E3 Lithium Successfully Completes the Drilling Portion of Its Phase 2 Demonstration Program and Provides a Leadership Update

Core Insights - E3 Lithium has successfully completed the drilling of its brine production and injection wells at its Demonstration Facility in central Alberta, marking a significant milestone in Phase 2 of its Demonstration Facility program [1][2] Drilling Program Progress - The newly drilled vertical production and deviated injection wells are the third and fourth wells into the Leduc Formation, part of the Clearwater Project area, with drilling operations reaching total depths past the Leduc and into the Cooking Lake Formation [2] - Approximately 200 meters of the Leduc aquifer was intercepted, aligning with expectations for the producing zone in this area [2] - The next phase will involve completions and production testing, expected to continue into the first quarter of 2026, with lithium and water chemistry data to be available upon the commencement of production tests [2] Leadership Update - Rob Knowles, Vice President of Investor Relations, is no longer with the company, and E3 Lithium expressed gratitude for his contributions [3] - Sarfraz Somani will join as Director of Capital Markets starting December 8th, bringing over 18 years of experience in corporate development and investor relations within the energy sector [4] Resource and Financial Overview - E3 Lithium has a total of 21.2 million tonnes of lithium carbonate equivalent (LCE) in Measured and Indicated resources, along with 0.3 million tonnes of LCE in Inferred mineral resources in Alberta, and 2.5 million tonnes of LCE in Inferred mineral resources in Saskatchewan [6] - The Clearwater Pre-Feasibility Study outlines a proven and probable mineral reserve of 1.13 million tonnes of LCE, with a pre-tax NPV (8%) of USD 5.2 billion and an after-tax NPV (8%) of USD 3.7 billion, indicating a 29.2% IRR pre-tax and 24.6% IRR after-tax [6]