E3 Lithium Files First Quarter 2023 Financial Statements and MD&A

CALGARY, AB , May 25, 2023 /CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3 Lithium" or the "Company," Alberta's leading lithium developer and extraction technology innovator, today filed its Condensed Consolidated Interim Financial Statements for the first quarter of 2023 and the accompanying Management's Discussion and Analysis ("MD&A) on its SEDAR profile at www.sedar.com . The financial statements and MD&A will also be available on E3 Lithium's website at www.e3lithium.ca .

First quarter 2023 set E3 Lithium firmly on the path and direction outlined in its 2023 guidance announced on March 2, 2023 . We believe in our comprehensive strategy and focused path to first lithium production and are well positioned to continue to execute.

Q1 2023 achievements include:

• January 19, 2023 : Lithium concentration results from third well demonstrating consistency
• January 25, 2023 : Increased land position by acquiring last remaining permit in the Bashaw District
• February 13, 2023 : Received $4.9 million since Q3 2022 from exercise of warrants
• March 2, 2023 : Outlined 2023 Company goals and path to first lithium
• March 7, 2023 : Awarded $3.5 million in funding from Government of Canada
• March 21, 2023 : Upgraded resource to 16.0 million tonnes Measured and Indicated

Subsequent Events

• April 11, 2023 : Received license for field pilot plant and provided progress update
• April 17, 2023 : Announced Chief Development Officer
• April 20, 2023 : Published NI 43-101 technical report
• May 16, 2023 : Began field pilot plant site construction

ON BEHALF OF THE BOARD OF DIRECTORS

Chris Doornbos , President & CEO
E3 Lithium Ltd.

E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources ¹ in Alberta . As outlined in E3's Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax ¹ . E3 Lithium's goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.

1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is amended Sept 17, 2021 . The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017 , identified 0.9Mt LCE (inferred). The mineral resource NI 43-101 Technical Report for the Bashaw District Project, effective March 21, 2023 , identified 16.0Mt LCE (measured & indicated). All reports are available on the E3 Lithium's website (e3lithium.ca/technical-reports) and SEDAR ( www.sedar.com ).

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com . Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE E3 Lithium

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2023/25/c7623.html

CALGARY, AB , May 16, 2023 /CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3" or the "Company," Alberta's leading lithium developer and extraction technology innovator, is pleased to provide a progress update on its field pilot plant. Since receiving the approval of its Facility Licence on April 11, 2023 , E3 has been advancing preparation activities to ensure the site is ready for pilot operations.

On-site work is focused on the installation and operation of the downhole equipment in preparation for brine production for the pilot. E3 will also conduct a pre-pilot reservoir test that will add to our understanding of the reservoir fluid characterization for future development work. The site is also being graded and prepared in advance of equipment arriving. The next stage includes installation of the piping and protective structure over the next 4-6 weeks.

Manufacturing of the lithium extraction process equipment and E3's sorbent continues offsite and is on track to arrive in early Q3. The Company anticipates it will require approximately 4 weeks to install and commission the equipment once on site prior to full operations commencing.

E3 will share Key Performance Indicators for the lithium extraction processes at the pilot plant prior to commissioning. The Company remains committed to industry-leading environmental and safety standards and has practices, policies and procedures in place ensure the site operates safely throughout 2023.

"We are happy to remain on track and on budget for a successful pilot beginning operations in Q3 of 2023," said Chris Doornbos , President and CEO of E3 Lithium. "Protecting the environment and ensuring the health and safety of all those working on site is of fundamental importance to us throughout the construction and operation of our pilot plant, and this begins with thoughtful and well-executed site preparation."

E3 would like to thank Alberta Innovates , the Government of Canada's Strategic Innovation Fund and Critical Minerals Research, Development and Demonstration Program for providing funding towards E3's 2023 pilot plant.

E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources ¹ in Alberta . As outlined in E3's Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax ¹ . E3 Lithium's goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.

ON BEHALF OF THE BOARD OF DIRECTORS

Chris Doornbos , President & CEO
E3 Lithium Ltd.

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com . Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE E3 Lithium

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2023/16/c3872.html

CALGARY, AB , April 27, 2023 /CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3" or the "Company," Alberta's leading lithium developer and extraction technology innovator, confirms the filing of its Annual Information Form ("AIF") for the year ended December 31, 2022 on the System for Electronic Analysis and retrieval ("SEDAR"). An electronic copy of the AIF may be obtained on the Company's website at www.e3lithium.ca or on the Company's SEDAR profile at www.sedar.com .

Additionally, the Company has granted incentive stock options ("the options") to purchase a total of 225,000 common shares to Kevin Carroll , Chief Development Officer of the Company, in accordance with the provisions of its stock option plan. The options have an exercise price of $2.59 per share which was the close price on April 10, 2023 . The options vest 25% each year over a period of four years with a five-year expiry date.

ON BEHALF OF THE BOARD OF DIRECTORS

Chris Doornbos , President & CEO
E3 Lithium Ltd.

E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources ¹ in Alberta . As outlined in E3's Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax ¹ . E3 Lithium's goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com . Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE E3 Lithium

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2023/27/c3948.html

CALGARY, AB , April 20, 2023 /CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF) "E3" or the "Company," Alberta's leading lithium developer and extraction technology innovator, today filed its Consolidated Financial Statements and Management Discussion and Analysis for the full year 2022.

"Last year was a foundation-building year for E3 Lithium. The goals we set out and accomplished are expected to continue the positive momentum to unlock material shareholder value in 2023 and beyond," said Chris Doornbos , President and CEO of E3 Lithium. "We are confident in our focused strategy, ensuring E3 Lithium is firmly positioned to meet global demand for lithium and deliver battery-grade lithium to the market."

2022 Business Highlights

• Government support: Awarded $27 million from the Government of Canada's Strategic Innovation Fund.
• Strategic partnerships: Executed a USD $5 million Strategic Agreement with Imperial Oil Limited, representing the first investment in lithium from a global energy industry leader. Additionally, signed a Memorandum of Understanding with Pure Lithium, which produced a lithium metal battery using E3's lithium concentrate. Given the size of E3 Lithium's resource and opportunity in Alberta , the Company believes there is opportunity to develop portions of its resource with partners while still leaving significant land for E3 Lithium to develop on its own. The Company also has an active commercial/corporate development group engaging and developing relationships with potential customers of our battery-grade lithium products.
• First manufacture of commercial scale sorbent: Oversaw the successful manufacture of its first quantity of continuously produced, commercial scale sorbent, critical to the success and commercialization of our ion-exchange DLE technology.
• First brine production wells drilled in Alberta : Drilled the first two brine production wells for the purposes of evaluating lithium and sampled a total of three wells in the heart of the Clearwater Project Area, confirming the producibility of the aquifer and lithium concentrations in the core of our proposed production area.
• Field Pilot Plant: Completed the Front-End Engineering Design (FEED) of the direct lithium extraction field pilot and engaged an engineering firm to complete the design and construction of our Field Pilot Plant. The goal of the pilot is to demonstrate ion-exchange direct lithium extraction technology under real-world operating conditions at near commercial scale, expected to be operational in Q3 2023.
• Name change: E3 changed its name from E3 Metals to E3 Lithium to reflect its singular focus on lithium.

Subsequent Events

The following are subsequent events to year end 2022:

• January 19, 2023 : Lithium concentration results from third well demonstrating consistency
• January 25, 2023 : Increased land position by acquiring last remaining permit in the Bashaw District
• February 13, 2023 : Received $4.9 million since Q3 2022 from exercise of warrants
• March 2, 2023 : Outlined 2023 Company goals and path to first lithium
• March 7, 2023 : Awarded $3.5 million in funding from Government of Canada
• March 21, 2023 : Announced 16.0 million tonnes measured and indicated resource upgrade
• April 11, 2023 : Received license for field pilot plant and provides progress update
• April 17, 2023 : Announced Chief Development Officer

E3 Lithium has filed its Consolidated Financial Statements and the accompanying Management Discussion and Analysis on its SEDAR profile at www.sedar.com . The financial statements and MD&A will also be posted on E3 Lithium's website at www.e3lithium.ca .

NI 43-101 Technical Report: Lithium Resource Estimate, Bashaw District Project, Central Alberta

The Company has filed its E3 Lithium 43-101 Technical Report: Lithium Resource Estimate, Bashaw District Project, Central Alberta further to its news release dated March 21, 2023 . The report is available on www.sedar.com and www.e3lithium.ca/technical-reports .

The Qualified Persons for the above report are Daron Abbey , M.Sc., P. Geo and Alex Haluszka , M.Sc., P.Geo of Matrix Solutions Inc. and Peter Ehren , M.Sc. AusIMM of Ehren-González Limitada.

ON BEHALF OF THE BOARD OF DIRECTORS

Chris Doornbos , President & CEO
E3 Lithium Ltd.

About E3 Lithium

E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources ¹ in Alberta . As outlined in E3's Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax ¹ . E3 Lithium's goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.

Forward-Looking and Cautionary Statements

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com . Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE E3 Lithium

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2023/20/c1394.html

CALGARY, AB , April 17, 2023 /CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3" or the "Company," Alberta's leading lithium developer and extraction technology innovator, today announced that Kevin Carroll has joined the Company as the Chief Development Officer (CDO) and will be responsible for the technical, process and project management aspects for E3 as the Company continues developing the commercial lithium facility in Alberta .

Kevin is a professional engineer with more than 30 years of operations and engineering experience in Alberta . He co-founded Huron Resources in 2013, leading the team responsible for the technical direction of the company. His prior experience includes Shell Canada, Star Oil & Gas, ARC Resources and Huron Energy. He is an expert in managing facility and infrastructure projects, drilling and completion programs along with development, planning and subsurface engineering activities. Kevin also brings extensive landowner, Indigenous, Crown and regulatory stakeholder relations experience, particularly for developing projects, and has implemented Health, Safety and Environment (HSE), as well as technical integrity programs at prior companies. Kevin will report to Chris Doornbos , President & CEO of E3 Lithium.

"I am excited to be working with the exceptional E3 team to guide the execution of E3's commercial lithium facility in a safe, responsible and efficient manner," said Kevin Carroll .

"We are thrilled to be bringing someone of Kevin's calibre into the role of CDO at E3. Kevin's well-rounded experience in developing similar assets in Alberta is important for E3 as we look to move into the more advanced design and construction phases of our developments," said Chris Doornbos , President and CEO of E3 Lithium. "Kevin will take on full oversight of the development of the Company's technical focus, allowing me to focus on continuing to build the Company."

E3 is also pleased to welcome Brian Ceelen as its Director, Commercial Development. Brian is a professional engineer with more than 15 years of experience in the energy industry, including in operational, engineering and commercial roles, most recently as Manager of Business Development at Steel Reef Infrastructure Corp. Brian is the commercial lead for E3, focused on building and maintaining relationships within the lithium industry that are strategic to the growth and success of E3's corporate goals. Reporting to Leigh Clarke , Vice President, Corporate Strategy & Sustainability, Brian will lead negotiations and strategy development for business development, licensing and lithium offtake.

Kevin and Brian were granted stock options as part of the Company's staff option program under the rolling 10% stock option plan.

E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources ¹ in Alberta . As outlined in E3's Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax ¹ . E3 Lithium's goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.

ON BEHALF OF THE BOARD OF DIRECTORS

Chris Doornbos , President & CEO
E3 Lithium Ltd.

1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is effective Sept 17, 2021 . The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017 , identified 0.9Mt LCE (inferred). The mineral resource NI 43-101 Technical Report for the Bashaw District (measured & indicated) will be available 45 days from March 21, 2023 . All reports are available on the E3 Lithium's website (e3lithium.ca/technical-reports) and SEDAR ( www.sedar.com ).

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com . Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE E3 Lithium

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2023/17/c2443.html

CALGARY, AB , April 11, 2023 /CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3" or the "Company," Alberta's leading lithium developer and extraction technology innovator, is pleased to announce it has received approval on its Facility Application from the Alberta Energy Regulator (AER) for its 2023 field pilot plant. The license granted by the AER allows E3 to construct and operate the necessary equipment to run the direct lithium extraction pilot, planned to begin operations in Q3 2023.

The pilot plant will be located at the first well E3 drilled in its 2022 inaugural drill program, located east of the Town of Olds in E3's Clearwater Project Area. In the February 2, 2023 news release , E3 outlined the details and timeline expected for the field pilot.

The field pilot is on schedule, with site construction and pre-operation planned to commence in early May. As outlined previously, E3 has been developing multiple potential flow sheets and the pilot is designed to be able to test several lithium extraction systems to define the optimal commercial design. Additional details and the Key Performance Indicators (KPIs) of the process systems will be outlined by June of this year, ahead of the pilot operations.

"Since communicating our plans to start operating our field pilot plant in Q3 of this year, we have made excellent progress," said Chris Doornbos , President and CEO of E3 Lithium. "We are incredibly excited to be field testing ion exchange technology for direct lithium extraction in real-world operating conditions this year."

E3 will continue to provide updates on its field pilot throughout 2023.

E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources ¹ in Alberta . As outlined in E3's Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax ¹ . E3 Lithium's goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.

ON BEHALF OF THE BOARD OF DIRECTORS

Chris Doornbos , President & CEO
E3 Lithium Ltd.

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com . Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE E3 Lithium

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2023/11/c0393.html

CALGARY, AB , April 6, 2023 /CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), ("E3" or "the Company"), Alberta's leading lithium developer and extraction technology innovator will be presenting at the Echelon Lithium Conference.

Details:

Date: Thursday, April 13 , 2023
Time: 1:20 PM ET / 10:20 AM PT
Register in advance of this webinar: Link

If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on E3's Media page: https://www.e3lithium.ca/newsroom/in-the-media/

E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources ¹ in Alberta . As outlined in E3's Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax ¹ . E3 Lithium's goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.

ON BEHALF OF THE BOARD OF DIRECTORS

Chris Doornbos , President & CEO
E3 Lithium Ltd.

1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is effective Sept 17, 2021 . The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017 , identified 0.9Mt LCE (inferred). The mineral resource NI 43-101 Technical Report for the Bashaw District (measured & indicated) will be available 45 days from March 21, 2023 . All reports are available on the E3 Lithium's website (e3lithium.ca/technical-reports) and SEDAR ( www.sedar.com ).

Forward-Looking and Cautionary Statements

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com . Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE E3 Lithium

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2023/06/c8979.html

CALGARY, AB , March 21, 2023 /CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3" or the "Company," Alberta's leading lithium developer and extraction technology innovator, today announced the upgrade of its mineral resource to Measured and Indicated (M&I). The mineral resource upgrade includes 6.6 million tonnes (Mt) of Lithium Carbonate Equivalent (LCE) Measured and 9.4 Mt of LCE Indicated for a total of 16.0 Mt M&I within its Bashaw District, outlined in Table 1.

"This resource upgrade is the largest of its kind in Canada and is significant on a global scale," said Chris Doornbos , President and CEO of E3 Lithium. "The amount of data and geological work required to upgrade resources of this magnitude is significant and further increases our understanding of the Leduc Aquifer and as a result, our technical confidence in our commercialization plans."

Measured & Indicated Upgrade Description
The upgraded 16.0 Mt of LCE is Canada's largest and one of the largest Direct Lithium Extraction brine projects and M&I mineral resources globally. According to Natural Resources Canada, Canada currently has an estimated 3.2 Mt of M&I lithium resources located in hard rock deposits[1].

To complete this upgrade, E3 used data gathered through its 2022 drill program, ongoing reviews and analyses of core samples and the development of a comprehensive geological model of the Bashaw District. This model allows for a more detailed representation of reservoir properties and leads to a more accurate resource calculation.

Table 1: E3 Lithium's Measured and Indicated Mineral Resources

The Clearwater Area has been modified and expanded from previous releases to include a more representative aerial extent of the likely production zone, outlined in Figure 1. The resource outlined within this new area represents the volume contained within the new boundary.

In addition to its M&I resources, E3 has 0.9 Mt of Inferred LCE in its Rocky Area . Due to the work required and higher geological confidence provided by upgrading to M&I, it is common for the resource to decrease in size as it increases in quality.

Consistent with E3 Lithium's prior resource estimates, the NI 43-101 Technical Report for the Bashaw District is being prepared and will be filed on SEDAR and the Company's website within 45 days.

Mineral Resource Estimate

The resource estimate was completed by E3's multi-disciplinary team and overseen by Daron Abbey , P. Geo and Alex Haluszka , P. Geo of Matrix Solutions Inc. acting as the Qualified Person (QP) required by National Instrument 43-101 (NI 43-101) standards[2]. A 3-dimensional geological model was developed using Petrel™, a resource estimation software used to estimate volumetrics and grade distribution, to generate an improved understanding of the Leduc Reservoir in the Company's Bashaw District. The geological model included the following reservoir characteristics: porosity, permeability, pressure and lithium concentrations. The 3D geological model was then utilized to evaluate scenarios of connected porosity that comprise the resource volume in the model domain. The mineral resource estimate benefited from a considerable amount of data collected by E3 over the past six years and compiled from the oil and gas industry, which is made public as a matter of normal practice by the Government of Alberta .

Key data sets used to determine aquifer brine parameters in the resource area, and their contribution to the resource estimate, are summarized below.

The concentration of lithium within the consolidated Bashaw District is relatively consistent laterally and vertically across the aquifer. E3 has collected sufficient data to demonstrate this statistically and this information was used to assign lithium grade in the geological model. The P50 lithium grade value is 74.5 mg/L, statistically derived from 85 brine samples from the Leduc Aquifer in the Bashaw District and was applied for both the Measured and Indicated resources described below. All lithium brine analyses were completed by an ISO certified 3rd party laboratory and followed a strict chain of custody process.

The methodology used to estimate the resource volumes using the 3D geological model is as follows:

Using the methodology described above, the total Indicated and Measured resource estimate for the Bashaw District is 3,006,000 tonnes of lithium, which equates to 16,003,000 tonnes of lithium carbonate equivalent (LCE)[3].

The Indicated portion of the resource is 9,404,000 tonnes LCE and is classified as indicated due to the evidence being sufficient to assume geological, grade, and quality continuity between points of observation. This confidence is sufficient to allow the application of modifying factors in sufficient detail to support mine planning and final evaluation of the economic viability of the resource.

The Measured portion of the resource is 6,598,000 tonnes LCE and is classified as measured due to the geological evidence being sufficient to confirm geological, grade and quality continuity between points of observation. This confidence is sufficient to allow the application of modifying factors in sufficient detail to support mine planning and final evaluation of economic viability of a resource.

Daron Abbey , P. Geo and Alex Haluszka , P. Geo, of Matrix Solutions Inc., are the QPs responsible for the preparation of the technical information relating to the Bashaw District resource that is contained in this news release and have reviewed and approved the use and disclosure of such information in this news release. Daron Abbey and Alex Haluszka are Qualified Persons as defined in NI 43-101.

About E3 Lithium

E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources ¹ in Alberta . As outlined in E3's Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax ¹ . E3 Lithium's goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.

ON BEHALF OF THE BOARD OF DIRECTORS

Chris Doornbos , President & CEO
E3 Lithium Ltd.

1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is effective Sept 17, 2021 . The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017 , identified 0.9Mt LCE (inferred). The mineral resource NI 43-101 Technical Report for the Bashaw District (measured & indicated) will be available in April 2023 . All reports are available on the E3 Lithium's website (e3lithium.ca/technical-reports) and SEDAR ( www.sedar.com ).

Forward-Looking and Cautionary Statements

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com . Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE E3 Lithium Ltd.

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