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Highlights

• PPLP hosts a combined total of 76.3 km3 (76.3 B m3) of lithium-bearing brine, 49.8 km3 within the Leduc Formation and 26.5 km3 within the Swan Hills Formation (Table 1).
• Currently the largest reported lithium-rich brine project, by volume, in North America held by a single operator.
• Favourable average net total porosity of 11%, 12% in the north and 10% in the south (Table 1), using a 3% porosity cut-off.
• Maximum Formation thickness: Leduc 350 metres & Swan Hills 250 metres (Figure 1).
• Thicker zones (over 200m) in the Leduc Formation are correlated with higher porosity and are locations ideal for potential production hubs.
• The Leduc Formation and underlying Swan Hills Formation are hydraulically connected, representing a continuous resource volume.
• Leduc Formation brine sample, collected in December 2022 from Park Place, reported 77.2 mg/L lithium (News Release Jan. 17, 2023).

The entire brine is wholly contained within the 1.57 M acre Crown mineral rights-only land package that is endowed with modern infrastructure and abundant geological data from decades of oil & gas activity. LithiumBank has engaged SLB to publish an NI 43-101 Resource Estimate and PEA in Q4 2023.

Park Place is land position consisting of 1,571,364 acres of mineral titles that cover ~95% of the Leduc reef complex, 50 km south of Boardwalk. The Park Place land acquisition is strategic for LithiumBank as the Leduc Carbonate Reef Complex (Woodbend Group) and the underlying Swan Hills Carbonate Complex (Beaverhill Lake Group) have historically been known to host the highest grades of lithium-in-brine concentrations in Alberta. Historical samples collected by multiple petro-operators and donated to the Alberta Geological Survey, range from 76 mg/l to 130 mg/l lithium (Figure 2) are located within LithiumBank’s Park Place Metallic and Industrial Mineral permit area. These samples are considered historic and have not been verified by a Qualified Person (QP) under the latest NI 43-101 Standards of Disclosure and cannot be relied upon and thus the Company is not treating the historical estimate as current mineral resources or mineral reserves. LithiumBank expects to implement a systematic exploration and development program that is well established within the Company from work completed on the Boardwalk Project, in the Sturgeon Lake area located only 50 km to the north of the Park Place Property. LithiumBank will continue to make announcements as news becomes available as Park Place is explored and developed in parallel to the Boardwalk Project.

The Park Place area was the focus of a study, authored by D.R. Eccles and H. Berhane, entitled “Geological Introduction to Lithium-Rich Formation Water with Emphasis on the Park Place Area of West-Central Alberta (NTS 83F and 83K)” ( https://ags.aer.ca/publication/ofr-2011-10 ). The report highlights significant lithium potential in three different formations, the Nisku (Winterburn), Leduc (Woodbend), and Swan Hills (Beaverhill Lake Group) and are supported by historical lithium brine samples that range from 76 mg/l to 130 mg/l lithium in these formations.