E3 Lithium Ltd - EEMMF stock
Introduction[edit]
E3 Lithium Ltd (TSXV: ETMC, OTC: EEMMF) is an Alberta based company that is working towards the production of lithium products mainly targeted towards the Electronic Vehicles (EV) industry. E3 Metals’ proprietary Direct Lithium Extraction (DLE) technology obtains over 90% recovery and drastically increases the concentration of lithium while reducing impurities by over 99%. By scaling up its DLE technology, E3 Metals aims to produce high purity battery-grade lithium products. As part of E3’s vision for a brighter energy future, they plan to deliver lithium products with reduced carbon emissions, while utilizing 97% less land and consuming no fresh water.[1] E3 Metals owns full interest on Alberta petro-lithium project, which comprises 80 mine and mineral permits covering an area of 570,358 hectares located in Alberta.[2]
E3 Metals was officially cleared by OTC Markets Group Inc. to trade on the OTCQX on October 26, 2021 under the ticker symbol EEMMF.[3]
Projects[edit]
E3 Lithium is non-revenue generating and at a developmental stage with various projects in the pipeline.
Clearwater Project[edit]
The company’s main project, Clearwater, based out of Alberta is in its developmental stage which involves brine extraction, lithium extraction, and lithium polishing and production. Based on the Preliminary Economic Assessment (PEA) on its Clearwater Project, E3 Metals has projected a USD 820 Million Net Present Value (NPV8%) after tax, with a pre-tax value of USD 1.1 Billion (NPV8%). The project’s Internal Rate of Return (IRR) is 27% after-tax and 32% pre-tax. The Payback Period (After-Tax) is estimated to be 3.4 years along with an Initial Capital Expenditure requirement of 602 Million USD. The company expects a huge increase in lithium demand due to a rise in Electronic Vehicle (EV) sales.[4]
The Clearwater Project is being developed on the backbone of the mature and sophisticated oil industry will enable the company to achieve its developments. E3’s Preliminary Economic Assessment (PEA) on its Clearwater Project outlines a USD $820 Million Net Present Value (NPV8%) after tax, with a pre-tax value of USD $1.1 Billion (NPV8%). The project’s Internal Rate of Return (IRR) is 27% after-tax and 32% pre-tax.[1]
On the prototype results released Jan 11, 2022, the company CEO, Chris Doornbos commented that, "Not only has the Prototype operated extremely well, the performance of the sorbent continues to demonstrate that it is a robust and highly efficient material. The performance parameters and data collected will be used to further refine the design of the upcoming field DLE Pilot Plant."[5]
On March 09 2022, an article published in Natural Gas Intelligence highlighted a study conducted by researchers at Canadian Energy Research Institute (CERI). The study titled “Economic Assessment of Lithium Production Potential from Canadian Oil and Gas Operations”, revealed that “Lithium production from deep aquifer brines located within Western Canada can be competitive.” The use of Direct Lithium Extraction (DLE) technology is in line with the evolving environmental, social and governance (ESG) investment standards. As per the study, “DLE has the potential to reduce energy and emissions intensity, land-use impacts and waste generation as compared to open-pit mining, production and refining.” CERI suggests the top contenders to be industrial-scale suppliers of lithium for vehicle batteries would be team affairs that make the mineral a by-product of oil and gas drilling that encounter brine aquifers. The existing oil and gas drilling in Alberta, the base of E3 Metals, provides the company with a huge locational advantage. E3 Metals is one of the innovative companies that has raised CAD 9.8 million for the field trials of the DLE Technology.[6]
E3 Lithium has partnered with Fluor as the prime Engineering, Procurement, and Construction (EPC) company to lead the Pre-Feasibility Study (PFS) for its Clearwater commercial project. As part of the engagement, Fluor will oversee the overall project management, design, and supervision for the PFS. In addition, they will collaborate with various other firms that have been hired by E3 Lithium to provide specialized engineering services, including reservoir and well design, technical reporting, and environmental studies.[7]
Funding[edit]
Grants[edit]
E3 Lithium has received over C$32,000,000 in grants and funding that does not require additional shares to be issued. Funding sources incluce Alberta Innovates, Innovation, Science and Economic Development Canada’s Strategic Innovation Fund, and Natural Resources Canada’s Critical Minerals Research Development and Demonstration Program.[8]
Alberta Innovates[edit]
On March 22 2022, E3 Metals announced a receipt of $500,000 from Alberta Innovates as a result of the completion of the Company's lab pilot prototype development. E3 Metals has received $1.1 million to date of the total $1.8 million grant. The final milestone payment for E3 Metals is to design, construct, commission, and operate a field pilot plant that is subject to approval by Alberta Innovates.[9]
Leadership[edit]
On March 17, 2022, the company made public all the new executive appointments made over the past few months, with the aim of transforming E3 Metals into the global leader in the lithium industry. Leigh Clarke replaced Liz Lappin, as the new Director of Corporate Strategy and Sustainability. “Leigh joins E3 with more than 30 year's experience in a variety of energy-related industries, including 13 years as a Senior VP at Altalink, LP. Leigh brings a wealth of knowledge and strategic mindset, and thus an ideal addition as the Company moves to the next level.” Other additions included Kirsten – Senior Development Engineer, Natasha – Geologist and Geochemist, Steven - Controller, Aneta – Investor Communications Manager, Mathew – Engineering Commercialization Jr Manager and Pritam – Jr. Laboratory Technician.
- ↑ 1.0 1.1 E3lithium.ca. About Us. Accessed on 7/8/2023.
- ↑ Yahoo Finance. EEMMF stock profile. Accessed on 7/7/2023.
- ↑ PR Newswire. OTC Markets Group Welcomes E3 Metals Corp to OTCQX. October 26, 2021.
- ↑ E3lithium.ca. The Future of Canadian Lithium. June 2023.
- ↑ Newswire. Prototype Results Show High Sorbent Durability and Consistent Recoveries. January 11, 2022.
- ↑ Natural Gas Intelligence. Lithium Production from Canada’s Aquifer Brines Said ‘Competitive’. March 9, 2022.
- ↑ Financial Post. E3 Lithium Selects Fluor to Lead its Pre-Feasibility Study. July 6, 2023.
- ↑ barchart.com. E3 Lithium Provides Grant Funding and Financial Position Update. January 9, 2024.
- ↑ Newwire. E3 Metals Receives Milestone Funds of $0.5M from Alberta Innovates Grant for Completion of Lab Pilot Prototype. March 22, 2022.
OTC Symbol: EEMMF | OTC Tier: OTCQX International
