NEO Battery and University of Toronto awarded Mitacs funding for high-power non-flammable battery tech

NEO Battery and University of Toronto Awarded Mitacs Funding to Accelerate High-Power & Non-Flammable Battery Technology Canada NewsWire Secured multi-year, non-dilutive research investment from Mitacs to develop, with the University of Toronto, niobium-based lithium-ion batteries engineered for ultra-fast power delivery and enhanced safety through non-flammability Targeting high-performance defense and industrial applications , including unmanned underwater vehicles, short-range ballistic missiles, and battery backup units for AI data centers to pursue wider growth markets Leveraging governmental support to advance the goal of building a secure, sovereign defense and energy storage supply chain in North America TORONTO , July 9, 2026 /CNW/ - NEO Battery Materials Ltd. (" NEO " or the " Company ") (TSXV: NBM) (OTC: NBMFF), a low-cost, silicon-enhanced battery manufacturer enabling high-performance capabilities for drones, robotics, and physical AI, is pleased to announce that, in collaboration with the University of Toronto, it has been granted a multi-year, non-dilutive CAD 180,000 research investment through the Mitacs Accelerate program to advance high-power, niobium-based lithium batteries for defense and industrial systems. The strategic project, titled " Rational Design of Nb-Based Multi-Transition-Metal Oxide Anodes for Fast-Charging, High-Safety Lithium-Ion Batteries ," will be conducted in cooperation with the University of Toronto's Department of Mechanical and Industrial Engineering. Directed by Dr. Patrick Lee, Professor of Mechanical Engineering and Senior Scientific Advisor of NEO, and the Multifunction Composite Manufacturing Laboratory (MCML), this initiative focuses on developing niobium-based lithium batteries engineered for ultra-fast power delivery and non-flammability to serve both defense and industrial applications .

NEO's targeted end-use applications for the technology include defense submarines/unmanned underwater vehicles (UUVs), short-range ballistic missiles (SRBMs), and battery backup units (BBUs) for AI data centres . To help accelerate the path toward commercialization, NEO intends to validate all materials developed under the project by manufacturing large-format battery cells and, in conjunction with end-use system partners, conducting continued product testing under field-use conditions. The project, which leverages the expertise of the University of Toronto's Department of Mechanical and Industrial Engineering, supports NEO's expansion strategy to diversify its high-performance battery technology portfolio into key growth markets and to advance the Company's goal of building a sovereign defense and energy supply chain in North America .

Dr. Patrick Lee commented, " Niobium-based battery materials are highly promising for applications that require fast charging, high power, and improved safety. Through this collaboration, we are excited to work with NEO Battery through this Mitacs-supported project to advance Canada's homegrown lithium-ion battery technologies for defense and industrial energy storage applications. " " This Mitacs award allows us to pursue a complementary battery platform alongside our high-energy silicon anode portfolio using non-dilutive capital and specialized academic expertise," said Mr. Spencer Huh, President & CEO of NEO.

" Commercializing high power density and non-flammable chemistries will address increasing needs in both defense and grid-scale power. With the University of Toronto, we will collaboratively work to translate material innovations into practical cell designs for agile integration into active systems ." About the University of Toronto Established in 1827, the University of Toronto is Canada's largest university, recognized as a global leader in research and teaching.  The university is consistently recognized as one of the top universities in the world. Its distinguished faculty, extraordinary graduate and undergraduate talent pool, institutional record of ground-breaking scholarship and wealth of innovative academic opportunities continually attract outstanding academics and students from around the world.

About Mitacs Mitacs is a national, not-for-profit organization that fosters growth and innovation in Canada by supporting collaboration between academia and industry. In partnership with government and research institutions, Mitacs delivers programs that advance research, develop talent, and accelerate innovation. For more information, please visit: https://www.mitacs.ca/ .

About NEO Battery Materials Ltd . NEO Battery Materials is a Canadian-South Korean battery technology company focused on developing and producing silicon-enhanced lithium-ion batteries in drones, robotics, physical AI, electric vehicles, and energy storage systems. With a patent-protected, low-cost silicon manufacturing process, NEO Battery enables longer-running and ultra-fast charging properties and provides end-to-end battery solutions from materials selection, cell architecture, and process optimization.

The Company aims to be a globally-leading producer of high-performance lithium-ion batteries and materials, building a secure, robust battery supply chain for Western manufacturers. For more information, please visit the Company's website at: https://www.neobatterymaterials.com/ . On Behalf of the Board of Directors Spencer Huh Director, President, and CEO This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions.

All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified notably by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: volatile stock prices; the general global markets and economic conditions; the possibility of write-downs and impairments; the risk associated with the research and development of battery-related technologies; the risk associated with the effectiveness and feasibility of battery material, electrode, and cell technologies that have not yet been tested or proven on commercial scale or under real-world operating conditions; the risks associated with battery-related manufacturing process scale-up, including maintaining consistent material, component, and cell quality, production yields, and process reproducibility at a pilot, semi-commercial, or commercial scale; the risks associated with compatibility of existing battery chemistries, formulations, components, or designs; unforeseen risks associated with entering into and maintaining collaborations, joint ventures, partnerships, or commercial contracts with battery cell manufacturers, original equipment manufacturers, and various companies in the global battery and downstream end-user supply chain; the risks associated with the failure to develop and produce commercially viable battery-related products or that technical goals may not be achieved within expected timelines or budgets under a joint development or collaboration; the risks associated with the Company's technologies and products not meeting performance requirements or customer specifications; the risks that prototype and pilot-scale products do not advance into commercially produced products or translate into commercial orders; the risk associated with battery components and cell purchase orders and offtake supply that may not be fulfilled in full, on time, or at all as actual revenue realization depends on delivery schedules, achievement of technical milestones, and customer acceptance and validation; the risk associated with losing official vendor registration or status with existing customers; counterparty risk upon delivery of prototype and commercial products; the risks associated with constructing, completing, securing, and financing pilot, semi-commercial, and commercial battery materials, components, and cell manufacturing facilities including the Canadian and South Korean facilities; the risks associated with potential delays or increased costs with site preparation, equipment procurement and installation, and facility commissioning; the risks associated with integrating silicon anode material production, electrode manufacturing, and cell assembly within a single operational cluster or the Company's business portfolio; the risks associated with supply chain disruptions or cost fluctuations in raw materials, processing chemicals, and additive prices, impacting production costs and commercial viability; the risks associated with uninsurable risks arising during the course of research, development and production; competition faced by the Company in securing experienced personnel, contracts and sales, and financing; access to adequate infrastructure and resources to support battery materials, components, and cell research and development activities; the risks associated with changes in the technology regulatory regime governing the Company; the risks associated with the timely execution of the Company's strategies and business plans; the risks associated with the lithium-ion battery industry and end-users' demand and adoption of the Company's silicon anode technology and battery products; market adoption and integration challenges, including the difficulty of incorporating silicon anodes and silicon battery products within battery manufacturers and OEMs' systems; the risks associated with the various environmental and political regulations the Company is subject to; risks related to regulatory and permitting delays; the reliance on key personnel; liquidity risks; the risk of litigation; risk management; and other risk factors as identified in the Company's recent Financial Statements and MD&A and in recent securities filings for the Company which are available on www.sedarplus.ca .

Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued R&D and commercialization activities, no material adverse change in precursor, raw material, equipment, and relevant cost prices, development and commercialization plans to proceed in accordance with plans and such plans to achieve their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information.

Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations, research and development, and commercialization plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this presentation, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

Neither 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. SOURCE NEO Battery Materials Ltd. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2026/09/c3350.html Canada Newswire July 9, 2026 - 5:00 AM PDT News by QuoteMedia www.quotemedia.com