LithiumBank Announces AGM Results

Rhea-AI Summary

LithiumBank Resources (TSXV: LBNK) (OTCQX: LBNKF), a lithium development company focused on Western Canada's brine projects, has successfully concluded its Annual and Special Meeting of Shareholders with all resolutions approved.

Key highlights from the meeting include:

• Shareholder participation: 9,827,931 common shares voted (19.70% of outstanding shares)
• Davidson & Company LLP reappointed as auditors
• Board of directors set at five members, with Robert Shewchuk, Steven Piepgrass, Christopher Murray, Ekaterina Zotova, and Paul Matysek elected
• Approval of Re-Pricing of Previously Granted Stock Options

CEO Rob Shewchuk expressed gratitude to shareholders for their participation and continued support. Detailed information about all resolutions is available on the company's website.

Positive

• All resolutions presented at AGM were approved by shareholders
• 19.70% shareholder participation in voting
• Successful appointment of experienced board members including Paul Matysek

Negative

• Low shareholder turnout at AGM (only 19.70% of shares voted)
• Re-pricing of previously granted stock options may indicate potential dilution for existing shareholders

Vancouver, British Columbia--(Newsfile Corp. - April 30, 2025) - LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) ("LithiumBank" or the "Company") a lithium development company focused on lithium-enriched brine projects in Western Canada, announces the voting results from its Annual and Special Meeting of Shareholders (the "Meeting"), held on April 30, 2025.

All resolutions presented to the Shareholders were approved. Each of the resolutions are explained in detail in the Management Information Circular published in connection with the Meeting. It is available for reference on the Company's website www.lithiumbank.ca.

A total of 9,827,931 common shares, representing approximately 19.70% of the Company's outstanding common shares, were voted in person and by proxy at the Meeting. Shareholders voted in favour of:

• Reappointing Davidson & Company LLP as auditors of the Company;
• Setting the number of directors at five, with the following five nominees elected as directors: Robert Shewchuk, Steven Piepgrass, Christopher Murray, Ekaterina Zotova and Paul Matysek; and
• Approving the Re-Pricing of Previously Granted Stock Options.

"On behalf of the board, I would like to thank shareholders for their participation and continuing support," commented Rob Shewchuk, CEO, LithiumBank.

About LithiumBank Resources Corp.

LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF), is a publicly traded lithium company that is focused on acquiring district-scale landholdings with prospective lithium brine geology, efficiently de-risking the assets, and structuring mutually beneficial transactions with major project developers. The Company holds 2,148,963 acres of brown-field lithium brine licences, across 3 districts in Western Canada, including its two flagship projects, Boardwalk and Park Place as well as exclusive use of one of the largest DLE Pilot Plants in North America. The Company's January 2024 PEA at Boardwalk proposes the largest LCE brine production in North America at 34,005 TPA (LHM).

‍Contact:

Rob Shewchuk
CEO & Director
rob@lithiumbank.ca
(778) 987-9767

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-Looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the Company advancing its portfolio of brine projects; the funding of the Company's work streams; update and upgrade of the current Mineral Resource Estimate at Boardwalk; an initial mineral resource estimate for Park Place and the timing thereof; plans to execute additional sampling campaigns in 2024; the probable compatibility of the brine from the Company's two Alberta projects with the exclusively licensed G2L DLE technology.

Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connation thereof.

Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include, without limitation, the risk that the Company will not be able to achieve its stated goals; the potential for delays in exploration, development, permitting, and assembly activities at the Company's projects and DLE pilot plant; the Company not being able to advance its portfolio of brine projects; delays in the commissioning of the pilot plant; the Company not being able to fund its work streams; the Company not being able to run DLE pilot plant campaigns as planned, or at all; the DLE pilot plant not being permitted by the City of Calgary when expected, or at all; the results of future pilot test work not meeting the Company's expectations; the Company not being able to extend the well at Boardwalk; the Company not being able to obtain reservoir and brine chemistry data from Boardwalk; the Company not being able to deliver an initial mineral resource estimate for Park Place when planned, or at all; that the brine from the Company's two Alberta projects not being compatible with the exclusive G2L DLE technology; the cyclical nature of the industry in which the Company operates; risks related to global financial markets, including the trading price of the Company's shares and the Company's ability to raise capital may also result in additional and unknown risks or liabilities to the Company.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250409

FAQ

What were the key results of LithiumBank (LBNKF) AGM on April 30, 2025?

At LithiumBank's AGM, shareholders approved all resolutions including: reappointing Davidson & Company LLP as auditors, electing five directors (Robert Shewchuk, Steven Piepgrass, Christopher Murray, Ekaterina Zotova, Paul Matysek), and approving the re-pricing of previously granted stock options. 19.70% of shareholders participated.

How many shareholders participated in LithiumBank's (LBNKF) 2025 AGM voting?

A total of 9,827,931 common shares were voted at the meeting, representing approximately 19.70% of LithiumBank's outstanding common shares.

Who are the newly elected board members of LithiumBank (LBNKF) following the 2025 AGM?

The five elected board members are Robert Shewchuk, Steven Piepgrass, Christopher Murray, Ekaterina Zotova, and Paul Matysek.

What was the stock option re-pricing resolution approved at LithiumBank's 2025 AGM?

While the press release confirms that shareholders approved the re-pricing of previously granted stock options, specific details about the re-pricing terms were not disclosed.

Where can investors find detailed information about LithiumBank's (LBNKF) 2025 AGM resolutions?

Detailed information about all AGM resolutions can be found in the Management Information Circular available on LithiumBank's website at www.lithiumbank.ca.