Investor News April 11, 2019

Dear Fellow Shareholder, I wanted to take this opportunity to share a few recent developments in the lithium market. From the perspective of a participant in the lithium market and ecosystem, I can tell you that activity and interest in the space remains strong from both existing and potential new entrants to the upstream and downstream markets. The following announcements, which I believe are just the beginning of more to come, highlight the real end user demand and investments made in the space. Additionally, these recent moves are supported by the broader fundamentals and correlated by recent datapoints. The recent announcement of a supply agreement between Ganfeng and Volkswagen reinforces the thesis that end users are still active in the space and looking to secure future supply as the market outlook continues to project demand outstripping supply. Specifically, this was an agreement between one of the larger lithium refiners (Ganfeng) and one of the world’s largest automakers to provide a 10-year supply of the critical metal. This follows on from other agreements that Ganfeng entered into with Tesla, BMW, and battery-producer LC Chem Ltd. [1] This announcement follows on from Ganfeng increasing their exposure to the Caucharí-Olaroz project to 50% (from 37.5% previously), under joint venture with Lithium Americas (LAC-T), for an additional US$160 million investment in the project [2]. The project is slated to commence commercial operations in H2/2020 at 25,000 tpa with the potential to scale up to 40,000 tpa. We have also seen other groups enter the lithium market to secure supply, such as the agreement last week between Japan’s Mitsui & Co and Sigma Resources (SGMA-V) whereby Mitsui is prepaying for lithium and providing project debt [3]. The agreement outlines a $30 million prepayment for up to 55,000 tonnes of spodumene concentrate per year for six years and up to $40 million in debt to fund construction. On the broader macro fundamentals, the data continues to support the thesis for a robust demand outlook going forward. Over the past ten years, from 2007 through to 2017, lithium demand from battery manufacturing has increased nearly 500% and annual EV (electric vehicle) sales have increased from less than one thousand to over one million. This trend continues to remain unabated as nearly all auto manufacturers have announced significant EV or hybrid offerings in their vehicle lineups going forward, with VW’s recent supply deal substantiating their commitment to the space. Lithium pricing remains strong, with a 25% year-on-year increase in 2018 carbonate prices from operations in Chile’s Atacama despite a 4% drop in quoted Asian spot prices. It’s important to note that nearly the majority of lithium transacted is done on a long-term contract basis, with prices specific to individual products, and not to get lost in the news headlines referring to spot prices. While there are may other niche applications for competing battery chemistries, such as vanadium or sulphur, these generally have limited applicability. The majority of the efforts in the battery market are focused on upgrading or improving upon lithium-ion batteries rather than competing head-to-head [4]. The lithium-ion battery has established such a commanding lead in the market that competing technologies may struggle to keep up, with this lead only widening as a wave of new lithium-ion factories come online over the next five years. This critical mass of production has already driven battery prices down from US$1,160 per kWh in 2010 to US$176 in 2018 and forecasted to drop below US$100 by 2024 (c.f. Bloomberg New Energy Finance). Sourcing this increasingly important material in low-cost, politically-safe jurisdictions becomes key. Over 65% of the world’s lithium resources are found in brine deposits while 58% of production in 2018 came from pegmatite (hard-rock) deposits in Australia. While cash costs of production have globally been increasing, due to the introduction of new tariffs or production from lower-grade deposits, brine deposits continue to remain the most profitable operations. Putting this in perspective, the average margin of brine operations is US$9,135 per tonne of LCE (lithium carbonate equivalent) which is at least double that of pegmatite operations (c.f. S&P Global Market Intelligence, March 11, 2019). Within brine deposits the most important factor influencing costs and profitability is the chemistry of the brine. Our Maricunga project ranks as the second highest grade salar globally, second only to the Atacama which accounts for the vast majority of brine production today. We are continuing to unlock the value of the project, having released a positive Definitive Feasibility Study earlier this year, and are actively working with the relevant Government bodies to attain our CEOL license and environmental approval. Additionally, we are actively engaged in discussions with a number of international parties looking to secure off-take agreements and fund project development. We anticipate having a very busy and exciting year, with more announcements to come as we finalize the outstanding permits and advance the Maricunga project towards construction. Sincerely, /s/ Jeremy Poirier President & CEO Bearing Lithium Corp. [1] China Moves Closer to Battery Domination With VW Lithium Deal https://www.bloomberg.com/news/articles/2019-04-05/china-moves-closer-to-battery-domination-with-vw-lithium-deal [2] Lithium Americas Announces US$160 Million Project Investment by Ganfeng Lithium in Caucharí-Olaroz and Parties to Jointly Evaluate an Increase to 40,000 tpa http://www.lithiumamericas.com/news/lithium-americas-gangfeng-investment [3] Japan’s Mitsui injects $30m into Sigma’s lithium project in Brazil http://www.mining.com/japans-mitsui-injects-30m-sigmas-lithium-project-brazil/ [4] Battery Reality: There’s Nothing Better Than Lithium-Ion Coming Soon https://www.bloomberg.com/news/articles/2019-04-03/battery-reality-there-s-nothing-better-than-lithium-ion-coming-soon Cautionary Statements Regarding Forward Looking Information This press release 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. Via eMail to BRZ shareholders