LibertyStream and Wellspring Hydro Announce US $700,000 Grant to Fund Lithium Refining Unit backed by State of North Dakota; Proceeds Drawn From US$7.5 million pre-Approved State Funded Grant and Loan Facility
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250811086034/en/
LibertyStream lithium-carbonate refining unit: components prior to shipment to TX.
' We are deeply grateful to the State of North Dakota for this continued support, which not only reflects confidence in our DLE technology but also underscores our shared goal of strengthening the domestic supply chain for critical minerals, ' commented Alex Wylie, President & CEO of LibertyStream. 'Customers have made it clear they require bulk lithium carbonate samples to negotiate future offtake agreements. The Refining Unit is expected to provide our future customers with the lithium carbonate from the field they require.'
US $7.5 Million North Dakota State Funded Facility
Wellspring was previously awarded US$7.5 million in grant and loan funding from the North Dakota Industrial Commission through the Clean Sustainable Energy Authority Program and the Renewable Energy Program (collectively, the 'State Funding'). LibertyStream and Wellspring have utilized the State Funding to advance DLE initiatives within the State of North Dakota. Following the US$700,000 drawdown, approximately US$4.2 million remains available for future deployment. The State Funding is intended to promote the adoption of renewable energy technologies, support businesses operating in North Dakota, and leverage the capabilities of the local workforce.
Initially, the Refining Unit will be deployed at LibertyStream's facility in Texas, with plans to relocate it to North Dakota upon completion of commercial DLE facility development in the Williston Basin. LibertyStream and Wellspring anticipate drawing the remaining US$4.2 million in State Funding to further support the build-out of these commercial DLE operations in North Dakota.
Lithium Carbonate Refining Unit
The Refining Unit will be capable of producing up to 10 tpa of lithium carbonate tailored to the technical specifications of future customers for either industrial grade or battery grade lithium carbonate. In order to have the ability to sign offtake agreements, future customers need bulk sample from the field. Management anticipates that the Refining Unit will consistently provide its customers with the confidence to rely on the grade and quality of lithium carbonate for future offtake agreements.
Corporate Secretary Appointment
LibertyStream is pleased to announce the appointment of Eamon Hurley as Corporate Secretary for the Company. Mr. Hurley is a Partner at Cassels Brock & Blackwell LLP ('Cassels') and was former Canadian General Counsel to Unocal Corporation. Cassels acts as Corporate Counsel to the Company. The Company is granting Mr. Hurley 250,000 options under its omnibus equity incentive plan. The Options vest over a six-month period and are exercisable at $0.23 per Share for four years from the date of grant, expiring on August 11, 2029.
About LibertyStream Infrastructure Partners
LibertyStream is a lithium development and technology company aiming to be one of North America's first commercial producers of lithium carbonates from oilfield brine. Our strategy is to generate value for shareholders by leveraging management's hydrocarbon experience to deploy our proprietary DLE technology directly into existing oil and gas infrastructure, thereby reducing capital costs, lowering risks and supporting the world's clean energy transition. With four differentiating pillars, and a proprietary DLE technology and process, LibertyStream's innovative approach to development is focused on generating the highest lithium recoveries with lowest costs, positioning us for future commercialization. We are committed to operating efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or other interested parties may sign up for updates about the Company's continued progress on its website: https://LibertyStream.com/.
Forward Looking Statements
This news release includes certain 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. When used in this news release, the words 'anticipate', 'believe', 'estimate', 'expect', 'target', 'plan', 'forecast', 'may', 'will', 'would', 'could', 'schedule' and similar words or expressions, identify forward-looking statements or information. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation, management's expectations relating to the processing capacity of its DLE unit, information with respect to the completion and timing of the purchase of the Refining Unit and expectations of production therefrom, the anticipated benefits to the Company's customers relating to the deployment of the Refining Unit. With respect to the forward-looking information contained in this press release, the Company has made numerous assumptions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies and may prove to be incorrect. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein including the risk of delay in completing the purchase of the Refining Unit, the risk that management's production estimates relating to the Refining Unit turn out to be incorrect, and generally, those known risk factors outlined in the Company's annual information form for the year ended June 30, 2024, the Management's Discussion and Analysis for the six months ended December 31, 2024, and the (final) short form base shelf prospectus dated July 20, 2023. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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