India Announces Plans to Auction Off Newly Discovered 5.9 Mt Lithium Deposit

March 16, 2023 at 10:25 AM EDT

The global search for lithium supply has intensified in recent years, due to its critical role in powering the electric vehicle (EV) revolution and achieving global climate goals. In a surprising turn of events, India has joined the lithium race with the discovery of a new lithium block estimated to contain 5.9 million tonnes (Mt) of lithium reserves. This marks the first known lithium resource in the country and propels India to the fifth largest lithium reserves in the world.

Just one month later, the Indian government has announced plans to auction off the lithium block in an effort to lure investment and development. The auction, which is open to both Indian companies and international companies with an Indian subsidiary, is expected to attract significant attention from investors, as the demand for lithium continues to grow in line with the increasing adoption of electric vehicles and renewable energy storage.

The successful bidder will have the opportunity to tap into a new source of lithium supply and establish themselves as a major player in the global market.

This announcement comes on the heels of Iran’s recent discovery of a potential 8.5 million tonnes lithium deposit, also the country’s first, which would rank as the second-largest lithium reserve in the world after Chile, which has 9.2 million metric tonnes of the metal, according to the US Geological Survey. Prior to the discovery in Iran, Australia was considered the second-largest with approximately 3.8 Mt of lithium reserves.

Canada is also a contender in the lithium supply race with an estimated 3.2 million tonnes of lithium oxides resources at hardrock deposits, although lithium brines in Alberta and Saskatchewan could increase these resources as advanced technology and processing is developed to extract lithium compounds economically from oil and gas fields, including from existing infrastructure and industrial wastewaters.

Multiple lithium projects are advancing around North America, including one of the world’s largest documented inferred lithium deposits, which is located in energy-friendly Alberta, Canada.

With 24.3 million tonnes (Mt) of Lithium Carbonate Equivalent (LCE), E3 Lithium (TSXV:ETL) (OTXQC:EEMMF) possesses one of the world’s largest inferred lithium deposits. The company’s Clearwater Project is expected to be the home of the company’s first commercial facility and its economics outline an NPV 8% of $1.1 billion USD with a 32% IRR pre-tax and $820 million with a 27% IRR after-tax, according to E3’s Preliminary Economic Assessment.

E3 Lithium recently outlined its goals and strategic vision for 2023, starting with a Measured and Indicated (M&I) resource upgrade to increase the confidence and understanding of the Clearwater project. Following the resource upgrade, the company will be focusing on completing a Pre-Feasibility Study (PFS) by the end of the year to outline the detailed plans for its first commercial facility and one of the first global reserves for a DLE resource. Upon the successful completion of the PFS, E3 intends to complete a Feasibility Study, all necessary regulatory permissions, and deliver a project finance arrangement to enable the construction of its first commercial facility in Alberta.

E3 Lithium is also moving along with the development of its field pilot plant. The goal of the pilot is to provide critical information to design its commercial facility. The next steps in the plant development include obtaining approval from the Alberta Energy Regulator, completing detailed design and engineering, publishing KPIs on expected performance, commissioning equipment on site and commencing commercial operations.

The company was also recently awarded C$3.545 million in funding from Natural Resources Canada’s Critical Minerals Research, Development, and Demonstration (CMRDD) program.

Funds for the CMRDD program were part of the Government of Canada’s Federal Budget 2021 in acknowledgment of the vital role critical minerals play in the energy transition. E3 Lithium was chosen as one of six organizations from throughout Canada.

For more information about E3 Lithium Ltd (TSXV:ETL) (OTCQX:EEMMF), please visit this link or their website at e3lithium.ca.

SOURCE E3 Lithium (TSXV:ETL) (OTXQC:EEMMF)

Featured Image @ Depositphotos

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding E3 Lithium Ltd.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to E3 Lithium Ltd.’s industry; (b) market opportunity; (c) E3 Lithium Ltd.’s business plans and strategies; (d) services that E3 Lithium Ltd. intends to offer; (e) E3 Lithium Ltd.’s milestone projections and targets; (f) E3 Lithium Ltd.’s expectations regarding receipt of approval for regulatory applications; (g) E3 Lithium Ltd.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) E3 Lithium Ltd.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute E3 Lithium Ltd.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) E3 Lithium Ltd.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) E3 Lithium Ltd.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) E3 Lithium Ltd.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of E3 Lithium Ltd. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) E3 Lithium Ltd.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact E3 Lithium Ltd.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing E3 Lithium Ltd.’s business operations (e) E3 Lithium Ltd. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, E3 Lithium Ltd. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does E3 Lithium Ltd. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither E3 Lithium Ltd. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of E3 Lithium Ltd. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of E3 Lithium Ltd. or such entities and are not necessarily indicative of future performance of E3 Lithium Ltd. or such entities.

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