The funding comes by way of the Emissions Discount Alberta (ERA) know-how innovation and emissions discount (TIER) fund. The venture goals to assist E3 Lithium obtain its objective of manufacturing battery-grade lithium carbonate from Alberta’s brine assets.
“E3 is on the trail to constructing a brand new business within the province. As we show the know-how at an growing scale, we improve the knowledge that Alberta could be a main lithium-producing jurisdiction,” mentioned E3 Lithium president and CEO Chris Doornbos in a launch.
“ERA’s funding is essential for growing a business facility and producing battery-grade lithium. This funding not solely helps E3 but in addition opens new alternatives for the province and positions Alberta as a pacesetter in crucial minerals innovation.”
E3 Lithium shares rose 7.8% on the information, buying and selling at C$1.24 per share at midday. The corporate has a market cap of C$94 million ($69 million).
The six-month demonstration venture will give attention to purifying, concentrating and changing brine into battery-grade lithium carbonate. The information collected will assist design a full-scale business facility.
E3 says the venture will construct on las yr’s profitable pilot testing and can advance its direct lithium extraction (DLE) course of.
The prefeasibility examine for E3’s Clearwater venture outlined confirmed and possible mineral reserves of 1.3 million tonnes of LCE grading at 75 mg per litre. With an preliminary capital value of C$2.5 billion, the venture has an after-tax web current worth of C$3.7 billion utilizing an 8% low cost charge. The examine pegged the interior charge of return at 24.6%, and the venture’s manufacturing life at 50 years.
Alberta’s minister of atmosphere and guarded areas Rebecca Schulz, quoted in E3’s press launch, emphasised the significance of the venture within the context of the worldwide race for crucial minerals. She highlighted the province’s wealthy brine reserves and skilled workforce, in addition to the nascent business’s potential to stimulate funding and create jobs in Alberta.
E3 additionally holds mineral permits in southeast Saskatchewan’s Estevan space.