LithiumBank Announces Intellectual Property License Agreement with G2L Greenview Resources Inc. for Direct Lithium Extraction Technology, Pilot Plant Testing and Commercialization

Exclusive Access to One of the Largest DLE Pilot Plants in North America

Updated Boardwalk PEA for Q4 2023

CALGARY, Alberta, Sept. 11, 2023 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank'' or the “Company”) is pleased to announce it has entered into an intellectual property license agreement on September 8^th 2023 (the “Agreement”) with G2L Greenview Resources Inc. (“G2L”), a subsidiary of Go2Lithium Inc., whereby G2L shall grant to the Company a license (the “License”) in Alberta and Saskatchewan for a full suite of continuous ion exchange technologies (the “Licensed Technology”). The Direct Lithium Extraction (“DLE”) technology will be used to extract lithium salts from enriched brines present at the Company’s lithium development projects.

Highlights

• Preliminary testing indicates that the Licensed Technology can reduce operating costs of the Boardwalk DLE circuit by increasing  lithium recovery and selectivity, reducing reagent costs, and improving the lithium concentrate.
• G2L will ship their pilot plant with nameplate throughput capacity of 8,000 to 10,000 litres/day to Alberta in October 2023 to assess the scalability of the Licensed Technology under operating conditions.
• The License will be exclusive to LithiumBank in Alberta and Saskatchewan, provided that G2L may license the Licensed Technology to a third party (a) for any purpose other than the extraction of lithium salts from aqueous sources, or (b) if such third party’s primary business generates more than 50% of its revenue from hydrocarbon sales.
• Subject to certain conditions, the License may be further sub-licensed by the Company to an acquirer of any of the Company’s currently held properties in Alberta or Saskatchewan.
• An updated Boardwalk Preliminary Economic Assessment (“PEA”) that will include test work using the technology is expected to be released in late Q4 2023.
• In consideration for the License, LithiumBank will issue up to 14,000,000 common shares to G2L upon satisfaction of certain milestones with 7,000,000 of such common shares to be issued by the time of the successful completion of the pilot.

Since release of the Boardwalk Preliminary Economic Assessment (May 2023), LithiumBank and its engineering consultants have worked with G2L to optimise the project flow sheet. Initial testing has identified multiple process parameters that can be improved with the inclusion of Licensed Technology. These include: