CALGARY, ALBERTA, May 16, 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 provide a progress update on its field pilot plant. Since receiving the approval of its Facility Licence on April 11, 2023, E3 has been advancing preparation activities to ensure the site is ready for pilot operations.
On-site work is focused on the installation and operation of the downhole equipment in preparation for brine production for the pilot. E3 will also conduct a pre-pilot reservoir test that will add to our understanding of the reservoir fluid characterization for future development work. The site is also being graded and prepared in advance of equipment arriving. The next stage includes installation of the piping and protective structure over the next 4-6 weeks.
Manufacturing of the lithium extraction process equipment and E3’s sorbent continues offsite and is on track to arrive in early Q3. The Company anticipates it will require approximately 4 weeks to install and commission the equipment once on site prior to full operations commencing.
E3 will share Key Performance Indicators for the lithium extraction processes at the pilot plant prior to commissioning. The Company remains committed to industry-leading environmental and safety standards and has practices; policies and procedures in place ensure the site operates safely throughout 2023.
“We are happy to remain on track and on budget for a successful pilot beginning operations in Q3 of 2023,” said Chris Doornbos, President and CEO of E3 Lithium. “Protecting the environment and ensuring the health and safety of all those working on site is of fundamental importance to us throughout the construction and operation of our pilot plant, and this begins with thoughtful and well-executed site preparation.”
Pilot Plant Funding
E3 would like to thank Alberta Innovates, the Government of Canada's Strategic Innovation Fund and Critical Minerals Research, Development and Demonstration Program for providing funding towards E3’s 2023 pilot plant.
E3 Lithium - Investor and Media Relations
Manager, Investor Relations
About E3 Lithium
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 amended 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 Project, effective March 21, 2023, identified 16.0Mt LCE (measured & indicated). All reports are available on the E3 Lithium’s website (e3lithium.ca/technical-reports) and SEDAR (www.sedar.com).
Forward-Looking and Cautionary Statements
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.
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