LithiumBank Resources Corp. provided a project update and detail the current development strategy for LithiumBank's Kindersley Lithium Project (LKLP) located near Kindersley, Saskatchewan, Canada that makes up part of its Saskatchewan district portfolio of 100% Crown land. The Company's initial focus for LKLP was to target areas within the Duperow Formation reservoir that had the following characteristics: Lithium brine concentrations above 70 mg/L and could potentially support large scale brine extraction & subsequent reinjection; Comprehensive production data that indicate large volumes of brine; Past producing wells and local infrastructure.

The LKLP is targeted on the Duperow Formation, which is stratigraphically equivalent to the Leduc Formation in Alberta that hosts the company's Boardwalk & Park Place district projects. The Duperow formation varies in gross thickness across the South Saskatchewan lithium region between 150 – 300 metres and has been the formation with some of the higher lithium-brine grades reported in western Canada with samples reported between 70 -190 mg/L Li. LKLP Highlights: Project size: 111,282 acres, 174 sections of Crown mineral permits; Development status: Reservoir characterization; Next milestone: NI 43-101 Resource Estimate, <6 months; Sampled reservoir grades: 70-81 mg/L Li; Reservoir thickness: Up to 300 metres, the thickest Duperow section in South Saskatchewan; Modelled brine volume: 3.89 million m3 at 6% porosity; Depth to reservoir formation: 1,100 metres; No H2S or significant hydrocarbons in reservoir; Engaged Matrix Solutions Inc. on February 23rd, 2022, to complete a reservoir characterization study and Resource Estimate.

LithiumBank plans to further test, sample and analyse the reservoir at LKLP to support an initial Preliminary Economic Assessments (PEA) expected to be completed in H2/23. The analysis is expected to include: Direct Lithium Extraction (“DLE”) test work; Brine chemistry analysis and characterization; Reservoir flow characteristics; Reservoir development strategy; Infrastructure availability; Environmental and social assessment; and Financial modelling.