LithiumBank Resources Corp. announced the filing of the Boardwalk Lithium Brine Project Preliminary Economic Assessment ("PEA") Technical report entitled "Preliminary Economic Assessment (PEA) for LithiumBank Resources Boardwalk Lithium-Brine Project in West- Central Alberta, Canada" effectively dated June 16, 2023, originally announced May 25th, 2023. PEA Highlights.

31,350 metric tonnes per year of battery grade lithium hydroxide monohydrate ("LHM") production over a 20-year period, the proposed LHM production in North America; USD 2.7 Billion NPV8 and 21.6% IRR on a pre-tax basis; USD 1.7 Billion NPV8 & 17.8% IRR on an after-tax basis; OPEX of USD 6,807/ton LHM; Direct Lithium Extraction ("DLE") used to process Boardwalk brine will require less fresh water and have a surface footprint that is a fraction of hard rock or evaporation lithium production; Ramp up to commercial production within 3 years is possible under newly established permitting directives; Located in Tier 1 jurisdiction, west-central Alberta, which has a long history of resource extraction, well established infrastructure, and an actively supportive government; Power to be generated on site using high-efficiency gas turbines with steam cogeneration that will lower the project's overall carbon footprint. The Company sees multiple avenues to create value in the coming months through enhancing the economics of the Boardwalk PEA, delivering an initial PEA for Park Place (AB), and by estimating a resource at its Saskatchewan assets. Near Term PEA Enhancements.

The Government of Canada announced an Investment Tax Credit (ITC) for Clean Technology Manufacturing in its Budget 2023. Refundable tax credit will be applied on capital expenditures for the extraction and processing of critical minerals (ITC link); Use of smaller electrical submersible pumps (ESPs) that could fit in reduced diameter well casing throughout the network that is expected to reduce capital expenditures; Leveraging of existing wells and surface infrastructure including roads, well pads, pipelines, and utilities; Reduction of well and power requirements through enhanced 3-D reservoir modelling and new drilling information; Next generation sorbent being developed by Conductive, the provider of the lithium brine DLE technology chosen for the PEA, is expected to reduce costs, increase efficiency and reduce reagent consumption; Alternative DLE technology trade-off studies; Utilise ZS2 Technologies Inc. to capture and sequester CO2 emissions to produce carbon credits, extract magnesium from barren brine to produce low carbon cement products that will lower brine reinjection amounts by at least 10%; and Additional trade-off studies aimed at streamlining pipeline infrastructure.