LithiumBank Appoints Paul Matysek as Executive Chairman
LithiumBank Appoints Paul Matysek as Executive Chairman
CALGARY, Alberta, Jan. 30, 2023 -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank” or
the “Company”) is pleased to announce the appointment of Mr. Paul Matysek as the Company's Executive Chairman.
Mr. Matysek's unique qualifications, experience and unprecedented string of successful transactions in the mining sector will
create value for the Company as it now transitions from an exploration to development company of district scale direct brine
lithium projects in North America. LithiumBank holds a dominant position of key brine reservoirs with a unique combination of
scale, grade and exceptional flow rates that are necessary for a large-scale direct brine lithium production. LithiumBank is
developing and de-risking several strategic projects in Alberta and Saskatchewan.
Mr. Matysek is a geoscientist by training, a successful alpha entrepreneur and consistent creator of shareholder value with
over 40 years of experience in the mining industry. Since 2007, as either CEO or Executive Chairman, Mr. Matysek has sold
six publicly listed mineral exploration and development companies, in aggregate worth over $2.5 billion. Of particular note, two
of six sales were lithium brine assets that are advancing toward production.
Most recently in June 2021, as Chief Executive Officer, he sold Gold X Mining Corp. to Gran Colombia Gold Corp. for over $300
million in an all-share transaction. In March 2018, as Executive Chairman, he sold Lithium X Energy Corp. to Nextview New
Energy Lion Hong Kong Limited for $265 million in cash. Earlier, in July 2016, Mr. Matysek, as President and CEO, sold
Goldrock Mines Corp. to Fortuna Silver Mines Inc. He was also previously CEO of Lithium One Inc., which merged with Galaxy
Resources Limited of Australia (now Allkem) to create a multi-billion-dollar integrated lithium company. He served as CEO of
Potash One Inc., which was acquired by K+S AG for $434-million cash in a friendly takeover in 2011. Mr. Matysek was also
the co-founder and CEO of Energy Metals Corp., a uranium company that grew from a market capitalization of $10 million in
2004 to approximately $1.8 billion when sold in 2007.
Mr. Matysek commented: “I am very pleased to join LithiumBank as its Executive Chairman. The location, scale, and clear
development roadmap of the Company’s strategic development assets create a unique and timely opportunity to transform
them into enhanced shareholder value, address lithium supply challenges and support local community development. I look
forward to working with the talented board and management of the Company. I firmly believe that together we can unlock
significant value by re-purposing key infrastructure, advancing permitting, and demonstrating economic direct lithium extraction
technology at scale in North America.”
Mr. Rob Shewchuk stated: “LithiumBank is very excited that Paul has agreed to move from his position as a Director to the
role of Executive Chairman of our Board. I view this as a testament to the enormity of the opportunity in front of us as well as
the exceptional job done by our team to set the table for valuable next steps. I am confident that investors in LithiumBank will
benefit greatly from Paul’s stewardship, energy, experience and expertise as we transition to the development of our
extraordinary portfolio of district scale lithium opportunities towards near term production potential.”
The Company is also pleased to announce that Ann Fehr, Founder of Fehr & Associates, was appointed as Chief Financial
Officer effective January 27, 2023. Ann received her accounting designation in 1996 and founded Fehr & Associates in 2010.
She has been consulting and preparing public company financial reports in the mining industry since 2007. As a consultant
and senior manager, she has supported and coordinated numerous complex transactions. Most recently, Ms. Fehr, as a
director of QuestEx Gold & Copper Ltd. in 2022, was part of the team that completed a transaction to sell the company. We
are excited to add Ms. Fehr to the core management team as we transition LithiumBank’s projects from exploration to
development stage. The new appointment follows the resignation of Andre Mbeng who resigned as Chief Financial Officer of
the Company effective January 27, 2023.
Stock Options
The Board of Directors have approved the implementation of a new “fixed up to 20%” stock option plan (the “ New Plan ”) to
replace its existing “rolling up to 10%” stock option plan (the “ Current Plan ”). Under the New Plan, the Company may issue
up to an aggregate of 7,700,000 stock options to purchase common shares in the capital of the Company (each an “Option”).
The Company also announces the grant of a total of 3,250,000 Options to certain directors, officers, consultants and investor
relations service providers of the Company pursuant to the New Plan. Subject to the policies of the TSX Venture Exchange
(the “TSXV”) and the terms and conditions of the New Plan, the Options will have an exercise price equal to $1.10 and will
expire 5 years from the date of grant.
The New Plan is subject to: (i) the approval of the TSXV; and (ii) the approval and ratification of shareholders of the Company,
which approval will be sought at the Company’s next annual general meeting of shareholders (the “Meeting ”). At the Meeting,
the Company will also seek disinterested shareholder approval and ratification of the Options granted under the New Plan.
About LithiumBank Resources Corp.
LithiumBank Resources Corp. is an exploration and development company focused on lithium-enriched brine projects in
Western Canada where low-carbon-impact, rapid DLE technology can be deployed. LithiumBank currently holds over 3.6
million acres of mineral titles, 3.33M acres in Alberta and 336K acres in Saskatchewan. LithiumBank’s mineral titles are
strategically positioned over known reservoirs that provide a unique combination of scale, grade and exceptional flow rates that
are necessary for a large-scale direct brine lithium production. LithiumBank is advancing and de-risking several projects in
parallel to its work on a Preliminary Economic Assessment scoping study for the Boardwalk Lithium Brine Project located in
west-central Alberta.
Contact:
Rob Shewchuk
CEO & Director
(778) 987-9767
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.
Cautionary Statement Regarding Forward Looking Statements
Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as
“intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”,
“could”, “should” or “would” or occur. This release includes certain statements and information that may constitute forward-
looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than
statements of historical facts, including statements regarding future estimates, analysis, plans, objectives, timing,
assumptions or expectations of future performance, including without limitation, statements regarding: receipt of TSXV
approval of the New Plan; the Company’s intention to seek shareholder approval of the New Plan; the issuance of certain
Options pursuant to the New Plan at the next Meeting; the Company’s intention to complete a Preliminary Economic
Assessment scoping study (“ PEA”) on the Boardwalk property and the expecting timing thereof; the expectation that
Boardwalk has the potential to be developed; that its portfolio of properties are favourable for future brine production; that the
continued sampling and study of exploration stage properties will lead to a NI 43-101 Resource Estimate; historical production
logs and reports will reduce the timeline to complete geological and hydrogeological studies; and the Company’s expected
ability to leverage existing infrastructure to advance its project are forward-looking statements and contain forward-looking
information.
Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions
and estimates of management as of the date of this press release, including that: the Company will be successful in obtaining
TSXV approval of the New Plan; the Company will be successful in obtaining requisite shareholder approvals for the New Plan
and the Options issued pursuant to the New Plan at the next Meeting; the Leduc Formation and the Swan Hills Formation will
be favourable for brine production and that the continued sampling and study of both Formations will lead to a NI 43-101
Resource Estimate; the Company will be able to use historical production logs and reports to significantly reduce the timelines
required to complete detailed geological and hydrogeological studies; the Company will be able to leverage existing
infrastructure to rapidly advance the project; and that further sampling at Park Place will continue to confirm high lithium
grades relative to elsewhere in Alberta.
These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of the Company to be materially different from those
expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause
actual results to vary, include, without limitation, that: the Company is not to obtain the requisite shareholder approval for the
New Plan and/or the Options issued pursuant to the New Plan at the Meeting and/or that the Company does not obtain TSXV
approval of the New Plan; the Company is not able to attract and retain skilled staff; the Company is not able to complete a
PEA as anticipated or at all, or that the results of the PEA will not be as expected by management; the Company is not able
to use historical production logs and reports and/or leverage existing infrastructure to advance the project more rapidly, and
that further sampling at the exploration properties will not have the results expected by management. Although management of
the Company has attempted to identify important factors that could cause actual results to differ materially from those
contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on
such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking
statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance
with applicable securities laws.