CALGARY, AB, March 2, 2023 – 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 outline an overview of its 2023 goals and strategic vision.

Accomplishing the 2023 goals outlined below provides the necessary catalysts for E3 to move towards producing battery-grade lithium from its significant resources in Alberta. By actively evaluating commercially available, and therefore, lower risk process and design solutions, E3 believes it can reduce the project development timeframe, allowing E3 to meet its goal of a commercial facility by 2026. Enabling the acceleration of the project development and the production of battery-ready lithium may provide significant advantages to project economics and project financing.

“With a clear strategy in place, this year E3 is set to deliver on the most significant milestones in the company’s history,” commented Chris Doornbos, President & CEO of E3 Lithium. “We are confident that successfully achieving these milestones will firmly establish E3 as a leader of sustainable, locally supplied battery-ready lithium products, and will position E3 for success, as it looks to move from development into commercialization following the success of our pilot.”

E3’s 2023 Goals and Milestones

E3’s Focused Path to First Lithium

E3’s primary focus is to achieve its major milestones in 2023. E3 believes that reaching these goals, culminating with the completion of its PFS, will be the catalyst for E3 to move towards commercial development of its first lithium production facility. The Company is focusing on assessing low-risk processes and technologies to be included in its Pre-Feasibility design, which will result in commercially available solutions with the potential to reduce the time to design and construct and increase the likelihood of success of the commercial operations. This strategy should enable E3 to move more quickly through the next stages of project development once its PFS is complete.

Following a successful PFS, E3 will aim to complete a Feasibility Study, obtain all required regulatory approvals and deliver a project financing arrangement to enable the construction of its first commercial facility in Alberta.

Producing battery-grade lithium from E3’s resources involves bringing together three well known and understood processes into a combined flowsheet. Within each of these processes are commercially operating solutions that E3 can leverage to assist in accelerating its timeframes.

• Brine Production: A series of Alberta industry standard pipeline connected wells delivers the brine from the aquifer to and from the processing facility.
• Direct Lithium Extraction: Ion-exchange and water treatment, designed specifically for the extraction of lithium, employs solid liquid separation technology commonly used in similar applications combined with lithium selective sorbents.
• Lithium Production: Conversion from lithium sulphate or chloride to lithium hydroxide using conversion technology is utilized in most current lithium hydroxide and carbonate production and will be designed for E3 by a leading industry equipment supplier.

E3’s highly qualified team of process and project engineers have built facilities in Alberta similar in size to E3’s first commercial lithium production facility and have a clear vision for accomplishing this goal.

De-Risking Factors for E3’s Path to First Lithium

Early-To-Market Advantages: Recent announcements of major investments in the lithium industry highlight the advantages of E3 bringing lithium to market expeditiously. E3 predicts the early-to-market advantage allows the potential to capture higher realized lithium prices and subsequently better overall economics for its initial facility. Additionally, this could result in higher value offtake contracts and potential financial support from major battery companies and automotive manufacturers that will more likely occur during the supply/demand imbalance expected in the mid 2020s.

Working with E3’s Significant Resource Base: E3’s significant resources in the Bashaw District, and the untapped potential of the Rocky Area and north, may offer opportunities to partner with larger companies on developing its assets that may assist in securing funding and advancing its timeframes.

Offtake Contracts: E3 is active in developing relationships with the battery and automotive industries as it moves through the next phase of project development in 2023. E3’s strategy has been to develop meaningful agreements that provide binding provisions for the development of future sales contracts. E3 has signed non-binding Memorandums of Understanding (MOU) with battery and automotive manufacturers, however, has elected to keep such MOUs confidential to allow for the continued negotiation with additional parties.

Local, Sustainable Lithium: In the global landscape, the search for critical minerals to fuel the race to electrify transport has brought the focus to the supply chain and the impacts of acquiring these minerals. We anticipate using only about 3% of the land relative to conventional and currently operating lithium production systems. We also operate a closed loop system that does not interact with the local fresh water sources. Given our operations resemble those of the oil and gas industry in Alberta, there is long-standing support and relationships with stakeholders where E3 will be operating. We can potentially supply the local North American, and European markets with a high ESG standard lithium product.

Pure Lithium: Positioning itself for the future, E3 continues its strategic partnership with Pure Lithium, a lithium metal and battery start up. While this will likely not produce a commercially viable product in time for E3’s first lithium facility, it has the potential to provide optionality for E3 to co-produce a final battery in Alberta in the future.

E3 is very excited about the year ahead and thanks its shareholders for their continued support in growing E3 towards its goals of first lithium production in Alberta.

About E3 Lithium

E3 Lithium is a development company with total of 24.3 million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources1 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-tax¹.Through the successful scale up its DLE technology towards commercialization, E3 Lithium’s goal is to produce high purity, battery grade lithium products. 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 Project, effective July 11, 2022, identified 23.4Mt LCE (inferred). 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

For further information: E3 Lithium – Investor and Media Relations, Greg Foofat, Manager, Investor Relations, investor@e3lithium.ca, 587-324-2775

Featured Image Depositphotos @ Mining_11-jroballo_Depositphotos_573752624_S

Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.

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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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