- Imperial Oil (IMO) and E3 Lithium (ETMC) have partnered to advance lithium extraction in Alberta
- The pilot project will support E3 Lithium’s Clearwater Project, which will draw lithium from under Imperial’s historic Leduc oil field
- Phase one development at Clearwater could produce approximately 20,000 tonnes of lithium hydroxide per year
- E3 Lithium is developing its inferred Alberta-based resource of 7M tonnes of lithium carbonate equivalent
- Imperial Oil is Canada’s largest petroleum refiner
- E3 Lithium (ETMC) is up by 39.53 per cent trading at $2.40 per share
- Imperial Oil (IMO) is down by 4.08 per cent trading at $59.65 per share
Imperial Oil (IMO) and E3 Lithium (ETMC) have partnered to advance lithium extraction in Alberta.
The pilot project will support E3 Lithium’s Clearwater Project, which will draw lithium from under the Leduc oil field, Imperial’s historic Western Canadian discovery.
E3 Lithium’s proprietary technology facilitates lithium extraction from the field’s lithium-rich brine, paving the way for commercial development for battery-grade products.
The pilot project includes drilling Alberta’s first lithium evaluation wells by the end of Q3 2022.
Clearwater’s PEA estimates that phase one development could produce approximately 20,000 tonnes of lithium hydroxide per year.
E3 Lithium will continue to operate Clearwater and retain its IP, while Imperial will provide technical and development support including water and reservoir management.
As part of the agreement, Imperial will invest C$6.35M into E3 at a pre-paid price of $1.86 per warrant for a total of 3,413,979 warrants. Each warrant is exercisable into one E3 common share for up to 24 months from issuance.
“We continue to advance the innovation and technologies needed to support the energy transition, working in collaboration with governments and industry to progress new opportunities from existing assets and sector expertise,” stated Jason Iwanika, Imperial’s Director of Commercial Business Development.
“E3 Lithium and Imperial share an interest in the diversification of the Alberta economy, local job creation and sustainability,” added Chris Doornbos, CEO of E3 Lithium. “Leduc No.1, Imperial’s first well into this reservoir, was one of Imperial’s most prolific oil discoveries in Alberta and transformed the provincial and Canadian economies, much like lithium has the potential to do.”
E3 Lithium is developing its inferred Alberta-based resource of 7M tonnes of lithium carbonate equivalent.
Imperial Oil is Canada’s largest petroleum refiner. It also produces crude oil and petrochemicals and engages in fuels marketing from coast to coast.
E3 Lithium (ETMC) is up by 39.53 per cent trading at $2.40 per share as of 12:21 pm EST.
Imperial Oil (IMO) is down by 4.08 per cent trading at $59.65 per share as of 12:22 pm EST.
