LithiumBank Announces Exercise of Estevan Land Purchase...

LithiumBank Announces Exercise of Estevan Land Purchase Option

https://www.lithiumbank.ca/news/lithiumbank-announces-exercise-of-estevan-land-purchase-option

CALGARY, Alberta, April 1, 2024 - LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank'' or the “Company”) is pleased to announce that, further to the Company’s news release dated December 21, 2023 announcing the option agreement dated December 20, 2023 (the “Option Agreement”), the optionee (a subsidiary of a public company that is arm’s length to the Company) has elected to exercise its option to purchase the Company’s Estevan lithium brine project in Saskatchewan, Canada for $15 million (the “Purchase Price”), less the $8 million non-refundable deposit paid to the Company by the optionee concurrently with entering into the Option Agreement (the “Deposit”).

“The exercise of the Estevan land purchase option for a total of CAD $15 million in non-dilutive capital by the optionee is a testament to LithumBank’s value creation model,” commented Paul Matysek, Executive Chairman of LithumBank. “We have sought to acquire district-scale landholdings with prospective lithium brine geology, efficiently de-risk the assets, and structure mutually beneficial transactions with major project developers. This transaction is evidence of the merits of our model and our ability to build shareholder value. We will continue to advance the remainder of our portfolio in Alberta (Boardwalk and Park Place) and Saskatchewan (South and Kindersley) through advanced engineering, with large scale DLE pilot testing of our Alberta brines expected to commence in the next quarter at our Calgary facility.”

The Company retains the Kindersley and South lithium brine projects as the Option Agreement’s exercise period has concluded.

In connection with the exercise of the option, the Company has agreed to pay a $112,000.00 cash finder’s fee to Kepis & Pobe Financial Group Inc., being 1.6% of the Purchase Price, less the Deposit.

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 Alberta as well as two key strategically located projects in Saskatchewan. The Company completed an updated Preliminary Economic Assessment of its Boardwalk property in early 2024. The Company holds 2,480,196 acres of brown-field lithium brine licenses, across three (3) districts in Alberta and Saskatchewan.

Contact:‍

Rob Shewchuk CEO & Director

[email protected]

(778) 987-9767