CALGARY, Alberta - E3 Lithium Ltd. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), a developer in Alberta's lithium sector, has announced its solid financial standing, backed by significant government grants and investments. The company has received more than $32 million CAD in non-dilutive funding and expects to obtain over $4 million in reimbursements early this year.
Supported by Alberta Innovates, E3 Lithium has already been granted $1.425 million for the development of its Direct Lithium Extraction (DLE) technology, with an additional $375,000 anticipated upon the completion of a milestone report. The Strategic Innovation Fund (SIF) has also invested $27 million, with close to $21 million still available for E3 Lithium to claim. These funds are aimed at supporting various aspects of the company's development, from resource extraction to commercial production, with costs reimbursed at a rate of 33.94%.
Moreover, the company has fully claimed a $3.545 million non-repayable contribution from the Critical Minerals Research Development and Demonstration Program (CMRDD) for constructing and operating its 2023 field pilot plant. The Alberta Jobs Now program has further supplemented E3 Lithium's finances by providing $43,750 to offset hiring and training costs.
As of September 30, 2023, E3 Lithium reported a cash working capital of $37.9 million, positioning it to advance its 2024 plans confidently. President and CEO Chris Doornbos expressed gratitude for the government support and emphasized the company's commitment to pursuing all eligible grants to foster the growth of Canada's lithium industry.
E3 Lithium, with its substantial lithium resources and innovative technology, aims to produce high-purity, battery-grade lithium products. The company's Clearwater Lithium Project boasts an NPV8% of USD 1.1 billion pre-tax and USD 820 million after-tax, with significant measured, indicated, and inferred lithium carbonate equivalent (LCE) mineral resources.
This news is based on a press release statement and includes forward-looking information subject to risks and uncertainties. E3 Lithium has not yet tested its lithium extraction technologies on a commercial scale, and these statements reflect management's current expectations. Investors are cautioned not to place undue reliance on these forward-looking statements.
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