11:42 AM EDT, 10/17/2024 (MT Newswires) -- E3 Lithium ( EEMMF ) said on Thursday it completed a pilot project that demonstrated its direct lithium extraction (DLE) technology at scale.

The company said the project was supported by a $3.5 million contribution from Natural Resources Canada's Critical Minerals Research, Development and Demonstration program.

E3 said its DLE technology extracted lithium from brines in the Leduc oil formation in Alberta.

"Through the pilot project, we achieved our key milestones and advanced the commercial viability of our DLE flowsheet," chief executive Chris Doornbos said. "We are grateful for the support towards enabling lithium production from Alberta's vast lithium potential."

E3 said it is advancing its plan to build a demonstration facility that will produce battery-grade lithium carbonate, followed by a commercial lithium facility.

E3 shares were last seen up $0.04 to $1.21 on the TSX Venture Exchange.

Price: 1.21, Change: +0.04, Percent Change: +3.42