LithiumBank Signs Development Agreement with Leading Energy Services and Technology Supplier That Includes Binding DLE Licensing Terms to Advance Boardwalk to Commercial Production with Project Execution Targeted for 2027

Core Viewpoint - LithiumBank Resources Corp. has entered into a Development Agreement with a Leading Energy Services and Technology Supplier to advance the Boardwalk lithium brine project in Alberta, targeting production by 2027 [1][2]. Development Agreement Details - The Development Agreement includes collaboration on the Boardwalk asset using licensed modular Direct Lithium Extraction technology, with plans for a feasibility study and engineering activities [1][2]. - The feasibility study aims to establish two initial DLE modules capable of producing up to 10,000 tonnes per annum of Lithium Carbonate Equivalent [1][2]. Financial Aspects - The Alberta government will provide funding through Emissions Reduction Alberta, refunding LithiumBank up to 50% of each milestone, totaling $3.9 million [3]. - The licensing terms for LESTS's technology will involve a gross overriding royalty from production proceeds, which is considered favorable for the Boardwalk project [4]. Resource Estimates - The Boardwalk project has an NI 43-101 resource estimate indicating 5.2 million tonnes of Indicated resources at 81.6 mg/L lithium and 2.8 million tonnes of Inferred resources at 79 mg/L lithium [5]. Key Milestones - Upcoming milestones include re-entering a suspended oil and gas well, conducting brine conversion testing, and completing the feasibility study [6].