E3 Lithium Ltd V.ETL

3 test were completed

[TripleEm]

CALGARY, ALBERTA, October 18, 2023 – E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3 Lithium” or the “Company,” Alberta’s leading lithium developer and extraction technology innovator, is pleased to report it has completed the series of three optimized tests at its Direct Lithium Extraction (DLE) Field Pilot Plant with results surpassing Key Performance Indicators (KPIs). The pilot continues to operate with the selected optimized test, outlined below, to confirm the results, while also producing lithium concentrate for further lithium production testing.

Initial Results

As shown in the table below, all three tests have exceeded the KPIs.

Success Criteria	Key Performance Indicator (KPI)	Description	Test 1	Test 2	Test 3
Lithium recovery	≥ 80%	Mass of lithium recovered from the mass of lithium in the feed	95%	94%	83%
Lithium grade in the lithium product stream	≥ 25%	Concentration of lithium relative to other impurities (Na+K+Ca+Mg+Mn+Sr+B)	91.5%	80.1%	61.8%
	≥ 600 mg/L	Concentration of lithium in the lithium product stream	969.8 mg/L*	909.0 mg/L*	786.1 mg/L
Flow rate ratio	≥ 3	Brine flow rate divided by the system volumetric capacity	6.7	9.0	4.4

[Loughatorick]

Note the date of the NR. There have been more recent test results released.

[Yajne]

Laughatorik, I think the point is that the three DLE's were tested as per pilot plan objectives and the pilot phase has officialy been completed for the purposes of the PFS preparation. E3 will no doubt continue to test DLE processes...off site during winter... as per a recent NR. However they have the information needed for the PFS which IMO was completed prior to YE2023. Chris is on the

[Yajne]

I also expect the 16 million ton number to drop slightly when PFS is released since that report will allow E3 to convert from resources to reserves. Sounds like a subtle change but it's a huge confidence change in certainty that the reserves are there and important for financing. We should not be surprised if the 16 million ton number drops when they are converted to RESERVES following PFS