Iconic Files Modified the Preliminary Economic Assessment Report for the Bonnie Claire Project

Vancouver, British Columbia–(Newsfile Corp. – November 18, 2022) – Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the “Company” or “Iconic”) reports that it has filed an amended National Instrument 43-101 Disclosure standards for mining projects (“NI 43-101”) Preliminary Economic Assessment Technical Report for the Bonnie Claire Project (the “Bonnie Claire Property”) located 48 km (30 miles) north of Beatty, Nevada.

The NI 43-101 technical report is titled “NI 43-101 Preliminary Economic Assessment Technical Report, Bonnie Claire Lithium Project, Nye County, Nevada(the “Amended PEA Technical Report”) and is dated August 20, 2021 with a revised and amended date of November 11, 2022. The Amended PEA Technical Report was prepared pursuant to NI 43-101 by Global Resource Engineering Ltd. of Denver , Colorado The Amended PEA Technical Report is available on the Company’s SEDAR profile at www.sedar.com and on the Company’s website at www.iconicminerals.com.

Bonnie Claire Property

The Bonnie Claire property is located in the Sarcobatus Valley, which is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Drill results from the salt flat included lithium values ​​as high as 2550 ppm Li and a vertical intersection of 1560 feet (about 475 meters) that averaged 1153 ppm Li. The current 43-101 resource from the PEA Technical Report modified drillhole portion of the resource is 3,407 million tonnes (inferred) grading 1,013 ppm Li or 18,372 million kilograms of lithium carbonate equivalent. Low gravity in the valley is 20 km (12 miles) long, and current estimates of bedrock depth range from 600 to 1,200 meters (2,000 to 4,000 ft). The current claim block covers an area of ​​74 km2 (46.6 km2) with potential for brine systems and other sediment resources.

Qualified persons

Richard Kern, Certified Professional Geologist, a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical information contained in this press release. Mr. Kern is not independent of the Company as he is the Chief Executive Officer of Iconic.

On behalf of the Board of Directors

SIGN: “Richard Kern”

Richard Kern, President and CEO

For more information about Iconic, please visit our website at www.iconicminerals.comor contact: Keturah Nathe, VP Corporate Development (604) 336-8614.

The Company’s public documents can be viewed at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein are forward-looking statements. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are generally identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “should”, “”, “potential”, “expected” or variations of these words and similar phrases and expressions, which by their nature refer to future events or results which may, may, might or will occur. occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information.These risks and other factors include, among others, statements regarding the Company’s anticipated business plans and timing of future activities, the Company’s ability to obtaining sufficient financing to fund its operations and business plans, delays in obtaining governmental and regulatory (including TSX Venture Exchange) approvals, permits or financing, changes in laws, regulations and policies affecting mining operations , currency fluctuations, litigation or claims of title, environmental issues and liabilities, risks related to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the business, financial condition and results of operation of the Company, changes in laws, regulations and policies affecting mining operations, title disputes, failure of the Company to obtain necessary permits, consents, approvals or authorizations, timing and outcome possible of any pending litigation, environmental issues and liabilities, and risks related to joint ventures and a Other risks and uncertainties disclosed in the Company’s continuous disclosure documents. All of the Company’s Canadian public disclosure documents are accessible via www.sedar.com and readers are encouraged to consult these documents.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any forward-looking statements contained in this press release or incorporated by reference herein, except as otherwise required by law.

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