CALGARY, Alberta, March 03, 2025--(BUSINESS WIRE)--E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3", "E3 Lithium" or the "Company," a leader in Canadian lithium, is pleased to announce that it has been conditionally approved for contribution funding of up to $4.7 million in a non-repayable investment from the Critical Minerals Infrastructure Fund (CMIF). This strategic funding will support the advancement of the Clearwater Project, enhancing our ability to develop critical infrastructure and optimize operations.
CMIF's goal is to provide up to $1.5 billion in federal funding until 2030 for clean energy and transportation infrastructure projects necessary to enable the sustainable development and expansion of critical minerals in Canada. The investment will be used to undertake preconstruction work on transportation and energy infrastructure necessary to develop the Clearwater Project. This will include studies to assess transportation upgrades to support industrial traffic, as well as exploring options to optimize energy to produce lithium from brine and source process water from internal recycle streams and the raw brine.
"Developing Canada’s abundant critical minerals drives economic opportunity and creates good jobs. Developments like this help mines get built faster, and they are a key element in seizing the generational opportunity before us. The funding provided to E3 Lithium Ltd., will help advance the development of the necessary infrastructure to expand Alberta’s sustainable critical minerals production. E3 Lithium Ltd., and many other businesses in Alberta know that moving forward, economic development and environmental sustainability must go hand in hand." – The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources
"The investment from CMIF supports the planning and development of some of our critical infrastructure for our Clearwater Project, focussing around the Central Processing Facility. Alberta has a strong workforce and permitting system that strengthens E3 Lithium commercialization efforts. We appreciate the support from NRCan and the CMIF, this funding will accelerate project milestones and help position E3 Lithium as a key contributor to the critical minerals supply chain in Canada and globally." – Chris Doornbos, President and CEO, E3 Lithium
All eligible costs under the program are reimbursed to E3 at 50% up to a total of $4.7M. The final CMIF Investment is pending the execution of the contribution agreement, which is targeted to be completed within a few months. E3 can apply for all eligible expenses incurred as of October 2024, which may include some work on the Demonstration Facility Project as outlined in its 2025 Project Update released-on Feb 25, 2025.
Since 2017, E3 has secured approximately $37.5M CAD in non-dilutive funding exclusive of the CMIF investment. The CMIF investment provides further funding stability without additional share dilution as E3 continues to advance the Clearwater Project towards first lithium production in Alberta.
ON BEHALF OF THE BOARD OF DIRECTORS Chris Doornbos, President & CEO E3 Lithium Ltd.
About E3 Lithium
E3 Lithium is a development company with a total of 16.2 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated 1 as well as 0.9 million tonnes LCE Inferred mineral resources2 in Alberta and 2.5 million tonnes LCE Inferred mineral resources3 in Saskatchewan. The Clearwater Pre-Feasibility Study outlined a 1.13 Mt LCE proven and probable mineral reserve with a pre-tax NPV8% of USD 5.2 Billion with a 29.2% IRR and an after-tax NPV8% of USD 3.7 Billion with a 24.6% IRR1. E3 Lithium’s goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.
2: The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017, identified 0.9 Mt LCE (inferred) and is available on the E3 Lithium’s website (e3lithium.ca/technical-reports) and SEDAR+ (www.sedarplus.ca).
3: The mineral resource NI 43-101 Technical Report for the Estevan Lithium District, effective May 23, 2024, identified 2.5 Mt LCE (inferred) and is available on the E3 Lithium’s website (e3lithium.ca/technical-reports) and SEDAR+ (www.sedarplus.ca).
Unless otherwise indicated, Kevin Carroll, P. Eng., Chief Development Officer and a Qualified Person under National Instrument 43-101, has reviewed and is responsible for the technical information contained on this news release.
Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company’s brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
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