Published: May 1, 2023 |

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LithiumBank Resources has signed a memorandum of understanding (MOU) with Invest Alberta to support the development of a commercial lithium production facility at the company’s Boardwalk brine project located 85 kilometers east of Grand Prairie, Alberta.

Under the agreement, Invest Alberta has agreed to support LithiumBank by promoting the project domestically and internationally, facilitating relationships with key stakeholders and senior government officials, and connecting the company with post-secondary institutions to create a qualified talent pipeline. The agreement has the potential to create high paying employment opportunities in Alberta and to solidify the province’s position as a supporter of the clean energy sector.

“Invest Alberta is a great example of why we believe Alberta is one of the best locations in the world to develop critical mineral resources and electrification supply chains,” said LithiumBank Executive Chairman Paul Matysek.

“This memorandum of understanding is an important step for LithiumBank as we aim to make Alberta and Canada global leaders in lithium resource development. Invest Alberta’s support is expected to accelerate the creation of new green energy jobs that can help Alberta capitalize on the era of electrification and decarbonization,” added Matysek.

“Unlocking the potential of Alberta’s lithium resources creates new opportunities for innovation, investment, and jobs that are expected to benefit the local economy and the global community,” said Rick Christiaanse, Invest Alberta CEO.

“LithiumBank’s commercial lithium production facility in northern Alberta marks a significant step for Alberta as a destination of choice for critical mineral resource development and as a key partner in the electrification supply chain,” added Christiaanse.

“Alberta’s economy has momentum and LithiumBank wants to be a part it. Our province has a friendly corporate tax rate, with a ready-to-work, skilled workforce, and decreased red tape to ensure businesses like LithiumBank can prosper. I look forward to seeing what innovative energy solutions may come from this MOU agreement,” said Alberta Minister Rajan Sawhney, Trade, Immigration and Multiculturalism.

Under the agreement, Invest Alberta has agreed to:
• Support LithiumBank in applying for and optimizing other applicable incentives
• Build connections with stakeholders, both domestically and through its network of international representatives
  abroad, to encourage the growth of LithiumBank
• Facilitate connections with key senior industry experts and operators who have established relationships with
  Invest Alberta or affiliate organizations
• Connect LithiumBank with Alberta’s post-secondary institutions to create a talent pipeline in support of the
  project
• Communicate LithiumBank’s commitment to the project and its positive impact for Alberta

In line with the company’s development goals, LithiumBank intends to:
• Expand its operations in Alberta
• Continue developing and funding the project with the objective of having the complex operational by 2027
• Begin the process of locating and hiring employees in Alberta, with an objective of hiring 25 full-time employees
  within 18 months

LithiumBank Resources is a development company focused on lithium-enriched brine projects in Western Canada where low-carbon-impact, rapid DLE technology can be deployed. LithiumBank currently holds more than 3.6 million acres of mineral titles, 3.33M acres in Alberta and 336k acres in Saskatchewan. LithiumBank’s mineral titles are strategically positioned over known reservoirs that provide a unique combination of scale, grade and exceptional flow rates that are necessary for a large-scale direct brine lithium production. LithiumBank is advancing and de-risking several projects in parallel of the Boardwalk Lithium Brine Project.

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