The Calgary-based lithium junior has also agreed to extend the expiry date of the warrants granted to Imperial Oil, a unit of ExxonMobil, by an additional 12 months, which can now be exercised until July 8, 2025.
“This continued collaboration between E3 Lithium and Imperial is reaffirmed today given our shared vision to establish sustainable lithium production in Canada,” the company’s president and chief executive, Chris Doornbos, said in the statement.
The agreement update comes amid a changing attitude among the world’s oil heavyweights. Traditionally, oil drillers have disposed of the brine by pumping it back into the ground.
The increasing demand for lithium from electric vehicles (EVs) manufacturers, paired with the US and Canada’s initiatives to secure domestic battery metal supplies, have transformed this once-waste brine into a valuable resource.
Top oil reaching for lithium
Oil companies are exploring these…
