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.

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.