LithiumBank advances Boardwalk toward commercial production with SLB

Vancouver, British Columbia--(Newsfile Corp. - May 28, 2026) - LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) ("LithiumBank" or the "Company") is pleased to announce the advancement of its 100% owned Boardwalk lithium brine project ("Boardwalk") through the initiation of a Feasibility Study and Front-End Engineering Design ("FEED"), awarded to global energy technology company and NYSE listed SLB. Boardwalk is centrally located in northwest Alberta in close proximity to highways, roads, pipeline infrastructure and grid power. The Company completing such a milestone marks a significant step forward under LithiumBank's previously announced Development Agreement with SLB.

SLB will support this project using its proprietary integrated lithium production solution, which includes systems for brine treatment, Direct Lithium Extraction ("DLE") technology, impurity removal, brine concentration and lithium conversion processes. SLB's process has been tested at one of the world's largest DLE-based demonstration plants, in Clayton Valley, NV ( SLB link ). The Feasibility Study will build directly on the robust technical and economic foundation established in the Company's updated Preliminary Economic Assessment ("PEA") for Boardwalk, announced in 2024 (see January 16, 2024 release for further details).

The PEA highlighted the project's potential to be a globally competitive lithium brine operation, demonstrating a pre-tax NPV (8%) of approximately US$3.7 billion and low operating costs of US$4,588 per tonne of lithium carbonate equivalent (LCE). These results underscore the advantages of Boardwalk's scale, 100% crown land position, resource quality, no overlapping carbon capture permits and favourable infrastructure setting in Alberta. The upcoming Feasibility Study and FEED work will further refine these assumptions through detailed engineering, integrated process design, and optimized development pla