LithiumBank Resources Corp. announce the acquisition of a wellbore within its 100%-owned Boardwalk Lithium Brine Project located in west-central Alberta, Canada. The Alberta Energy Regulator (AER) approved the transfer of 100% ownership of well ID: 100/10-06- 069-21W5/00 ("10-6"), along with surface rights and road access from the previous owner/operator to LithiumBank.

The 10-6 well is a past producing oil and gas well, and since 2005, has produced hydrocarbons and brine from the Sturgeon Lake South oil field at the top of the Leduc Formation ("Fm"). The well is in the eastern portion of Boardwalk's 'Production Zone' as described in the Company's January 2024 Preliminary Economic Assessment ("PEA") as shown in Figure 1. The Production Zone hosts Boardwalk's Indicated 395,000 tonnes LCE resource at 71.6 mg/L lithium with 5.734 million tonnes LCE at 68.0 mg/L Li Inferred. Acquisition of the 10-6 well will allow LithiumBank to access brine as required for Direct Lithium Extraction testing in 10,000 litre/day pilot plant and confirm the continuity of the lithium brine reservoir.

The Company intends to deepen the well and test the lower Leduc intervals in the coming months. Within the boundary of the Boardwalk project, the Leduc reef has a thickness of approximately 230 to 380 m (average and maximum thicknesses of 206 m and 408 m) along a southwest to northeast cross section (Hydrogeological Consultants Ltd., 2012). It hosts ~17 km3 of lithium-rich brine that may produce 34,005 t LHM per year in the development scenario envisioned in the Company's January 2024 PEA.

LHM, or Lithium Hydroxide Monohydrate is a commercial-grade product that may be used in a variety of battery cell applications. LithiumBank previously sampled the 10-06 well in 2021 along with three other wells in the area that averaged 71.8 mg/L lithium across. The well was drilled in 2005 and produced crude oil before elevated brine levels lead to its suspension.

The original operator drilled approximately 168 meters into the Leduc formation which is estimated to be over 200 meters thick in this area. LithiumBank plans to re-enter the well and drill through to the lower portions of the Leduc Formation.