LithiumBank Receives First Tranche of Funding from Emissions Reduction Alberta Following Completion of Milestone 1 at Boardwalk

LithiumBank Resources Corp. received $760,000 from Emissions Reduction Alberta (ERA) following the successful completion of Milestone 1 at its Boardwalk Lithium Brine Project. The payment covers approved eligible expenditures of $894,093.94, less a 15% holdback, related to brine collection and hydrogeological data gathering.

Milestone 1 activities included collecting approximately 150 cubic metres of brine from the 10-6 well between March 21 and April 8, 2026, and installing a downhole pressure monitor. Completion of Milestone 1 unlocks the remaining ERA funding allocation, which will now be directed toward Milestone 3. Milestone 3 involves completing a Feasibility Study and Front End Engineering Design (FEED) for a modular lithium production approach. Total ERA funding under the program remains capped at $3.9 million.

LithiumBank Resources Corp. (LBNK) received a $760,000 grant, a routine follow-up to the previously announced $3.9 million ERA funding program and the completion of Milestone 1. The funding validates project execution and provides incremental working capital, but does not introduce new strategic shifts, unexpected catalysts, or material changes to the development timeline.

The funding is insufficient to fully fund the upcoming Feasibility Study or the $2.5 million infrastructure acquisition LOI, meaning near-term capital raising remains highly probable. The news is in line with previous expectations and management guidance, representing incremental de-risking rather than a market-moving event.

LithiumBank Resources Corp. (LBNK) is a pre-revenue lithium brine explorer focused on the Boardwalk and Park Place projects in Alberta, Canada. Its flagship asset is the 100% owned Boardwalk Lithium Brine Project. The company has defined a resource of 5.2 million tonnes of lithium carbonate equivalent (LCE) in the measured and indicated category at an average grade of 81.6 mg/L lithium, alongside 2.8 million tonnes of LCE in the inferred category at 79.0 mg/L lithium.

LithiumBank’s strategy centers on modular Direct Lithium Extraction (DLE) utilizing existing oil and gas infrastructure to reduce capital expenditures. The company targets an initial production rate of 10,000 tonnes per annum (tpa) of LCE, with plans to scale in 5,000 tpa increments. A Feasibility Study or Front-End Engineering Design (FEED) is targeted for completion in 2026 or 2027, with commercial production targeted for the 2027-2030 window.

The company has entered into a development agreement with SLB (Schlumberger) for proprietary DLE technology. Pilot testing aims to achieve 95% lithium recovery and greater than 99% impurity rejection.