E3 Lithium Provides Grant Funding and Financial Position Update
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
E3 Lithium Provides Grant Funding and Financial Position Update
Highlights:
• E3 Lithium has attracted more than $32M CAD in non share dilutive grant funding and investments
to-date, and has claimed more than $11M
• E3 Lithium anticipates receiving more than $4M in reimbursements early in 2024
• E3 Lithium has close to $21M remaining to be claimed as part of the Strategic Innovation Fund
(SIF)
• With $37.9M in cash working capital as of the end of Q3 2023, E3 Lithium is in a strong position to
deliver on its 2024 plans
CALGARY, ALBERTA, January 9, 2024 – E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3
Lithium” or the “Company,” Alberta’s leading lithium developer and extraction technology innovator, is
pleased to share an update on its financial position and the status of the government grants and
investments that supported E3 Lithium’s growth in 2023.
E3 Lithium has secured more than $32M CAD in non share dilutive government grants and investments to-
date, supporting the execution of its rigorous and ambitious development plans and its position as a global
leader in lithium development.
Alberta Innovates
Alberta Innovates has supported the Company’s development of Direct Lithium Extraction (DLE) technology
and testing in lab and field environments, culminating in the successful 2023 field pilot plant. Of the $1.8M
grant first announced in 2021, E3 Lithium has received $1.425M thus far and anticipates receiving the
remaining $375,000 early in 2024, subject to the successful completion of a milestone report.
Innovation, Science and Economic Development Canada’s Strategic Innovation Fund (“SIF”)
E3 Lithium announced a $27M investment from SIF in 2022, which supports a broad spectrum of the
Company’s resource, technology and development up to commercial production. Eligible costs under the
agreement are reimbursed at 33.94%. E3 Lithium has claimed approximately $6M to-date, leaving close to
$21M to be claimed up to the start of commercial operations.
Natural Resources Canada’s Critical Minerals Research Development and Demonstration Program
(“CMRDD”)
In March 2023, E3 Lithium announced the award of a $3.545 non-repayable contribution from the CMRDD
program to support the construction and operation of its 2023 field pilot plant. E3 Lithium has claimed the
total amount of the contribution on the heels of its field pilot plant and anticipates receiving the remainder
of the $3.545M within the next few months.
In addition to the above, E3 Lithium has received funding from Alberta Jobs Now, which offsets the cost of
hiring and training Albertans in new or vacant positions. The Company has claimed and received the total
value of the grant of $43,750.
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
E3 Lithium’s Financial Position to Kick Off 2024
As at September 30, 2023, E3 Lithium had cash working capital of $37.9M. Its balance sheet, in
combination with the support provided by the grants and investments above, puts E3 Lithium in a strong
position to deliver on its plans in 2024.
“We are extremely grateful for the support we have received from all levels of government as we continue to
build our company and the lithium industry in Canada,” said Chris Doornbos, President and CEO of E3
Lithium. “The number and magnitude of new sources of grant funding that support companies like ours is
astounding, and we will continue to actively prioritize and pursue all grants we are eligible for as we
progress the development of our operations.”
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
E3 Lithium - Investor and Media Relations
Robin Boschman
Director, Investor Relations and Corporate Communications
587-324-2775
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 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
Suite 1520 – 300 5th Ave SW
Calgary, AB T2P 3C4
Tel: +1 (587) 324-2775
Email: [email protected]
Website: e3lithium.ca
“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.