Millennial Announces Receipt of Interim Court Order for Plan of Arrangement with Ganfeng Lithium Co., Ltd.

Details of Meeting to Approve Plan of Arrangement

Vancouver, British Columbia--(Newsfile Corp. - August 27, 2021) - Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQX: MLNLF) ("Millennial" or the "Company") and Ganfeng Lithium Co., Ltd. (HK: 1772) (OTCQX: GNENF) ("Ganfeng") announced on July 16, 2021 that they had entered into a definitive arrangement agreement dated July 16, 2021 pursuant to which Ganfeng, through a British Columbia subsidiary, will acquire all of the outstanding common shares of Millennial (each, a "Common Share") by way of a plan of arrangement (the "Arrangement").

Millennial is pleased to announce that it has received an interim order of the British Columbia Supreme Court authorizing and approving various matters in connection with the Arrangement under the British Columbia Business Corporations Act including the holding of a special meeting to approve the Arrangement.

The Arrangement is subject to the approval of: (i) 66²/₃% of votes cast by Shareholders; (ii) 66²/₃% of votes cast by Shareholders and holders ("Warrantholders" and together with Shareholders, "Voting Securityholders") of Common Share purchase warrants ("Warrants"), voting together as a group; and (iii) a simple majority of the votes cast by Shareholders excluding for this purpose the votes cast by any persons that are required to be excluded under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, at a special meeting of Voting Securityholders to be held on September 30, 2021 (the "Meeting"). Directors and officers of Millennial, as well as Millennial's largest shareholder, have entered into support and voting agreements pursuant to which they have agreed to vote their Common Shares in favour of the Arrangement.

It is anticipated that the management information circular for the Meeting, which contains further details of the Arrangement, will be mailed on or before August 30, 2021.

In addition to Voting Securityholder approval, the Arrangement is also subject to the receipt of certain regulatory and court approvals, including approval by relevant authorities in the People's Republic of China and Investment Canada Act approval, and other closing conditions customary in transactions of this nature.

About Millennial

To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email [email protected].

About Ganfeng

Ganfeng is one of the largest producers of lithium. Ganfeng's operations are vertically integrated, encompassing all critical stages of the value chain, including upstream lithium extraction, midstream lithium compounds and metals processing as well as downstream lithium battery production and recycling. Ganfeng has one of the most comprehensive product offerings split into five major categories of more than 40 lithium compounds and metals products.

ON BEHALF OF THE BOARD OF DIRECTORS

"Farhad Abasov"
President CEO and Director

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.

This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the Arrangement, including statements with respect to the benefits of the Arrangement to the Shareholders, the anticipated Meeting date and mailing of the information circular in respect of the Meeting, timing for completion of the Arrangement and receiving the required regulatory and court approvals, Ganfeng's expectations in respect of the Pastos Grandes Project, the accuracy of mineral resource and mineral reserve estimates at the Pastos Grandes Project and future plans and objectives of Ganfeng. The Company's current plans, expectations and intentions with respect to development of its business and of the Pastos Grandes Project may be impacted by economic uncertainties arising out of Covid-19 pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Pastos Grandes Project. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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