Mr. Chris Doornbos reports

E3 LITHIUM PLANS FOR SIGNIFICANT GROWTH IN 2024 ON THE BACK OF A SUCCESSFUL 2023

E3 Lithium Ltd. has provided a summary of its successes in 2023 and outlined its plans for growth across all aspects of its business in 2024.

"We set ambitious targets for ourselves in 2023 to advance our technology and our business; we have succeeded in accomplishing every milestone," said Chris Doornbos, president and chief executive officer. "The results we demonstrated in 2023 will continue to enable the completion of our PFS as we move into 2024. With the design of the commercial facility solidified, E3 can then contemplate a variety of growth and value creation opportunities on the back of our industry-leading resource and demonstrated DLE process."

2023 achievements

In March, E3 Lithium outlined its goals for 2023 focused on upgrading its resource, executing its field pilot plant, producing battery-grade lithium and advancing its PFS (prefeasibility study). E3 Lithium has steadily delivered against its targets, creating a strong foundation to deliver more growth in 2024. In 2023, the company:

• Completed a 16-million-tonne lithium carbonate equivalent measured and indicated resource upgrade, the largest in Canada: In addition to upgrading its resource to 16 million tonnes of measured and indicated LCE, E3 Lithium also increased its Alberta-based land position.
• Successfully demonstrated direct lithium extraction at scale on site in Alberta: E3 Lithium constructed, operated and reported on successful results from two technologies at its DLE field pilot plant, demonstrating DLE's success on E3 Lithium's brines. E3 Lithium proved that multiple DLE technologies can extract lithium from Alberta brines.
• Produced 99.78 per cent pure battery-grade lithium hydroxide and advanced conversations with offtakers: E3 Lithium produced battery-grade lithium hydroxide monohydrate (LHM) with a purity of 99.78 per cent, demonstrating its brines to batteries flowsheet and advancing discussions and relationships with potential offtakers.
• Kicked off a best-in-class PFS with a globally leading engineering, procurement and construction company: With Fluor selected to lead E3 Lithium's PFS, the company has been progressing rigorous engineering and design for its first commercial facility, including evaluating options to increase plant capacity beyond 20,000 tonnes/year of LHM.
• Significantly strengthened its financial position: The company secured a $3.5-milliongrant from Natural Resources Canada, received funds from previously announced grants and secured close to $30-million through oversubscribed fundraises without warrants, making E3 Lithium's balance sheet strong heading into 2024 and establishing a nearly peerless ability to deliver on its plans.
• Progressive corporate growth and maturation: In 2023, E3 Lithium announced its strategically situated Saskatchewan lithium assets, grew its team, board of directors and advisory committee, and continued progressing its work with its partners, including Imperial Oil and Pure Lithium.

"The team at E3 is very excited about what's in store for 2024. The work this year demonstrated significant technical success on all levels and built a strong foundation from which we can execute another year of ambitious growth plans," said Mr. Doornbos. "We are a global lithium leader and will continue to aggressively bring our plans for producing reliable, high-ESG lithium in North America to life. I'd like to thank our shareholders and supporters for their championing of the company in 2023."

2024 growth plans

In the first part of 2024, E3 Lithium looks to progress all aspects of its business toward delivering its first commercial facility. Detailed guidance will be available in the new year to outline the full year's deliverables:

• Reservoir development: Among other reservoir development activities, E3 Lithium looks forward to booking Canada's first lithium-in-brine reserves in 2024 as part of the PFS.
• DLE advancement: The company is continuing with DLE testing and analysis and will select the technology for its first commercial facility. This selection will be based on technical performance, economics and commercial readiness.
• Downstream flowsheet progression: In 2024, E3 Lithium plans to announce its selection of an established lithium refining vendor and continue to progress flowsheet development, production of LHM and relationship-building with potential offtakers.
• PFS completion: E3 Lithium aims to release its National Instrument 43-101, the national standard PFS document, in the first part of 2024. This report will outline the engineering and design details for the first commercial facility, including plant capacity, and will include an updated schedule and Class IV cost estimate. The company will kick off the regulatory and permitting processes necessary to move to construction of the commercial facility.
• Commercial activities: The company plans to expand its team to support the increase in its commercial activities and the opportunities post the success of the PFS.

2024 guidance and company webinar

Early in 2024, E3 Lithium will provide detailed guidance of its plans for the year and the milestones shareholders and other important stakeholders can expect the company to deliver. Interested parties will be invited to hear more about these plans via a webinar with Mr. Doornbos, president and CEO.

About E3 Lithium Ltd.

E3 Lithium is a development company with a total of 16 million tonnes of lithium carbonate equivalent measured and indicated and 900,000 tonnes LCE inferred mineral resources1 in Alberta. As outlined in E3's preliminary economic assessment, the Clearwater lithium project has a net present value (8 per cent) of $1.1-billion (U.S.) with a 32-per-cent internal rate of return pretax and $820-million with a 27-per-cent IRR after-tax. E3 Lithium's goal is to produce high-purity, battery-grade lithium products to power the growing electrical revolution. 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.

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