LithiumBank Advances Boardwalk Toward Commercial Production with SLB

LithiumBank has taken a major step forward at its Boardwalk lithium brine project in Alberta by awarding a Feasibility Study and Front‑End Engineering Design contract to SLB, which will provide its proprietary Direct Lithium Extraction (DLE) technology. This deal formalises the previously unnamed “Leading Energy Services and Technology Supplier” (LESTS) announced in December 2025 as SLB—a global leader in energy services. The scope covers the eastern portion of the resource, with an initial modular setup of two DLE units totaling up to 10,000 tonnes per annum of lithium carbonate equivalent (LCE). The company now targets first commercial production as early as 2029, a two‑year shift from the 2027 execution target stated in December’s development agreement.

The release also confirms receipt of $3.9 million in non‑dilutive funding from Emissions Reduction Alberta (ERA) under Milestone 2, which supports the feasibility study and FEED. Recent pilot testing with SLB processed 35,000 litres of brine and achieved up to 95% lithium recovery and >99% impurity rejection. The updated NI 43‑101 resource for Boardwalk (5.2 Mt M&I, 2.8 Mt Inferred at 81.6 mg/L Li) anchors the project. A larger well‑to‑product demonstration using 120,000 litres is planned next.

The revelation that the previously undisclosed LESTS is SLB is genuinely new, market‑moving information. SLB’s involvement brings world‑class engineering, DLE technology, and execution credibility, materially de‑risking the Boardwalk project. The initiation of the feasibility study and FEED marks a concrete advancement beyond a framework agreement. Securing the full $3.9 M ERA milestone funding is also a positive cash‑preserving development.

However, the timeline has slipped. The December 2025 announcement explicitly targeted first production of up to 10,000 tpa LCE by 2027; now the company speaks of “as early as 2029.” This two‑year delay relative to the earlier catalyst diminishes the near‑term momentum and raises questions about the achievability of previous guidance. Given the company’s pre‑revenue status and cash constraints, a delayed payback period is a notable negative. Still, the qualitative upgrade from a generic supplier to SLB—combined with concrete study initiation and non‑dilutive funding—outweighs the timeline disappointment for a junior developer. The news is not a game‑changer (no first‑time strategic cornerstone investment), but it is a material positive.

LithiumBank Resources holds the largest and highest‑grade lithium brine resources in Alberta, with two main assets: Boardwalk (M&I 5.2 Mt LCE, Inferred 2.8 Mt at 81.6 mg/L) and Park Place (Inferred 15.1 Mt LCE at 80.0 mg/L). Both are designed for modular Direct Lithium Extraction, leveraging Alberta’s extensive oil‑and‑gas infrastructure. The flagship Boardwalk project, now being advanced with SLB, is the focus of the 2026 Feasibility Study and targets an initial 10,000 tpa LCE capacity. Earlier PEA (2024) showed a pre‑tax NPV of US$3.7 billion and cash costs of US$4,588/t LCE. The company also holds large exploration lands in Saskatchewan and other Alberta areas totaling over 500,000 ha.