CALGARY, Alberta / Oct 24, 2023 / 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 announce a new addition to its Board of Directors, Alexandra (Alex) Cattelan.

Ms. Cattelan has more than three decades of experience leading electric propulsion and advanced mobility programs, lithium battery development, software controls systems and other technologies in automotive, boating and power sports applications.

Ms. Cattelan has held senior leadership roles including Chief Technology Officer at Brunswick Corporation and has held roles at organizations such as Polaris, Stellantis, Johnson Controls, AVL and General Motors (US and Canada). At Johnson Controls, Ms. Cattelan was Vice President of Advanced Battery Engineering and of the Advanced Battery Group, and at GM, was the Assistant Chief Engineer of the Chevrolet Volt Extended Range EV. For most of her career, Ms. Cattelan has been passionately focused on leveraging technology to enhance sustainable mobility.

Ms. Cattelan holds a bachelor’s degree of applied science in industrial engineering and a master’s degree of applied science in mechanical engineering, both from the University of Toronto. Ms. Cattelan also had the honour of being GM’s representative in the 2004 Governor General’s Leadership Council. Ms. Cattelan has sponsored Society of Women Engineers initiatives at multiple organizations and chaired GM’s Women’s Advisory Council.

In addition to the E3 Lithium Board, Ms. Cattelan serves on the board of directors for Braunability, a leading manufacturer of vehicle adaptation solutions for people with limited mobility.

“Alex brings a wealth of experience from the electrification industry, including years working in the electric vehicle sector,” said Chris Doornbos, President and CEO of E3 Lithium. “E3 Lithium is extremely excited to add such an incredible addition to our Board of Directors. With her immense technical and leadership expertise in the battery and EV industries, Alex brings significant bench strength in her overall knowledge of the sector.”

Concurrent with the appointment of Ms. Cattelan, Peeyush Varshney has agreed to step down from E3 Lithium’s Board of Directors effective immediately. E3 Lithium would like to thank Mr. Varshney for his time, service and dedication to the Company over the past six and half years. Mr. Varshney will remain in an advisory role with the Company while Alex transitions into her new position.

“On behalf of the Board of Directors and all of our shareholders, I am extremely pleased to welcome Alex to the E3 Lithium team,” said John Pantazopoulos, Chairperson of the Board of Directors. “I would also like to thank Peeyush for his years of service and significant contributions to E3 Lithium.”

The Company has granted Ms. Cattelan 300,000 incentive stock options (the “Options”) exercisable to acquire up to 300,000 common shares of the Company at an exercise price of $2.75 per share until October 23, 2027 under its omnibus equity incentive plan. The Options expire in 4 years from the date of grant, vesting 50% on the 6-month anniversary and 50% on the 12-month anniversary of the date of grant of the Options. 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.