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CALGARY, Alberta — E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3 Lithium” or the “Company,” a leader in Canadian lithium, filed its unaudited consolidated financial statements for the three-month period ended September 30, 2025, and the accompanying Management Discussion and Analysis (“MD&A”) on SEDAR www.sedarplus.ca. Additionally, E3 Lithium has updated its corporate presentation that, along with the financial statements and MD&A, will be available on E3 Lithium’s website at www.e3lithium.ca.
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Q3 Highlights:
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Demonstration Facility Phase 1 Successfully Produces 99.7% Pure Battery-Grade Lithium Carbonate
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- During the quarter, E3 Lithium completed construction of Phase 1 of its Demonstration Facility with commissioning beginning on September 2, 2025. E3 Lithium achieved a major milestone with the successful conversion of lithium chloride produced from the Demonstration Equipment to battery-grade lithium carbonate with an average purity of 99.7%, validating the operational functionality of the Company’s Direct Lithium Extraction (“DLE”) system and polishing and purification equipment across the entire process flow.
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Sale of Non-Core Saskatchewan Assets Strengthens Balance Sheet
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- On September 30, 2025, E3 Lithium entered into an Asset Purchase and Sale Agreement with an arm’s length private company, to sell the Company’s non-core, Saskatchewan based, Estevan Lithium District assets for a total cash consideration of US$4.3 million (C$6.0 million at current USD/CAD exchange rates). The transaction is expected to close in late Q4 2025.
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Subsequent Events
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- In October, E3 Lithium closed a fully subscribed and upsized unit offering at a price of C$1.20 per unit for total gross proceeds of $13.4 million. Each unit is comprised of one common share of the Company and one-half of one common share purchase warrant. In aggregate, 11,150,000 common shares and 5,836,250 warrants were issued.
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- On October 16, 2025, E3 Lithium signed a non-binding memorandum of understanding (the “MOU”) with Axens, a global provider of clean energy solutions and technologies, including Direct Lithium Extraction (“DLE”) from brines that contemplates both the sale of lithium carbonate by E3 Lithium to Axens (the “Offtake”) and for Axens to supply E3 Lithium with a lithium selective sorbent (the “Sorbent”).
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Demonstration Facility Phase 2 Site Construction and Drilling Underway
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- On October 29, 2025, E3 Lithium commenced drilling of a lithium development well. This is E3 Lithium’s third lithium well drilled into the Leduc Formation and will provide additional technical data to support engineering and permitting work for E3 Lithium’s upcoming commercial facility.
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“Embarking on the Demonstration Facility started in 2024 and now having tangible operational results provides significant confidence in our ability to execute on our designs,” said Chris Doornbos, President and CEO. “With the start of Phase 2 of the Demonstration Facility, and the financial flexibility added through our recent public offering, we are moving confidently toward delivering our feasibility study and advancing the Clearwater Project to a ‘shovel ready’ stage in 2026. We remain committed to disciplined execution as we continue to de-risk the project and build long-term value for our shareholders.”
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Q3 2025 Financial Results
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- Net loss for Q3 2025 was $2.4 million, consistent with the prior year’s Q3 loss of $2.6 million.
- Capital investments totaled $2.2 million for Q3 2025 and $5.6 million YTD, primarily to fund Demonstration Facility activities and Feasibility Study advancement.
- Working capital at September 30, 2025, totaled $6.8 million (December 31, 2024 – $18.1 million)
- The subsequent October financing further strengthening liquidity with Working Capital of $18.1 million at October 31, 2025.
- Undrawn government grants of $24.8 million available from previously announced total of $41.9 million in Provincial and Federal government grants awarded to E3 Lithium to support additional demonstration and engineering design investments.
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ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President, CEO & Chair
E3 Lithium Ltd.
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About E3 Lithium
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E3 Lithium is a development company with a total of 21.2 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated1 resources as well as 0.3 Mt LCE Inferred mineral resources2 in Alberta and 2.5 Mt LCE Inferred mineral resources3 in Saskatchewan. The Clearwater Pre-Feasibility Study outlined a 1.13 Mt LCE proven and probable mineral reserve with a pre-tax NPV(8%) of USD 5.2 Billion with a 29.2% IRR and an after-tax NPV(8%) of USD 3.7 Billion with a 24.6% IRR1.
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1: | The Clearwater Project NI 43-101 Pre-Feasibility Study, effective June 20, 2024 (the “PFS”), identified 16.2 Mt LCE (measured and indicated) and is available on the E3 Lithium website ( www.e3lithium.ca/technical-reports/) and SEDAR+ ( www.sedarplus.ca). |
2: | The mineral resource NI 43-101 Technical Report for the Garrington District Lithium Resource Estimate, effective June 25, 2025, identified 5.0 Mt LCE (measured and indicated) and 0.3 Mt LCE (inferred) and is available on the E3 Lithium website ( www.e3lithium.ca/technical-reports/) and SEDAR+ ( www.sedarplus.ca). |
3: | The mineral resource NI 43-101 Technical Report for the Estevan Lithium District, effective May 23, 2024, identified 2.5 Mt LCE (inferred) and is available on the E3 Lithium website ( www.e3lithium.ca/technical-reports/) and SEDAR+ ( www.sedarplus.ca). |
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Unless otherwise indicated, Kevin Carroll, P. Eng., Chief Development Officer and a Qualified Person under National Instrument 43-101, has reviewed and is responsible for the technical information contained on this news release.
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