E3 Lithium Completes NRCan-Funded Pilot Project and Receives Final Payment

E3 Lithium Ltd. ("E3 Lithium"), a leading Canadian lithium company, has successfully completed all milestones of its Pilot Project, which was funded by Natural Resources Canada's (NRCan) Critical Minerals Research, Development, and Demonstration (CMRDD) program. The project received a total contribution of $3.5 million, with E3 Lithium recently receiving the final payment of $354,000. This funding supported E3's successful field operations and advancement in utilizing Direct Lithium Extraction (DLE) technology to extract lithium from Leduc brines in Alberta.

E3 Lithium's pilot project successfully demonstrated DLE technology at scale, achieving high lithium recovery from brines with high flow rates. The data gathered during the project was instrumental in the completion of E3’s recently released Pre-Feasibility Study (PFS), which confirmed the economic viability of its Clearwater Lithium Project in Alberta.

Chris Doornbos, President and CEO of E3 Lithium, expressed gratitude for NRCan’s support, emphasizing the importance of the investment in de-risking the technology. He highlighted the success of the pilot project in achieving key milestones and advancing the commercial viability of the DLE process. Doornbos also noted the significant potential for lithium production in Alberta, thanks to the province's vast lithium resources.

The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources Canada, commented on the importance of the $3.5 million investment in E3 Lithium. He emphasized that the funding would enable Canada to directly participate in the rapidly growing market for battery-grade lithium, which is essential for battery manufacturing both within Canada and abroad. Wilkinson also highlighted the economic benefits, including job creation and economic growth, that stem from the initiative.

Building on the success of the pilot project, E3 Lithium is moving forward with its strategic plan to construct a Demonstration Facility. This facility will produce battery-grade lithium carbonate, paving the way for the development of a commercial lithium production facility. E3's progress positions Western Canada as a significant player in the global lithium market, contributing to the growing demand for battery materials necessary for the energy transition.

E3 Lithium is a development company with a significant lithium resource, boasting 16.2 million tonnes of lithium carbonate equivalent (LCE) in Measured and Indicated resources, along with 0.9 million tonnes of LCE in Inferred resources in Alberta, and 2.5 million tonnes of LCE in Inferred resources in Saskatchewan. The Clearwater Pre-Feasibility Study highlighted a proven and probable mineral reserve of 1.13 Mt LCE, with a pre-tax NPV8% of USD 5.2 billion, a 29.2% IRR, and an after-tax NPV8% of USD 3.7 billion with a 24.6% IRR. E3 Lithium aims to produce high-purity, battery-grade lithium products to support the growing electric revolution. With a vast lithium resource and cutting-edge technology, the company is well-positioned to deliver lithium from one of the world’s most favorable jurisdictions.