E3 Lithium Files First Quarter 2023 Financial Statements and MD&A
E3 Lithium Files First Quarter 2023 Financial
Statements and MD&A
CALGARY, AB
,
May 25, 2023
/CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX:
EEMMF), "E3 Lithium" or the "Company,"
Alberta's
leading lithium developer and extraction
technology innovator, today filed its Condensed Consolidated Interim Financial Statements for the
first quarter of 2023 and the accompanying Management's Discussion and Analysis ("MD&A) on its
SEDAR profile at
www.sedar.com
. The financial statements and MD&A will also be available on E3
Lithium's website at
www.e3lithium.ca
.
Q1 2023 Highlights
First quarter 2023 set E3 Lithium firmly on the path and direction outlined in its 2023 guidance
announced on
March 2, 2023
. We believe in our comprehensive strategy and focused path to first
lithium production and are well positioned to continue to execute.
Q1 2023 achievements include:
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
: Upgraded resource to 16.0 million tonnes Measured and Indicated
Subsequent Events
April 11, 2023
: Received license for field pilot plant and provided progress update
April 17, 2023
: Announced Chief Development Officer
April 20, 2023
: Published NI 43-101 technical report
May 16, 2023
: Began field pilot plant site construction
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
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/May2023/25/c7623.html
%SEDAR: 00011471E
For further information:
E3 Lithium - Investor and Media Relations, Greg Foofat, Manager,
Investor Relations, [email protected], 587-324-2775
CO: E3 Lithium
CNW 19:50e 25-MAY-23