E3 Metals Corp. (TSXV:ETMC) – Move Over Oil, Alberta’s Next Boom is Lithium
May 2, 2022
We are initiating coverage on E3 Metals Corp. (TSXV:ETMC) with a BUY rating and C$7.50 target price, representing 211% upside from the current share price. E3 is developing its 100%-owned Alberta Li-brine project, which comprises several properties covering the Leduc Aquifer, host to one of the largest Li resources in the world. The most advanced prospect is Clearwater, which E3 is advancing to commercialization, with planned annual production of at least 20,000 t LHM by 2026 using its proprietary Direct Lithium Extraction (DLE) technology. While Clearwater’s economics are compelling as is, we feel that the real prize is scaling-up production and turning Alberta into a major lithium hub.