LithiumBank Resources (OTCMKTS: LBNKF) has released highlights from its initial Preliminary Economic Assessment completed on the Boardwalk lithium brine project in west-central Alberta, Canada.

Highlights from the PEA included a $2.7 billion Net Present Value and 21% IRR on a pre-tax basis. The company says that the direct lithium extraction method use to produce lithium will require less fresh water and have a much smaller surface footprint.

LithiumBank Resources Executive Chairman Paul Matysek commented: “We are very pleased to provide one of a handful of economic studies of DLE based lithium projects in the world. Over the last 15 months, our PEA has rigorously tested or assessed over a dozen DLE technologies, completed multiple trade off studies and has established Boardwalk as an economically viable project in the new post-pandemic financial environment. Boardwalk is unique with an uncomplicated mineral title containing a 6.2M tonne LCE brine resource that has the potential to produce battery grade LHM for 20 years, right here in North America. Furthermore, there is potential for substantial upside on these economics from the recently announced Canadian Investment Tax Credit and other numerous optimization opportunities.”

Lithium-ion battery demand has grown substantially in recent years as electric vehicle adoption has strengthened and energy storage systems have grown in popularity. EV batteries are forecast to become the primary driver for lithium chemical demand, with Wood Mackenzie projecting demand in 2032 to be over twelve times higher than 2020 levels.

LithiumBank Resources holds over four million acres of mineral titles throughout western Canada that are strategically positioned over known reservoirs that provide a unique combination of scale, grade and flow rates necessary for large-scale direct brine lithium production.

Shares of LithiumBank Resources trade in the United States under the ticker symbol LBNKF and in Canada under the symbol LBNK. For more information visit www.lithiumbank.ca.

Cautionary Statement Regarding Forward Looking Statements

Readers are cautioned that reliance on information in this announcement without reference to the Technical Report may not be appropriate. The forthcoming Technical Report is meant to be read as a whole, and sections should not be read or relied upon out of context.

The preliminary economic assessment is inherently preliminary in nature. It includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results indicated in this preliminary economic assessment will be realized.

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, the initial results of the Preliminary Economic Assessment, including the expected NPV of the Boardwalk project; expectations that commercial production will be achievable within 3 years under new permitting directives; expectations that governmental regulators will be supportive of the Boardwalk project; expectations that the carbon footprint of the Boardwalk project will be reduced through DLE extraction technology and through the use of high-efficiency gas turbines with steam cogeneration; expectations that that the 30% Investment Tax Credit (ITC) for Clean Technology Manufacturing will be passed by the Government of Canada; expectations that significantly reduced capital expenditures can be achieved on the Boardwalk projects; expectations that the Boardwalk project will see reduced costs, increased efficiency and reduced reagent consumption through the use of new sorbent; expectations that the Company will pursue and obtain a mineral resource estimate and/or Preliminary Economic Analysis on the Park Place project on the timing anticipated or at all; and expectations that the Company will complete drilling and commence pilot plant studies on both the Board and Park Place projects by the end of 2023 are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should” or “would” or occur.

Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the initial results of the Preliminary Economic Assessment, including the expected NPV of the Boardwalk project, will prove to be accurate; that commercial production will be achievable within 3 years under new permitting directives; that governmental regulators will be supportive of the Boardwalk project; that the carbon footprint of the Boardwalk project can and will be reduced through DLE extraction technology and through the use of high-efficiency gas turbines with steam cogeneration; that the 30% Investment Tax Credit (ITC) for Clean Technology Manufacturing will be passed by the Government of Canada; that significantly reduced capital expenditures can be achieved on the Boardwalk projects through the use of smaller electrical submersible pumps that could fit in reduced diameter well casing; that the use of new sorbent will result in reduced costs, increased efficiency and reduced reagent consumption; that the Company will be able to obtain a mineral resource estimate and/or Preliminary Economic Analysis on the Park Place project on the timing anticipated or at all; and that the Company will be able to complete drilling and commence pilot plant studies on both the Boardwalk and Park Place projects by the end of 2023.

These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important risks that may cause actual results to vary, include, without limitation, the risks that circumstances may arise which require that the Preliminary Economic Assessment be revised; the risk that permitting directives will not accommodate commercial production within 3 years; the risk that governmental regulators will not be supportive of the Boardwalk project; the risk that DLE extraction technology and the use of high-efficiency gas turbines will not reduce the carbon footprint of the Boardwalk project as anticipated; the risk that the 30% Investment Tax Credit (ITC) for Clean Technology Manufacturing will not be passed by the Government of Canada; the risk that smaller electrical submersible pumps will not result in significantly reduced capital expenditures on the Boardwalk project; the risk that the use of new sorbent will not result in reduced costs, increased efficiency and reduced reagent consumption; the risk that the Company is not able to obtain a mineral resource estimate and/or Preliminary Economic Analysis on the Park Place project on the timing anticipated or at all; and the risk that the Company will be unable to complete drilling and commence pilot plant studies on both the Boardwalk and Park Place projects by the end of 2023 or at all.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

Disclaimer

This video is not financial advice and should not be taken as financial advice. This video is for information, education and entertainment purposes only. Green Stock News is not responsible for any losses related to the financial decisions made by you. Video content is based on data obtained from sources we believe to be reliable but are not guaranteed as to accuracy and are not purported to be complete. As such, the information should not be construed as advice designed to meet the particular investment needs of any investor. Green Stock News is not responsible for any gains or losses that result from the opinions expressed in this video or in other materials that it publishes electronically. Green Stock News has been compensated US$10,200 by LithiumBank Resources for advertising services.