LithiumBank to Acquire Second Well for Re-entry and Unlock Era Funding at Boardwalk Lithium Project

On November 20, 2025, LithiumBank announced it has started a work program to unlock CAD $3.9 million in non-dilutive funding from the Province of Alberta's Emissions Reduction Act (ERA). This funding was previously awarded on July 17, 2025. The company is focused on achieving near-term production at its Boardwalk Lithium Brine Project using modular Direct Lithium Extraction (DLE) plants.

To access the ERA funding, which reimburses 50% of eligible expenditures, LithiumBank must complete three key milestones by the end of 2026: 1. Drill an additional exploration well at Boardwalk. 2. Conduct long-cycle DLE testing. 3. Complete a Feasibility Study.

As a first step, the company has begun the process of acquiring a second suspended well at the Boardwalk project for re-entry.

The company also announced the grant of 300,000 stock options to officers, exercisable at $0.58 for a term of five years.

The latest news is a routine but positive operational update that follows through on the material announcement from July 17, 2025, when the company was first awarded the $3.9 million in potential funding from ERA. This news confirms that the company is now executing the specific work required to unlock these non-dilutive funds.

The key takeaways are: - Execution Progress: The company is taking concrete steps (acquiring a well) to meet the milestones required for the ERA funding. This demonstrates operational progress and a clear path toward completing a Feasibility Study, a major de-risking event. - Reduced Financial Risk: The ERA funding is structured as a 50% reimbursement, which will halve the cost of critical project advancement activities. This extends the company's cash runway and reduces the need for near-term dilutive financing to fund this specific work program. Given the company's cash position post its April 2025 financing, this cost-sharing is significant. - In-line with Expectations: This news was expected following the July announcement and does not represent a new material development. However, in the context of junior resource companies where execution can be a significant risk, delivering on stated plans is a positive signal.

Looking at the historical context, LithiumBank has been systematically de-risking its Boardwalk project. After positive DLE pilot results (December 2024, April 2025) and a significant resource increase (February 2025), securing a path to partially fund the Feasibility Study is the logical next step. The market has reacted positively in the days leading up to this announcement, with the stock price increasing from the $0.30s to the mid-$0.50s, suggesting anticipation of continued progress.

While positive, the news is operational in nature. It does not introduce a new asset, a major discovery, or a game-changing partnership. Therefore, its impact is routine and confirms the company is on track with its previously stated objectives.

LithiumBank Resources Corp. is a Canadian exploration and development company focused on lithium-rich brines in Western Canada. The company's flagship asset is the 100%-owned Boardwalk Lithium Brine Project located in west-central Alberta. Boardwalk is one of the largest known lithium brine resources in North America, with a NI 43-101 compliant resource estimate (effective Feb 20, 2025) of 5.2 million tonnes of Lithium Carbonate Equivalent (LCE) in the Measured & Indicated categories at a high grade of 81.6 mg/L Lithium, and an additional 2.8 million tonnes of LCE in the Inferred category. The company aims to utilize Direct Lithium Extraction (DLE) technology to produce battery-grade lithium, leveraging the extensive infrastructure from over 70 years of oil and gas operations in the region.