E3 Lithium and Imperial Finalize Freehold Mineral Land for E3’s Clearwater Project
CALGARY, Alberta–(BUSINESS WIRE)–E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3 Lithium” or the “Company,” a leader in Canadian lithium, announced today it has finalized the rights and agreements for freehold mineral tenure held by Imperial Oil Limited (TSX:IMO) (NYSE:IMO), “Imperial” for the E3 Clearwater Project.
The companies have entered into a Project Completion Agreement dated February 28, 2025, 2025 (the “Project Completion Agreement”) to finalize the rights and lease agreements for the freehold mineral tenure held by Imperial for E3’s use in its Clearwater Project, pursuant to the Strategic Agreement dated June 22, 2022 and amended May 9, 2024 (the “Strategic Agreement”).
As set out in the Strategic Agreement, Imperial has provided a mineral lease for 110 sections of the Imperial freehold interest in the area of the Clearwater Project. The long-term lease has a 10-year primary term with a renewable 10-year term on the mineral title. The Project Completion Agreement supersedes the Strategic Agreement and includes the cancellation of 3,413,979 warrants granted to Imperial at a pre-paid price of C$1.86 per warrant upon the payment by E3 of cash consideration in the aggregate amount of C$4,150,000. This amount will be payable in three installments over the first three quarters of 2025, with the warrants being cancelled in proportion to the installment payments.
E3 Lithium continues to build strong partnerships that are essential for driving success. E3’s success on the pilot operations in 2023 has further bolstered the progress of E3’s technology towards the demonstration program planned for 2025. The freehold mineral tenure for the Clearwater Project will allow E3 Lithium to build upon the success of the pilot operations as it looks to achieve its corporate and strategic goals of building lithium production in Alberta.
Chris Doornbos, CEO of E3 Lithium, said :
This milestone underscores the strong relationship between Imperial and E3 Lithium,
“It supports the interests of both companies while continuing to drive the success of E3’s Clearwater Project and Alberta’s position in the global lithium supply chain.”
Heather Eggleston, Imperial Vice-President of Low Carbon Solutions, said :
Imperial’s successful collaboration with E3 Lithium has been instrumental in advancing E3’s lithium extraction pilot and progressing opportunities from the Leduc reservoir,
“Imperial’s contribution of its freehold land leases provides further support for E3 Lithium’s Clearwater Project and their overall lithium development in Alberta.”
The Clearwater Project is a transformative opportunity for Alberta’s critical minerals sector; by leveraging advanced extraction technologies and decades of energy expertise, E3 Lithium is positioned to be a global leader in lithium development.
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E3 Lithium and Imperial Finalize Freehold Mineral Land for E3’s Clearwater Project, source
