LithiumBank Resources Corp. (
TSX-V:
LBNK) (
OTCQX: LBNKF)
(“
LithiumBank” or the “
Company”)
is pleased to announce the highlights from the initial Preliminary
Economic Assessment (“PEA”) for the Boardwalk lithium brine project
located in west-central Alberta, Canada. The completed NI 43-101
PEA Technical Report will be filed on SEDAR within 45 days of this
announcement.
Boardwalk
Highlights1
- 31,350 metric tonnes per year of
battery grade lithium hydroxide monohydrate (“LHM”)2 over a 20-year
period, the largest proposed LHM production in North America
- USD $2.7 Billion NPV8 and 21.6% IRR
on a pre tax basis
- USD $1.7 Billion NPV8 and 17.8% IRR
on an after tax basis
- OPEX of USD $6,807/tonne LHM
- Direct Lithium Extraction (“DLE”)
used to process Boardwalk brine will require less fresh water and
have a surface footprint that is a fraction of hard rock or
evaporation lithium production.
- Located in Tier 1 jurisdiction,
west-central Alberta, that has a long history of resource
extraction, well established infrastructure, and an actively
supportive government.
- Power to be generated on site using
high-efficiency gas turbines with steam cogeneration that will
lower the project’s overall carbon footprint. The proposed gas
turbine units may be run on 80% hydrogen when a reliable supply is
available.
- Multiple opportunities to
significantly enhance project economics through optimization,
further engineering, and pending incentive tax credit.
- Project economics used USD
$26,000/t LHM and provides strong leverage to higher lithium
prices.
__________________1 Readers are cautioned that
reliance on information in this announcement without reference to
the Technical Report may not be appropriate. The forthcoming
Technical Report is meant to be read as a whole, and sections
should not be read or relied upon out of context.2 31,350 metric
tonnes lithium hydroxide monohydrate (“LHM”) is equivalent to
28,000 metric tonnes lithium carbonate equivalent (“LCE”)
“We are very pleased to provide one of a handful
of economic studies of DLE based lithium projects in the world.
Over the last 15 months, our PEA has rigorously tested or assessed
over a dozen DLE technologies, completed multiple trade off studies
and has established Boardwalk as an economically viable project in
the new post-pandemic financial environment,” commented Paul
Matysek, Executive Chairman LithiumBank. “Boardwalk is unique with
an uncomplicated mineral title containing a 6.2M tonne LCE brine
resource that has the potential to produce battery grade LHM for 20
years, right here in North America. Furthermore, there is potential
for substantial upside on these economics from the recently
announced Canadian Investment Tax Credit and other numerous
optimization opportunities.”
Near Term PEA Enhancements
- The Government of Canada announced
an Investment Tax Credit (ITC) for Clean Technology Manufacturing
in its Budget 2023. Refundable tax credit will be applied on
capital expenditures for the extraction and processing of critical
minerals (ITC link).
- Use of smaller electrical
submersible pumps (ESPs) that could fit in reduced diameter well
casing throughout the network that would significantly reduce
capital expenditures.
- Leveraging of existing wells and
surface infrastructure including roads, well pads, pipelines, and
utilities.
- Reduction of well and power
requirements through enhanced 3-D reservoir modelling and new
drilling information.
- Next generation sorbent being
developed by Conductive, the provider of the lithium brine DLE
technology chosen for the PEA, is expected to reduce costs,
increase efficiency and reduce reagent consumption.
- Alternative DLE technology
trade-off studies.
- Utilise ZS2 Technologies Inc. to
capture and sequester CO2 emissions to produce carbon credits,
extract magnesium from barren brine to produce low carbon cement
products that will lower brine reinjection amounts by at least
10%.
- Additional trade-off studies aimed
at streamlining pipeline infrastructure.
“The Boardwalk PEA marks a significant milestone
for LithiumBank” commented Rob Shewchuk CEO & Director of
LithiumBank. “It sets the stage for our team to now pursue lithium
resource development in Western Canada with a significantly
enhanced ESG profile compared to other forms of lithium mining. We
will leverage this PEA to expedite an additional PEA on Park Place
lithium brine project only 50 km to the south. By the end of 2023,
we expect to commence pilot plant studies on both Boardwalk and
Park Place in tandem. In parallel, we will be working to capture
the near-term enhancement opportunities we have already identified
in this study that we expect to drive significant incremental NPV
and IRR performance. We believe this has the potential to position
both the Boardwalk and Park Place districts among the most
attractive direct brine projects in North America.”
Boardwalk PEA
Introduction
The Boardwalk PEA was compiled by Hatch Ltd.
(“Hatch”) integrating the work of Hatch and other consultants each
having the qualifications necessary to author their respective
sections of the PEA. Since their founding in 1955, Hatch has
successfully designed numerous large scale industrial projects
throughout North America and the world.
LithiumBank Resources Corp. is a lithium brine
exploration and development company that is focused on developing
their flagship projects in western Canada. The Boardwalk project is
based on a lithium hydroxide monohydrate (“LHM”) plant that will
use Direct Lithium Extraction (“DLE”) technology. The in-situ
lithium-rich brine will be pumped to a processing facility from the
Leduc well-field shown in Figure 6. The PEA contemplates the brine
will be treated using Conductive Energy Inc.'s Ion Exchange (“IX”)
sorbent that will selectively extract lithium from the brine. After
passing through the extraction process, the concentrated lithium
brine stream undergoes further processing steps including
purification, concentration and conversion to produce commercial
battery grade lithium hydroxide monohydrate shown in Figure 7.
Economic Analysis
The base case assumes a long term LHM price of
US$26,000/t. At this price the project achieves a positive NPV of
$2.7 billion on a pre-tax basis at an 8% real discount rate. A
summary of key indicators is shown in Table 1.
|
|
Table 1 - Boardwalk Economic Summary |
|
|
|
Description |
Unit |
Value |
|
|
LHM Sales |
t/year |
31,350 |
|
LHM Price |
US$/t |
26,000 |
|
Site Operating Unit Cost |
US$/t sold |
6,941 |
|
Site Operating Cost |
US$M/year |
214 |
|
EBITDA |
US$M/year |
586 |
|
Project Life |
years |
20 |
|
Initial Capital Cost |
US$M |
2,092 |
|
Sustaining Capital Cost |
US$M |
129 |
|
USD/CAD Exchange Rate |
US$/C$ |
0.74 |
|
Pre-tax NPV @ 8% |
US$M |
2,722 |
|
After-tax NPV @ 8% |
US$M |
1,657 |
|
Pre-tax IRR |
% |
21.6 |
|
After-tax IRR |
% |
17.8 |
|
Pre-tax Payback |
operating years |
4.1 |
|
After-tax Payback |
operating years |
4.5 |
|
The preliminary economic assessment is
inherently preliminary in nature. It includes inferred mineral
resources that are too speculative geologically to have economic
considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
results indicated in this preliminary economic assessment will be
realized.
Capital and Operating Cost
Estimates
The Capital Expenditure (CAPEX) Estimate was
prepared in accordance with the Association for the Advancement of
Cost Engineering (AACE) Class 5 Study standards, and has an
approximate accuracy of +50%, -30%.
The total estimated CAPEX for the project is
presented in table 2 below, inclusive of contingency.
|
|
Table 2 - Capital Cost Estimate Summary |
|
|
|
Description |
Estimated Cost (M USD) |
|
|
Plant Wide - General |
$22.90 |
|
Onsite Infrastructure |
$264.90 |
|
Offsite Infrastructure |
$18.90 |
|
Brine Wellfield Services |
$276.30 |
|
Surface Brine Infrastructure |
$208.70 |
|
Lithium Processing Plant |
$574.80 |
|
Direct Cost - Subtotal |
$1,366.60 |
|
Indirect Cost |
$311.40 |
|
Contingency |
$359.50 |
|
Owner’s Cost |
$54.70 |
|
Total Project Capital Cost |
$2,092.10 |
|
The Operating Expenditure (OPEX) Estimate for
the project was also prepared in accordance with the AACE Class 5
Study standard. The total OPEX is presented below in table 3.
|
|
Table 3 - Operating Cost Summary |
|
|
|
Cost Component |
Lithium Plant Annual Operating Cost (M USD) |
Lithium Plant Unit Operating Cost (USD/t LHM) |
% of total OPEX |
|
|
Reagents |
117.5 |
3,689 |
54% |
|
Utilities |
47.2 |
1,480 |
22% |
|
Consumables |
4.9 |
154 |
2% |
|
Labour |
16.3 |
513 |
8% |
|
Maintenance Materials and Services |
20.6 |
646 |
9% |
|
Transport and Logistics |
3.6 |
114 |
2% |
|
General and Administrative (G&A) |
6.7 |
210 |
3% |
|
Total Operating Cost |
216.9 |
6,807 |
100% |
|
Returns are highly sensitive to input
assumptions and should be viewed in the context of the sensitivity
analysis provided in figures 1 through 4 as well as the stated
accuracies for items such as capital costs.
Figure 1: NPV @ 8% Pre-Tax
Sensitivity
Figure 2 - NPV @ 8% Discount Rate
After-Tax Sensitivity
Figure 3: IRR Pre-Tax
Sensitivity
Figure 4 - IRR After-Tax
Sensitivity
Lithium Demand
Lithium-ion battery demand has grown
substantially in recent years as electric vehicle (EV) adoption has
strengthened and energy storage systems (ESS) have grown in
popularity. EV batteries are forecast to become the primary driver
for lithium chemical demand, with Wood Mackenzie3 projecting demand
in 2032 to be over twelve times higher than 2020 levels, as shown
in Figure 5. EV demand growth is expected from passenger vehicles,
with global sales forecast to increase 22% per year from 2020 to
20304. EV manufacturers are increasingly making direct investments
in Lithium projects especially in politically stable resource
friendly jurisdictions.
__________________3 The data and information
provided by Wood Mackenzie should not be interpreted as advice and
you should not rely on it for any purpose. You may not copy or use
this data and information except as expressly permitted by Wood
Mackenzie in writing. To the fullest extent permitted by law, Wood
Mackenzie accepts no responsibility for your use of this data and
information except as specified in a written agreement you have
entered into with Wood Mackenzie for the provision of such data and
information. The foregoing chart was obtained from Battery &
raw materials – Investment horizon outlook to 2032 (Q4 2022)™, a
product of Wood Mackenzie.4 The foregoing information was obtained
from Lithium market 2021 outlook to 2050™, a product of Wood
Mackenzie.
Figure 5: Total Battery Demand by End-Use
(TWh) (Wood Mackenzie, 2022)3
Mineral Resource and Reserve
Estimates
The Boardwalk Leduc Formation Li-brine resource
estimate is classified as indicated and inferred mineral resources
in accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum definition standards and best practice guidelines (2014,
2019) and the Canadian Securities Administration’s Standards for
Disclosure of Mineral Projects, National Instrument 43-101.
The indicated and inferred Boardwalk Leduc
Formation lithium-brine resource estimations are presented as a
total (or global value), and were estimated using the following
relation in consideration of the Leduc Formation aquifer brine:
Lithium Resource =
Total Brine Aquifer Volume X Average Porosity X Percentage of Brine
in the Pore Space X Average Concentration of Lithium in the
Brine.
The indicated mineral resource area is defined
by the outline of the Sturgeon Lake South Oilfield. The resource
classification within the Sturgeon Lake South Oilfield is elevated
to an indicated mineral resource due to 1) the correlation of
historical Li-brine data in conjunction with 2021-2022 brine
analytical work conducted by LithiumBank; 2) reinterpretation of
2-D seismic data and understanding of the dimensions of the Leduc
Formation reef buildups; and 3) mineral processing test work – all
of which have advanced the confidence level of the Li-brine
concentration, geological model and potential for recovery of
lithium from the brine. The inferred mineral resource area is
defined by the remaining area of the Sturgeon Lake Reef Complex
that is situated outside of the indicated mineral resource
area.
Three-dimensional wireframes of the Leduc
Formation aquifer were created using the grid surfaces of the top
and base of the Leduc Formation within the 3-D geological model.
The 2-D strings were connected to create a solid 3-D wireframe of
the Leduc Formation aquifer within the resource areas. Only those
parts of the Sturgeon Lake Reef Complex that occur within the
permitted LithiumBank Boardwalk Property were used in the resource
estimate process. The 3-D closed solid polygon wireframe of the
Leduc Formation aquifer domain was used to calculate the volumes of
rock, or the aquifer volumes. The aquifer volumes underlying the
Boardwalk Property, summarized as the total Leduc Formation domain
aquifer volumes, are 19.83 km3 and 308.93 km3 in the indicated and
inferred resource areas, respectively.
The brine volumes are calculated for the Leduc
Formation aquifer domain, or resource areas, by multiplying the
aquifer volume (in km3) times the average porosity times the
percentage of brine assumed within the pore space. Using an average
effective porosity value of 5.3% and an average modal abundance of
brine in the Leduc Formation pore space percentage of 98%, the
indicated and inferred resource brine volumes are 1.03 km3 and
16.05 km3, respectively.
Average Leduc Formation aquifer brine lithium
concentrations of 71.6 milligrams per liter (mg/L) Li and 68.0 mg/L
Li were selected for the calculation of the indicated and inferred
resource estimations. These values were determined from a lithium
assay database of 25 ICP-OES analyses conducted by LithiumBank’s
primary lab (indicated resource area) and 89 LithiumBank and
historical ICP-OES analyses (inferred resource area). The quality
of the average lithium concentrations was assessed and is
considered to represent high levels of analytical precision.
The Li-brine resources were estimated using a
cut-off grade of 50 mg/L lithium. With respect to units of
measurement, 1 mg/L = 1 g/m3. If concentration is in mg/L and
volume in m3, then the calculated resource has units of grams. (1
g/m3 x 1 m3 = 1 gram or 0.001 kg).
The Updated Boardwalk Leduc Formation Li-brine
indicated resource estimate is globally estimated at 74,000 tonnes
of elemental Li (Table 4). The global (total) lithium carbonate
equivalent for the main resource is 393,000 tonnes.
The Updated Boardwalk Leduc Formation Li-brine
inferred resource estimate is globally estimated at 1,091,000
tonnes of elemental Li (Table 5). The global (total) lithium
carbonate equivalent for the main resource is 5,808,000 tonnes.
The mineral resources reported here and used in
the PEA are unchanged from the updated resource estimate titled
“Updated Indicated and Inferred Resource Estimates for LithiumBank
Resources Corp.’s Boardwalk Lithium-Brine Project in West- Central
Alberta, Canada” effectively dated December 20, 2022.Mineral
resources are not mineral reserves and do not have demonstrated
economic viability. There is no guarantee that all or any part of
the mineral resource will be converted into a mineral reserve. The
estimate of mineral resources may be materially affected by
geology, environment, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues.
Table 4 - Boardwalk Indicated Li—brine
resource estimation presented as a global (total) resource
contained within the Leduc Formation of the Sturgeon Lake South
Oilfield.
Note 1: Mineral resources are not mineral
reserves and do not have demonstrated economic viability.Note 2:
The weights are reported in metric tonnes (1,000 kg or 2,204.6
lbs).Note 3: Tonnage numbers are rounded to the nearest 1,000 unit.
Note 4: In a ‘confined’ aquifer (as reported herein), porosity is a
proxy for specific yield.Note 5: The resource estimation was
completed and reported using a cutoff of 50 mg/L Li.Note 6: To
describe the resource in terms of industry standard, a conversion
factor of 5.323 is used to convert elemental Li to Li2CO3, or
Lithium Carbonate Equivalent (LCE).
Table 5 - Boardwalk Inferred Li—brine
resource estimation presented as a global (total) resource that is
contained within the Leduc Formation that encompasses the Sturgeon
Lake Reef Complex outside of the Sturgeon Lake South Oilfield (or
area of the Indicated mineral resource).
Note 1: Mineral resources are not mineral
reserves and do not have demonstrated economic viabilityNote 2: The
weights are reported in metric tonnes (1,000 kg or 2,204.6
lbs).Note 3: Tonnage numbers are rounded to the nearest 1,000 unit.
Note 4: In a ‘confined’ aquifer (as reported herein), porosity is a
proxy for specific yield.Note 5: The resource estimation was
completed and reported using a cutoff of 50 mg/L Li.Note 6: To
describe the resource in terms of industry standard, a conversion
factor of 5.323 is used to convert elemental Li to Li2CO3, or
Lithium Carbonate Equivalent (LCE).
Property Description
The Boardwalk Property is located in
west-central Alberta, Canada, directly south and west of the Town
of Valleyview, approximately 85 km east of the City of Grande
Prairie and 270 km northwest of the City of Edmonton (Figure 6).
The Boardwalk Project, within the Boardwalk property, and shown on
Figure 6 & 7 as the “Boardwalk Production Zone” encompasses
approximately 30,000 ha of the south and eastern portion of the
Sturgeon Lake Leduc reef.
Figure 6: Location map the Boardwalk
lithium brine project.
The Boardwalk Property consists of 30 Alberta
Metallic and Industrial Mineral Permits that collectively form a
contiguous 231,028 hectares land package that overlies the Sturgeon
Lake Reef Complex and Late Devonian Leduc Formation reservoir. The
permits were acquired directly from the Government of Alberta
through the Provinces on-line mineral tenure system. LithiumBank
has 100% ownership of the mineral rights at the Boardwalk
Property.
70 years of oil and gas activities from numerous
energy companies have developed a strong foundation of social and
physical infrastructure in the area. This history of hydrocarbon
extraction established a well-trained labour force, networks of
all-weather gravel roads, drill sites that can be easily accessed
from Provincial highways, and electrical transmission lines that
run through and adjacent to the project (see Figure 6 & 7).
Wells in the Sturgeon Lake South oilfield are currently inactive
and are not producing hydrocarbons. LithiumBank has shown that
these legacy wells can be re-entered to obtain Leduc Formation
brine thereby providing significant savings versus drilling new
wells.
Mining Methods
The lithium resource at Boardwalk is dissolved
in the brine water contained within the Leduc Formation. The
lithium will be produced by pumping the brine to the surface
through vertical or deviated wells and then by pipeline to the
Central Processing Facility (“CPF”). The project is targeting a
total lithium brine production rate of 250,000 m3/d over a period
of 20 years from 50 production wells (Figure 7).
After processing, the depleted lithium brine is
returned to the Leduc Formation through 50 injection wells. The
reinjection well network is designed to optimize reservoir pressure
and mitigate early breakthrough of depleted lithium brine. The well
network utilizes multi-well pads to minimize the surface footprint.
Up to 23 multi-well pads are planned for this project. The wells
are drilled from these pads, starting vertically at surface, and
deviating in the subsurface to achieve the desired bottomhole
target for each well. Completing all the required wells will take
approximately 2 years of drilling utilizing 3 rigs. The production
wells require artificial lift to produce the large brine volumes to
surface, which will be achieved with Electrical Submersible Pumps
(ESPs).
Figure 7: Production Zone Infrastructure
of the Boardwalk Lithium Brine Project.
Figure 8:
Conceptual Schematic of LithiumBank's Production
Process
Recovery Methods
LithiumBank commissioned a comprehensive testing
campaign to establish the selective lithium extraction performance
of Conductive Energy’s DLE technology. The test work also assessed
optimal process conditions that produce lithium concentrates that
can be upgraded to battery grade products (Figure 8). The first
stage of the work was completed at Conductive Energy’s lab
facility. It included the bench scale of tests of the thermodynamic
and kinetic properties of the DLE media during loading and elution.
The testing successfully demonstrated that the DLE media can
selectively extract lithium from LithiumBank’s feed brine and
produce a lithium concentrate suitable for downstream production of
lithium chemicals.
The lithium processing facility is designed to a
nameplate production capacity of approximately 31,800 metric tonnes
per annum of battery grade lithium hydroxide monohydrate (28,000
metric tonnes per annum LCE) at a feed brine throughput of 250,000
m3/d at an average concentration of 70.1 mg/L. This assumes a 90%
operating factor and a 91% overall lithium recovery. Once the
dissolved H2S, residual suspended solids and hydrocarbons are
removed from the brine, lithium is preferentially extracted through
the DLE ion exchange technology. Then the lithium concentrate is
polished for lithium chloride electrolysis to produce lithium
hydroxide. Battery grade lithium hydroxide monohydrates are
produced through two stages of crystallization, followed by drying
and packaging. The processing stages that follow the DLE extraction
are similar to what is used in the processing of other lithium-rich
bines around the world and are well understood and commonly
used.
Environmental and
Permitting
The Company considers the environmental and
social impacts of the Boardwalk project an integral part in the
development process. The Company has made efforts to reduce the
surface impact by utilizing multi-well pad designs. The entire
project lies within a brownfields area with existing surface
disturbance from either agriculture, utilities, and/or the oil and
gas industry. The Company has chosen to build a power facility
within the fence of the project which allows for power to be used
more efficiently by way of steam that is used in the lithium
processing and to co-generate additional electricity. The Company
has also taken steps toward carbon capture from the power facility.
Although not included in the PEA, LithiumBank and ZS2 Technologies
signed a memorandum of understanding where, using ZS2’s proprietary
technology, CO2 emissions can be captured directly from the power
facility and sequestered, using magnesium extracted from barren
brine, into a magnesium cement product (news release April 13,
2023).
Following closure operations at the Boardwalk
facility, monitoring and reclamation requirements will need to be
conducted, including decommissioning of onsite facilities
associated with the project, remediating environmental media
contaminated as a result of project operations and restoring land
that was utilized for project activities.
The Alberta Energy Regulator (AER) will be the
primary life cycle regulator of the project. To this end, the AER
will assess the project under their new directive, Directive 090 –
Brine Hosted Mineral Resource Development. In addition to Directive
090, there are several well-established supplementary directives
provided by the AER that would apply to the Boardwalk project.
Future advancement of the Boardwalk project is
recommended to include the ongoing development, refinement and
implementation of a community engagement plan.
The scientific and technical disclosure in this
news release has been reviewed and approved by Mr. Kevin Piepgrass
(Chief Operations Officer, LithiumBank Resources Corp.), who is a
Member of the Association of Professional Engineers and
Geoscientists of Alberta (APEGA) and the Association of
Professional Engineers and Geoscientists of the Province of British
Columbia (APEGBC) and is a Qualified Person (QP) for the purposes
of National Instrument 43-101. Mr. Piepgrass consents to the
inclusion of the data in the form and context in which it
appears.
Clarification of Compensation Paid to
Underwriters
As previously disclosed in the Company’s news
release dated May 15, 2023, LithiumBank closed a bought deal
private placement financing for gross proceeds of $6.9 million (the
“Financing”). As compensation pursuant to the
Financing, the Company paid to Echelon Capital Markets, Beacon
Securities Limited and Red Cloud Securities Inc. (the
“Underwriters”) a cash commission equal to 6.0% of
the gross proceeds raised under the Financing (subject to reduction
to 3.0% in respect of sales to certain president’s list purchasers)
and issued to the Underwriters an aggregate of 192,372
non-transferable compensation warrants. In addition, the Company
paid to the Underwriters a corporate finance fee in the amount of
$75,000. For additional details regarding the Financing, please
refer to the Company’s news release dated May 15, 2023.
Contact:
Rob ShewchukCEO &
Directorrob@lithiumbank.ca(778) 987-9767
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward
Looking Statements
This release includes certain statements and
information that may constitute forward-looking information within
the meaning of applicable Canadian securities laws. All statements
in this news release, other than statements of historical facts,
including statements regarding future estimates, plans, objectives,
timing, assumptions or expectations of future performance,
including without limitation, the initial results of the
Preliminary Economic Assessment, including the expected NPV of the
Boardwalk project; expectations that commercial production will be
achievable within 3 years under new permitting directives;
expectations that governmental regulators will be supportive of the
Boardwalk project; expectations that the carbon footprint of the
Boardwalk project will be reduced through DLE extraction technology
and through the use of high-efficiency gas turbines with steam
cogeneration; expectations that that the 30% Investment Tax Credit
(ITC) for Clean Technology Manufacturing will be passed by the
Government of Canada; expectations that significantly reduced
capital expenditures can be achieved on the Boardwalk projects;
expectations that the Boardwalk project will see reduced costs,
increased efficiency and reduced reagent consumption through the
use of new sorbent; expectations that the Company will pursue and
obtain a mineral resource estimate and/or Preliminary Economic
Analysis on the Park Place project on the timing anticipated or at
all; and expectations that the Company will complete drilling and
commence pilot plant studies on both the Board and Park Place
projects by the end of 2023 are forward-looking statements and
contain forward-looking information. Generally, forward-looking
statements and information can be identified by the use of
forward-looking terminology such as “intends” or “anticipates”, or
variations of such words and phrases or statements that certain
actions, events or results “may”, “could”, “should” or “would” or
occur.
Forward-looking statements are based on certain
material assumptions and analysis made by the Company and the
opinions and estimates of management as of the date of this press
release, including that the initial results of the Preliminary
Economic Assessment, including the expected NPV of the Boardwalk
project, will prove to be accurate; that commercial production will
be achievable within 3 years under new permitting directives; that
governmental regulators will be supportive of the Boardwalk
project; that the carbon footprint of the Boardwalk project can and
will be reduced through DLE extraction technology and through the
use of high-efficiency gas turbines with steam cogeneration; that
the 30% Investment Tax Credit (ITC) for Clean Technology
Manufacturing will be passed by the Government of Canada; that
significantly reduced capital expenditures can be achieved on the
Boardwalk projects through the use of smaller electrical
submersible pumps that could fit in reduced diameter well casing;
that the use of new sorbent will result in reduced costs, increased
efficiency and reduced reagent consumption; that the Company will
be able to obtain a mineral resource estimate and/or Preliminary
Economic Analysis on the Park Place project on the timing
anticipated or at all; and that the Company will be able to
complete drilling and commence pilot plant studies on both the
Boardwalk and Park Place projects by the end of 2023.
These forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking statements or
forward-looking information. Important risks that may cause actual
results to vary, include, without limitation, the risks that
circumstances may arise which require that the Preliminary Economic
Assessment be revised; the risk that permitting directives will not
accommodate commercial production within 3 years; the risk that
governmental regulators will not be supportive of the Boardwalk
project; the risk that DLE extraction technology and the use of
high-efficiency gas turbines will not reduce the carbon footprint
of the Boardwalk project as anticipated; the risk that the 30%
Investment Tax Credit (ITC) for Clean Technology Manufacturing will
not be passed by the Government of Canada; the risk that smaller
electrical submersible pumps will not result in significantly
reduced capital expenditures on the Boardwalk project; the risk
that the use of new sorbent will not result in reduced costs,
increased efficiency and reduced reagent consumption; the risk that
the Company is not able to obtain a mineral resource estimate
and/or Preliminary Economic Analysis on the Park Place project on
the timing anticipated or at all; and the risk that the Company
will be unable to complete drilling and commence pilot plant
studies on both the Boardwalk and Park Place projects by the end of
2023 or at all.
Although management of the Company has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements or forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements and forward-looking information. Readers are cautioned
that reliance on such information may not be appropriate for other
purposes. The Company does not undertake to update any
forward-looking statement, forward-looking information or financial
out-look that are incorporated by reference herein, except in
accordance with applicable securities laws.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/178db869-dd89-47a8-820f-e93594bfa579
https://www.globenewswire.com/NewsRoom/AttachmentNg/92a3bc2a-f55d-4b71-b960-015afb184479
https://www.globenewswire.com/NewsRoom/AttachmentNg/8f0d480f-12cf-4dcd-a928-06463b1adf1a
https://www.globenewswire.com/NewsRoom/AttachmentNg/a99e928d-5cbd-4a0c-939d-52cb48e6fa31
https://www.globenewswire.com/NewsRoom/AttachmentNg/d080333e-2c0e-4429-b74a-f6ec4e1671c6
https://www.globenewswire.com/NewsRoom/AttachmentNg/a995636f-8e90-4a13-963d-3e6e31662994
https://www.globenewswire.com/NewsRoom/AttachmentNg/444b541c-4752-42c8-8e25-b162d3193468
https://www.globenewswire.com/NewsRoom/AttachmentNg/7c4fb55e-9db6-4a32-9820-cccfadd1e8bc
https://www.globenewswire.com/NewsRoom/AttachmentNg/11b0d851-f69a-44e3-ac26-70456d88f6b9
https://www.globenewswire.com/NewsRoom/AttachmentNg/65b47393-fa8c-49db-9dd0-26e6244d4840
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LithiumBank Resources (TSXV:LBNK)
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부터 12월(12) 2023 으로 12월(12) 2024