LithiumBank Files Preliminary Economic Assessment Technical Report for the Boardwalk Lithium Brine Project, West-Central Alberta
LithiumBank Files Preliminary Economic Assessment
Technical Report for the Boardwalk Lithium Brine Project,
West-Central Alberta
CALGARY , Alberta, June 21, 2023 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK )
(OTCQX: LBNKF) (“LithiumBank” or the “ Company”) is pleased to announce the filing of the Boardwalk
Lithium Brine Project Preliminary Economic Assessment (“PEA”) Technical report entitled “ Preliminary
Economic Assessment (PEA) for LithiumBank Resources Boardwalk Lithium-Brine Project in West- Central
Alberta, Canada” effectively dated June 16, 2023, originally announced May 25th, 2023.
PEA Highlights
● 31,350 metric tonnes per year of battery grade lithium hydroxide monohydrate (“LHM”) 1
production over a 20-year period, the largest proposed LHM production in North America;
● USD $2.7 Billion NPV8 and 21.6% IRR on a pre-tax basis;
● USD $1.7 Billion NPV8 and 17.8% IRR on an after-tax basis;
● OPEX of USD $6,807/ton LHM;
● Direct Lithium Extraction (“DLE”) used to process Boardwalk brine will require less fresh water and
have a surface footprint that is a fraction of hard rock or evaporation lithium production;
● Ramp up to commercial production within 3 years is possible under newly established permitting
directives;
● Located in Tier 1 jurisdiction, west-central Alberta, which has a long history of resource extraction,
well established infrastructure, and an actively supportive government;
● Power to be generated on site using high-efficiency gas turbines with steam cogeneration that will
lower the project’s overall carbon footprint. The proposed gas turbine units may be run on 80%
hydrogen when a reliable supply is available;
● Multiple opportunities to enhance project economics through optimization, further engineering,
and pending incentive tax credit;
● Project economics used USD $26,000/t LHM and provides strong leverage to higher lithium prices.
1 31,350 metric tonnes lithium hydroxide monohydrate (“LHM”) is equivalent to 28,000 metric tonnes lithium
carbonate equivalent (“LCE”)
A PEA is preliminary in nature as it includes a portion of inferred mineral resources that are considered
too speculative geologically to have the economic considerations applied to them that would enable them
to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment
will be realized.
In addition to the Boardwalk project, LithiumBank also holds two other development ready, district scale
assets in Western Canada, Park Place (AB) & Saskatchewan. The Company sees multiple avenues to create
value in the coming months through enhancing the economics of the Boardwalk PEA, delivering an initial
PEA for Park Place (AB), and by estimating a resource at its Saskatchewan assets.
“The Boardwalk PEA sets the stage for our team to pursue advanced lithium resource development in
Western Canada” commented Rob Shewchuk CEO & Director of LithiumBank . "By the end of 2023, we
expect to commence pilot plant studies in parallel on both Boardwalk and Park Place and capture near-
term enhancement opportunities that have already been identified. We believe this has the potential to
position both the Boardwalk and Park Place districts among the most attractive direct brine projects in
North America.”
Near Term PEA Enhancements
• The Government of Canada announced an Investment Tax Credit (ITC) for Clea n Technology
Manufacturing in its Budget 2023. Refundable tax credit will be applied on capital expenditures
for the extraction and processing of critical minerals (ITC link);
• Use of smaller electrical submersible pumps (ESPs) that could fit in reduced diameter well casing
throughout the network that is expected to reduce capital expenditures;
• Leveraging of existing wells and surface infrastructure including roads, well pads, pipelines, and
utilities;
• Reduction of well and power requirements through enhanced 3 -D reservoir modelling and new
drilling information;
• Next generation sorbent being developed by Conductive, the provider of the lithium brine DLE
technology chosen for the PEA, is expected to reduce costs, increase efficiency and reduce reagent
consumption;
• Alternative DLE technology trade-off studies;
• Utilise ZS2 Technologies Inc. to capture and sequester CO 2 emissions to produce carbon credits,
extract magnesium from barren brine to prod uce low carbon cement products that will lower
brine reinjection amounts by at least 10%; and
• Additional trade-off studies aimed at streamlining pipeline infrastructure.
The PEA Technical Report was prepared by the following Qualified Persons; Roy Eccles, P . Geol. of APEX
Geoscience Ltd., Kim Mohler, P . Eng., of GLJ Ltd., Gordon MacMillan, P . Geol. of Fluid Domains, Jim Touw,
P . Geol. of HCL Ltd., Frederick Scott, P . Eng., of Scott Energy, Egon Linton, P . Eng., of Hatch Ltd., Evan Jones,
P . Eng., of Hatch Ltd., Stefan Hlouschko, P . Eng., of Hatch Ltd.
About LithiumBank Resources Corp.
LithiumBank Resources Corp. is a 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 acr es 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 of the Boardwalk
Lithium Brine Project.
Contact:
Rob Shewchuk
Chairman & CEO
(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
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, plans, objectives, timing,
assumptions or expectations of future performance, including without limitation, the results of the
Preliminary Economic Assessment, including the expected NPV of the Boardwalk project; expectations that
commercial production will be achievable within 3 years under new permitting directives; expectations that
governmental regulators will be supportive of the Boardwalk project; expec tations that the carbon
footprint of the Boardwalk project will be reduced through DLE extraction technology and through the use
of high-efficiency gas turbines with steam cogeneration; expectations that that the 30% Investment Tax
Credit (ITC) for Clean Technology Manufacturing will be passed by the Government of Canada; expectations
that reduced capital expenditures can be achieved on the Boardwalk projects; expectations that the
Boardwalk project will see reduced costs, increased efficiency and reduced reagent consumption through
the use of new sorbent; expectations that the Company will pursue and obtain a mineral resource estimate
at its Saskatchewan asset and/or a Preliminary Economic Analysis on the Park Place project on the timing
anticipated or at a ll; and expectations that the Company will commence pilot plant studies on both the
Boardwalk and Park Place projects by the end of 2023 are forward -looking statements and contain
forward-looking information. 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.
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 results of the Preliminary Economic Assessment, including the ex pected NPV of the Boardwalk
project, will prove to be accurate; that commercial production will be achievable within 3 years under new
permitting directives; that governmental regulators will be supportive of the Boardwalk project; that the
carbon footprint of the Boardwalk project can and will be reduced through DLE extraction technology and
through the use of high-efficiency gas turbines with steam cogeneration; that that the 30% Investment Tax
Credit (ITC) for Clean Technology Manufacturing will be passed by the Government of Canada; that reduced
capital expenditures can be achieved on the Boardwalk projects through the use of smaller electrical
submersible pumps that could fit in reduced diameter well casing; that the use of new sorbent will result
in reduced costs, increased efficiency and reduced reagent consumption; that the Company will be able to
obtain a mineral resource estimate on its Saskatchewan asset and/or a Preliminary Economic Analysis on
the Park Place project on the timing anticipated or at all; and that the Company will commence pilot plant
studies on both the Boardwalk and Park Place projects by the end of 2023.
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 risks that may cause actual results to vary, include, without limitation, the
risks that circumstances may arise which require that the Preliminary Economic Assessment be revised; the
risk that permitting directives will not accommodate commercial production within 3 years; the risk that
governmental regulators will not be suppor tive of the Boardwalk project; the risk that DLE extraction
technology and the use of high-efficiency gas turbines will not reduce the carbon footprint of the Boardwalk
project as anticipated; the risk that the 30% Investment Tax Credit (ITC) for Clean Tec hnology
Manufacturing will not be passed by the Government of Canada; the risk that smaller electrical
submersible pumps will not result in reduced capital expenditures on the Boardwalk project; the risk that
the use of new sorbent will not result in reduc ed costs, increased efficiency and reduced reagent
consumption; the risk that the Company is not able to obtain a mineral resource estimate on its
Saskatchewan asset and/or a Preliminary Economic Analysis on the Park Place project on the timing
anticipated or at all; and the risk that the Company will be unable to commence pilot plant studies on both
the Boardwalk and Park Place projects by the end of 2023 or at all.
Although management of the Company has attempted to identify important factors that could c ause
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 s tatements 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.