CALGARY, Alberta, August 15, 2024--(BUSINESS WIRE)--E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3 Lithium" or the "Company," a leader in Canadian lithium, is pleased to announce that the Alberta Government is investing $5 million through the Emissions Reduction Alberta ("ERA") Technology Innovation and Emissions Reduction ("TIER") fund to support the Company’s integrated Lithium Brine Demonstration Facility (the "Demo Project").
As announced on August 8, E3 Lithium is constructing a Demo Project at an increased scale that will allow for the operation of a fully integrated process that will help in achieving the Company’s goal of producing battery grade lithium carbonate from locally sourced brines in Alberta.
"There is a critical minerals race happening worldwide, and with investments like this one, Alberta is leading," said Rebecca Schulz, Minister of Environment and Protected Areas. "We are tapping into our province’s plentiful brine reserves, well-documented drill sites and talented oil and gas workforce to help E3 Lithium get its technology closer to commercialization, setting the stage for Alberta to become a global leader in lithium production while stimulating investment and creating jobs here at home."
"E3 Lithium exemplifies Alberta's entrepreneurial spirit," said Justin Riemer, CEO, Emissions Reduction Alberta. "They saw an opportunity and developed an innovative strategy to capitalize on it, transforming industrial waste into a valuable energy source that can power your cell phone or your electric vehicle. Along with supporting the circular economy, the environmental and economic rewards of this kind of leading-edge technology directly align with the province's long-term goals."
"E3 is on the path to building a new industry in the province. As we prove the technology at an increasing scale, we increase the certainty that Alberta can be a major lithium-producing jurisdiction," Chris Doornbos, President and CEO of E3 Lithium. "ERA's funding is crucial for developing a commercial facility and producing battery-grade lithium. This investment not only supports E3 but also opens new opportunities for the province and positions Alberta as a leader in critical minerals innovation."
This six-month Demo Project near Olds, Alberta, aims to purify, concentrate and chemically convert brine into battery-grade lithium carbonate, with additional hydroxide developments that will be conducted offsite. The Demo Project will integrate necessary components into a reduced-scale commercial system, providing real-time data to assist in designing a full-scale commercial facility. This project will mitigate risks and gather crucial data on reservoir performance, production forecasts and well logistics, establishing E3 Lithium as the first company to lead such a demonstration project in Alberta and Canada.
ON BEHALF OF THE BOARD OF DIRECTORS Chris Doornbos, President & CEO E3 Lithium Ltd.
About E3 Lithium
E3 Lithium is a development company with a total of 16.2 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated1 as well as 0.9 million tonnes LCE Inferred mineral resources2 in Alberta and 2.5 million tonnes LCE Inferred mineral resources3 in Saskatchewan. The Clearwater Pre-Feasibility Study outlined a 1.13 Mt LCE proven and probable mineral reserve with a pre-tax NPV8% of USD 5.2 Billion with a 29.2% IRR and an after-tax NPV8% of USD 3.7 Billion with a 24.6% IRR1. E3 Lithium’s goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.
2: The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017, identified 0.9 Mt LCE (inferred) and is available on the E3 Lithium’s website (e3lithium.ca/technical-reports) and SEDAR+ (www.sedarplus.ca).
3: The mineral resource NI 43-101 Technical Report for the Estevan Lithium District, effective May 23, 2024, identified 2.5 Mt LCE (inferred) and is available on the E3 Lithium’s website (e3lithium.ca/technical-reports) and SEDAR+ (www.sedarplus.ca).
Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions or forward-looking information within the meaning of applicable securities laws. Forward-looking statements are frequently identified by such words as "believe", "may", "will", "plan", "expect", "anticipate", "estimate", "intend", "project", "potential", "possible" and similar words referring to future events and results. Forward-looking statements are based on the current opinions, expectations, estimates and assumptions of management in light of its experience, perception of historical trends, and results of the PFS, but such statements are not guarantees of future performance. In particular, this news release contains forward-looking information relating to: the estimated mineral resources and mineral resources at the Clearwater Project; expectations regarding the PFS, including statements regarding the results of the PFS and interpretations thereof; expectations concerning the Clearwater Project, including extraction, production, pretreatment, purification, volume reduction and conversion process and features and the expected outcomes thereof; the expected economic performance of the Clearwater Project, including capital costs, operating costs, water usage, land use and carbon emissions; statements regarding the Company’s strategy for minimizing environmental impact and liquid waste and maximizing water reuse, with no planned tailings or waste piles; the potential for a secondary revenue stream should the Company be able to sell the calcium carbonate generated during the production of lithium hydroxide; plans and objectives of management for the Company’s operations and the Clearwater Project; and the inherent hazards associated with mineral exploration and mining operations. In preparing the forward-looking information in this news release, the Company has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies will be consistent with the Company’s expectations; that the current exploration, development, environmental and other objectives concerning the Clearwater Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for lithium will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned activities on the Clearwater Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of lithium.
All forward-looking information (including future-orientated financial information) is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company’s brine, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in estimated mineral reserves or mineral resources; future prices of lithium and other metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; the Company’s lack of operating revenues; currency fluctuations; risks related to dependence on key personnel; estimates used in financial statements proving to be incorrect; competitive risks and the availability of financing, as described in more detail in our recent securities filings available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
