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Toronto, Ontario (Newsfile Corp. - February 17, 2021) - Avalon Advanced Materials Inc. (TSX: AVL) and (OTCQB: AVLNF) ( Avalon or the Company ) is pleased to announce that it has entered into a binding letter of intent (the Agreement ) to purchase ownership of 2333382 Ontario Inc. ( 2333382 ), a private Ontario corporation which owns four industrial minerals properties and a demonstration-scale processing plant located at Matheson, Ontario. Among the industrial minerals property assets owned by 2333382 is an asset transfer agreement giving 2333383 the right to acquire full title to the Cargill Carbonatite Complex near Kapuskasing, Ontario. This carbonatite complex hosts significant concentrations of a number of critical minerals, contained both in the bedrock and in the tailings from a historic phosphate mining operation at the site.

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