LithiumBank to Develop Boardwalk and Park Place Lithium Brine Projects After Successful Acquisition Campaign - Seite 2

During 2023 the Company intends to further de-risk these flagship assets by commissioning a brine processing pilot plant to establish optimal production parameters. Additionally, LithiumBank expects to conduct detailed hydrogeological modeling and brine sampling at both Boardwalk and Park Place to further expand and upgrade the classification of their lithium resources to measured and indicated categories.

The Company is working with a number of experienced Direct Lithium Extraction (“DLE”) technology providers to enhance recovery, lower power consumption, and reduce project capex. This work and subsequent reservoir sampling is expected to be incorporated into a Preliminary Economic Assessment on the Boardwalk Project which the Company expect will be completed in Q1 2023, and a NI-43-101 inferred resource assessment at Park Place. LithiumBank has also retained consultants that have successfully permitted and attracted government financing for industrial projects in Alberta.

“LithiumBank’s ongoing transition from a lithium resource explorer to developer is a defining moment for our young company of 3 years," commented Rob Shewchuk, CEO and director of LithiumBank. “I am proud of my team’s success in acquiring a 4 million acre plus portfolio of prospective lithium brine assets and evaluating their potential. We will soon be completing a further resource estimate at Park Place and await receipt of a PEA of Boardwalk. Shifting gears to become a development company with near term lithium production potential, at multiple district scale projects, highlights our view that Alberta is a critical centerpiece to North America’s lithium supply chain industry. We are looking forward to a catalyst rich 2023 across our entire lithium brine portfolio.”

Figure 1: LithiumBank Projects in Western Canada.

LithiumBank Development Assets

The Company is proud to be building off a successful 2022 that saw LithiumBank begin publicly trading in April (TSX.V, OTCQB & Frankfurt), increase lithium brine holdings to over 4 million acres, and announce Canada’s first lithium brine indicated mineral resource at Boardwalk. In addition to providing a summary of work done to date below, the Company will further detail its 2023 project level goals over the coming weeks.