LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank” or the “Company”) is pleased to announce it has successfully collected 150 cubic metres (“m³”) of brine from its 100% owned Boardwalk Lithium Brine Project (“Boardwalk”) located in northwest Alberta, Canada (Figure 1). The brine was collected from the Company’s 100/10-06-069-21W5/02 (“10-6”) well for multiple tests including: (1) Long cycle Direct Lithium Extraction (“DLE”) and polishing process optimization, (2) conversion to a battery-grade lithium carbonate product, and (3) hydrogeological data gathering during the brine collection process.
The 150 m³ bulk brine sample from the Company’s 10-6 well (Figure 2) started March 21st, 2026, and was completed April 8th, 2026. One litre brine samples taken throughout the sampling campaign have been sent to several labs for assay analysis. Mr. Maurice Shevalier from Montrose Environmental Group was on-site to ensure sampling was conducted using best practices and in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The brine collection operation ran without incident and was conducted by Tristar Resource Management Inc.
Furthermore, the Company intends to re-enter and drill through the Leduc formation in its newly acquired past producing well 104/01-12-069-22W5/00 (“1-12”), as announced March 10, 2026. LithiumBank has inserted a down hole pressure monitor into the 10-6 well to monitor pressure changes during future flow testing in the 1-12 well. This pressure monitor will give further confidence in the hydrogeological model and add to future production flow modelling.
As previously announced (July 17, 2025), to qualify for reimbursement of expenses from the Emissions Reduction Alberta (“ERA”), LithiumBank must complete the following milestones:
1. Collect additional hydrogeological information to support an advanced reservoir model and geological model for the Leduc formation reservoir at Boardwalk and collect a bulk brine sample to support Milestone 2.
2. Conduct long cycle DLE testing and optimization, focusing on concentration and impurity removal testing, and conversion to lithium carbonate; and,
3. Complete a Feasibility Study at Boardwalk that assesses a low Capex, modular approach to lithium production.Over the last five years, the Company has successfully consolidated all the strategic Brine Hosted Mineral Licenses (“BHML”) at Boardwalk and Park Place covering the Leduc formation (BHML areas shown in Figure 1). The NI 43-101 resource estimates at Boardwalk and Park Place, as shown below in Figure 1, are both reported as the highest-grade resource estimates in Alberta and together make LithiumBank the largest known holder of lithium brine resources in North America (Figure 1). The two projects are completely unrestricted by overlapping pore space for carbon sequestration applications/permits allowing for a clearer path toward permitting of the first production of lithium from brines in Alberta.
The Company’s drilling and brine collection program has been modified from the original Milestone 1 program as described in the Company’s news release dated July 17, 2025 announcing the ERA funding. The modified Milestone 1 has now been completed and allows for 50% of eligible expenditures up to $1.6 million (reduced from $2.5 million). The difference in funding required for Milestone 1 will be transferred to Milestone 3, the completion of a Feasibility Study / Front End Engineering Design, leaving total ERA funding unchanged at $3.9 million.
The 10-6 well (Figure 2) is a vertical well. Brine sampling was collected between 2,648.66 – 2,2732.32 metres below surface. Industry standard Quality Control and Quality Assurance (“QA/QC”) measures were practiced during sample collection which included the following: one litre brine samples were collected every hour to monitor salinity and identify when native brine was flowing. Eight (8), 1 litre brine samples were collected at the wellhead, and four samples were collected post gas treatment. These samples were sent to AGAT Laboratory in Calgary, AB and duplicate samples were sent to an umpire lab along with a synthetic brine standard and a blank sample. Results of the analysis will be made available as they are received.
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