CALGARY, Alberta– June 14, 2023 —E3 LITHIUM LTD. (TSXV:ETL) (FSE:OW3) (OTCQX:EEMMF), “E3 Lithium” or the “Company,” Alberta’s leading lithium developer and extraction technology innovator, today outlined the Key Performance Indicators (KPIs) for its Direct Lithium Extraction (DLE) field pilot plant, which remains on track to commence operations in Q3 2023.
E3 Lithium’s field pilot plant will be located east of Olds, Alberta, at the first well completed during its 2022 inaugural drill program. That program, which included sampling from three wells, confirmed reservoir characteristics and average lithium concentrations of 75 mg/L in the Leduc Reservoir.
The field pilot is designed to test and validate DLE technology in real-world operating conditions to develop the design and cost estimates for E3 Lithium’s first commercial facility. Outlined below are a set of parameters, or KPIs, for the field pilot plant.
Pilot KPIs: E3 Lithium will measure the success of the field pilot plant against the KPIs below.
Lithium Recovery: The basis for including ≥ 80% lithium recovery is that it enables E3 Lithium to maximize the value of each unit of brine brought to surface.
Lithium Concentrate Quality: The quality of the product stream, or concentrate, containing lithium ≥ 600 mg/L with low impurities (≥ than 25% lithium in the product stream) outlines a high lithium to impurity ratio that enables simplified and conventional downstream refining into battery quality lithium hydroxide.
Flow Rate: The flow rate ratio is a measure of the rate at which the lithium can be extracted from the brine within a fixed capacity. The higher the ratio, the smaller the DLE commercial plant required, which is a proxy for the capital costs of this system.
Along with testing its DLE technology to demonstrate commercial viability, E3 Lithium will also be testing third-party technology at its field pilot plant this summer and fall. Based on the results of testing, commercial readiness and economics, the Company will decide which technology to pursue for its first commercial facility. Choosing the appropriate technology path for the first plant will enable E3 Lithium to get to commercial operations as quickly as possible and reduce its project technology risk while controlling the cost and quality of the process and end product.
Each of the KPIs outlined above will be compared relative to each other. For example, a higher recovery may offset lower lithium in the product stream. E3 Lithium believes that achieving these KPIs will facilitate a design basis for the Pre-Feasibility Study and provide a viable commercial operation. The Company is working through the full process design for a Pre-Feasibility Study and the fulsome project economics will be outlined, taking into account the DLE results, along with the other process factors, to produce a final battery quality lithium hydroxide.
“Achieving the KPIs we have outlined for our field pilot will provide us, our investors and stakeholders confidence in our ability to commercialize our vast, world-class resource,” said Chris Doornbos, President and CEO of E3 Lithium. “We look forward to proving the producibility and economics of our project and setting ourselves firmly on the path from development to commercialization.”
Pilot Progress Update
E3 Lithium began receiving pilot equipment to site in early June in advance of mechanical construction, planned for late June/early July. Once mechanical and electrical construction is complete, the Company will move into commissioning set to begin later in July.
Join us at our Webinar
E3 Lithium invites investors and interested parties to join our webinar on Wednesday, June 14, 2023 for an update.
Date: Wednesday, June 14, 2023
Time: 2:00 – 3:00 PM MT
Link to Zoom
Meeting ID: 845 9666 4625
Chris Ward, VP, Clearwater Project and officer of the Company, has left E3 Lithium to pursue other opportunities. E3 Lithium thanks Chris for his contributions to the Company’s success. Kevin Carroll, Chief Development Officer, will take over leadership of E3 Lithium’s project development.
E3 Lithium Extends Agreement with Native Ads Inc.
Company has extended its agreement with Native Ads Inc. to execute a comprehensive digital media marketing campaign for the Company. This programmatic digital advertising campaign will run for up to 12 months where 75% of the costs will be directly allocated to the cost-per-click impression costs of media placements and distribution and 25% will be allocated for content creation, web development, advertising creative development, search engine optimization, and strategic digital advertising consulting.
E3 Lithium Engages Independent Trading Group (ITG) as Market Maker
Subject to regulatory approval, effective June 15, 2023, E3 Lithium has engaged the services of Independent Trading Group (“ITG”) to provide market-making services in accordance with TSX Venture Exchange TSXV policies. ITG will trade shares of the Company on the TSXV, OTCQX and all other trading venues with the objective of maintaining a reasonable market and improving the liquidity of the Company’s common shares.
Under the agreement, ITG will receive compensation of CAD$7,000 per month, payable monthly in advance. The agreement is for an initial term of three months and will renew for additional one-month terms unless terminated. The agreement may be terminated by either party with 30 days’ notice. There are no performance factors contained in the agreement and ITG will not receive shares or options as compensation. ITG and the Company are unrelated and unaffiliated entities and at the time of the agreement, neither ITG nor its principals have an interest, directly or indirectly, in the securities of the Company.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
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).
Featured Image @ Freepik
1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding E3 Lithium Ltd.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to E3 Lithium Ltd.’s industry; (b) market opportunity; (c) E3 Lithium Ltd.’s business plans and strategies; (d) services that E3 Lithium Ltd. intends to offer; (e) E3 Lithium Ltd.’s milestone projections and targets; (f) E3 Lithium Ltd.’s expectations regarding receipt of approval for regulatory applications; (g) E3 Lithium Ltd.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) E3 Lithium Ltd.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute E3 Lithium Ltd.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) E3 Lithium Ltd.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) E3 Lithium Ltd.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) E3 Lithium Ltd.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of E3 Lithium Ltd. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) E3 Lithium Ltd.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact E3 Lithium Ltd.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing E3 Lithium Ltd.’s business operations (e) E3 Lithium Ltd. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, E3 Lithium Ltd. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does E3 Lithium Ltd. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither E3 Lithium Ltd. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
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