LithiumBank Receives License and 100% Ownership of Second Well at Boardwalk Lithium Project

Core Viewpoint - LithiumBank Resources Corp. has successfully completed the acquisition of the suspended 1-12 well, now holding 100% ownership, which is a significant step towards enhancing its lithium production capabilities at the Boardwalk Project in Alberta, Canada [1][3]. Group 1: Acquisition and Development - The acquisition of the 1-12 well will support the Development Agreement (DA) with a Leading Energy Services and Technology Supplier (LESTS) to develop the Boardwalk asset using Direct Lithium Extraction (DLE) technology [2]. - The DA includes plans for a Feasibility Study, front-end engineering design, and engineering procurement and construction activities [2]. - The company anticipates re-entering and drilling the 1-12 well deeper through the entire Leduc formation, which is expected to facilitate near-term lithium-brine production [1][4]. Group 2: Funding and Milestones - The acquisition of the 1-12 well is crucial for unlocking CAD $3.9 million in funding from the Province of Alberta through the Emissions Reduction Act (ERA) [3]. - To qualify for reimbursement from the ERA, the company must complete specific milestones, with the well acquisition initiating the first milestone [5]. - The company expects to complete a NI 43-101 Feasibility Study by the end of 2026, which will be supported by the results from the first two milestones [5]. Group 3: Resource and Infrastructure - LithiumBank has consolidated strategic Brine Hosted Mineral Licenses (BHML) at Boardwalk and Park Place, making it the largest holder of lithium brine resources in North America [6]. - The projects are reported to have the highest-grade resource estimates in Alberta, with no overlapping pore space for carbon sequestration applications, facilitating a clearer path to permitting [6]. - The company holds 1,240,140 acres of brown-field brine hosted mineral licenses across Alberta and Saskatchewan, indicating a strong resource base for future production [12].