LithiumBank Resources Corp. announced results from bench-scale G2L Greenview Resources Inc. ("G2L") - Direct Lithium Extraction (DLE) test work on brine from its Boardwalk Lithium Brine Project. The Boardwalk Project is located in west-central Alberta, Canada, and situated on 100% owned crown mineral rights.

LithiumBank has undertaken testing of the G2L DLE process to determine the suitability of the technology for Boardwalk lithium-rich brine. Test work produced a high-purity eluate with lithium concentrations between 3,000 - 7,000 mg/L (3-7 g/L), with low levels of impurities. Eluate concentrations of Ca, Na and Cl were reduced by 90% when compared with results used in another DLE process which was employed in the existing PEA.

Furthermore, the G2L cDLE process also reduced the eluate concentrations of magnesium (Mg) and boron (B) by 38% and 57%, respectively. These results are considered very favourable as higher lithium and lower impurity concentrations in the eluate requires a smaller processing plant post-DLE and may reduce the cost of further impurity removal steps. Brine used in the G2L test work was collected from Well 100/09-26-068-22WS/OO located in the South Sturgeon Lake oilfield, within the "Production Zone" of the Boardwalk Project and has a reported average grade of 73.8 mg/L Lithium.

DLE test work was conducted in Melbourne Australia at the G2L lab facilities where the results and procedures were reviewed by Ms Lisa Parks, Qualified Person ("QP"), as defined by NI 43-101. Samples were analyzed at HRL Technology Group Pty Ltd, a third party, ISO 17025:2017certified lab, in Melbourne Australia. G2L implemented strict Quality Control and Quality Assurance (QA/QC) protocols for the analysis where each batch of analysis included duplicates, blanks, standard reference material, and check lab analysis.

In the Company's existing Boardwalk PEA published in May 2023, the costs of the reagents and resin used in the DLE accounted for 54% of the total operating expenditures ("OPEX"). Recent test work has shown that the G2L process, in addition to delivering superior eluate concentrations, can also effectively use alternative, more cost-effective reagents such as easily sourced quicklime (CaO) instead of sodium hydroxide (NaOH) and sulphuric acid (H2SO4) instead of hydrochloric acid (HCl). Furthermore, downstream processes are capable of recovering a significant portion of the H2SO4 used in the cDLE® process; this is expected to further reduce the OPEX.

These reagent substitutions have shown to be effective and are expected to have a significant net positive impact on the economics in an updated PEA. LithiumBank has engaged Hatch Inc. to prepare the updated PEA in accordance with National Instrument 43-101 which the Company expects to be completed in late 2023. LithiumBank has entered into an intellectual property license agreement dated September 8, 2023 (the "License Agreement"), as previously announced on September 11, 2023, with G2L, a subsidiary of Go2Lithium Inc., whereby G2L agreed to grant to the Company a license (the "License") in Alberta and Saskatchewan for a full suite of continuous ion exchange technologies (the "Licensed Technology").

The DLE technology will be used to extract lithium salts from enriched brines present at the Company's lithium development projects. G2L has also agreed to provide the Company with access to a deployment-ready pilot plant that has been previously operating in Australia. Modifications to the pilot plant are almost complete and it is expected to be shipped in November to Alberta with pilot testing commencing in First Quarter 2024.

The pilot plant is expected to have a nameplate throughput capacity of up to 10,000 L per day, making it one of the largest DLE pilot plants in North America. The Company anticipates that access to a dedicated DLE pilot plant will accelerate the Company's test work program and provide the necessary design parameters for inclusion in feasibility studies for its Boardwalk, Park Place, and Saskatchewan lithium development properties.