E3 Metals Provides Corporate Update
CALGARY, ALBERTA, March 9, 2021 – E3 METALS CORP. (TSXV: ETMC) (FSE: OU7A) (OTC: EEMMF) (the "Company" or "E3 Metals"), an emerging lithium developer and leading direct lithium extraction (“DLE”) technology innovator, is pleased to provide a corporate update.
Over the past four months, E3 Metals has seen significant growth and maturation as a lithium developer. The Company has completed an aggregate total funding of $14.3M CAD through three capital raises. In November, E3 Metals released its first Preliminary Economic Assessment outlining that an initial production of 20,000 tonnes LiOH has the potential value of 820M USD (NPV8%, after-tax), including one of the lowest operating costs for battery quality LiOH of $3,656 USD/tonne. Also in November, John Pantazopoulos joined E3 Metals’ board of directors and assumed the position as CFO this January. This past month, E3 Metals also welcomed Kevin Stashin to the board of directors and Brad Wall as an advisor.
Given these significant corporate advancements, E3 Metals is actively advancing its DLE project located in south-central Alberta. The primary focus for the Company is to demonstrate the continual scale-up of its proprietary technology as it drives towards commercial production. In parallel, the Company will be advancing its Aquifer Management Plan, aiming for an upgrade of its resources to Measured and Indicated while working towards its Pre-Feasibility Study.
Staffing:
In addition to the new board and advisory members, E3 Metals also welcomes several new management and staff appointments that are integral to the development and success of the Company. Within the DLE department, these positions include a Manager of Process Development, who will be leading our piloting activities, and a Senior Laboratory Technician to support our continued technology development. A Senior Production Engineer and Senior Geologist have also been added to the team to continue developing the Company’s Aquifer Management Plan. With the new additions to the team and board, the Company is well-situated to complete the objectives outlined below.
Aquifer Management Plan:
An Aquifer Management Plan (AMP) is an essential step to promoting resource longevity. Starting with an understanding of the aquifer’s natural geological characteristics, the long-term behaviour and movement of the brine in the subsurface is modelled while leveraging the aquifer’s key advantages. This will allow the Company to select an optimal well network location.
E3 Metals’ newly expanded Subsurface Team will be focused on further developing its Aquifer Management Plan, including brine production. The team will conduct advanced geoscience and engineering analysis, capitalizing on the available data from the oil and gas industry, to complete the detailed lithium enriched brine delivery plan. The Company will also be engaging with local industry professionals and regulators to conduct aquifer flow tests and confirm brine deliverability and lithium concentrations in areas not yet tested.
Calgary Testing Facility:
After opening the newly commissioned testing facility earlier this year, the Company is pleased to report on its progress as well as its near-term plans for 2021. E3 Metals has initiated its process design and development work in the facility to demonstrate its Direct Lithium Extraction (“DLE”) technology by progressively scaling it up, first to a lab prototype operating within E3 Metals’ testing facility, and then to a pilot plant operating continuously on a site within E3 Metals’ resource area in Alberta. The purpose of the lab prototype is to refine the DLE process through continuous testing to define the process design basis for the field pilot plant. Later this year, the Company plans to use the testing facility to accelerate the development of the lithium hydroxide production flow sheet downstream of the DLE process.
I am very excited for what E3 Metals will accomplish in 2021,” commented E3 Metals’ CEO, Chris Doornbos. “As we are fully funded to the completion of our Pre-Feasibility Study, the Company will focus its efforts on achieving these major milestones.”
About E3 Metals Corp.
E3 Metals is a lithium development Company with 7.0 million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources1 in Alberta and an NPV8% on its Clearwater Lithium Project of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax1. Through the successful scale up its DLE technology towards commercialization, E3 Metals’ goal is to produce high purity, battery grade, lithium products. With a significant lithium resource and innovative technology solutions, E3 Metals has the potential to deliver lithium to market from one of the best jurisdictions in the world. E3 Metals also continues to work with partners at the University of Alberta and at GreenCentre Canada.
For more information about E3 Metals, visit http://www.e3metalscorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Chris Doornbos, President & CEO
E3 METALS CORP.
For more Information:
Contact: Chris Doornbos
Phone: (587) 324-2775
1: The Preliminary Economic Assessment (PEA) of the Clearwater Lithium Project NI 43-101 technical report is effective Dec 21, 2020. E3 Metals has also released three NI 43-101 Technical Reports providing a total resource of 7.0Mt LCE. The Clearwater Lithium Project PEA resource estimate, identifying 2.2Mt LCE (inferred) effective December 21, 2020; the North Rocky Resource Area (NRRA) Technical Report effective October 27, 2017 identifying 0.9Mt LCE (inferred); and the Exshaw West Resource Area (EWRA) identifying 3.9Mt LCE (inferred) dated June 4, 2018. All reports are available on the Company’s website (e3metalscorp.com/technical-reports) and SEDAR (www.sedar.com)
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.
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.
