Calgary, Alberta--(Newsfile Corp. - July 9, 2026) - LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) (FSE: HT9) ("LithiumBank'' or the "Company") is pleased to announce that it has signed a non-binding Letter of Intent ("LOI"), dated July 2nd, 2026, with an arm's length third party, granting LithiumBank the option (the "Option") to acquire certain key infrastructure assets (the "Assets") associated with the Company's 100% owned Boardwalk Lithium Brine Project ("Boardwalk") located in northwest Alberta, Canada (Figure 1).
The infrastructure identified in the LOI includes existing wells, pipelines, related surface leases and easements that are expected to materially reduce capital expenditures and shorten the timeline required to advance Boardwalk toward development and commercialization.
"This Letter of Intent represents a significant step towards LithiumBank's objective of becoming a commercial lithium producer," said Rob Shewchuk, Director and Chief Executive Officer of LithiumBank. "The ability to access existing wells, pipelines and related surface leases and easements has the potential to position Boardwalk as one of the most environmentally responsible brownfield footprints in North America, with the ability to materially shorten timeline to production when compared with other pre-FD lithium brine projects."
"The LOI provides a pathway to substantial capital expenditure reductions that we believe could enhance the economics of the Boardwalk Feasibility Study currently underway. At a time when domestic and battery-quality lithium supply is becoming increasingly important, this opportunity has the potential to help establish Boardwalk as an attractive, scalable and strategically important source of near-term lithium carbonate supply in North America," commented Executive Chair, Paul Matysek.
Pursuant to the terms of the LOI, the parties intend to negotiate and enter a mutually satisfactory option to purchase Agreement (the "Option Agreement"). The Option Agreement would grant LithiumBank the option, for a period of two years, to acquire the assets identified in the LOI, subject to satisfactory due diligence and receipt of applicable regulatory approvals (the "Option").
Upon execution of the Option Agreement, LithiumBank will pay CAD $1 million consisting of CAD $500,000 in cash and CAD $500,000 worth in common shares in the capital of the Company ("Shares"). The Shares will be issued at a price per Share equal to the Discounted Market Price, as defined in Policy 1.1 of the TSX Venture Exchange, based on the closing price of the Shares on the TSXV on the trading day immediately prior to the effective date of the Option Agreement.