- E3 Lithium (TSXV:ETL) has started construction of its phase-2 lithium carbonate demonstration facility, east of the town of Olds, Alberta
- E3 Lithium is a critical metal company developing resources of 21.2 million tons of lithium carbonate equivalent (LCE) measured and indicated and 0.3 million tons LCE inferred in Alberta, as well as 2.5 million tons LCE inferred in Saskatchewan
- E3 Lithium stock has given back 19.17 per cent year-over-year but remains up by 61.67 per cent since 2020
E3 Lithium (TSXV:ETL) has started construction of its phase-2 lithium carbonate demonstration facility, east of the town of Olds, Alberta.
The facility site, located in E3 Lithium’s Clearwater project area, is currently being graded for and advanced towards a planned drilling program following successful permitting from the Alberta Energy Regulator. Clearwater’s pre-feasibility study details 1.13 million tons of lithium carbonate equivalent in proven and probable reserves, representing an after-tax net present value (discounted at 8 per cent) of US$3.7 billion.
Work will include road access improvements, pad construction, as well as environmental and safety measures, including stripping the topsoil and sub-soil from the site and storing it for future reclamation once planned operations are complete.
Finished wells will be tied into the 30-column direct lithium extraction system and purification units commissioned in phase 1, creating an integrated brine-to-battery-grade lithium carbonate production system.
E3 expects to have a drill rig on site in the coming weeks, with new wells to facilitate flow rate confirmation in the surrounding Leduc Reservoir, shedding light on the well scheme and gathering and gas handling system required for the facility.
The news further de-risks planned production for potential partners, followed a non-binding lithium carbonate supply agreement with Axens announced on Thursday.
Management commentary
“Commencing drill site preparation is an important step towards advancing phase 2 of the demonstration facility,” Chris Doornbos, president and chief executive officer of E3 Lithium, said in Tuesday’s news release. “Our team is focused on executing this program safely and efficiently with a strong commitment to environmental stewardship. We look forward to providing further updates as drilling operations begin.”
About E3 Lithium
E3 Lithium is a critical metal company developing resources of 21.2 million tons of lithium carbonate equivalent (LCE) measured and indicated and 0.3 million tons LCE inferred in Alberta, as well as 2.5 million tons LCE inferred in Saskatchewan.
E3 Lithium stock (TSXV:ETL) is down by 3 per cent trading at C$0.97 as of 9:50 am ET. The stock has given back 19.17 per cent year-over-year but remains up by 61.67 per cent since 2020.
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