May 11, 2021
Certain statements on this website may constitute “forward-looking” statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used on this website, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect" and similar expressions, as they relate to the Company, often, but not always, identify forward-looking statements. Such statements reflect the Company's views at the time such statements are made with respect to future events and are subject to certain risks, uncertainties and assumptions. All forward-looking statements on this website are expressly qualified by this disclaimer and cautionary statement.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, as well as known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and which may cause the Company’s or industry’s actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by the forward-looking statements. These assumptions, risks and uncertainties include, among other things: the demand for lithium outweighing the supply for lithium both internationally and in North America; the increased importance on environmental, social and governance standards for persons purchasing lithium or lithium-based products; the United States reliance on Canada to supply lithium; the cost of producing and transporting Canadian lithium supplied by the Company being cost-competitive with other major international producers; assumptions regarding the price of lithium; the speed of development for lithium-dependent industries; the ability of the Company to scale up its current pilot operation into a large-scale extraction plant in a cost-effective and efficient manner; the ability of the large extraction plants to produce either lithium carbonate or lithium hydroxide; the timing and final costs of the completion of the Company’s first extraction plant and additional extraction plants; the ability of a full scale extraction plant to recover lithium within the quality and at the rate proven by the Company in its preliminary lab testing; the Company’s anticipated growth of the market share of lithium supply in North America; the ability to solicit adequate offtake agreements for lithium produced from the Company’s plants; the ability to manufacture, recycle and reuse elution solutions on a commercial scale; the continued support by the Government of Saskatchewan and the Government of Canada of the Company and lithium extraction industry; stability in laws or regulations or the interpretations of such laws or regulations; the continuation of operating risks inherent in the novel lithium extraction industry; the adequacy and availability of pre-existing subsurface and resource data for extraction target areas and the reliability of the available historical data; the anticipated financial performance of the Company and cost of the development and establishment of the extraction plants; the Company’s ability to successfully implement strategic initiatives and whether such initiatives yield the expected benefits; the Company’s ability to access external sources of debt and equity capital; changes to tariffs and surcharges; and political and economic conditions.
Other than as required by applicable securities laws, the Company assumes no obligation to update forward-looking statements on this website should circumstances or the Company’s estimates or opinions change. This website is based on the Corporation’s public disclosure and does not form a part of any offer of securities, or constitute a solicitation of any offer to purchase or subscribe for securities.
Historical Mineral Resources Disclosure
This website contains mineral resources disclosure information within the meaning of applicable securities laws. The mineral resource statements in this website include, but are not limited to, statements with respect to the historical concentrations of lithium found in brines in the Company’s project areas (the “Historical Estimate”).
Source and date of the Historical Estimate
Jensen, G.K.S. (2015): Trace element and other analyses of Paleozoic-aged brines from southeastern Saskatchewan (Townships 1 to 13, Ranges 5 to 21 W2M); Saskatchewan Ministry of the Economy, Saskatchewan Geological Survey, Data File Report 37.
Relevance and reliability of Historical Estimate
Lithium concentration of 190 mg/L was reported in brine collected from a producing oil well located in the Devonian Duperow Formation. The well where the sample was collected is located within 5 kilometers of some of Prairie Lithium’s mineral permits.
Key assumptions, parameters, and methods used to prepare the Historical Estimate
The sample was collected by Government of Saskatchewan employees as part of a provincial brine sampling program testing brine samples from 42 producing wells in Saskatchewan. The wells were each sampled using protocol established in Lico, M.S., Kharaka, Y.K., Carothers, W.W. and Wright, V.A. (1982): Methods for collection and analysis of geopressured geothermal and oilfield water; U.S. Geological Survey, Water Supply Paper 2194, 21p., with only slight modifications. Samples were analyzed by Exova Group PLC’s in its laboratory in Edmonton , Alberta.
Resource categories used (see CIM Definition Standards on Mineral Resources and Mineral Reserves)
The Historical Estimate is a data set only and does not refer to or establish any resource categories
More recent estimates or data available
To management's knowledge, no further data is available within 5 kilometres of Prairie Lithium’s property in the Duperow Formation and this sample represents the most recent sample in the area. The producing oil well that the sample was collected from has since been suspended which means no more additional samples could be collected.
Work that needs to be done to upgrade or verify the Historical Estimate as current mineral resources or mineral reserves
The Duperow Formation must be accessed through a well bore to verify the historical estimate and further establish and categorize the resource.
An independent Qualified Person will be required to review and validate the historical data and historical estimates and compile an updated current Technical Report in accordance with NI 43-101.
The Historical Estimate is not current. The Company states with equal prominence that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves.