CALGARY, AB, May 25, 2023 /CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3 Lithium" or the "Company," Alberta's leading lithium developer and extraction technology innovator, today filed its Condensed Consolidated Interim Financial Statements for the first quarter of 2023 and the accompanying Management's Discussion and Analysis ("MD&A) on its SEDAR profile at www.sedar.com. The financial statements and MD&A will also be available on E3 Lithium's website at www.e3lithium.ca.

First quarter 2023 set E3 Lithium firmly on the path and direction outlined in its 2023 guidance announced on March 2, 2023. We believe in our comprehensive strategy and focused path to first lithium production and are well positioned to continue to execute.

Q1 2023 achievements include:

• January 19, 2023: Lithium concentration results from third well demonstrating consistency
• January 25, 2023: Increased land position by acquiring last remaining permit in the Bashaw District
• February 13, 2023: Received $4.9 million since Q3 2022 from exercise of warrants
• March 2, 2023: Outlined 2023 Company goals and path to first lithium
• March 7, 2023: Awarded $3.5 million in funding from Government of Canada
• March 21, 2023: Upgraded resource to 16.0 million tonnes Measured and Indicated

Subsequent Events

• April 11, 2023: Received license for field pilot plant and provided progress update
• April 17, 2023: Announced Chief Development Officer
• April 20, 2023: Published NI 43-101 technical report
• May 16, 2023: Began field pilot plant site construction

ON BEHALF OF THE BOARD OF DIRECTORS

Chris Doornbos, President & CEO
E3 Lithium Ltd.

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. 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).

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.