E3 Lithium Awarded $3.5M in Funding from Government of Canada
E3 Lithium Awarded $3.5M in Funding from
Government of Canada
Highlights:
E3 Lithium awarded
$3.545M
in funding through Natural Resources Canada's Critical Minerals
Research, Development and Demonstration program
The non-dilutive and non-repayable funds will be used to support the construction and operation
of E3 Lithium's 2023 field pilot plant
CALGARY, AB
,
March 7, 2023
/CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX:
EEMMF),
Alberta's
leading lithium developer and extraction technology innovator, today announced it
has been awarded
$3.545M
CAD in funding from Natural Resources Canada's Critical Minerals
Research Development and Demonstration (CMRDD) program.
Funds for the CMRDD program were allocated under the Government of
Canada's
federal Budget
2021 to support the development of Canadian critical minerals in recognition of the crucial role they
play in the energy transition. E3 Lithium (E3) was one of six organizations selected from applicants
from across
Canada
.
"Canadian innovators are leading the way towards a cleaner future. Today's investment of more than
$3.5 million
in E3 Lithium will help to advance the development of a dynamic and competitive critical
minerals sector through the development and demonstration of innovative processing technologies.
This means good jobs for workers, more investment in Canadian innovation, and lower emissions
across the country - all part of our plan to build a cleaner
Canada
and a prosperous, sustainable
economy that works for everyone."
- The Honourable Jonathan Wilkinson, Minister of Natural Resources Canada
The
$3.545M
in funding will be allocated in its entirety towards the design, construction and
operation of E3's field pilot plant, which is on track
to begin operations in Q3 2023
. Natural
Resources Canada joins Alberta Innovates and the Government of
Canada's
Innovation, Science and
Economic Development's (ISED) Strategic Innovation Fund in providing support to E3 for the
development of the lithium industry in
Western Canada
.
"We are ecstatic to receive funding from Natural Resources Canada to support the work we are
doing to produce battery-grade lithium. Receiving support from all levels of government to develop
our lithium resource speaks volumes to the importance placed on commercializing critical minerals
from
Alberta
and the progress E3 has made in developing this industry."
-
Chris Doornbos
, President and CEO, E3 Lithium
The funding from the Government of
Canada
is non-share dilutive and is not required to be repaid.
E3 shall submit and be reimbursed for eligible expenses on an ongoing basis throughout the term of
the agreement. Additional and previously announced funding to support E3's pilot plant includes a
$1.8M
grant from Alberta Innovates
and a
$27M
conditionally repayable investment from the Strategic Innovation Fund
to support a breadth of
development costs towards E3's commercial operations.
About E3 Lithium
E3 Lithium is a development company with total of 24.3 million tonnes of lithium carbonate equivalent
(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-tax
1
. Through the successful scale up its DLE technology towards
commercialization, E3 Lithium's goal is to produce high purity, battery grade lithium products. 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 effective 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 July 11, 2022, identified 23.4Mt LCE (inferred). 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 Ltd.
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For further information:
E3 Lithium - Investor and Media Relations: Robin Boschman, Director,
External Affairs, [email protected], 403-612-9498
CO: E3 Lithium Ltd.
CNW 13:00e 07-MAR-23