E3 Lithium and Imperial Oil Agreement Update
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
E3 Lithium and Imperial Oil Agreement Update
CALGARY, ALBERTA, May 13, 2024 – E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3
Lithium” or the “Company,” a leader in Canadian lithium, is pleased to announce an update to its agreement
with Imperial Oil Limited (“Imperial” or “IOL”).
As part of E3 Lithium and Imperial’s continued collaboration under the agreement first announced in June
2022, the two companies have agreed to increase access to additional freehold lands across the Clearwater
Area. The Company has also agreed to extend the term of the warrants (the "IOL Warrants") for an additional
12 months, now exercisable until July 8, 2025.
“This continued collaboration between E3 Lithium and Imperial is reaffirmed today given our shared vision to
establish sustainable lithium production in Canada,” said Chris Doornbos, President and CEO of E3 Lithium.
“We are pleased to extend this agreement and look forward to continuing to work with Imperial.”
Terms of the Warrants:
E3 Lithium proposes to extend the expiry date of 3,413,979 outstanding prepaid common share purchase
warrants of the Company issued to Imperial Oil Limited (“IOL”) for which the Company had received a
prepayment of $6.35 million on July 8, 2022.
Each Warrant provides IOL the non -transferable and non -refundable option to exercise the Warrant for one
common share of the Company at a price of $1.86 for a period of 24 months from the date of grant at no
further cost to IOL. No Warrants have been exercised to date and none are held by insiders of the Company.
Subject to the approval of the TSX Venture Exchange, the expiration of the Warrants will be extended from
July 8, 2024 to July 8, 2025. All other terms of the Warrants would remain unchanged and in full force and
effect. No action will be required on the part of the holder of the Warrants to give effect to the aforementioned
amendment.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
E3 Lithium - Investor and Media Relations
587-324-2775
About E3 Lithium
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
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. Gordon MacMillan, P.Geol, QP, Fluid Domains Inc. and Grahame Binks,
MAusIMM, QP (Metallurgy), formerly of Sedgman Canada Limited (Report Date: June 15, 2018, Effective
Date: June 4, 2018 Amended Date: September 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.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. 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.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.
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.