LithiumBank Signs Development Agreement with Leading Energy Services and Technology Supplier That Includes Binding DLE Licensing Terms to Advance Boardwalk to Commercial Production with Project Execution Targeted for 2027
LithiumBank Signs Development Agreement
with Leading Energy Services and Technology
Supplier That Includes Binding DLE Licensing
Terms to Advance Boardwalk to Commercial
Production with Project Execution Targeted
for 2027
Vancouver, British Columbia--(Newsfile Corp. - December 22, 2025) -
LithiumBank Resources Corp.
(TSXV: LBNK) (OTCQX: LBNKF)
("
LithiumBank
" or the "
Company
") is pleased to announce it has
entered into a Development Agreement ("
DA
") dated December 21
st
, 2025, with a Leading Energy
Services and Technology Supplier
("LESTS") (together the "
Parties
") to provide technical services
required to bring the Boardwalk lithium brine project ("
Boardwalk
"), located in northwest Alberta,
Canada, to production with project execution targeted for 2027. The DA envisions the Parties
collaborating in developing the Boardwalk asset using licensed modular Direct Lithium Extraction
("
DLE
") technology, and includes commissioning a Feasibility Study, front-end engineering design, and
engineering procurement and construction activities. The feasibility study envisions two initial DLE
modules together capable of up to 10,000 tonne per annum ("
tpa
") Lithium Carbonate ("
LCE
").
"We are pleased to have reached this juncture in Boardwalk's development, where we have a distinct
path toward commercial production," remarked Rob Shewchuk, CEO and Director of LithiumBank.
"We are confident in LESTS's proven track record as the primary development contractor for the
Boardwalk project. Their extensive experience in both subsurface and lithium processing
technologies empowers LithiumBank to expedite our development process. We anticipate a feasibility
study to be completed in 2026, which will significantly reduce our development timeline and costs
compared to alternative strategies. Furthermore, we anticipate that Boardwalk will generate minimal
new surface disturbance while simultaneously benefiting local communities. Additionally, our license
with LESTS's comprehensive proven DLE solution and modular approach is projected to scale
production by 5,000 tpa LCE increments with a capital intensity that we believe is more advantageous
than comparable brine projects in North America."
The DA is the culmination of 3 years of collaboration on LithiumBank's Alberta lithium brine assets that
includes detailed subsurface modelling (as announced
February 20, 2025
) and extensive DLE testing
(as announced
April 14, 2025
). The flexible commercialisation approach with 5,000 tpa DLE modules
significantly reduces the financial and technical risk in commercializing production of a battery grade
lithium carbonate.
Part of the development funding will be provided by the Alberta government through Emissions
Reduction Alberta ("
ERA
") for:
1
.
Re-entering and deepening a 2
nd
past producing, suspended, oil and gas well of the Leduc
formation (as announced
Nov, 20, 2025
);
2
.
Conducting concentration and conversion testing of 114,320 Liters (30,200 gallons) raw brine to a
battery grade lithium carbonate, and;
3
.
Completing a Feasibility Study.
The funding will refund LithiumBank up to 50% of each milestone up to a total of $3.9M.
During the DA Term, the Company agrees to collaborate exclusively with LESTS with respect to
proposed work contemplated by the DA, until the earlier of (i) such time as the Parties execute a
definitive agreement; or (ii) such time as the Parties abandon negotiations by mutual written consent.
The DA includes the terms for the licensing of LESTS's proven technology at Boardwalk for the full
processing flow sheet, from brine pretreatment all the way to a battery grade product that is transferrable.
The license fee is payable from the proceeds of production by way of a gross overriding royalty that
LithiumBank deems favourable to Boardwalk. The solution also uses significantly less water, energy and
fewer chemical reagents in comparison to other DLE-based offerings.
Key milestones for the partnership with LESTS include:
DLE Testing Eluate Treatability & Concentration Study, and Conversion Testing
Feasibility Study / DFS / Subsurface Modelling
Detailed Engineering and AACE Class 2 Estimate for Financial Investment Decision
Procurement
Phased Commercial Production Plant Construction
Commissioning, and Startup
Boardwalk's NI 43-101 resource estimate entitled "LithiumBank Resources Corp. Boardwalk NI 43-101
Technical Report" reported Indicated resources of 5.2 million tonnes LCE at 81.6 mg/L lithium within
11.96 cubic kilometres (km
3
) of brine and 2.8 million tonnes LCE inferred at 79 mg/L lithium within 6.56
km
3
of brine with an effective date of February 20, 2025 (as announced
Feb. 20, 2025
).
Figure 1. Map of Boardwalk Brine Hosted Mineral Licenses and NI 43-101 Resource Estimate
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10140/278791_f6e3b10a1427cb78_001full.jpg
Notes
1: Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the
mineral resource will ever be upgraded to a higher category. The estimate of mineral resources may be materially affected by geology, environment,
permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2: The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs).
3: Tonnage numbers are rounded to the nearest 1,000 unit.
4: In a 'confined' aquifer (as reported herein), effective porosity is an appropriate parameter to use for the resource estimate.
5: The resource estimation was completed and reported using a cut-off of 50 mg/L Li.
6: To describe the resource in terms of industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li2CO3, or Lithium
Carbonate Equivalent (LCE).
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 (Figure 1). 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 for the Boardwalk project. This
agreement includes binding DLE licensing terms with a Leading Energy Services and Technology
Supplier to provide a cost-effective and commercially viable end-to-end solution. The Company is now
working toward establishing commercial lithium production using a modular scale-up approach.
Contact:
Rob Shewchuk Director & 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, statements regarding the Parties collaborating in developing the Boardwalk asset using
licensed modular DLE technology; the Company commissioning a Feasibility Study and the
anticipated timing thereof; the first phase of development involving two initial DLE modules capable of
10,000 tpa per annum LCE; the Company having a clear sight to commercial production on the
Boardwalk Project; the Company saving significant time and costs compared to alternative
development strategies; Boardwalk creating limited new surface disturbance and benefiting local
communities; The Leading Energy Technology Supplier's end to end DLE solution and modular
approach scaling up production by 5,000 tpa LCE increments with a capital intensity that is more
favourable than comparable brine projects in North America; the flexible commercialization approach
significantly reducing the financial and technical risk in commercializing production of a battery grade
lithium carbonate; Leading Energy Technology Supplier and the Company entering into definitive
agreements with respect to the DA; Leading Energy Technology Supplier's technology producing
high-purity lithium carbonate or hydroxide; and the Company accomplishing any of the key
milestones of the partnership with Leading Energy Technology Supplier
,
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 Parties will collaborate in developing the Boardwalk asset using licensed modular
DLE technology on the terms set out in the DA, or at all; that the Company will commission a
Feasibility Study that will be completed in 2026; that the first phase of development will involve two
initial DLE modules capable of 10,000 tpa per annum LCE; that the Company will have a clear sight
to commercial production on the Boardwalk Project; that the Company will save significant time and
costs compared to alternative development strategies; that Boardwalk will create limited new surface
disturbance and benefit local communities; that the Leading Energy Technology Supplier's
end to
end DLE solution and modular approach will scale up production by 5,000 tpa LCE increments with a
capital intensity that is more favourable than comparable brine projects in North America; that the
flexible commercialization approach will significantly reduce the financial and technical risk in
commercializing production of a battery grade lithium carbonate; that the Leading Energy Technology
Supplier
and the Company will enter into definitive agreements with respect to the DA; that the
Leading Energy Technology Supplier's technology produces high-purity lithium carbonate or
hydroxide; that the Company will accomplish the key milestones of the partnership with the Leading
Energy Technology Supplier; and that the Company will be able to raise the capital required in
connection with accomplishing the key milestones.
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 risk that the Parties will not collaborate in developing the Boardwalk
asset using licensed modular DLE technology on the terms set out in the DA, or at all; that the
Company will not commission a Feasibility Study that will be completed in 2026; that the first phase of
development will not be on the terms anticipated; that the Company will not have a clear sight to
commercial production on the Boardwalk Project; that the Company will not save significant time and
costs compared to alternative development strategies; that Boardwalk will create new surface
disruptions; that Boardwalk will not benefit local communities as anticipated, or at all; that the Leading
Energy Technology Supplier's end to end DLE solution and modular approach will not scale up
production as anticipated; that financial and technical risk will be reduced; that the Leading Energy
Technology Supplier and the Company will not enter into a definitive agreement; that the Leading
Energy Technology Supplier's technology will not produce high-purity lithium carbonate or hydroxide;
that the Company will not accomplish the key milestones of the partnership with the Leading Energy
Technology Supplier'; that North America's demand for lithium does not continue to grow; the
possibility that any future development results will not be consistent with the Company's expectations;
risks
related
to
commodity
price
and
foreign
exchange
rate
fluctuations; the
cyclical nature
of
the
industry
in
which
the
Company
operates;
risks
related
to
global
financial
markets, including the
trading price of the Company's shares and the Company's ability to raise capital may also result in
additional and unknown risks or liabilities to the Company.
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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https://www.newsfilecorp.com/release/278791