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Clean TeQ cDLE® Technology Underpins Significant Improvements in LithiumBank Updated PEA

19 January 2024

LithiumBank has announced an updated PEA, significantly Increasing Pre-Tax NPV8% to USD $3.7 Billion and reducing OPEX to USD $4,588 per LCE/T at flagship Boardwalk Lithium Brine Project, Alberta, Canada.  The full details of the announcement and the impact of the technology on the financials are available here.

The significant difference from the initial LithiumBank PEA released in May 2023 was the incorporation of newly licensed Continuous Direct Lithium Extraction (cDLE®) technology. The cDLE® technology has numerous advantages over the direct lithium extraction (DLE) process applied in the original PEA. The benefits of cDLE® include increased recovery of lithium, higher lithium grade, decreased cost of chemistries, and a reduction in the use of fresh water.

Clean TeQ Water developed the cDLE® technology based on its extensive experience in the design and application of continuous ion exchange to the recovery of metals and in particular critical metals for renewable energy.

The technology is being supplied to LithiumBank via G2L Greenview Resources Inc., a 100% owned subsidiary of Go2Lithium Inc. Go2Lithium Inc. was formed in early 2023 as a 50/50 joint venture between Clean TeQ Water and Computational Geosciences Inc (CGI), a subsidiary of the Robert Friedland-chaired Ivanhoe Electric Inc.  Further details on the joint venture are available in the ASX announcement of 11 September 2023, here.

LithiumBank elected to update the Original PEA because of the strong results received from the G2L test work using its cDLE® Ion Exchange technology. The impact of the use of cDLE® on the major PEA outcomes is shown in the following table.

DescriptionOriginal PEA, Conventional DLEUpdated PEA, cDLE®Percent change
Lithium hydroxide monohydrate produced (t/y LHM)31,35034,0058% increase
Site unit operating cost ($/t sold)6,9414,58834% decrease
NPV, after tax (USDm)1,6572,30539% increase
IRR, after tax (%)17.820.616% increase

We are very pleased to provide an updated PEA which highlights the effectiveness of our newly licensed cDLE® technology from G2L, reducing the operating cost by 34% to US $4,588 /t LHM both shortens the payback period to 3.5 years and increases NPV to US$ 3.7B, making our Boardwalk project highly competitive on the world stage. We believe having district scale, 100% owned, unconventional lithium development projects in North America makes LithiumBank a unique investment opportunity. This, along with the combination of substantial LCE resources and the ability to utilize the wealth of experience, data and infrastructure provided by major energy companies in Central Alberta, positions us well for continued success."

"Based on the results of this PEA it is clear that implementing efficient DLE technology has a significant positive economic impact on a project. In early 2021 LithiumBank made a strategic decision to conduct an extensive DLE assessment program study run by Hatch to determine the optimal technology and commence pilot studies," commented LithiumBank COO Kevin Piepgrass. "That in-depth process took time, and we are now pleased to share how the Company's licenced cDLE® has greatly improved the results of the updated PEA. We look forward to commencing our pilot studies with G2L on both our Boardwalk and Park Place lithium brine projects in the coming months."

Rob ShewchukCEO, Lithium Bank