LithiumBank Advances Boardwalk Permitting Pathway as Environmental Field Surveys Begin

LithiumBank advances Boardwalk’s permitting with field surveys, but production remains years away.

What the company is saying

LithiumBank Resources Corp. is highlighting the completion of Stantec’s environmental desktop review and the mobilization of field teams for baseline studies at the Boardwalk Lithium Brine Project. The company frames this as a concrete regulatory milestone on the path to filing its Environmental Protection and Enhancement Act (EPEA) application, which is required before construction and operation can proceed. The announcement emphasizes the project's scale, citing a 5.2 million tonne Measured & Indicated and 2.8 million tonne Inferred LCE resource at an average lithium grade of 81.6 mg/L, and references a preliminary economic assessment with a pre-tax NPV (8%) of US$3.7 billion. CEO Rob Shewchuk positions the environmental work and ongoing feasibility studies with SLB as parallel tracks converging toward a construction decision. The tone is confident, focusing on progress and the project's status as one of the largest lithium brine resources in North America. The company also notes its 1,240,140 acres of mineral licenses and its partnership with SLB under a development agreement with binding DLE licensing terms.

What the data suggests

The Boardwalk project’s resource base is quantified at 5,200,000 tonnes Measured & Indicated and 2,800,000 tonnes Inferred LCE, with detailed breakdowns by reservoir and grade: Measured Leduc (oil saturated zone) at 91,000 tonnes LCE (71.8 mg/L), Measured Leduc (water saturated zone) at 1,580,000 tonnes LCE (81.8 mg/L), Indicated Leduc (water saturated zone) at 3,524,000 tonnes LCE (81.8 mg/L), Inferred Leduc (water saturated zone) at 1,128,000 tonnes LCE (81.8 mg/L), and Inferred Beaverhill Lake/Swan Hills at 1,649,000 tonnes LCE (78.1 mg/L). The PEA assigns a pre-tax NPV (8%) of US$3.7 billion, but this is based on preliminary data and includes inferred resources, which are not yet proven economic. Field surveys for environmental baseline data are underway and expected to continue through late 2026, with an EPEA submission targeted for mid-2027. The SLB-led Feasibility Study and FEED are expected to conclude in mid to late 2027, with project execution targeted for late 2027 and potential commercial production as early as late 2030. The company holds 1,240,140 acres of brownfield brine mineral licenses in Alberta and Saskatchewan. The data is comprehensive for project status and resource size, but no operational, revenue, or cost figures are provided.

Analysis

The announcement is positive in tone, highlighting the completion of an environmental desktop review and the mobilization of field teams for baseline surveys at the Boardwalk Lithium Brine Project. While these are concrete steps, the majority of the value claims—such as the US$3.7 billion pre-tax NPV, project execution target for late 2027, and potential commercial production as early as late 2030—are forward-looking and contingent on successful completion of permitting, feasibility, and construction. The PEA is explicitly described as preliminary and based in part on inferred resources, which are not yet proven economic. The capital intensity is high, with large-scale development implied but no immediate earnings or cash flow impact. The narrative leans on the project's scale and future potential, but the only realised progress is the start of environmental fieldwork and the existence of technical reports. The gap between narrative and evidence is moderate: the company is advancing, but the most material benefits are several years away and subject to significant execution risk.

Risk flags

• ●Permitting and regulatory risk is high, as the EPEA application is not expected to be submitted until mid-2027, and approval is a prerequisite for construction. Delays or adverse findings in environmental baseline work could push the timeline further.
• ●Resource and economic risk is material, since the PEA relies on both Measured & Indicated and Inferred resources, and explicitly notes that inferred resources are too speculative to be considered reserves. There is no certainty that the resource will be upgraded or that the PEA economics will be realized.
• ●Execution risk is significant, with commercial production contingent on successful completion of feasibility studies, engineering, permitting, and financing. The earliest production target is late 2030, leaving a multi-year window for potential setbacks.
• ●Capital intensity is implied by the US$3.7 billion pre-tax NPV, suggesting substantial funding requirements for development. The announcement does not address sources of capital or project financing, which could impact deliverability.
• ●Disclosure risk exists as the announcement provides no operational or financial performance data, making it difficult to assess the company’s current financial health or ability to sustain long-term development.

Bottom line

LithiumBank has taken a concrete step forward on the Boardwalk project by starting environmental baseline fieldwork, a necessary precursor to permitting and eventual construction. The project is large, with a 5.2 Mt Measured & Indicated and 2.8 Mt Inferred LCE resource, and the PEA suggests a pre-tax NPV (8%) of US$3.7 billion, but these figures are preliminary and not yet proven economic. All major value realization is long-dated, with permitting, feasibility, and construction still ahead and earliest production not before late 2030. The company’s narrative is credible in describing progress, but investors face multi-year execution, permitting, and financing risks before any cash flow is possible. The most important takeaway is that Boardwalk is advancing, but remains a high-risk, long-term development story with no near-term catalysts. Investors should watch for completion of feasibility studies, regulatory submissions, and any evidence of project financing as the next material milestones.

Announcement summary

(TSXV:LBNK, OTC:LBNKF, OTCQX:LBNKF, FSE:HT9) LithiumBank Resources Corp. announced that Stantec Consulting Ltd. has completed its environmental desktop review for the Boardwalk Lithium Brine Project and has mobilized field teams to begin baseline environmental surveys. The environmental program covers groundwater, vegetation, wetlands, soils, and wildlife, and will form the evidentiary basis of the Environmental Protection and Enhancement Act (EPEA) application required to construct and operate Boardwalk. Boardwalk hosts an estimated 5.2 million tonnes Measured & Indicated and 2.8 million tonnes Inferred Lithium Carbonate Equivalent (LCE) resource at an average lithium grade of 81.6 mg/L, as set out in the technical report titled 'LithiumBank Resources Corp. Boardwalk NI 43-101 Technical Report' with an effective date of February 20, 2025. A preliminary economic assessment (PEA) of Boardwalk outlined a pre-tax NPV (8%) of US$3.7 billion, as detailed in the technical report effective February 22, 2024. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. LithiumBank is advancing the project in parallel with SLB, which is conducting a Feasibility Study and Front-End Engineering Design (FEED) under a development agreement with binding licensing terms announced December 22, 2025. The project execution target is late 2027, with a potential path to commercial production as early as late 2030. Stantec's field teams are conducting wetland identification and delineation, wildlife and protected-species surveys, soil characterization, and groundwater and surface-water assessments. The results will be incorporated into technical data reports supporting the EPEA application and broader regulatory filings, including a phase 1 Environmental Site Assessment and Historical Resources Act application already underway. Field surveys are expected to continue through late 2026, with an EPEA submission target for mid-2027. The ongoing SLB Feasibility Study and FEED are both expected to conclude in mid to late 2027. The proposed Boardwalk CPF is sited within the northeast quarter of Section 34, Township 68, Range 22, W5M, in the Municipal District of Greenview, approximately 15 kilometres south of Valleyview, Alberta. The broader project is expected to comprise the CPF, production and injection wells, and underground pipelines for transporting produced and spent brine. Table 1 details resource categories, with Measured Leduc (oil saturated zone) at 0.25 km3, 71.8 mg/L lithium, 91,000 tonnes LCE; Measured Leduc (water saturated zone) at 4.07 km3, 81.8 mg/L lithium, 1,580,000 tonnes LCE; Indicated Leduc (water saturated zone) at 8.52 km3, 81.8 mg/L lithium, 3,524,000 tonnes LCE; Inferred Leduc (water saturated zone) at 2.73 km3, 81.8 mg/L lithium, 1,128,000 tonnes LCE; and Inferred Beaverhill Lake/Swan Hills at 4.18 km3, 78.1 mg/L lithium, 1,649,000 tonnes LCE. The company holds 1,240,140 acres of brown-field brine hosted mineral licenses across three districts in Alberta and Saskatchewan. LithiumBank has pilot tested multiple mature Direct Lithium Extraction (DLE) technologies and signed a Development Agreement with SLB to bring Boardwalk into production, including binding DLE licensing terms. The company is working toward establishing commercial lithium production by leveraging existing brownfield infrastructure and a modular scale-up approach. Rob Shewchuk, CEO and Director of LithiumBank, stated that completing the environmental desktop study and mobilizing field teams moves the company closer to filing the EPEA application and ultimately a construction decision. The scientific and technical information in the release has been reviewed and approved by Kevin Piepgrass, P. Geo, Chief Operating Officer for LithiumBank and a Qualified Person for NI 43-101 purposes.

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