LithiumBank unveils development deal for Alberta project
LithiumBank Resources Corp. [LBNK-TSXV, LBNKF-OTCQX, HT9-FSE] said it has entered into a development agreement with a Leading Energy Services and Technology Supplier (LEST) to provide technical services to bring its Boardwalk Lithium Project in Alberta to production. Project execution is targeted for 2027.
The development agreement envisions the parties collaborating in developing the Boardwalk asset using licensed modular Direct Lithium Extraction (DLE) technology, and includes commissioning of a feasibility study, front-end engineering design, and engineering procurement and construction activities.
The feasibility study envisions two initial DLE modules, together capable of up to 10,000 tonnes per year of Lithium Carbonate.
LithiumBank shares on Monday eased down 3.2% or $0.02 to 61 cents. The shares trade in a 52-week range of 68 cents and 20.5 cents.
LithiumBank is a company that is focused on developing a large portfolio of deep brine lithium projects in western Canada. Its two flagship projects are Boardwalk and Park Place. The company holds 1.24 million acres of brown-field brine hosted mineral licenses across three districts in Alberta and Saskatchewan.
The company’s overall goal is to capitalize on the expected rise in demand for lithium – a key ingredient in the production of lithium-ion batteries – by providing de-risked, construction-ready direct lithium brine projects to major developers.
“We are pleased to have reached this juncture in Boardwalks’s development, where we have a distinct path towards commercial production,’’ said LithiumBank CEO Rob Shewchuk. “We anticipate a feasibility study to be completed in 2026, which will significantly reduce our development timeline and costs compared to alternative strategies,’’ he said. “Additionally, our license with LEST’s comprehensive proven DLE solution and modular approach is projected to scale production by 5,000 tonnes per annum LCE increments with a capital intensity that we believe is more advantageous than comparable brine projects in North America.’’
Part of the development funding will be provided by the Alberta government through Emissions Reduction Alberta. It will help fund re-entering and deepening a second past producing, suspended, oil and gas well of the Leduc formation, conducting concentration and conversion testing of 114,320 litres of raw brine to a battery grade lithium carbonate, and completing the feasibility study.
The financing will refund LithiumBank up to 50% of each milestone up to a total of $3.9 million.
As announced back in February, 2025, Boardwalk contains an indicated resource of 5.2 million tonnes of LCE at 81.6 mg/L lithium within 11.96 cubic kilometres of brine and 2.8 million tonnes of LCE inferred at 79 mg/L Lithium within 6.56 square kilometres of brine.
The company has said Boardwalk hosts the highest-grade lithium brine measured and indicated current resource estimate in Alberta at 81.6 mg/L Lithium. Boardwalk is situated approximately 85 kilometres east of Grande Prairie and approximately 270 kilometres northwest of Edmonton. Boardwalk is also approximately 50 kilometres to the north of the company’s Park Place lithium brine project.
Resource World Magazine Inc. has prepared this editorial for general information purposes only and should not be considered a solicitation to buy or sell securities in the companies discussed herein. The information provided has been derived from sources believed to be reliable but cannot be guaranteed. This editorial does not take into account the readers investment criteria, investment expertise, financial condition, or financial goals of individual recipients and other concerns such as jurisdictional and/or legal restrictions that may exist for certain persons. Recipients should rely on their own due diligence and seek their own professional advice before investing.