LithiumBank Resources Corp. Announces Successful Regulatory Transfer of 10-6 Well to Brine Production Well at Flagship Boardwalk Project and Option Grant
LithiumBank converts a legacy oil well into a dedicated lithium brine producer at its Boardwalk project following regulatory approval.
LithiumBank Resources Corp. announced the successful regulatory transfer and conversion of its 10-6 well at the Boardwalk Lithium Brine Project from a conventional oil well to a dedicated lithium brine production well. The well is now licensed under the Mineral Resource Development Act, authorizing direct production of lithium-bearing brine from the Devonian Leduc formation.
This conversion supports the company's brownfield development strategy, which leverages existing oil and gas infrastructure to reduce capital expenditures, lower surface disturbance, and accelerate timelines toward commercial Direct Lithium Extraction (DLE) production. Operational context indicates the 10-6 well has already served as a key sampling location for bulk brine collection, with data currently supporting long-cycle DLE testing and process optimization. Ongoing reservoir monitoring will refine models for the upcoming Feasibility Study and Front-End Engineering Design (FEED).
The release also details an administrative stock option grant of 1,651,500 common shares to directors, officers, and consultants at an exercise price of $0.75 per share, expiring September 9, 2031.
LithiumBank Resources Corp. (LBNK) received regulatory approval for the 10-6 well, a positive but expected operational milestone that aligns with the company’s previously announced brownfield strategy, ERA milestone completions, and partnership with SLB. The announcement confirms the successful execution of a planned regulatory step without introducing new market-moving information, altering the commercial timeline, or changing the fundamental investment thesis.
Additionally, the company granted stock options as standard administrative compensation, which carries no material financial impact. While the release represents incremental progress that slightly de-risks the project by confirming regulatory pathways for brownfield conversions, it does not shift the company's pre-revenue status or immediate capital requirements.
LithiumBank Resources Corp. is a pre-revenue lithium brine exploration and development company focused on the Boardwalk and Park Place projects in Alberta and Saskatchewan. The flagship Boardwalk project hosts a NI 43-101 resource of 5.2 million tonnes LCE (measured and indicated) at an average grade of 81.6 mg/L lithium, plus 2.8 million tonnes LCE (inferred) at 79.0 mg/L lithium. The Park Place project holds 15.1 million tonnes LCE (inferred) at 80.0 mg/L lithium.
The company is pursuing a brownfield development strategy, re-entering and deepening existing oil and gas wells to access the Leduc formation brine, significantly reducing drilling costs and surface disturbance. A development agreement with Schlumberger (SLB) provides binding DLE licensing terms, targeting an initial modular production capacity of 10,000 tonnes per annum (tpa) of lithium carbonate, with scaling in 5,000 tpa increments. The company has secured $3.9 million in non-dilutive funding from Emissions Reduction Alberta (ERA) to complete exploration, DLE testing, and the feasibility study by end-2026.