E3 Lithium Files Clearwater Project NI 43-101 Technical Report
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
E3 Lithium Files Clearwater Project NI 43-101 Technical Report
CALGARY, ALBERTA, July 29, 2024 – E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3
Lithium” or the “Company,” a leader in Canadian lithium, is pleased to announce that, in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), it has filed the
technical report, entitled “Clearwater Project NI 43-101 Technical Report on Pre-Feasibility Study, Bashaw
District Mineral Property, Central Alberta, Canada” with an effective date of June 20, 2024 (the “Technical
Report”) summarizing the results of the Pre-Feasibility Study (the “PFS”) previously announced in the
Company’s news release dated June 26, 2024. The Technical Report is available under the Company’s
profile on SEDAR+ at www.sedarplus.com and on the Company’s website at www.e3lithium.ca.
During the final validation and completion of the PFS in the Technical Report, minor adjustments were made
to the classification of capital and operating costs of the Clearwater Project. A summary of these changes
is shown in the table below, compared to the originally reported figures.
Units June 26, 2024
Original
July 29, 2024
Amended
Sustaining Capital M US$ 1,799 1,264
Major Maintenance Capital M US$ 508
Total Abandonment Capital M US$ - 27
NPV8 After Tax M US$ 3,717 3,720
Finalized by the QP’s, the capital expenditure for carbonation is now reclassified to be included with the
lithium extraction and purification unit costs. Economic metrics have been slightly adjusted, as the initial
working capital has been excluded from the economic assessment and reclassified as a corporate cost.
Abandonment costs and major maintenance are now included in capital expenditures rather than operating
expenses.
The Technical Report was prepared for E3 Lithium by Daron Abbey, M.Sc., P. Geo of Matrix Solutions Inc;
Alex Haluszka, M. Sc., P. Geo of Matrix Solutions Inc; Meghan Klein, P. Eng, of Sproule Associates Limited;
Antoine Lefaivre, P. Eng, of Sedgman Canada Ltd.; and Keith Wilson, P. Eng., of Stantec Consulting Inc.,
each of whom is a “Qualified Person” as defined under NI 43-101 (collectively, the “Qualified Persons”).
Each of the Qualified Persons prepared or supervised the preparation of the information that forms the
basis of the PFS; has reviewed and approved the technical information in this news release within their area
of expertise; and is independent of E3 Lithium.
We encourage readers to review the Technical Report in its entirety, including all assumptions,
qualifications, and exclusions.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
E3 Lithium - Investor and Media Relations
Alexis de la Renaudiere
Investor Relations
587-324-2775
About E3 Lithium
E3 Lithium is a development company with a total of 16.2 million tonnes of lithium carbonate equivalent
(LCE) Measured and Indicated 1 as well as 0.9 million tonnes LCE Inferred mineral resources2 in Alberta and
2.5 million tonnes LCE Inferred mineral resources3 in Saskatchewan. The Clearwater Pre-Feasibility Study
outlined a 1.13 Mt LCE proven and probable mineral reserve with a pre-tax NPV8% of USD 5.2 Billion with a
29.2% IRR and an after-tax NPV8% of USD 3.7 Billion with a 24.6% IRR1. 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 Clearwater Pre-Feasibility Study news release dated June 26, 2024 is available on the E3 Lithium’s
website (e3lithium.ca/newsroom/news-releases/) and SEDAR+ (www.sedarplus.ca).
2: The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27,
2017, identified 0.9 Mt LCE (inferred) and is available on the E3 Lithium’s website (e3lithium.ca/technical-
reports) and SEDAR+ (www.sedarplus.ca).
3: The mineral resource NI 43-101 Technical Report for the Estevan Lithium District, effective May 23, 2024,
identified 2.5 Mt LCE (inferred) and is 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 or forward-looking information within the meaning of applicable securities
laws. Forward-looking statements are frequently identified by such words as “believe”, “may”, “will”, “plan”,
“expect”, “anticipate”, “estimate”, “intend”, “project”, “potential”, “possible” and similar words referring to
future events and results. Forward-looking statements are based on the current opinions, expectations,
estimates and assumptions of management in light of its experience, perception of historical trends, and
results of the PFS, but such statements are not guarantees of future performance. In particular, this news
release contains forward-looking information relating to: the estimated mineral resources and mineral
resources at the Clearwater Project; expectations regarding the PFS, including statements regarding the
results of the PFS and interpretations thereof; expectations concerning the Clearwater Project, including
extraction, production, pretreatment, purification, volume reduction and conversion process and features
and the expected outcomes thereof; the expected economic performance of the Clearwater Project,
including capital costs, operating costs, water usage, land use and carbon emissions; statements regarding
the Company’s strategy for minimizing environmental impact and liquid waste and maximizing water reuse,
with no planned tailings or waste piles; the potential for a secondary revenue stream should the Company
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
be able to sell the calcium carbonate generated during the production of lithium hydroxide; plans and
objectives of management for the Company’s operations and the Clearwater Project; and the inherent
hazards associated with mineral exploration and mining operations. In preparing the forward-looking
information in this news release, the Company has applied several material assumptions, including, but not
limited to, that any additional financing needed will be available on reasonable terms; the exchange rates
for the U.S. and Canadian currencies will be consistent with the Company’s expectations; that the current
exploration, development, environmental and other objectives concerning the Clearwater Project can be
achieved and that its other corporate activities will proceed as expected; that the current price and demand
for lithium will be sustained or will improve; that general business and economic conditions will not change
in a materially adverse manner and that all necessary governmental approvals for the planned activities on
the Clearwater Project will be obtained in a timely manner and on acceptable terms; the continuity of the
price of lithium.
All forward-looking information (including future-orientated financial 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, risks related to the availability of financing on commercially reasonable terms and the
expected use of proceeds; operations and contractual obligations; changes in estimated mineral reserves or
mineral resources; future prices of lithium and other metals; availability of third party contractors;
availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and
other natural phenomena and other risks associated with the mineral exploration industry; the Company’s
lack of operating revenues; currency fluctuations; risks related to dependence on key personnel; estimates
used in financial statements proving to be incorrect; competitive risks and the availability of financing, as
described in more detail in our recent securities filings available under the Company’s profile on SEDAR+ 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.