LithiumBank completes well licence transfer of 1-12

Executive Summary

• LithiumBank Resources Corp. has completed the transfer of the license and acquired 100% ownership of the suspended, past-producing well 104/01-12-069-22W5/00 (1-12) at its Boardwalk Lithium Project in northwestern Alberta.
• The company plans to re-enter and drill the 1-12 well deeper through the entire Leduc formation, a critical step toward unlocking $3.9 million in funding from the Province of Alberta’s Emissions Reduction Act (ERA).
• This acquisition supports a Development Agreement signed with LESTS (dated Dec. 22, 2025) for modular direct lithium extraction (DLE) technology, targeting project execution in 2027 and near-term production.

Key Details

• Well Acquisition: Completed transfer of license and 100% ownership of well 104/01-12-069-22W5/00 (1-12).
• Well Location: Located in close proximity to the company's previously acquired 10-6 well at the 100%-owned Boardwalk project in northwestern Alberta, Canada.
• Operational Plan: The company anticipates re-entering and drilling the 1-12 well deeper through the entire Leduc formation.
• Strategic Purpose: The acquisition and subsequent drilling support the development agreement with LESTS, which involves collaborating on developing the Boardwalk asset using licensed modular direct lithium extraction technology.
• Funding Milestone: Acquiring and re-entering the well initiates the first of three milestones required to qualify for $3.9 million in reimbursement from the Province of Alberta through the Emissions Reduction Act (ERA).
• ERA Milestone 1: Complete an additional exploration drill hole through the Leduc formation reservoir to support advanced reservoir/geological models and collect additional brine.
• ERA Milestone 2: Conduct long-cycle DLE testing and optimization (concentration, impurity removal, conversion to lithium carbonate).
• ERA Milestone 3: Complete a National Instrument 43-101 feasibility study assessing a low-capital-expenditure modular approach.
• Funding Terms: The ERA program refunds 50% of eligible expenditures for each of the three milestones, up to a total of $3.9 million.
• Production Timeline: The development agreement with LESTS includes binding DLE licensing terms and targets project execution for 2027.
• Production Capacity: The modular approach allows Boardwalk to scale up in 5,000 tonnes per annum of lithium carbonate increments.
• Infrastructure: The well is situated in an area with abundant historic production data and existing surface/subsurface infrastructure (wells, well pads, pipelines, roads, water, and power).
• Resource Status: LithiumBank holds 1,240,140 acres of brownfield brine-hosted mineral licences across three districts in Alberta and Saskatchewan. The Boardwalk and Park Place projects host the highest-grade resource estimates in Alberta, making LithiumBank the largest known holder of lithium brine resources in North America.
• Permitting: The projects are unrestricted by overlapping pore space for carbon sequestration applications/permits.

Notable Quotes

• "Acquiring the 1-12 well and subsequent re-entry are important steps toward unlocking $3.9-million in funding from the Province of Alberta through the Emissions Reduction Act."
• "The company believes this well, following exploration work, can likely support near-term lithium brine production as it is in an area that has abundant historic production data and surface/subsurface infrastructure (wells, well pads, pipelines, roads, water and power)."