Update on Ganfeng Offer Acceptances

21 January 2022

Bacanora Lithium plc

("Bacanora" or the "Company")

Update on Ganfeng Offer Acceptances

Bacanora Lithium plc (AIM: BCN), a lithium development company, today announces an update to the level of acceptances and the level of ownership by Ganfeng International Trading (Shanghai) Limited ("Ganfeng") in the Company as at 1.00 pm (London time) on 20 January 2022. Bacanora Shareholders are also reminded that Tuesday 25th January 2022 will be the last day of trading for the Company's shares on the AIM Market, as with effect from 7.00am (London time) on 26th January 2022 admission of the Company's shares on AIM will be cancelled.

Ganfeng shareholding in Bacanora

Ganfeng has received valid acceptances of 235,987,368 Bacanora Shares in relation to their Offer. Once all related shares have been transferred, including Bacanora Shares accepted into the Offer by option holders under the Rule 15 Letters, Ganfeng will accordingly own 349,491,378 shares in Bacanora equating to 90.3% of the issued share capital.

Level of Acceptances for Satisfaction of Compulsory Acquisition

If Ganfeng receives acceptances under the Offer in respect of, and/or otherwise acquires, both 90 per cent. or more in value of the Bacanora Shares to which the Offer relates (as defined in the Companies Act 2006 (as amended) (the "Act")) and 90 per cent. or more of the voting rights carried by those Bacanora Shares, Ganfeng intends to exercise its rights in accordance with sections 974 to 991 of the Act to acquire compulsorily the remaining Bacanora Shares on the same terms as the Offer. Based on the figures noted above, Ganfeng has currently received valid acceptances equivalent to 86.2% of the Bacanora Shares to which the Offer relates.

ENDS

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. SLL is owned 50% by Bacanora and 50% by Ganfeng Lithium Co., Ltd. SLL also owns 70% of the El Sauz and Fleur concessions.