LithiumBank to Acquire Second Well for Re-entry and Unlock Era Funding at Boardwalk Lithium Project

Core Viewpoint - LithiumBank Resources Corp. is advancing its Boardwalk Lithium Brine Project by acquiring a second well to facilitate near-term lithium production and unlock CAD $3.9 million in funding through the Emissions Reduction Act [1][4]. Group 1: Project Development - The company has initiated a comprehensive work program to unlock funding from the Province of Alberta, focusing on modular Direct Lithium Extraction (DLE) plants to reduce upfront capital and utilize existing infrastructure [1][4]. - The acquisition of a second suspended well is expected to support near-term lithium-brine production, leveraging abundant historical production data and existing infrastructure [2][3]. - The company aims to complete a Feasibility Study by the end of 2026, which will assess a low capital expenditure, modular approach to lithium production [4][7]. Group 2: Funding and Milestones - To qualify for reimbursement from the ERA, the company must complete three milestones, with the acquisition of the new well initiating the first milestone [4]. - The ERA Program will refund 50% of eligible expenditures for each milestone, up to a total of CAD $3.9 million [4]. Group 3: Resource Position - LithiumBank is the largest known holder of lithium brine resources in North America, with the highest-grade resource estimates in Alberta [5]. - The company has consolidated strategic Brine Hosted Mineral Licenses covering the Leduc formation, facilitating a clearer path toward permitting for lithium production [5]. Group 4: Future Plans - Future plans include completing an additional exploration drill hole, conducting long cycle DLE testing, and optimizing plant parameters [7].