Key Takeaways
- LithiumBank Resources Corp. has entered into a Development Agreement with a Leading Energy Services and Technology Supplier to develop the Boardwalk lithium brine project in Alberta, Canada.
- The project aims to produce 10,000 tonnes per annum of Lithium Carbonate using licensed modular Direct Lithium Extraction (DLE) technology.
- The Development Agreement includes a feasibility study, front-end engineering design, and engineering procurement and construction activities.
- The project is expected to generate minimal new surface disturbance and benefit local communities.
- The Company has received funding from the Alberta government through Emissions Reduction Alberta (ERA) for re-entering and deepening a past producing oil and gas well, conducting concentration and conversion testing, and completing a Feasibility Study.
Introduction to LithiumBank Resources Corp.
LithiumBank Resources Corp. is a publicly traded lithium company focused on developing its two flagship projects, Boardwalk and Park Place, in Western Canada. The Company holds 1,240,140 acres of brown-field brine hosted mineral licenses across three districts in Alberta and Saskatchewan. LithiumBank has pilot tested multiple mature Direct Lithium Extraction (DLE) technologies and has signed a Development Agreement for the Boardwalk project. This agreement includes binding DLE licensing terms with a Leading Energy Services and Technology Supplier to provide a cost-effective and commercially viable end-to-end solution.
Development Agreement and Project Details
The Development Agreement between LithiumBank and the Leading Energy Services and Technology Supplier aims to bring the Boardwalk lithium brine project to production by 2027. The project will utilize licensed modular DLE technology to produce 10,000 tonnes per annum of Lithium Carbonate. The Development Agreement includes a feasibility study, front-end engineering design, and engineering procurement and construction activities. The Company has received funding from the Alberta government through Emissions Reduction Alberta (ERA) for re-entering and deepening a past producing oil and gas well, conducting concentration and conversion testing, and completing a Feasibility Study.
Project Timeline and Milestones
The project timeline includes several key milestones, including DLE testing, feasibility study, detailed engineering, and phased commercial production plant construction. The Company anticipates completing the feasibility study in 2026, which will significantly reduce the development timeline and costs compared to alternative strategies. The project is expected to generate minimal new surface disturbance and benefit local communities. The Leading Energy Services and Technology Supplier’s end-to-end DLE solution and modular approach are projected to scale up production by 5,000 tonnes per annum increments with a capital intensity that is more favorable than comparable brine projects in North America.
Lithium Resource Estimate and Production
The Boardwalk project has an indicated resource estimate of 5.2 million tonnes of Lithium Carbonate at 81.6 mg/L lithium within 11.96 cubic kilometers of brine. The project also has an inferred resource estimate of 2.8 million tonnes of Lithium Carbonate at 79 mg/L lithium within 6.56 cubic kilometers of brine. The Company plans to produce high-purity lithium carbonate or hydroxide using the Leading Energy Services and Technology Supplier’s DLE technology. The production process is expected to use significantly less water, energy, and chemical reagents compared to other DLE-based offerings.
Conclusion and Future Outlook
In conclusion, LithiumBank Resources Corp. has taken a significant step towards developing its Boardwalk lithium brine project in Alberta, Canada. The Development Agreement with the Leading Energy Services and Technology Supplier provides a clear path towards commercial production, which is expected to generate minimal new surface disturbance and benefit local communities. The Company’s focus on using licensed modular DLE technology and a phased commercial production approach is expected to reduce financial and technical risk. As the demand for lithium continues to grow, LithiumBank is well-positioned to become a significant player in the North American lithium market. However, the Company’s success is subject to various risks and uncertainties, including the ability to secure funding, complete the feasibility study, and achieve commercial production.
