Maclean's just published the Top 10 EV Entrepreneurs of 2023 list, which includes individuals who will be critical in assisting Canada in meeting its ambitious electric vehicle (EV) targets.
The list is full of EV industry heavy hitters, starting with Marissa West, President and Managing Director of General Motors Canada in the top spot due to her role in helping the EV revolution on an industrial scale.
The list also includes a handful of mining company leaders such as Magna International CEO Swamy Kotagiri, who was ranked second for leading an old-school company into an electric future and Guy Belleau, CEO of Sayona Mining Limited, who earned the third spot for spearheading a lithium empire.
Chris Doornbos, President and CEO of Calgary-based lithium developer E3 Lithium (TSXV:ETL) (OTCQX:EEMMF), also made the Top 10 list for digging up Alberta's next big resource. According to Macleans, Doornbos has the potential to become Alberta's first lithium baron as a result of E3's work in the Bashaw District in Alberta.
Although the company's path to commercialization still requires a few steps, the payoff could be significant once it reaches commercial production, according to the article. Starting in 2026, the Clearwater project has the potential to produce 20,000 tonnes of lithium per year, enough for 300,000 Teslas, and could be worth $1.1 billion over the next 20 years.
Alberta has considerable lithium resources and is set to compete in the global lithium market, which is expected to triple in size by 2025.
Tapping Alberta's Massive Lithium Potential
E3 Lithium (TSXV:ETL) (OTXQC:EEMMF) recently outlined its goals and strategic vision for 2023, starting with a Measured and Indicated (M&I) resource upgrade to increase the confidence and understanding of its lithium-in-brine resource. Following the resource upgrade, the company will focus on completing a Pre-Feasibility Study (PFS) by the end of 2023 to outline the detailed plans for its first commercial facility and one of the first global reserves for a DLE resource.
Upon the successful completion of the PFS, E3 Lithium plans to complete a Feasibility Study (FS), receive regulatory permissions, and deliver a project finance arrangement to allow the construction of its first commercial facility in Alberta.
The company's Clearwater Lithium Project has an NPV 8% of US$1.1 billion with a 32% pre-tax IRR and US$820 million with a 27% IRR after taxes, according to its Preliminary Economic Assessment (PEA).
E3 Lithium has also been concentrating on the development of its Lithium Ion-Exchange (Li-IX) pilot plant in the Clearwater Project Area, which is now scheduled to complete construction and operation in Q3 2023. The pilot plant's next phases include obtaining clearance from the Alberta Energy Regulator, finalizing specific design and engineering plans, publishing key performance indicators (KPIs) for predicted performance, and beginning on-site equipment commissioning.
E3 Lithium is hopeful about lowering the project development timetable and accomplishing its target of launching a commercial facility by 2026 by conducting proactive exploration of commercially available and low-risk process and design choices.
The company is also well-funded to meet its objectives, having received C$3.545 million from the Government of Canada's Critical Minerals Research, Development, and Demonstration (CMRDD) program and $4.9 million from warrants exercised in financings that closed in December 2020 and February 2021.
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