Boardwalk
LithiumBank is advancing the 100%-owned Boardwalk Lithium Brine Project in west-central Alberta as one of North America’s compelling emerging lithium brine developments. Located approximately 85 kilometres east of Grande Prairie within a major and now depleted conventional oil reserve called South Sturgeon Lake oil field. This area was discovered in the 1950’s with hundreds of past producing oil and gas wells. Boardwalk combines scale, grade, infrastructure access, and Direct Lithium Extraction (“DLE”) technology in a development strategy designed to reduce capital intensity, accelerate timelines, and minimize environmental impact through use of historical infrastructure.
Boardwalk hosts the highest-grade measured and indicated lithium-brine resource currently reported in Alberta, with an average lithium concentration of 81.6 mg/L within the Leduc Formation. The project contains 5.2 million tonnes of measured and indicated lithium carbonate equivalent (“LCE”) and an additional 2.8 million tonnes inferred, positioning Boardwalk among the largest known lithium brine resources in North America. The resource is supported by decades of historical oil and gas production data, extensive well control, and proven reservoir performance, which the Company believes reduces geological and operational uncertainty relative to many greenfield lithium projects. The effective date of the mineral resource estimate is February 20, 2025.
Boardwalk Lithium Measured, Indicated, and Inferred Mineral Resource Estimations
Note 1: 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 ever be upgraded to a higher category. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Note 2: The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs).
Note 3: Tonnage numbers are rounded to the nearest 1,000 unit.
Note 4: The technical report entitled “LithiumBank Resources Crop. Boardwalk NI 43-101 Technical Report” dated effective February 20, 2025 is available on SEDAR+.
Recent Milestones
In March 2026, LithiumBank announced that it had completed the transfer of the 1-12 well and now holds 100% ownership. The Company stated that the well acquisition and the data expected from the upcoming re-entry and completion program are intended to support work under the Development Agreement, including feasibility, front-end engineering design, and project development planning. In April 2026, LithiumBank announced that it had successfully collected 150 cubic metres of brine from its 100% owned 10-6 well to support long-cycle DLE optimization, polishing, downstream conversion work, and hydrogeological data collection.
Development Pathway
A key differentiator for Boardwalk is LithiumBank’s strategy of leveraging Alberta’s existing oilfield infrastructure and technical expertise. The project area benefits from all-weather roads, existing well pads, pipelines, grid power, and a highly experienced workforce developed through more than 70 years of hydrocarbon production. By repurposing existing infrastructure and utilizing suspended oil and gas wells for re-entry and testing, LithiumBank aims to materially reduce upfront capital expenditures and shorten the path toward commercial production.
LithiumBank is pursuing a phased and modular development approach centered around DLE technology that has been demonstrated at pilot scale. Through partnerships with SLB and other leading energy service and technology providers, the Company intends to advance Boardwalk using modular DLE processing units capable of scalable production growth in manageable increments. This strategy is designed to lower execution risk by avoiding the large upfront capital requirements typically associated with conventional lithium projects while providing flexibility to expand production alongside market demand.
Boardwalk’s development model aligns with increasing industry and government focus on secure domestic critical mineral supply chains. The project has received support from the Government of Alberta through CAD$3.9 million in non-dilutive funding from Emissions Reduction Alberta (“ERA”), reflecting growing recognition of DLE-based lithium production as a strategic opportunity for the province’s energy transition and critical minerals sector.
Notes
1: 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 ever be upgraded to a higher category. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2: The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs).
3: Tonnage numbers are rounded to the nearest 1,000 unit.
4: In a 'confined' aquifer (as reported herein), effective porosity is an appropriate parameter to use for the resource estimate.
5: The resource estimation was completed and reported using a cut-off of 50 mg/L Li.
6: To describe the resource in terms of industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li2CO3, or Lithium Carbonate Equivalent (LCE).
