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Saskatchewan

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LithiumBank Announces Option Agreement for Saskatchewan Properties - Receives $8 Million Non-Refundable Deposit - Terminates Pristine Asset Purchase Agreement.

Kindersley – 111,483 acres, located in west-central Saskatchewan near the Alberta border that consists of 16 claims acquired through auction from the Saskatchewan government.

In November 2022, the Company completed a hydrogeological study that indicated:

  • The Duperow Formation, within the “Kindersley Project” area hosts a brine volume of 3.89 km3 at a 6% porosity cut off. Lithium grades reported adjacent to the property range between 70 and 78 mg/L lithium.
  • The Duperow Formation is an unconfined aquifer that measures up to 300 metres thick within the area of the Company’s mineral permits.
  • Multiple zones of potential lithium brine production within the Duperow Formation add up to ~90 m in net pay at a 6% porosity cut off.

South Property – 134,229 acres, located in southern Saskatchewan along the border with the United State that consists of 8 claims acquired through auction from the Saskatchewan government.

  • LithiumBank’s South Property is directly adjacent to Prairie Lithium’s Williston Basin project that is under agreement to be acquired by Arizona Lithium for approximately C$70.6 million in cash and stock. The South Property shares the same reservoir and key infrastructure including electricity, natural gas, fresh water, paved highways, and railroads.

Estevan – 90,883 acres, located in southeast Saskatchewan that consists of 11 claims acquired through auction from the Saskatchewan government or from Freehold owners.

  • Neighboring lithium exploration activities, adjacent to the Company’s Estevan property have reported lithium grades ranging between 77 and 148 mg/L lithium.

These lithium samples have not been verified by LithiumBank and do not provide sufficient information to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Mineralization on neighbouring properties is not necessarily indicative of mineralization on any of LithiumBank’s properties.

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