E3 Lithium Receives License for Field Pilot Plant and Provides Progress Update
CALGARY, April 11, 2023 - E3 Lithium Ltd. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3" or the "Company," Alberta's leading lithium developer and extraction technology innovator, is pleased to announce it has received approval on its Facility Application from the Alberta Energy Regulator (AER) for its 2023 field pilot plant. The license granted by the AER allows E3 to construct and operate the necessary equipment to run the direct lithium extraction pilot, planned to begin operations in Q3 2023. The pilot plant will be located at the first well E3 drilled in its 2022 inaugural drill program, located east of the Town of Olds in E3's Clearwater Project Area. In the February 2, 2023 news release, E3 outlined the details and timeline expected for the field pilot.
The field pilot is on schedule, with site construction and pre-operation planned to commence in early May. As outlined previously, E3 has been developing multiple potential flow sheets and the pilot is designed to be able to test several lithium extraction systems to define the optimal commercial design. Additional details and the Key Performance Indicators (KPIs) of the process systems will be outlined by June of this year, ahead of the pilot operations.
"Since communicating our plans to start operating our field pilot plant in Q3 of this year, we have made excellent progress," said Chris Doornbos, President and CEO of E3 Lithium. "We are incredibly excited to be field testing ion exchange technology for direct lithium extraction in real-world operating conditions this year."
E3 will continue to provide updates on its field pilot throughout 2023.
E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources1 in Alberta. As outlined in E3's Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax1. E3 Lithium's goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
| 1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is effective Sept 17, 2021. The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017, identified 0.9Mt LCE (inferred). The mineral resource NI 43-101 Technical Report for the Bashaw District (measured & indicated) will be available 45 days from March 21, 2023. All reports are available on the E3 Lithium's website (e3lithium.ca/technical-reports) and SEDAR (www.sedar.com). |
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE E3 Lithium
Contact
E3 Lithium - Investor and Media Relations: Greg Foofat, Manager, Investor Relations, investor@e3lithium.ca, 587-324-2775
