E3 Lithium Commences Drilling Lithium #3 Well

Core Viewpoint - E3 Lithium has initiated drilling for its third lithium well in the Leduc Formation as part of Phase 2 of its Demonstration Facility development, aiming to advance towards commercial operations and enhance understanding of reservoir performance capabilities [1][2][3]. Company Overview - E3 Lithium holds a total of 21.2 million tonnes of lithium carbonate equivalent (LCE) in Measured and Indicated resources and 0.3 million tonnes of LCE in Inferred mineral resources in Alberta, along with 2.5 million tonnes of LCE in Inferred mineral resources in Saskatchewan [5]. - The Clearwater Pre-Feasibility Study indicates a proven and probable mineral reserve of 1.13 million tonnes LCE, with a pre-tax NPV (8%) of USD 5.2 billion and an after-tax NPV (8%) of USD 3.7 billion, reflecting an IRR of 29.2% and 24.6% respectively [5]. Drilling Program Details - The current drilling program is designed to collect additional reservoir performance data and brine analytics to support the design of a commercial lithium facility [2][3]. - The objectives of this drilling phase include validating subsurface geology, collecting reservoir data for commercial wellfield design, and providing brine for ongoing operations of Direct Lithium Extraction (DLE) equipment [8]. Future Plans - Drilling and testing activities are expected to continue into November, with the company planning to provide updates on these operations [3].