Compelling Boardwalk Preliminary Economic Assessment Provides an Excellent Starting Point

Achieving Rapid Progress on Multiple Fronts

Gaining Momentum

Study Underscores the District-Scale Potential of Park Place

Mark Reichman

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Basic Materials

Metals & Mining

Lithiumbank Resources

Boardwalk and Park Place are Front and Center&nbsp;
Boardwalk and Park Place are both district-scale lithium brine projects with significant potential for commercial development.&nbsp;LithiumBank established Canadaâ€™s first indicated mineral resource of lithium brine at its Boardwalk lithium brine project and assayed wells up to 82.0 milligrams per liter lithium at Park Place. LithiumBank intends to complete a preliminary economic assessment (PEA) for Boardwalk in the first quarter of 2023 and a preliminary feasibility study (PFS) in the second half of the year. At Park Place, a mineral resource estimate is expected in the first half of the year, followed by a PEA in the second half of 2023.&nbsp;LithiumBank expects to conduct detailed hydrogeological modeling and brine sampling at both Boardwalk and Park Place to expand and upgrade the classification of their lithium resources to measured and indicated categories. 
 
Boardwalk. The Boardwalk Lithium Brine Project is in west-central Alberta, approximately 85 kilometers east of the city of Grand Prairie and 270 kilometers northwest of the City of Edmonton. The project consists of 30 contiguous mineral permits covering 572,237 acres with 100% ownership of the mineral rights at Boardwalk. Most of the permits encompass the Sturgeon Lake Leduc Formation reef complex and reservoir.
Park Place. The Park Place Lithium Brine project, located 20 kilometers south of the companyâ€™s Boardwalk project in Alberta, consists of 83 contiguous mineral permits encompassing 1,575,364 acres that cover approximately 95% of the highly prospective Leduc reef complex in this area. LithiumBank initiated a hydrogeological study to determine the porosity, permeability and volume of lithium-bearing brine. Historical samples collected by multiple petroleum operators and donated to the Alberta Geological Survey, range from 76 milligrams per liter to 130 milligrams per liter lithium and are located within Park Placeâ€™s permitted area. In January, the company released assay results from three samples taken from a 72-meter-thick interval at the top of the Leduc Formation that returned grades ranging from 71.2 to 82.0 milligrams per liter lithium with an average of 77.2 milligrams per liter lithium.
LithiumBank intends to further de-risk Boardwalk and Park Place by commissioning a brine processing pilot plant in the second half of 2023 to produce a concentrated lithium chloride solution. LithiumBank is working with several direct lithium extraction (DLE) technology providers to enhance recovery, lower power consumption, and reduce project capital expenditures. This work and subsequent reservoir sampling is expected to be incorporated into the Boardwalk PEA and Park Place resource estimate.&nbsp;
Saskatchewan Projects in the Queue
LithiumBank holds 336,595 acres of mineral permits across three properties in southern Saskatchewan. These include: 1) Kindersley, 2) Estevan, and 3) South Property.&nbsp;The Kindersley properties encompass 101,347 acres. During the first half of 2023, LithiumBank expects to complete DLE test work and a resource estimate for Kindersley, followed by a PEA in the second half of the year. 
 
Executive Chairman Appointment and New Chief Financial Officer 
 
Mr. Paul Matysek, Director, has been appointed Executive Chairman. Mr. Matysek is a geologist/geochemist and entrepreneur with over 40 years of experience in the mining industry. Since 2007, as either CEO or Executive Chairman, Mr. Matysek was involved in the sale of six publicly-listed mineral exploration and development companies valued at over $2.5 billion in aggregate. Two of the six were lithium brine projects that are advancing to production.&nbsp;
The company also appointed Ms. Ann Fehr, Founder of Fehr &amp; Associates, to the role of Chief Financial Officer. Ms. Fehr received her accounting designation in 1996 and founded Fehr &amp; Associates in 2010. She has been consulting and preparing financial reports for companies in the mining industry since 2007.
Capital Structure and Liquidity
As of September 30, 2022, the company reported cash and cash equivalents in the amount of C$4,425,964 and no debt. Shares outstanding were 37,174,739.

Lithiumbank Resources (LBNKF)

Transitioning from Exploration to Development

Fundamental Analysis:

Rating: Log in to view

Compelling Boardwalk Preliminary Economic Assessment Provides an Excellent Starting Point (LBNKF)

Achieving Rapid Progress on Multiple Fronts (LBNKF)

Gaining Momentum (LBNKF)

Study Underscores the District-Scale Potential of Park Place (LBNKF)

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