Watch List: LithiumBank Resources (LBNK)

[dan_s]

Brisco Capital, based in Calgary, brought this one to my attention over a year ago. Brisco Capital also brought Hemisphere Energy and InPlay Oil to our attention. We are up big on both of them.
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Calgary, Alberta--(Newsfile Corp. - December 21, 2023) - LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) ("LithiumBank'' or the "Company") is pleased to announce it has entered into an option agreement dated December 20, 2023 (the "Option Agreement") pursuant to which the Company has granted the optionee the option to purchase one or more of the Company's three lithium brine projects, Estevan, South and Kindersley (the "Assets") located in Saskatchewan, Canada (collectively, the "Options").

Concurrently with entering into the Option Agreement, the optionee has paid to the Company a non-refundable deposit of $8 million. The optionee may exercise one or more of the Options by paying the applicable purchase price as set out in the option agreement, less the deposit, to the Company at any time until March 31, 2024, upon which time the Options shall automatically terminate.

"LithiumBank's objective is to maximize shareholder value and to lay the foundation for a thriving lithium district in western Canada," commented Paul Matysek, Executive Chairman of LithiumBank. "This option agreement is further validation of our vision. The agreement provides the Company non-dilutive capital while also raising the profile and potential of the geological district that includes the Company's Flagship Boardwalk Project and its larger look-a-like Park Place Project in west central Alberta. We appreciate the work done by Pristine Lithium and wish them luck in their future endeavours."

Termination of Pristine Asset Purchase Agreement

Further to the Company's news release dated July 31, 2023, the Company announces that it has mutually agreed with Pristine Lithium Corp. ("Pristine") to terminate the asset purchase agreement entered into in July 2023 pursuant to which Pristine agreed to acquire the Assets. In connection with the termination, the Company: (i) paid to Pristine a break-fee of $3.0 million and (ii) returned to Pristine its deposit of $250,000.

In connection with the Option Agreement, the Company has agreed to pay a cash finder's fee to Kepis & Pobe Financial Group Inc. equal to 1.6% of the consideration received by the Company pursuant to the Option Agreement.

The Option Agreement, the Options, and the payment of the finder's fee remains subject to TSX Venture Exchange acceptance.

About LithiumBank Resources Corp.

LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF), is a publicly traded lithium company that is focused on developing its two flagship projects, Boardwalk and Park Place, in Western Canada. The Company holds 2,480,196 acres of brown-field lithium brine permits, across 3 districts in Alberta and Saskatchewan. In May 2023, LithiumBank completed an initial robust preliminary economic assessment of its Boardwalk project that targets a 31,350 TPA operation with a USD $2.7B NPV and a 21.6% IRR with the potential for a number of near term enhancements. The Company will continue to de-risk its assets through detailed geological modelling and advanced engineering. Commencing in early 2024, several piloting campaigns are planned with capacity to process up to 10,000 L/d of brine and yield up to 3 kg/d LCE as the Boardwalk Project advances into its feasibility studies phase of development. The Company also anticipates that the facility will accelerate the development of the Company's other assets in Western Canada.

For more information see the Company's Boardwalk Lithium Brine Project Preliminary Economic Assessment Technical report entitled "Preliminary Economic Assessment (PEA) for LithiumBank Resources Boardwalk Lithium-Brine Project in West- Central Alberta, Canada" effectively dated June 16, 2023 filed on SEDAR+ (www.sedarplus.ca) on June 23, 2023 and on the Company's website (www.lithiumbank.ca).

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. A preliminary economic assessment is preliminary in nature as it includes a portion of inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

The scientific and technical disclosure in this news release has been reviewed and approved by Mr. Kevin Piepgrass (Chief Operations Officer, LithiumBank Resources Corp.), who is a Member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA) and the Association of Professional Engineers and Geoscientists of the Province of British Columbia (APEGBC) and is a Qualified Person (QP) for the purposes of National Instrument 43-101. Mr. Piepgrass consents to the inclusion of the data in the form and context in which it appears.