First Andes Silver Ltd. — Capital/Financing Update 2026

Feb 13, 2026

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TERM SHEET ION ENERGY LTD.

BOUGHT PROSPECTUS OFFERING OF UNITS

A preliminary short form prospectus containing important information relating to the securities described in this document has not yet been filed with the securities regulatory authorities in each of the provinces of Canada, other than the Province of Quebec. A copy of the preliminary short form prospectus is required to be delivered to any investor that received this document and expressed an interest in acquiring the securities. Copies of the preliminary short form prospectus may be obtained from PI Financial Corp., 3401 – 40 King Street, Toronto, ON, Canada M5H 3Y2. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final short form prospectus has been issued. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the preliminary short form prospectus, final short form prospectus and any amendment, for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

ISSUER: Ion Energy Ltd. (the "Company")

FFERING: 6,000,000 units of the Company (the "Units")

OFFERING PRICE: \$0.50 per Unit

UNITS: Each Unit shall consist of one common share ("Common Share") and one transferable

common share purchase warrant (the "Warrant"). Each Warrant shall be exercisable into one additional common share (the "Warrant Shares") of the Company at an exercise price

of \$0.70 per Common Share for 36 months from closing.

GROSS PROCEEDS: \$3,000,000 (excluding exercise of the Over-Allotment Option)

OVER-ALLOTMENT OPTION: The Company will grant the Underwriters an option to cover over-allotments and for

market stabilization purposes (the "Over-Allotment Option"), which will allow the Underwriters to offer up to an additional 15% of the Units, on the same terms as the Units. The Over-Allotment Option is exercisable in Units, Common Shares, Warrant or any combination thereof in whole or in part at any time, for a period of 30 days after the

Closing Date.

USE OF PROCEEDS: The net proceeds raised from the issuance of the Units will be used to fund exploration at

the Company's lithium brine projects, and for working capital purposes.

OFFERING PROCEDURE: The Units will be offered by way of a short form prospectus offering, where qualified, to

residents of all Provinces of Canada (other than Quebec) and such other jurisdictions (the "Offering Jurisdictions") as may be agreed to by the Company and the Lead

Underwriter.

Any Units sold in the United States will be to investors in reliance upon applicable registration exemptions (Rule 144A of the United States Securities Act of 1933 and Rule

506 of Reg. D).

PROSPECTUS OFFERING: The Company will prepare and file with the Ontario Securities Commission (in its

capacity as principal regulator under the Multilateral Instrument 11-102 – Passport System ("MI 11-102")) and with each of the securities regulatory authorities in each of the Offering Jurisdictions within four (4) business days following re-confirmation of the acceptance of the offer by PI, using the short form prospectus distribution system as provided in National Policy 11-202 – Process For Prospectus Reviews in Multiple Jurisdictions ("NP 11-202") and NI 44-101, a preliminary short form prospectus relating to the proposed Offering (the "Preliminary Prospectus"), which shall be in form and substance satisfactory to the Underwriters and in compliance with the applicable securities laws of the Offering Jurisdictions. The Company will use commercially reasonable efforts to promptly resolve all comments received or deficiencies raised by the securities regulatory authorities and file and obtain a decision document for the (final) prospectus (the "Final Prospectus") in each of the Offering Jurisdictions as soon as possible after such regulatory comments and deficiencies have been resolved and in any event no later than

12:00 p.m. (Toronto time) on April 6, 2021.

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LISTING: The Company shall obtain the necessary approvals to list the Common Shares and the

Warrant Shares on the TSX Venture Exchange, which listing shall be conditionally

approved prior to the Closing Date.

COMMISSION: The Company will pay a commission of 6.0% of the gross proceeds of the Offering on the

closing of the Offering to the Underwriters. The same commission shall be paid to the Underwriters in connection with any Units issued pursuant to the exercise of the Over-

Allotment Option.

COMPENSATION OPTIONS: On the Closing Date of the Offering, the Underwriters will be granted compensation

options equal in number to 6.0% of the aggregate number of Units sold under the Offering (including any Units sold pursuant to the Over-Allotment Option), which will entitle the Underwriters to purchase, at an exercise price equal to C\$0.50, one common share (the "Compensation Option"). The Compensation Options may be exercised at any time and from time to time for a period of 36 months following the Closing Date, and the Compensation Option certificates will be in form and substance satisfactory to the Underwriters and their counsel, and will be delivered to the Lead Underwriter on the

closing of the Offering.

CLOSING DATE: On or about April 13, 2021 or such other date as the Lead Underwriter and the Company

may agree in writing (the "Closing Date").