ADVANCING CHILE’S ONLY HIGHEST-GRADE

PRE-PRODUCTION LITHIUM BRINE PROJECT

CORPORATE PRESENTATION

April 2020

OTCQB:BLILF TSX-V:BRZ
 DISCLAIMER

This presentation includes certain "forward-looking information” and "forward-looking statements” (collectively "forward-looking statements”)
within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation
Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future
operating or financial performance of the Company, are forward-looking statements.
The words "expect", "target", "estimate", "may", "will" and other similar expressions identify forward-looking statements. These forward-
looking statements relate to, among other things, mineral reserve and resource estimates, grades and recoveries, financial forecasts
including the net present value and after-tax internal rate of return estimates of the Maricunga Project, projected tax rates, the anticipated
life of operations, annual production expectations including cash flows, capital costs, expected operating costs and construction financing.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Bearing’s ability to predict
or control and may cause Bearing’s actual results, performance or achievements to be materially different from any of its future results,
performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include,
but are not limited to, strategic, legal, planning and other risks, the impact of changes in, or to the enforcement of, laws, regulations and
government practices, potential defects in title to the Maricunga Project that are not known as of the date hereof, the occurrence of
unexpected financial obligations, fluctuations in the price of lithium and other commodities, fluctuations in the currency markets, changes in
national and local government, legislation, taxation, controls, regulations and political or economic developments, risks and hazards
associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins and flooding), risks related to operational matters and geotechnical issues, the
success of future exploration and development activities, the occurrence of any labour unrest, the ability to accurately predict
decommissioning and reclamation costs, the risk of budget and timing overruns, potential opposition to the Maricunga Project by local
communities and the ability to secure construction financing. Such forward-looking statements are also based on a number of assumptions
which may prove to be incorrect including changes in Maricunga Project parameters as plans continue to be evaluated as well as those
factors disclosed in the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbia and
Alberta. Accordingly, readers should not place undue reliance on forward-looking statements. Bearing undertakes no obligation to update
publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or
otherwise, except as may be required by law.

Robert Cameron, P.Geo., Technical Advisor to Bearing Resources, is the Qualified Person
for the purposes of NI 43-101 and has approved this written disclosure.
2
 MARICUNGA PROJECT
A World Class Asset

Maricunga is Chile’s highest grade and most

advanced lithium project outside the Salar de
Atacama.

2019 Definitive Feasibility Study (DFS) outlined

20,000 tonnes per annum production of LCE over
20 years at first quartile operating costs of
US$3,772 per tonne of LCE. Based on CAPEX of
US$563 million, an after-tax NPV8% of US$908
million, IRR of 21.0% and 4.2-year payback was
identified.
Fully-permitted for production from old-code
concessions with award of Environmental Impact
Assessment (EIA) and Chilean Nuclear Commission
(CChen) Extraction Quota.

CODELCO JV (due diligence stage) will provide

for remaining permits for new-code concessions and
potential for expanded footprint through larger land Maricunga
position. Bearing, LPI, Borda

Ownership: 18% Bearing Lithium (TSXV:BRZ),

51% Lithium Power (ASX:LPI), and 31% Borda
Group.
3
 MARICUNGA PROJECT
CAPEX & OPEX

Development cost estimated at US$456M plus indirect costs of US$45M and US$63M
contingency (12.5%). Total capital costs include refundable Value Added Tax (VAT)
Operating cost of US$3,772/t LCE
Operating costs are in the lowest quartile of the global cost curve

Cash Cost Total Cost

Operating Cost Capital Cost US$ '000
US$/t Li₂CO₃ '000 US$
Direct Costs Brine Extraction Wells 39,374
Chemical Reagents 1,040 20,799 Evaporation Ponds 115,346
Salt Removal 486 9,727 Removal of Salts 66,438
Energy 1,028 20,552 Lithium Carbonate Plant 71,622
Electrical 370 7,398 General Services 103,267
Thermal 658 13,154 Infrastructure 60,009
Manpower 458 9,160 Total Direct Costs 456,056
Catering & Camp Services 105 2,100 Total Indirect Costs 44,831
Maintenance 295 5,899 Contingencies (12.5%) 62,611
Transport 237 4,740 Total Projected Budget 563,498
Total Direct Costs 3,649 72,977
Indirect Costs
General & Administration 123 2,702
Total Indirect Costs 123 2,702
Total Operating Costs 3,772 75,679

4
 MARICUNGA PROJECT
Among the Most Efficient Producers Globally

Maricunga would rank amongst the most efficient producers based on Roskill industry analysis
due to more favorable royalty structure
Roskill’s analysis of the lithium cost curve (2027E) of all lithium producers shows total
production costs (incl. royalties) in the lowest quartile for the Maricunga project

5
 MARICUNGA PROJECT
All Critical Project Infrastructure Secured

The project is located close to critical roads

and port infrastructure: 170 km northeast of
Copiapó and 250 km from the Chilean Coast.
Secured critical power & water infrastructure
with long-term contracts
Water – secured rights to process water from a
local well (CAN-6) which demonstrated
sustainable flow rates in excess of 125 m3/hr
Power – approval received from National
Coordinator of the Govt electrical agency to draw
14.6 MW from a nearby substation
Roads of sufficient quality to transport heavy
equipment, consumables and final product

6
 MARICUNGA PROJECT
A High Quality End Product

Production process design, engineering and testing was led by Tier-1 German
Engineering company, GEA Messo, one of the leading suppliers for production plants to the
lithium industry worldwide.
First battery grade Li2CO3 samples, meeting commercial high quality battery grade
specifications were produced during 2018 using Maricunga's brine from our test ponds
(99.4% purity Li2CO3reached).
Pilot evaporation ponds were operated for more than 18 months on site.
Definitive Feasibility Study (DFS) by WorleyParsons completed in Jan 2019, indicates
Maricunga to be a low-cost lithium producer with attractive economics.
Optimization of lithium production to develop the lowest cost process with highest
possible recoveries.

7
MARICUNGA PROJECT
CODELCO Agreement

Minera Salar Blanco S.A. entered into a non-

binding Memorandum of Understanding
(“MOU”) with CODELCO, the Chilean State-
owned mining company
MOU to define terms for the negotiation of a
definitive agreement to form a new joint
venture (“JV”) allowing for the development of
the Maricunga Salar
Allows for a very robust and scalable project,
and would also fast-track the Maricunga
development, including provision of all the
necessary permits
Includes CODELCO's key CEOL contract and
the Nuclear Commission permit covering the
entire salar
Consolidation of the mining concessions
provides the potential to increase production
MARICUNGA JV
capacity and/or extend the life of the mine
beyond its expected 20-year span

8
MARICUNGA PROJECT
Value Creation Milestones in 2020

Award of Environmental Impact Assessment (EIA) *Awarded February 2020*

Finalization of Definitive Agreement with CODELCO

Attribution of CEOL and CChen Permits for Maricunga basin (upon Gov’t approval)

Memorandum of Understanding (MOU) with strategic investor for offtake agreement

Binding Letter of Intent (LOI) for project debt and equity financing

Awarding of Engineering, Procurement, and Construction (EPC) Contract

9
 MARICUNGA PROJECT
Joint Venture Structure

Over US$50 million has been invested in the project to date

All the concessions are held by the joint-venture company, Minera Salar Blanco (“MSB”)
The Board for the Maricunga JV is comprised of six (6) board members with representation
by LPI (3 seats), MSB (2 seats) and Bearing (1 seat)
Only required to finance through development not construction
All JV partners have a right of first refusal in the event of a sale

LPI MSB BRZ

Lithium Power Minera Salar
Bearing Lithium
International Blanco SpA
(TSXV:BRZ)
(ASX:LPI) (private)

OPERATOR
51% 31% 18%

Maricunga JV
Litio 1-6
Cocina 19-27
San Fransisco
Salamina
Despreciada
Ponds & Camps
10
 INVESTMENT OPPORTUNITY
Significantly Undervalued Relative to Peers

M.Cap Primary Project

Company Ticker Stage
C$M Project Value (C$M)
Orocobre Ltd. TSX:ORL 543 Olaroz Producing 817
Lithium Americas Corp. TSX:LAC 385 Cauchari Construction 842
Bearing Lithium Ltd. TSXV:BRZ 7 Maricunga DFS 32
Lithium Power International ASX:LPI 36 Maricunga DFS 70
Millennial Lithium Corp. TSXV:ML 82 Pastos Grandes Feasibility 82
Neo Lithium Corp. TSXV:NLC 63 3Q Pre-Feasibility 63
Advantage Lithium -= SOLD =- TSXV:AAL 69 Cauchari Pre-Feasibility 130
Standard Lithium Ltd. TSXV:SLL 58 Bristol Lake PEA 58
Pure Energy Minerals Ltd. TSXV:PE 8 Clayton Valley PEA 8
LSC Lithium Corp. -= SOLD =- TSXV:LSC 111 Various PEA 111
Lithium X -= SOLD =- TSXV:LIX 265 Los Angeles M&I Resource 265
Wealth Minerals Ltd. TSXV:WML 21 Atacama Exploration 21
Lithium Chile Inc. TSXV:LITH 10 Various Exploration 10
MGX Minerals Inc. CNSX:XMG 8 Sturgeon Lake Exploration 8
Sourced from Capital IQ on April 27, 2020
Projects presented in order from most advanced to least advanced
Project Value = Market Capitalization / Ownership Interest
11
BEARING CAPITALIZATION
Capital Structure & Share Price Performance

Shares (M) Value (C$M)

Basic Shares Outstanding 72.8 Current Cash Estimate* 0.5
Options 6.9 ITM Warrants & Options 0.0
Weighted average of C$0.37/sh Total Cash & Potential Proceeds 0.5
Warrants 5.1 Sourced from Capital IQ on April 27, 2020
Weighted average of C$0.18/sh ITM Warrants & Options based on Bearing
Fully Diluted 84.7 share price of C$0.09
* Working capital at Jan 31, 2020

12
 MANAGEMENT TEAM
Knowledgeable, Experienced, Proven

Gil Playford | Interim CEO, Chairman & Director

Mr. Playford is a seasoned senior mining executive, having spearheaded the sale of LionOre Mining to Norislk Nickel (NILSY-US) in 2007 for C$6.8 billion in cash. Mr. Playford started his
professional career with Union Carbide Corp. for 25 years and various senior executive positions including Managing Director in Switzerland, Belgium and Germany. Mr. Playford also was the
Chairman and CEO of Union Carbide Canada and Chief Financial Officer of Union Carbide in New York. Mr. Playford became Chairman and CEO of UCAR Carbon, a joint venture with Mitsubishi
and took the partnership public as GrafTech International. Mr. Playford then went on to found a nickel and gold mining company with assets in Africa and Australia, LionOre Mining International Ltd.,
and served as the CEO and subsequently as Chairman. Mr. Playford was instrumental in the sale of LionOre to Norilsk Nickel, a Russian mining conglomerate, in an all-cash offer of C$6.8 billion,
having trumped a rival C$6.2 billion offer from Xstrata PLC. Mr. Playford holds an Engineering Degree from McGill University in Montreal and a Masters in Business Administration from York
University in Toronto.

Benjamin Asuncion | VP Business Development

Mr. Asuncion has over a decade of experience in the capital markets and natural resources sector. Mr. Asuncion was previously a mining analyst at Haywood Securities Inc. from 2007 to 2016 and
covered companies from exploration through to production in the precious metals, diamond and lithium space.

Luis Saenz | President of S.A. Operations & Director

Mr. Saenz is a finance executive with nearly 25 years of experience in mining finance and metals trading with a focus on Latin America. Mr. Saenz served as CEO and Director of Li3 Energy from
2009 through 2017, in addition to currently serving on the board of Atico Mining (TSXV: ATY) and acting as an advisor to Faro Capital in Peru for all mining transactions. Throughout his career, Mr.
Sáenz has held senior roles with Standard Bank of South Africa, Merrill Lynch and Pechiney World Trade. He holds a degree in Economics and International Affairs from Franklin & Marshall College
in Lancaster, PA.

Ryan Smith | CFO

Ryan Smith brings more than 12 years of financial experience from the banking and telecommunications sectors. Most recently, Mr. Smith served as a senior account manager for First Calgary
Financial, where he managed a commercial real estate portfolio in excess of $250 million. Mr. Smith also has experience serving as a business manager for KMM, a leading provider of integrated
services to the U.S. communications industry, and as a senior financial analyst for Axia FibreNet, the operator of Alberta’s fibre-based SuperNet. Mr. Smith is a former NCAA collegiate athlete and
graduated from Keiser University with a Bachelor of Business Administration with a concentration in finance with summa cum laude distinction.

Ray Baterina | Corporate Secretary

Ray Baterina has over 20 years of experience in administrative and corporate services ranging from provincial government to publicly traded companies and private companies. Starting a career in
Financial Services with the Ministry of Transportation of BC, Mr. Baterina was responsible for external agreements in accounts receivable, financial analysis and management of budgets. He was
then instrumental in coordinating and establishing the head office of GBS Gold International Inc., a publicly traded junior mining and exploration company. As the Assistant Controller with Pacific
Group of Companies (NorLand Limited), Mr. Baterina was able to take his experience managing treasury and financial resources into his current position as the managing partner and financial
controller of P&N Vero LLP, a privately owned wealth management company.

13
 DIRECTORS
Knowledgeable, Experienced, Proven

Gil Playford | Interim CEO, Chairman & Director

Luis Saenz | President of S.A. Operations & Director

Mr. Saenz is a finance executive with nearly 25 years of experience in mining finance and metals trading with a focus on Latin America. Mr. Saenz served
as CEO and Director of Li3 Energy from 2009 through 2017, in addition to currently serving on the board of Atico Mining (TSXV: ATY) and acting as an
advisor to Faro Capital in Peru for all mining transactions. Throughout his career, Mr. Sáenz has held senior roles with Standard Bank of South Africa,
Merrill Lynch and Pechiney World Trade. He holds a degree in Economics and International Affairs from Franklin & Marshall College in Lancaster, PA.

Jeremy Poirier | Director

Mr. Poirier has over 12 years of experience in the capital markets including co-founding Pure Energy Minerals (TSXV:PE) and holding several senior
management roles and Board positions.

Patrick Cussen | Director

Mr. Cussen is an industrial civil engineer with 45 years of mining industry experience. He has extensive experience in minerals and mining and specifically
in marketing, sales, project exploration, project evaluation and economic assessments. Mr. Cussen was previously the Chairman of the Board of Li3
Energy Inc. (“Li3”). Mr. Cussen has served as the Chairman of The Center for Copper and Mining Studies for 15 years, Cesco, a Chilean think tank on
mining.

Timothy W. Heenan | Director

Mr. Heenan has over 26 years of exploration experience throughout the Americas, and has worked exclusively in South and Central America since 1990.
Mr. Heenan is a founder of Mirasol Resources Ltd. (TSXV:MRZ) and served as a director for over 12 years.

14
 JV MGMT & TECHNICAL ADVISORS
Vast Experience in Lithium Brine Deposits in South America
Cristóbal García-Huidobro — CEO, MSB
A civil engineer with over 18 years of experience developing and financing
projects within the mining, energy, and infrastructure projects. Mr. García-
Huidobro was formerly the CIO of an investment company, CENTINELA,
and was a board or committee member of a number of mining, real estate,
and agricultural funds in North & South America.
Andres Lafuente – COO, MSB
A senior executive with over 24 years of experience in financial and
infrastructure companies. Mr. Lafuente was previously the GM for Scotia
Bank in Chile, and Corporate Manager of Compliance for Euroamerica
Financial & Life Insurance.
Tarek Halasa – Chief Development Officer, MSB
A civil engineer with over 17 years of international experience,
specializing in project and cost management, feasibility studies, and sub-
contractor management. Mr. Halasa was previously the Construction
Coordinator for Bechtel for the past 8 years, working on projects for BHP,
Xstrata, Anglo and BP.
Frits Reidel, CPG — Qualified Person under TSX NI 43-
101 Standards
Hydrogeologist with 25 years of working experience on water, brine and
infrastructure related projects for the mining industry in North and South
America. Mr. Reidel’s past experience includes the reserve evaluation and
feasibility study of Orocobre Ltd, a technical advisor to Lithium Americas
Corp on the Cauchari Lithium project, a technical advisor to Lithium X on
the Salar de Los Angeles project, and participated in the initial resource
evaluation of Salar de Hombre Muerto for FMC.
Peter Ehren, Aus IMM
Independent consultant, expert in development processes and technical
and economic assessment of new projects, especially relating to lithium
(brine and minerals) and potassium. Previously evaluated projects in
China, Chile, Argentina, and Australia and currently working for Orocobre.
Hugo Barrientos Ruiz
Mechanical engineer with over 30 years of experience consulting for a
number of projects in South America and specifically for lithium projects in
Chile and Argentina. Mr. Barrientos has consulted for Neo Lithium Corp,
and worked for Lithium Americas from 2010 – 2014 as a Engineering
Project Manager, and for SQM from 2006 – 2009 as a Chief Project
Engineer.
Carlos Espinoza, PhD
Current Associate Professor of Universidad de Chile, extensive experience
in hydrogeological simulation and modeling, baseline studies evaluation of
environmental impact studies and water resources, and evaporation well
simulation (Salar de Atacama).
15
 CONTACT INFORMATION
Gil Playford | Chairman & CEO
gplayford@bearinglithium.com

Benjamin Asuncion | VP Business Development

(604) 281-0767
basuncion@bearinglithium.com

OTCQB:BLILF TSX-V:BRZ
 References
➢ Definitive Feasibility Study of MSB Blanco Lithium Carbonate Project,
Prepared by WorleyParsons and Flo Solutions, January 17, 2019
➢ Bearing Announces MOU With CODELCO to Jointly Develop the
Maricunga Project, Press Release, August 1, 2019
➢ Sources: S&P Capital IQ, Public Filings, and Bloomberg