E3 Lithium Files 2022 Year End Financial Results and NI 43-101 Technical Report
E3 Lithium Files 2022 Year End Financial
Results and NI 43-101 Technical Report
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 resources
1
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
. 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
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For further information:
E3 Lithium - Investor and Media Relations: Greg Foofat, Manager,
Investor Relations, [email protected], 587-324-2775
CO: E3 Lithium
CNW 21:20e 20-APR-23