LithiumBank’s Saskatchewan properties, as outlined in its March corporate presentation. LithiumBank

LithiumBank announced on April 1 that it sold its lands in the Estevan area for $15 million, minus the $8 million paid when the company put down a non-refundable deposit when it entered an option agreement late last year.

Back on Dec. 20, the company said it had entered into an option agreement which provided another company the option to one or more of the company’s three lithium brine projects located in Saskatchewan: Estevan, South and/or Kindersley.

The unnamed buyer is a subsidiary of a public company that is arm’s length to the company, according to LithiumBank. Essentially, they put money down to have their pick of the three areas LithiumBank had been assembling in Saskatchewan. They picked the area north of Estevan, paying out the balance of the option.

“The exercise of the Estevan land purchase option for a total of CAD $15 million in non-dilutive capital by the optionee is a testament to LithiumBank’s value creation model,” Paul Matysek, Executive Chairman of LithiumBank, said in a release “We have sought to acquire district-scale landholdings with prospective lithium brine geology, efficiently de-risk the assets, and structure mutually beneficial transactions with major project developers. This transaction is evidence of the merits of our model and our ability to build shareholder value. We will continue to advance the remainder of our portfolio in Alberta (Boardwalk and Park Place) and Saskatchewan (South and Kindersley) through advanced engineering, with large scale DLE pilot testing of our Alberta brines expected to commence in the next quarter at our Calgary facility.”

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According to the map in the LithiumBank March presentation, those properties are between Estevan and Stoughton, straddling Highway 47 but extending eastward past Lampman towards Highway 9.

LithiumBank said it retains the Kindersley and South lithium brine projects as the option agreement’s exercise period has concluded. The “South” project area is in close proximity to Arizona Lithium’s land base near Torquay. The Kindersley area is adjacent to Denison Mine’s lands, recently purchased from Grounded Lithium in late January.

The company’s principal focus has been its Boardwalk project, centred around Valleyview, Alta, and Park Place project, between and Edson Fox Cree, Alta. It had not done any drilling in Saskatchewan to date. It has set up a pilot plant in Alberta to do testing there.

In connection with the exercise of the option, LithiumBank has agreed to pay a $112,000.00 cash finder’s fee to Kepis & Pobe Financial Group Inc., being 1.6 per cent of the purchase price, less the deposit.

As of the time of writing, none of the other prominent lithium players with land in Saskatchewan had issued a press release on the same day indicating they were the buyer. If that changes, this story will be updated.

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Lithium in SK, Part 26: Enter the big boys: 70-year-old Denison Mines buys into Grounded Lithium’s Kindersley project

Lithium in SK Part 25: Primacy of rights, revisited

Lithium in SK, Part 24: Hub City Lithium releases preliminary economic assessment for Viewfield project

Lithium in SK, Part 23: November Crown land sale shows expanding positions

Lithium in SK, Part 22: Arizona Lithium is running its pilot plant for Torquay project, elaborates on commercialization plans for 2025

Lithium in SK, Part 21: Arizona Lithium begins work on future commercial site near Torquay

Lithium in SK, Part 20: Hub City Lithium again finds some of the high concentrations in Canada, announcing second test well results

Lithium in SK, Part 19: Grounded Lithium’s Kindersley project could cost $447 million to build, but bring in $350 million per year

Lithium in SK, Part 18: Hub City Lithium drills second targeted well in Viewfield area, near Stoughton

Lithium in SK, Part 17: Lithium prices have come down … to only US$70,000 a tonne. A decade ago, they were US$7,000

Lithium in SK, Part 16: Arizona Lithium closes Prairie Lithium deal

Lithium in SK, Part 15: Grounded Lithium lays out its development plan

Lithium in SK, Part 14: Prairie Lithium gets federal money, acquisition deal to close soon

Lithium in SK, Part 13B: Hub City announces highest lithium concentration to date, by a significant margin

Lithium in SK: Part 13: Coming into lithium with revenue already flowing from oil

Lithium in SK, Part 12: Hub City Lithium shows promising results northeast of Weyburn

Lithium in SK, Part 11: A detailed video on lithium geology in SE Sask

Lithium in SK, Part 10: A helium explorer who found lithium responds

Lithium in SK, Part 9: And the acquisitions begin, with Prairie Lithium to be acquired by Arizona Lithium

Lithium in SK, Part 8: Ministry of Energy and Resources response to primacy of rights issues

Lithium in SK: Part 7b: The rent’s due, and so is the LLR

Lithium in SK, Part 7: Dealing with an embarrassment of riches – sorting out the primacy of rights

Lithium in SK, Part 6: Direct Lithium Extraction is the multi-billion dollar question

Lithium in SK, Part 5: Prairie Lithium – Old wells or new wells?

Lithium in SK, Part 4: Prairie Lithium pursuing the idea there could be lithium in those brines

Lithium in SK, Part 3: Crown land sale reveals sixth entrant in Saskatchewan lithium exploration race

Lithium in SK, Part 2: Saskatchewan government launches lithium incentives

Lithium in SK Part 1: As the race for lithium takes off, Saskatchewan is seeing the dawn of a new industry