ETMC.V: Provides Initial Prototype Results On December 2, 2021, ETMC announced initial results from its Lab-Pilot Prototype. We believe the initial results are encouraging and that continued positive results should justify the development of a field pilot plant in 2022. Thus, we are reiterating our Buy rating and CAD$4.50 price target. Initial prototype results encouraging. On December 2, 2021, E3 Metals announced initial results from its Lab-Pilot Prototype. The company noted that initial recoveries had peaked at 97%, while average recoveries remained above 90%. We see this as positive as the goal of the prototype is to enable the company to better design a field pilot and not to maximize recoveries. We continue to believe the company will look to fund and construct a field pilot plant in 2022. Updating for earnings and warrant exercise. In this note, we are also updating for Q3 financial results and the announced exercise of 3.5 million warrants during November 2021. E3's Q3 earnings results were uneventful, in our view. Additionally, the warrant exercise had a positive impact on our valuation as we use a fully diluted share count for our valuation and previously had not included additional cash from potential option or warrant exercises. Reiterating rating and target. As mentioned above, we see the initial prototype results as encouraging. We also believe that the success of a field pilot would have a much more significant impact on the company's market valuation. We continue to estimate that the field pilot will be constructed in 2022 with initial results in late-2022 or early-2023. Thus, we are reiterating our Buy rating and CAD$4.50 price target.