resource would result in expansion of the project brine reserve, potentially supporting a 20 year-plus mine life for the project. Drilling contracts have been awarded to international companies Major Drilling and Andinor, and all drilling equipment has been mobilised to site. Additionally, conceptual and numerical hydro-geological models including LEAPFROG, SGeMS and FEFLOW will be updated by Atacama Waters (formerly FloSolution) with the new exploration information and all existing information from the 2019 Definitive Feasibility Study. That would allow the existing resources and reserves within the "Old Code" concessions to be fully revised. An updated Definitive Feasibility Study will then be prepared by Worley and GEA Messo in accordance with JORC and NI 43-101 international standards. In parallel with this Stage One work, MSB will continue to evaluate and progress alternative development plans for the subsequent stages with Codelco, potential other parties and the Chilean authorities. The aim of these subsequent stages is to continue with the original strategy to consolidate the Maricunga Salar by developing the remainder of its mining concessions, known as "New Code" concessions, to provide substantial organic growth for the project. Activities associated with engineering and financing will continue, complementing the adjustments on the Stage One design of the project and to ensure continuity in fast-tracking the development timeline through 2021.