LithiumBank Resources Corp. provided an update and near term work plans for its 100%-owned Boardwalk and Park Place Lithium Brine Projects located in west-central Alberta, its Kindersley and South Projects located in Saskatchewan, as well as the Company's exclusively licensed Direct Lithium Extraction ("DLE") technology and pilot plant in Calgary, Alberta. LithiumBank continues to advance the Company's portfolio of brine projects through geological interpretation, subsurface modelling, resource development, and advanced engineering.

This work includes the installation and commissioning of its 10,000 L/day DLE pilot plant as well as testing brines from the Company's projects using its exclusive licensed DLE technology. All of these parallel work streams will be funded by the net proceeds of the Company's recent, non-dilutive sale of its Estevan project in Saskatchewan for CAD 15 Million. Over the next several months, LithiumBank will be running DLE pilot campaigns with brine collected from its Boardwalk, Park Place, and Saskatchewan projects.

The Pilot Plant is currently being permitted by the City of Calgary and is expected to be fully commissioned in Second Quarter of this year. The pilot plant is a scaled version of the exclusive licensed DLE technology from G2L Greenview Resources Ltd. (September 11, 2023) and has a 10,000 L/day brine throughput capacity. The indoor DLE pilot facility is designed with safety and efficiency as the first priority.

The plant replicates field operating conditions with a pre-treatment process and a heater to flow the brine into the DLE process at 70 degrees celsius. Initially, a series of 3-10 day metallurgical tests will be run to determine lithium recovery rates and impurity removal with the use of low cost reagents. Following these tests, the Company will focus pilot test work on optimising reagent consumption, sorbent residence time, to efficiently maintain high lithium recovery at high flow rates.

Results from this work will form the basis of Feasibility level studies and potentially future commercial operations. At Boardwalk, LithiumBank is assuming title of a well that previously produced oil and gas from the top of the Leduc Formation ("Fm"). The Company plans to extend the well, located within the production zone contemplated in the Company's January 2024 PEA to the bottom of the Leduc Fm to allow for the collection of a range of reservoir and brine chemistry data throughout the entire estimated 200 m thickness of the Leduc aquifer in that location.

These results as well as additional advanced subsurface modelling data will be used to update and upgrade the current Mineral Resource Estimate, effectively dated February 22, 2024, of 395,000 t LCE Indicated at 71.6 mg/L Li and 5,734,000 t LCE Inferred at 68.0 mg/L Li at Boardwalk. The indicated and inferred Boardwalk Leduc Formation lithium-brine resource estimations are presented as a total (or global value), and were estimated using the following relation in consideration of the Leduc Formation aquifer brine: Lithium Resource = Total Brine Aquifer Volume X Average Porosity X Percentage of Brine in the Pore Space X Average Concentration of Lithium in the Brine. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. At Park Place, the Company continues to work with SLB Ltd. to deliver an initial mineral resource estimate by May 2024.

The Park Place project consists of 1.4 million contiguous acres of Brine Hosted Mineral Licences ("BHML") that strategically overlays both the lithium- bearing Leduc and Swan Hills Formations. Initial brine sampling in January 2023 from the Leduc Formation averaged 77.2 mg/L lithium (January 17, 2023). Three brine samples were collected from well 100/12-03-059-23W5/00 and returned grades ranging between 71.2 - 82.0 mg/L lithium with an overall average of 77.2 mg/L lithium.

Samples were analysed at AGAT Laboratories, an ISO 17025:2017 certified lab, in Calgary, Alberta. LithiumBank implemented strict Quality Control and Quality Assurance (QA/QC) protocols for the analysis. Testing of the three samples included three duplicates, two blanks and one standard reference material.

Samples were collected from the well head by BV Labs technicians and couriered to AGAT Laboratories for analysis in Calgary. LithiumBank recently acquired both 2D and 3D subsurface seismic data and are utilizing hundreds of oil and gas wells to assist SLB in the reservoir modelling.