CALGARY, Alberta--(BUSINESS WIRE)--E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3 Lithium” or the “Company,” a leader in Canadian lithium, is pleased to announce that the Hon. Sonya Savage, former cabinet minister and Minister of Energy for the Province of Alberta, has joined the Company’s Board of Directors effective immediately.
Ms. Savage served as a Senior Minister for four years in the Alberta Government as Minister of Energy, Minister of Justice and Solicitor General and Minister of Environment and Protected Areas. Ms. Savage brings with her a wealth of expertise in developing and implementing climate and energy policies, legislation and regulations.
During her time as Minister of Energy, Ms. Savage oversaw the development of Alberta’s energy and mineral resources, and implemented policies, legislation and regulations to enable critical mineral development, including brine-hosted minerals, in the province. Ms. Savage led the development of Bill 82, the Mineral Resource Development Act, which received royal assent in 2021, giving regulatory oversight of Alberta’s mineral resources to the Alberta Energy Regulator (AER), and positioning Alberta as a preferred producer and supplier of metallic and mineral resources. Ms. Savage also helped develop the governance structure and mandate for the Alberta Indigenous Opportunities Corporation in her role as Minister of Energy.
Ms. Savage worked in private practice as a litigator for 13 years and studied law at the University of Calgary. She received her Master of Laws (LLM) in 2015 with a published thesis on the changing role of the National Energy Board. Ms. Savage was also appointed Queen’s Counsel (King’s Counsel) in 2022.
“Sonya is one of the true experts in policy across Alberta’s energy industry,” said Chris Doornbos, President and CEO of E3 Lithium. “Her leadership in the development of the regulations underpinning the critical minerals industry in Alberta has been instrumental to the industry and E3 Lithium’s growth. Her forward-thinking approaches will be invaluable as E3 Lithium advances into the next stages of its development. I couldn’t be more excited to welcome her to the Company’s Board of Directors.”
“Sonya is a very welcome addition to E3 Lithium’s Board of Directors, and I extend to her a warm welcome on behalf of the entire Board,” said John Pantazopoulos, Chairperson of the Board of Directors. “E3 Lithium will benefit immensely from Sonya’s unique background, specialized knowledge of the energy sector and her proven track record of promoting economic diversification in Alberta.”
The Company has granted Ms. Savage 300,000 incentive stock options (the “Options”) exercisable to acquire up to 300,000 common shares of the Company at an exercise price of $1.70 per share under its omnibus equity incentive plan. One third of the options will vest at each of the 12, 24 and 36 month anniversaries and expire in 3, 4 and 5 years, respectively. The grant of the Options is subject to approval by the TSX Venture Exchange.
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.
