E3 Lithium Provides Grant Funding and Financial Position Update

E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3 Lithium” or the “Company,” Alberta’s leading lithium developer and extraction technology innovator, is pleased to share an update on its financial position and the status of the government grants and investments that supported E3 Lithium’s growth in 2023.

E3 Lithium has secured more than $32M CAD in non share dilutive government grants and investments to-date, supporting the execution of its rigorous and ambitious development plans and its position as a global leader in lithium development.

Alberta Innovates
Alberta Innovates has supported the Company’s development of Direct Lithium Extraction (DLE) technology and testing in lab and field environments, culminating in the successful 2023 field pilot plant. Of the $1.8M grant first announced in 2021, E3 Lithium has received $1.425M thus far and anticipates receiving the remaining $375,000 early in 2024, subject to the successful completion of a milestone report.

Innovation, Science and Economic Development Canada’s Strategic Innovation Fund (“SIF”)
E3 Lithium announced a $27M investment from SIF in 2022, which supports a broad spectrum of the Company’s resource, technology and development up to commercial production. Eligible costs under the agreement are reimbursed at 33.94%. E3 Lithium has claimed approximately $6M to-date, leaving close to $21M to be claimed up to the start of commercial operations.

Natural Resources Canada’s Critical Minerals Research Development and Demonstration Program (“CMRDD”)
In March 2023, E3 Lithium announced the award of a $3.545 non-repayable contribution from the CMRDD program to support the construction and operation of its 2023 field pilot plant. E3 Lithium has claimed the total amount of the contribution on the heels of its field pilot plant and anticipates receiving the remainder of the $3.545M within the next few months.

In addition to the above, E3 Lithium has received funding from Alberta Jobs Now, which offsets the cost of hiring and training Albertans in new or vacant positions. The Company has claimed and received the total value of the grant of $43,750.

E3 Lithium’s Financial Position to Kick Off 2024

As at September 30, 2023, E3 Lithium had cash working capital of $37.9M. Its balance sheet, in combination with the support provided by the grants and investments above, puts E3 Lithium in a strong position to deliver on its plans in 2024.

“We are extremely grateful for the support we have received from all levels of government as we continue to build our company and the lithium industry in Canada,” said Chris Doornbos, President and CEO of E3 Lithium. “The number and magnitude of new sources of grant funding that support companies like ours is astounding, and we will continue to actively prioritize and pursue all grants we are eligible for as we progress the development of our operations.”