CALGARY,
AB, May 25, 2023 /CNW/ - E3 LITHIUM LTD.
(TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3 Lithium" or the
"Company," Alberta's leading
lithium developer and extraction technology innovator, today filed
its Condensed Consolidated Interim Financial Statements for the
first quarter of 2023 and the accompanying Management's Discussion
and Analysis ("MD&A) on its SEDAR profile at www.sedar.com. The
financial statements and MD&A will also be available on E3
Lithium's website at www.e3lithium.ca.
Q1 2023 Highlights
First quarter 2023 set E3 Lithium firmly on the path and
direction outlined in its 2023 guidance announced on March 2, 2023. We believe in our comprehensive
strategy and focused path to first lithium production and are well
positioned to continue to execute.
Q1 2023 achievements include:
- 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: Upgraded resource
to 16.0 million tonnes Measured and Indicated
Subsequent Events
- April 11, 2023: Received license
for field pilot plant and provided progress update
- April 17, 2023: Announced Chief
Development Officer
- April 20, 2023: Published NI
43-101 technical report
- May 16, 2023: Began field pilot
plant site construction
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).
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