CALGARY,
AB, April 20, 2023 /CNW/ - E3 LITHIUM LTD.
(TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF) "E3" or the "Company,"
Alberta's leading lithium
developer and extraction technology innovator, today filed its
Consolidated Financial Statements and Management Discussion and
Analysis for the full year 2022.
"Last year was a foundation-building year for E3 Lithium. The
goals we set out and accomplished are expected to continue the
positive momentum to unlock material shareholder value in 2023 and
beyond," said Chris Doornbos,
President and CEO of E3 Lithium. "We are confident in our focused
strategy, ensuring E3 Lithium is firmly positioned to meet global
demand for lithium and deliver battery-grade lithium to the
market."
2022 Business Highlights
- Government support: Awarded $27
million from the Government of Canada's Strategic Innovation Fund.
- Strategic partnerships: Executed a USD $5 million Strategic Agreement with Imperial Oil
Limited, representing the first investment in lithium from a global
energy industry leader. Additionally, signed a Memorandum of
Understanding with Pure Lithium, which produced a lithium metal
battery using E3's lithium concentrate. Given the size of E3
Lithium's resource and opportunity in Alberta, the Company believes there is
opportunity to develop portions of its resource with partners while
still leaving significant land for E3 Lithium to develop on its
own. The Company also has an active commercial/corporate
development group engaging and developing relationships with
potential customers of our battery-grade lithium products.
- First manufacture of commercial scale sorbent: Oversaw
the successful manufacture of its first quantity of continuously
produced, commercial scale sorbent, critical to the success and
commercialization of our ion-exchange DLE technology.
- First brine production wells drilled in Alberta: Drilled the first two brine
production wells for the purposes of evaluating lithium and sampled
a total of three wells in the heart of the Clearwater Project Area,
confirming the producibility of the aquifer and lithium
concentrations in the core of our proposed production area.
- Field Pilot Plant: Completed the Front-End Engineering
Design (FEED) of the direct lithium extraction field pilot and
engaged an engineering firm to complete the design and construction
of our Field Pilot Plant. The goal of the pilot is to demonstrate
ion-exchange direct lithium extraction technology under real-world
operating conditions at near commercial scale, expected to be
operational in Q3 2023.
- Name change: E3 changed its name from E3 Metals to E3
Lithium to reflect its singular focus on lithium.
Subsequent Events
The following are subsequent events to year end 2022:
- January 19, 2023: Lithium
concentration results from third well demonstrating
consistency
- January 25, 2023:
Increased land position by acquiring last remaining permit in the
Bashaw District
- February 13, 2023:
Received $4.9 million since Q3 2022
from exercise of warrants
- March 2, 2023: Outlined
2023 Company goals and path to first lithium
- March 7, 2023: Awarded
$3.5 million in funding from
Government of Canada
- March 21, 2023: Announced
16.0 million tonnes measured and indicated resource upgrade
- April 11, 2023: Received
license for field pilot plant and provides progress update
- April 17, 2023: Announced
Chief Development Officer
E3 Lithium has filed its Consolidated Financial Statements and
the accompanying Management Discussion and Analysis on its SEDAR
profile at www.sedar.com. The financial statements and MD&A
will also be posted on E3 Lithium's website at
www.e3lithium.ca.
NI 43-101 Technical Report: Lithium Resource Estimate, Bashaw
District Project, Central
Alberta
The Company has filed its E3 Lithium 43-101 Technical Report:
Lithium Resource Estimate, Bashaw District Project, Central
Alberta further to its news release dated March 21, 2023. The report is available on
www.sedar.com and www.e3lithium.ca/technical-reports.
The Qualified Persons for the above report are Daron Abbey, M.Sc., P.Geo and Alex Haluszka, M.Sc., P.Geo of Matrix
Solutions Inc. and Peter Ehren,
M.Sc. AusIMM of Ehren-González Limitada.
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 16.0 million
tonnes of lithium carbonate equivalent (LCE) Measured and Indicated
and 0.9 million tonnes LCE Inferred mineral resources1
in Alberta. As outlined in E3's
Preliminary Economic Assessment, the Clearwater Lithium Project has
an NPV8% of USD 1.1 Billion with a
32% IRR pre-tax and USD 820 Million
with a 27% IRR after-tax1. 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.
1: The Preliminary
Economic Assessment (PEA) for the Clearwater Lithium Project NI
43-101 technical report is amended Sept 17, 2021. The mineral
resource NI 43-101 Technical Report for the North Rocky Property,
effective October 27, 2017, identified 0.9Mt LCE (inferred). The
mineral resource NI 43-101 Technical Report for the Bashaw District
Project, effective March 21, 2023, identified 16.0Mt LCE (measured
& indicated). All reports are available on the E3 Lithium's
website (e3lithium.ca/technical-reports) and SEDAR
(www.sedar.com).
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Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements as
well as management's objectives, strategies, beliefs and
intentions. Forward looking statements are frequently identified by
such words as "may", "will", "plan", "expect", "anticipate",
"estimate", "intend" and similar words referring to future events
and results. Forward-looking statements are based on the current
opinions and expectations of management. All forward-looking
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, competitive
risks and the availability of financing, as described in more
detail in our recent securities filings available at www.sedar.com.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE E3 Lithium