LithiumBank Receives License and 100% Ownership of Second Well at Boardwalk Lithium Project

The most recent news (March 10, 2026) announces that LithiumBank has acquired 100% ownership of a second suspended well (1-12) at its flagship Boardwalk Lithium Project. This acquisition is a prerequisite to unlocking CAD $3.9 million in non-dilutive funding from Emissions Reduction Alberta (ERA). The company intends to re-enter and deepen this well to test the Leduc formation, which will serve as the first of three milestones required to receive the 50% expense reimbursement from the ERA. This follows a $2.25 million private placement closed on March 4, 2026, at $0.60 per share.

The news is Routine - Positive. While the acquisition of the well and the unlocking of government grants are fundamentally good for the balance sheet and project timeline, these steps were explicitly forecasted in the November 2025 and December 2024 news releases. - Financial Impact: The $3.9M grant covers 50% of eligible costs, effectively doubling the mileage of the company's current cash position for these specific milestones. - Operational Impact: Moving from "planning to acquire" to "owning" the well allows the physical work program to begin. This is a necessary step toward the 2026 Feasibility Study. - Strategic Impact: The collaboration with LESTS (Leading Energy Services and Technology Supplier) for modular DLE technology is reinforced by this well acquisition, as it provides the raw brine needed for the "long cycle" testing required for the Feasibility Study.

LithiumBank is a developer focused on lithium-enriched brines in Western Canada. Its flagship Boardwalk Project (Alberta) boasts a massive resource: 5.2M tonnes LCE Indicated and 2.8M tonnes LCE Inferred. The company is pivoting toward a modular development approach (5,000-10,000 tpa LCE increments) to reduce initial CAPEX, targeting commercial production by 2027.