LithiumBank Resources (TSX-V:LBNK) has completed the licence transfer of a second well at its Boardwalk Lithium Brine Project in Northwest Alberta, Canada.
The company plans to re-enter and drill the 1-12 well deeper through the entire Leduc Formation, supporting a development agreement with a leading energy services and technology supplier announced in December 2025.
The well acquisition advances LithiumBank toward unlocking C$3.9 million ($4.01 million) in funding from the Province of Alberta through the Emissions Reduction Act (ERA), with the company targeting project execution for 2027.
LithiumBank aims to scale production at Boardwalk in 5,000-tonne-per-annum lithium carbonate increments using modular direct lithium extraction (DLE) technology, leveraging existing oil and gas infrastructure.
The company holds the largest-known lithium brine resources in North America across its Boardwalk and Park Place projects, which host the highest-grade resource estimates in Alberta.
CEO Rob Shewchuk says the projects benefit from abundant historic production data and existing infrastructure.
“The company anticipates re-entering and drilling the 1-12 well deeper through the entire Leduc Formation,” Shewchuk says.
To qualify for ERA expense reimbursement, LithiumBank must complete three milestones, including reservoir productivity testing and DLE test work optimisation. The ERA program will refund 50% of eligible expenditures for each milestone.
The company expects results from the first two milestones will support a National Instrument 43-101 Feasibility Study, targeted for completion by the end of 2026.
LithiumBank holds 1,240,140 acres of brownfield brine-hosted mineral licences across Alberta and Saskatchewan, with both flagship projects unrestricted by carbon sequestration permits.
Edited by Julija Zivanovic
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Images: LithiumBank Resources
