E3 Lithium Discovers Lithium Concentrations as high as 87 mg/L in the Nisku Aquifer

Highlights:

• E3 Lithium sampled the Nisku Aquifer in six locations in its Clearwater Project Area, resulting in lithium concentrations as high as 87 mg/L
• The Nisku Aquifer is above the Leduc Aquifer and is laterally continuous throughout E3 Lithium’s permit area in south-central Alberta; E3 Lithium owns the mineral rights to both aquifers
• The Nisku Aquifer has similar geologic properties to the Leduc Aquifer including historic high flow rates, which may support the production of additional commercial quantities of lithium

CALGARY, Alberta–(BUSINESS WIRE)–$EEMMF #canadianenergy–E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3 Lithium” or the “Company”, Alberta’s leading lithium developer and extraction technology innovator, today announced the discovery of higher lithium concentrations in the Nisku Aquifer (the Nisku) through a new six well sampling program conducted late in 2023.

E3 Lithium sampled brine in the Nisku from six well locations in its Clearwater Project Area that outlined lithium concentrations as high as 87 mg/L. These results are from the first Nisku samples in the Clearwater Project area, and are higher than the historic Nisku samples, which outlined lithium grades up to 75 mg/L.

Table 1: Lithium Concentrations Sampled from Six Wells in the Nisku

Well number	Lithium grade
6-11	81 mg/L
16-35	87 mg/L
6-25	87 mg/L
9-23	65 mg/L*
13-24	83 mg/L
16-26	84 mg/L

*This sample produced lower lithium concentrations with brine chemistry that differed from the other wells and historic water analysis data from the same well, which may indicate contamination. E3 Lithium is investigating potential causes further and may resample.

“Finding higher concentrations of lithium in the Nisku is a significant discovery,” said Chris Doornbos, President and CEO of E3 Lithium. “This opens the door to potentially produce from an additional aquifer to the Leduc in the future. The Nisku is well known in Alberta as a prolific oil producer and is similar to the Leduc in that respect. E3 Lithium has not completed a resource estimate in the Nisku, and if successful, would add additional resources to our already significant resource base from the Leduc.”

The previously reported lithium concentrations ranging from 37 mg/L to 75 mg/L were from different well locations and were collected from oil and gas wells between 2017 and 2020.

The Nisku brine samples were analyzed by a third-party certified laboratory, following independently verified sample acquisition procedures that maintained a strict chain of custody, in accordance with The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) guidelines.

About the Nisku

The Nisku is located above the Leduc Aquifer and stretches across E3 Lithium’s entire permit area where the Company holds mineral rights, which include the rights to the lithium within the Nisku. The Nisku and Leduc are Devonian stacked reef complexes that have similar geological properties, however, the Nisku is generally not as thick as the Leduc. Both aquifers have high porosity and permeability, which allows for high volume deliverability (i.e. high brine flow rates), that may support the production of commercial quantities of lithium.

The Nisku and Leduc Aquifers are confined aquifers, meaning they are not connected to the surface or any shallow, fresh, groundwater sources. The fluids in the aquifers are contained under pressure which naturally assists with fluid production. The Leduc and Nisku Aquifers in E3 Lithium’s project area occur between 2-3 km below the earth’s surface, depending on the location. It is common for historic oil and gas production to ‘co-mingle,’ which allows for the simultaneous production of the two reservoirs for hydrocarbons, and a similar scenario could be applicable to the production of lithium.

Mineral Resource Sample Data

The disclosure in this news release of scientific and technical information has been prepared by or under the supervision of Joanie Kennedy, P. Geo, Manager, Geoscience of E3 Lithium Ltd., and professional member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA). Ms. Kennedy is a “qualified person” as defined under NI 43-101, has verified the technical data contained within this news release and has approved it for dissemination.

ON BEHALF OF THE BOARD OF DIRECTORS

Chris Doornbos, President & CEO

E3 Lithium Ltd.

About E3 Lithium

E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources¹ in Alberta. As outlined in E3’s Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax¹. E3 Lithium’s goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.

1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is amended Sept 17, 2021. Gordon MacMillan, P.Geol, QP, Fluid Domains Inc. and Grahame Binks, MAusIMM, QP (Metallurgy), formerly of Sedgman Canada Limited (Report Date: June 15, 2018, Effective Date: June 4, 2018 Amended Date: September 17, 2021). The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017, identified 0.9Mt LCE (inferred). The mineral resource NI 43-101 Technical Report for the Bashaw District Project, effective March 21, 2023, identified 16.0Mt LCE (measured & indicated). All reports are available on the E3 Lithium’s website (e3lithium.ca/technical-reports) and SEDAR+ (www.sedarplus.ca).

Forward-Looking and Cautionary Statements

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company’s brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts

E3 Lithium – Investor and Media Relations
Robin Boschman

Director, Investor Relations and Corporate Communications

investor@e3lithium.ca
587-324-2775