Clayton Valley Deep Basin Lithium Brine JV

On January 28, 2025, Sienna announced that it has entered into a joint venture agreement (“JV”) with Cruz Battery Metals Corp. (“Cruz”) and Adelayde Exploration Inc. (“Adelayde”) to explore the deep basin lithium brine potential in Clayton Valley, Nevada. The 115 mineral claims comprising the 2,300-acre JV land package are all located within, and completely surrounded by, SLB’s (formerly Schlumberger) (NYSE: SLB) lithium deposit. Clayton Valley, Nevada is home to the only long-established producing lithium brine basin in the U.S., Albemarle Corp’s (NYSE: ALB) Silver Peak lithium brine mine, which extracts lithium from subsurface brines. It has been the sole U.S. producing lithium brine operation since the 1960’s and is located in the direct vicinity of Tesla Motors Inc.’s (Nasdaq: TSLA) Gigafactory.

Jason Gigliotti, President of Sienna, states, “Lithium prices have been exploding in the past six months, up over 150 percent according to TradingEconomics.com. When you couple this with all-time highs in gold and silver (Kitco.com), there is a clearly improving investor appetite for junior mining stocks, as witnessed by the historic high volumes on the TSX Venture Exchange in the past month especially. Management feels this is a great strategic move to consolidate this land package, as it is the only group of claims located directly inside the only lithium brine basin in production in the USA. By consolidating this significant footprint into one block, this becomes much more appealing for potential larger partners and opens up more drilling locations with access to reach the deepest sections of brine formations in Clayton Valley. This is a win-win for all involved, and we look forward to getting activities started as lithium prices are at multi-year highs. With just over 40 million shares outstanding and fully cashed up, management is very optimistic about Sienna’s leverage to any meaningful discovery on any of its major projects.”

On March 18, 2021, Pure Energy’s strategic partner SLB’s Schlumberger New Energy Venture (NYSE: SLB) “announced the development of a lithium extraction pilot plant through its new venture, NeoLith Energy. The deployment of the pilot plant will be in Clayton Valley, Nevada, USA. The NeoLith Energy sustainable approach uses a differentiated direct lithium extraction (DLE) process to enable the production of high-purity, battery-grade lithium material while reducing the production time from over a year to weeks. This innovative process can create new market opportunities for lithium extraction and battery manufacturing economy and maximize the value of the lithium-rich resource base in Nevada with cutting-edge extraction technology.

On September 10, 2024 SLB announced that the ‘Nevada demonstration plant integrates direct lithium extraction (DLE), concentration and conversion technologies to sustainably produce lithium at scale with integrated technology solution produces lithium from brine 500 times faster than conventional methods while using significantly less land, water and chemical reagents with a verified results confirm recovery rate of 96% lithium from brine at operational rates. ‘  The success that SLB achieved could have a significant future impact on the brine prospects within Clayton Valley Nevada as Sienna is located in the deepest section of this brine deposit.

Announced on September 11, 2024, Pure Energy Minerals Ltd.’s strategic partner, SLB has demonstrated completion of specific technical milestones to qualify the earn-in to 100-per-cent ownership of the CV project, which include continuous production of lithium carbonate for an extended period and achieving a material quantity of lithium product in excess of a required purity threshold, which was verified by a third party.

Key terms of the Joint Venture Agreement:

This binding letter agreement (this “Agreement”) sets out the principal terms of a contractual joint venture (the “Joint Venture”) among Adelayde Exploration Inc. (“Adelayde”), Sienna Resources Inc. (“Sienna”) and Cruz Battery Metals Corp. (“Cruz” and collectively with Adelayde and Sienna, the “Parties”), whereby each Party has agreed to share in the costs, expenses, liabilities and benefits of the joint exploration and development of the mineral claims that are prospective for lithium.

Management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative to the presence of mineralization on the Company’s properties. Mr. Frank Bain, P.Geo., a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this website.