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CALGARY, Alberta — E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3 Lithium” or the “Firm,” Alberta’s main lithium developer and extraction expertise innovator, is happy to share an replace on its monetary place and the standing of the federal government grants and investments that supported E3 Lithium’s development in 2023.
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E3 Lithium has secured greater than $32M CAD in non share dilutive authorities grants and investments to-date, supporting the execution of its rigorous and impressive improvement plans and its place as a world chief in lithium improvement.
Alberta Innovates
Alberta Innovates has supported the Firm’s improvement of Direct Lithium Extraction (DLE) expertise and testing in lab and area environments, culminating within the profitable 2023 area pilot plant. Of the $1.8M grant first introduced in 2021, E3 Lithium has obtained $1.425M so far and anticipates receiving the remaining $375,000 early in 2024, topic to the profitable completion of a milestone report.
Innovation, Science and Financial Growth Canada’s Strategic Innovation Fund (“SIF”)
E3 Lithium introduced a $27M funding from SIF in 2022, which helps a broad spectrum of the Firm’s useful resource, expertise and improvement as much as business manufacturing. Eligible prices beneath the settlement are reimbursed at 33.94%. E3 Lithium has claimed roughly $6M to-date, leaving near $21M to be claimed as much as the beginning of economic operations.
Pure Sources Canada’s Vital Minerals Analysis Growth and Demonstration Program (“CMRDD”)
In March 2023, E3 Lithium introduced the award of a $3.545 non-repayable contribution from the CMRDD program to help the development and operation of its 2023 area pilot plant. E3 Lithium has claimed the full quantity of the contribution on the heels of its area pilot plant and anticipates receiving the rest of the $3.545M inside the subsequent few months.
Along with the above, E3 Lithium has obtained funding from Alberta Jobs Now, which offsets the price of hiring and coaching Albertans in new or vacant positions. The Firm has claimed and obtained the full worth of the grant of $43,750.
E3 Lithium’s Monetary Place to Kick Off 2024
As at September 30, 2023, E3 Lithium had money working capital of $37.9M. Its steadiness sheet, together with the help supplied by the grants and investments above, places E3 Lithium in a powerful place to ship on its plans in 2024.
“We’re extraordinarily grateful for the help we have now obtained from all ranges of presidency as we proceed to construct our firm and the lithium trade in Canada,” mentioned Chris Doornbos, President and CEO of E3 Lithium. “The quantity and magnitude of latest sources of grant funding that help firms like ours is astounding, and we’ll proceed to actively prioritize and pursue all grants we’re eligible for as we progress the event of our operations.”
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ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
About E3 Lithium
E3 Lithium is a improvement firm with a complete of 16.0 million tonnes of lithium carbonate equal (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral sources1 in Alberta. As outlined in E3’s Preliminary Financial Evaluation, the Clearwater Lithium Mission 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 purpose is to supply excessive purity, battery grade lithium merchandise to energy the rising electrical revolution. With a major lithium useful resource and revolutionary expertise options, E3 Lithium has the potential to ship lithium to market from among the best jurisdictions on the planet.
1: The Preliminary Financial Evaluation (PEA) for the Clearwater Lithium Mission NI 43-101 technical report is amended Sept 17, 2021. Gordon MacMillan, P.Geol, QP, Fluid Domains Inc. and Grahame Binks, MAusIMM, QP (Metallurgy), previously of Sedgman Canada Restricted (Report Date: June 15, 2018, Efficient Date: June 4, 2018 Amended Date: September 17, 2021). The mineral useful resource NI 43-101 Technical Report for the North Rocky Property, efficient October 27, 2017, recognized 0.9Mt LCE (inferred). The mineral useful resource NI 43-101 Technical Report for the Bashaw District Mission, efficient March 21, 2023, recognized 16.0Mt LCE (measured & indicated). All stories can be found on the E3 Lithium’s web site (e3lithium.ca/technical-reports) and SEDAR+ ( www.sedarplus.ca).
Ahead-Wanting and Cautionary Statements
This information launch consists of sure forward-looking statements in addition to administration’s targets, methods, beliefs and intentions. Ahead wanting statements are steadily recognized by such phrases as “could”, “will”, “plan”, “anticipate”, “anticipate”, “estimate”, “intend” and related phrases referring to future occasions and outcomes. Ahead-looking statements are based mostly on the present opinions and expectations of administration. All forward-looking info is inherently unsure and topic to a wide range of assumptions, dangers and uncertainties, together with the speculative nature of mineral exploration and improvement, fluctuating commodity costs, the effectiveness and feasibility of rising lithium extraction applied sciences which haven’t but been examined or confirmed on a business scale or on the Firm’s brine, aggressive dangers and the provision of financing, as described in additional element in our current securities filings accessible at www.sedarplus.ca. Precise occasions or outcomes could differ materially from these projected within the forward-looking statements and we warning in opposition to inserting undue reliance thereon. We assume no obligation to revise or replace these forward-looking statements besides as required by relevant legislation.
Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch.
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Contacts
E3 Lithium – Investor and Media Relations
Robin Boschman
Director, Investor Relations and Company Communications
investor@e3lithium.ca
587-324-2775
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