LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) has announced the successful regulatory transfer and conversion of the 10-06 well at its 100%-owned Boardwalk Lithium Brine Project in west-central Alberta from an oil and gas licence to a dedicated lithium brine production well licensed under the Mineral Resource Development Act. The milestone supports the company's brownfield development strategy of repurposing existing oilfield infrastructure to reduce capital expenditure and accelerate development timelines. LithiumBank also disclosed a concurrent stock option grant to directors, officers, and consultants. Investors may be watching the development as LithiumBank advances Boardwalk toward commercial-scale Direct Lithium Extraction production.

Key Points

  • LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) (FSE: HT9)
  • The 10-6 well at the Boardwalk Lithium Brine Project has been officially re-designated as a brine production well under Alberta's Mineral Resource Development Act
  • Stock options for 1,651,500 common shares were granted at $0.75 per share, expiring September 9, 2031
  • Investors may watch how ongoing reservoir monitoring informs commercial FEED and Feasibility studies at Boardwalk

Regulatory Re-Designation of the 10-6 Well at Boardwalk

The 10-6 well, originally drilled and operated as a conventional oil well under Alberta's Oil and Gas Conservation Act, has been officially approved as a dedicated lithium brine production well. The re-designation allows LithiumBank to extract lithium-bearing brine directly from the Devonian Leduc formation. The Boardwalk project is situated within the historic South Sturgeon Lake oilfield, an area featuring deep subsurface data, existing road networks, power infrastructure, and hundreds of historical oil and gas wells. According to the release, the company transferred and flowed back the existing wellbore rather than drilling a new deep well from surface, avoiding significant capital expenditure.

Brownfield Strategy and Direct Lithium Extraction Progress

The 10-6 well has already served as a key brine sampling location, enabling the collection of bulk brine used for long-cycle Direct Lithium Extraction testing, process optimisation, and downstream conversion to battery-grade lithium carbonate. The company states that converting legacy oil and gas assets reduces upfront capital expenditures, lowers surface disturbance, and accelerates development timelines. Ongoing downhole pressure monitoring is expected to refine reservoir models for commercial FEED and Feasibility studies. The disclosure suggests LithiumBank views this brownfield approach as central to delivering scalable, low-cost battery-grade lithium output in Western Canada.

Stock Option Grant to Directors, Officers, and Consultants

Concurrent with the well conversion announcement, LithiumBank disclosed the grant of stock options covering an aggregate of 1,651,500 common shares, as approved by the Board of Directors. The options are exercisable at $0.75 per share and expire on September 9, 2031. The grant was made pursuant to the company's stock option plan. The immediate share price impact was not clear from available public information.