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Continued strategic, operational and partnership progress in Q2 driving the Clearwater Project toward commercialization
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CALGARY, Alberta — E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3”, “E3 Lithium” or the “Company,” a leader in Canadian lithium development, filed its unaudited consolidated financial statements for the three-month period ended June 30, 2026, and the accompanying Management Discussion and Analysis (“MD&A”) on SEDAR ( www.sedarplus.ca).
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“The second quarter of 2026 built on the momentum established earlier in the year, with continued execution across our technical, strategic, and organizational priorities,” said Chris Doornbos, CEO & Chair of E3 Lithium. “We successfully commissioned Phase 2 of our Demonstration Facility, confirmed funding of up to $36.5 million from Natural Resources Canada, progressed strategic partnership with Germany’s TKMS, advanced our European market access strategy, and further strengthened our leadership team as we move closer to construction. Taken together, the quarter reflected disciplined execution across every pillar of our strategy, partnerships, technical de-risking, growth strategy, and leadership, as we advance Clearwater toward commercial production.”
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Key Highlights During Q2 2026
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Signed Teaming Agreement with TKMS to Support Critical Minerals Supply
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- In April 2026, E3 entered into a Teaming Agreement with Germany’s TKMS, a leading provider of naval vessels, surface ships, and submarines, establishing a strategic framework to support the Canadian Patrol Submarine Project (“CPSP”), with potential financial contribution to E3 aligned with Canada’s Industrial and Technological Benefits (“ITB”) policy.
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Commenced and Successfully Commissioned Phase 2 of the Demonstration Facility
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- During the quarter, E3 completed its well pair development and commissioned Phase 2 of the Demonstration Facility. The Company’s reservoir production test confirmed lithium concentrations of 75.8 mg/L and a steady-state flow rate of 1,400 m³/day, independently validated and consistent with brine chemistry across the Clearwater and greater Bashaw District.
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Provided an Update on the Company’s Strategic Growth and Direction for Long-Term Value Creation
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- In May 2026, E3 outlined its long-term growth strategy, reaffirming the Clearwater Project as its top priority, targeting Stage 1 production of 12,000 tonnes of lithium carbonate per year with potential to scale to 150,000 tonnes annually. The Company also initiated a strategic review of its non-core Garrington District asset (5.0 million tonnes LCE M&I resource) and outlined plans to pursue global development opportunities and battery vertical integration, including potential cathode partnerships.
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Welcomed Tom Gear as Chief Operating Officer
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- In June 2026, E3 appointed Tom Gear as Chief Operating Officer, bringing nearly three decades of large-scale industrial development and operations experience including senior roles at MEG Energy and Suncor.
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Executed Contribution Agreement Underpinning up to $36.5 Million in Federal Support
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- On June 8, 2026, E3 executed its contribution agreement confirming up to $36.5 million in non-repayable funding through Natural Resources Canada’s (“NRCan”) Global Partnerships Initiative (“GPI”). The funding covers 75% of the Company’s approximately $48 million project to complete Phase 3 of the Demonstration Facility and the Clearwater Project Feasibility Study.
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Significant Undrawn Government Grants of $51.3 million
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- As of June 30, 2026, the Company had $51.3 million of undrawn Government grants which will support E3’s ongoing activities, including completion of the Demonstration Facility, as the Company advances toward FID and commercialization.
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Key Highlights Subsequent to Q2 2026
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Canadian Government Confirmed TKMS as Preferred Bidder for CPSP
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- Subsequent to the quarter, the Canadian Government confirmed TKMS as the preferred supplier for the CPSP.
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Advancing European Market Strategy Through Collaboration Agreement with Tees Valley Lithium
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- On July 9, 2026, E3 entered into a non-binding Collaboration Agreement with Tees Valley Lithium Ltd. (“TVL”), a wholly owned subsidiary of Alkemy Capital Investments plc. This agreement establishes a framework for E3 to utilize TVL’s UK refinery to convert lithium carbonate produced from its Clearwater Project into battery-grade lithium hydroxide, contemplating up to 50,000 tonnes over an initial 10-year term to support European offtake relationships.
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E3 expects continued advancement of its Clearwater Project throughout 2026. Key priorities include ongoing operations and developing the final phase of the Demonstration Facility, advancing the Feasibility Study, and continuing engagement with strategic partners, potential offtake counterparties, and government stakeholders as it advances Clearwater Project commercialization and evaluates broader opportunities across the battery supply chain.
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Additionally, the Company’s Board of Directors (the “Board”) has approved the grant of incentive stock options (“Options”), restricted share units (“RSUs”), and performance share units (“PSUs”) to certain directors, officers, and new employees of the Company in accordance with the Company’s Omnibus Equity Incentive Plan (the “Plan”) and subject to the policies of the TSX Venture Exchange. The Company granted an aggregate of 2,390,000 Options to purchase common shares of the Company (“Shares”), comprised of Options exercisable to acquire up to 1,940,000 Shares granted on August 7, 2026 at an exercise price of $1.07 per Share, and Options exercisable to acquire up to 450,000 Shares granted on August 14, 2026 at an exercise price of $1.08 per Share, in each case exercisable for a period of five years from the date of grant and vesting of 25% on each of the first, second, third and fourth anniversaries of the date of grant. The Company also granted an aggregate of 570,000 RSUs, vesting over periods ranging from one to four years from the date of grant, as determined by the Board for each recipient and an aggregate of 166,000 PSUs (which may be settled through the issuance of up to a maximum of 249,000 Shares upon vesting assuming achievement of all maximum performance multipliers), which will vest upon achievement of the following performance goals during a 24-month performance period:
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