CALGARY, Alberta--(BUSINESS WIRE)--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 report it has completed additional predefined tests at the Direct Lithium Extraction Field Pilot Plant with successful results.
“We are thrilled to be able to provide further updates on the operations of the field pilot plant,” said Chris Doornbos, President & CEO of E3 Lithium. “The plan we put in place to test various operating parameters has proved to be effective thus far. Not only have positive results been produced under several operating conditions, we have also grown our confidence to design the most efficient processes to commercialize our vast resource.”
As previously outlined, the series of three tests was designed to trial various operating parameters to select the optimal set for an extended operating period. Preliminary internal analysis and results of the additional test are outlined below:
- Initial lithium recovery: >94%
- Purity of concentrate: >80%
- Average lithium grade in concentrate: 916.6 mg/L
The change in operating parameters across this test was to optimize the cycle time (the amount of time the sorbent was exposed to the brine). The tests outlined that we can decrease the amount of time the brine is in contact with the sorbent. This optimization may lead to a reduction in the capital and operating costs of the commercial plant, which will be outlined in the upcoming Pre-Feasibility Study (PFS).
Next Steps
The team has actively analyzed the data received from the pilot operation over the past six weeks and is completing standard due diligence reviews. Once that work is complete, E3 Lithium will outline the full set of results against the KPIs outlined on June 14, 2023.
The Company will use the results of the first three tests to set the conditions for the extended operating period that is expected to begin next week. Upon completion of the longer operating period, E3 Lithium will have the data required for its PFS and Definitive Feasibility (DFS) studies, as well as further engineering that will lead to the construction and operation of its first commercial facility. This extended operation will also produce lithium concentrate for further downstream processing of battery-grade Lithium Hydroxide Monohydrate (LHM).
E3 Lithium Completes the Production of Lithium Hydroxide Monohydrate
E3 Lithium is also pleased to report that it continues to progress its downstream refining test work. The Company has now produced LHM and will share more details in the coming weeks.
Separately, from the exercise of stock options that were or are soon to expire, some insiders plan on selling a portion of their shares to pay for the associated tax liabilities. The insiders continue to remain supportive of the Company and have collectively agreed to sell only the minimum required number of shares to cover tax liability from their exercise and related expenses.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
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.
1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is amended Sept 17, 2021. Gordon MacMillan, P.Geol, QP, Fluid Domains Inc. and Grahame Binks, MAusIMM, QP (Metallurgy), formerly of Sedgman Canada Limited (Report Date: June 15, 2018, Effective Date: June 4, 2018 Amended Date: September 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.sedarplus.ca).
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.sedarplus.ca. 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.
