LithiumBank Resources Corp. Announces Successful Regulatory Transfer of 10-6 Well to Brine Production Well at Flagship Boardwalk Project and Option Grant
LithiumBank Resources Corp. Announces
Successful Regulatory Transfer of 10-6 Well to
Brine Production Well at Flagship Boardwalk
Project and Option Grant
Calgary, Alberta--(Newsfile Corp. - September 9, 2026) -
LithiumBank Resources Corp. (TSXV:
LBNK) (OTCQX: LBNKF) (FSE: HT9)
("
LithiumBank
" or the "
Company
") is pleased to announce
that it has successfully completed the regulatory transfer and conversion of the 100/10-06-069-21W5/02
("
10-6
") well at its 100%-owned flagship Boardwalk Lithium Brine Project ("
Boardwalk
") in west-central
Alberta.
The 10-6 well, originally drilled and operated as a conventional oil well under the Oil and Gas
Conservation Act, has been officially re-designated and approved as a dedicated lithium brine
production well licensed under the Mineral Resource Development Act. This conversion allows
LithiumBank to utilize the 10-6 well to produce lithium-bearing brine directly from the Devonian Leduc
formation.
Key Highlights
Repurposing Legacy Infrastructure:
Converting legacy oil and gas assets significantly reduces
upfront capital expenditures (CAPEX), lowers surface disturbance, and accelerates development
timelines toward commercial lithium production.
Operational Capability:
The 10-6 well has already served as a key sampling location, enabling
the collection of bulk brine used for long-cycle Direct Lithium Extraction ("DLE") testing, process
optimization, and downstream conversion to battery-grade lithium carbonate. Furthermore,
redesignation enables the 10-6 well to be used as a brine production well.
Subsurface & Reservoir Data:
ongoing reservoir monitoring—including downhole pressure
monitoring is expected to help to refine reservoir models for commercial FEED and Feasibility
studies.
"Successfully re-designating the 10-6 well from oil and gas license to a brine hosted mineral license is
an important operational milestone for LithiumBank," stated Rob Shewchuk, CEO and Director of
LithiumBank. "It validates our brownfield development strategy—taking advantage of Alberta's extensive
existing oilfield infrastructure to minimize development costs, lower environmental footprint, and
streamline regulatory pathways as we advance Boardwalk toward commercial-scale DLE production
with our technical partners."
The Boardwalk project sits within the historic South Sturgeon Lake oilfield, an area with deep subsurface
data, existing road networks, power infrastructure, and hundreds of historical oil and gas wells. By
transferring, drilling approximately 250 meters deeper and flowing back existing wellbores like 10-6,
LithiumBank avoids the significant capital expenditure and time associated with drilling new deep wells
from surface.
Brine produced from the 10-6 well feeds into ongoing DLE optimization work under the Company's
development initiatives, supporting a modular development pathway designed to achieve low-cost,
scalable battery-grade lithium output in Western Canada.
Figure 1: Boardwalk infrastructure map of the feasibility project area
To view an enhanced version of this graphic, please visit:
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Stock Option Grant
Pursuant to its stock option plan, the Company wishes to announce that it has granted stock options to
directors, officers, and consultants to purchase an aggregate of 1,651,500 common shares of the
Company, as approved by the Board of Directors prior to market open today. The stock options are
exercisable at $0.75 per share and expire on September 9, 2031.
Qualified Person
The information that forms the basis for the scientific and technical information disclosed in this news
release was prepared and approved by Kevin Piepgrass, P. Geo, who is a Qualified Person (QP) for the
purposes of National Instrument 43-101. Mr. Kevin Piepgrass consents and approves of the inclusion of
the data in the form and context in which it appears. Mr. Kevin Piepgrass is the Chief Operating Officer
for LithiumBank and is non-independent.
About LithiumBank Resources Corp.
LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) is a publicly traded lithium company
that is focused on developing its two flagship projects, Boardwalk and Park Place, in Western Canada.
These projects host some of the largest lithium brine resources in North America. The Company holds
1,240,140 acres of brown-field brine hosted mineral licenses across three districts in Alberta and
Saskatchewan. The Company has pilot tested multiple mature Direct Lithium Extraction ("DLE")
technologies and has signed a Development Agreement with SLB to bring the Boardwalk project into
production. This agreement includes binding DLE licensing terms with SLB to provide an energy
efficient, cost-effective and commercially viable end-to-end lithium brine solution. The Company is now
working toward establishing commercial lithium production by leveraging existing brownfield
infrastructure and a modular scale-up approach.
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
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, statements
regarding: the utilization of the 10-6 well to produce lithium-bearing brine from the Devonian Leduc
formation; the anticipated benefits of converting legacy oil and gas assets, including reduced capital
expenditures, lower surface disturbance, and accelerated development timelines; ongoing reservoir
monitoring to refine reservoir models for commercial FEED and Feasibility studies; streamlining
regulatory pathways; advancing the Boardwalk project toward commercial-scale DLE production; the
Company’s modular development pathway designed to achieve low-cost, scalable battery-grade lithium
output in Western Canada; and the Company’s plans to establish commercial lithium production by
leveraging existing brownfield infrastructure, 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, but not limited
to: the 10-6 well and other converted legacy wells will perform as expected for lithium brine production;
DLE technology will continue to perform effectively and can be scaled to commercial production; the
Company’s brownfield development strategy will result in reduced capital expenditures and accelerated
development timelines; reservoir characteristics at the Boardwalk project will support commercial-scale
lithium brine production; the availability of financing to advance the Boardwalk project; the receipt of all
necessary regulatory approvals; favourable lithium commodity prices; and general economic and market
conditions.
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 Company’s ability to successfully utilize converted legacy well infrastructure for lithium brine
production; uncertainties related to lithium brine extraction and processing technologies, including DLE
technology performance at commercial scale; risks associated with the Company’s brownfield
development strategy and the repurposing of existing oil and gas infrastructure; the Company’s ability to
achieve commercial-scale lithium production; commodity price fluctuations, including lithium prices;
regulatory and permitting risks, including those related to the Mineral Resource Development Act;
changes in government policy; risks related to the development and completion of the Boardwalk project;
the availability of sufficient financing; and other risks described in the Company’s public filings available
on SEDAR+.
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 outlook that are incorporated by reference herein, except in accordance with applicable
securities laws.
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