Grounded Lithium Files Kindersley Lithium Project PFS Technical Report

Grounded Lithium Corp. announced on October 28, 2026 the filing of the pre-feasibility study technical report for the Kindersley Lithium Project in Saskatchewan. The report, titled “NI 43-101 Technical Report: Kindersley Lithium Project – Phase 1 Pre-Feasibility Study” and dated June 26, 2026, was prepared by Stantec Consulting Ltd for both Grounded Lithium and its project partner, Denison Mines Corp. (DNN ) The company said the report is available on SEDAR+ and on its website.

The filing followed the company’s October 13, 2026 news release disclosing the study’s results. That release reported an NPV8 of C$125.0 million (US$90.0 million) and an after-tax internal rate of return of 10.8% for the first phase of the project, against project capital expenditures estimated at C$603.1 million (US$434 million).

In the filing announcement, Grounded Lithium and Denison described the study as a pioneering approach in Canada’s lithium-from-brine industry with the technical rigour necessary to bring such projects to commercial scale, and said the report presents what they believe to be a defendable project. The company said thousands of hours were incurred by representatives of the partner group, Stantec, and several external third-party experts.

The company highlighted four study points in the announcement. It states the project, known as the KLP, lacks impurities related to field legacy or adjacent oil and gas deposits compared with others in the industry, which it says provides an advantage in processing flowsheets and capital preservation because other projects must address those contaminants before lithium extraction. The KLP reservoir sits at approximately 900 to 1,200 metres depth, which the company describes as one of the shallowest resources in the industry; it states that drilling depth correlates directly with capital costs and that this depth results in better capital efficiency than most peers on individual well development drilling capital when taken in isolation. The reserves assessment applies reservoir modelling over 25 years to estimate produced volumes from individual wells, with reinjection of spent brines for production maintenance and eventual minor dilution, and the company states the study estimates Measured and Indicated Resources remain within the KLP area after 25 years of production. Finally, the initial phase described in the study accounts for 13% of the overall KLP area, and the partners state they are taking a cautious approach to development, with future phases contemplated that may apply learnings, economies of scale, and optimizations.

Study Economics and Reserve Declaration

According to the October 13 release, the study estimates average annual production of approximately 3,200 tonnes per year of lithium carbonate equivalent, supported by Mineral Reserves of 82,499 tonnes LCE associated with 36 sections, or 13% of the total land area included in the KLP. Average annual operating expenditures are estimated at C$27.2 million (US$19.6 million), with a unit operating cost of production of C$8,581 (US$6,179) per tonne LCE. Pre-production capital costing was prepared as a Class 4 estimate, which the company states is accurate to within -15 to -30% on the low side and +20 to +50% on the high side.

Grounded Lithium states the study includes the first lithium Mineral Reserves declared in the Kindersley area and the first NI 43-101-compliant lithium mineral reserves publicly declared in Saskatchewan. The release explains that Mineral Reserves represent the portion of Measured and/or Indicated Mineral Resources estimated to be economically mineable.

The production basis of approximately 3,200 tonnes per year LCE compares with approximately 10,000 tonnes per year LCE, equivalent to 11,000 tonnes per year of lithium hydroxide monohydrate, estimated in the project’s 2023 preliminary economic assessment. The company attributes the revision to rigorous technical de-risking it says benefited from Denison’s metallurgical expertise, and states the study is based on advanced reservoir production modelling using reservoir data acquired in 2024.

“The PFS provides technical validation of the concept of extracting lithium from brines in the Kindersley area of southern Saskatchewan and establishes a value threshold for our shareholders with this targeted base-case analysis,” said Gregg Smith, president and chief executive officer, in the results release.

Wellfield and Processing Design

The Phase 1 development program plans a network of 45 brine production wells targeting lithium-enriched brines ranging from 70.0 to 81.0 milligrams per litre within the Duperow formation. According to the release, initial average annualized production rates per well are forecast at 156 to 1,782 cubic metres per day (985 to 11,210 barrels per day), with total aggregate average annualized brine production estimated at 30,000 cubic metres per day (188,694 barrels per day).

Produced brines would be transported from individual wellsites to a central processing facility through approximately 46.6 kilometres (30.2 miles) of buried pipelines. Following lithium extraction, depleted brine would be pumped through an independent pipeline network to eight injection wells, which would re-inject it into the Duperow reservoir for pressure management, and three disposal wells, which would inject into the deep, regionally extensive Deadwood formation saline aquifer if pressures exceed fracture pressure in the injection wells.

An adsorption-based direct lithium extraction technology was selected for the study. The release cites three advantages: no requirement for neutralizing reagents such as lime or soda ash, reduced filtration requirements and solids disposal, and production of a higher-quality eluate that may not require polishing. Planned processing areas at the central facility include brine storage and pretreatment; the extraction system producing a lithium chloride eluate; reverse osmosis, concentration, and ion exchange; carbonation to convert lithium chloride to lithium carbonate; solids dewatering and washing; and lithium drying and bagging. Saleable LCE figures assume an 87% lithium process recovery and a lithium-to-LCE ratio of 5.323, and lithium concentration declines from an original average of 73.8 milligrams per litre over the life of mine as depleted brine is reinjected for pressure maintenance.

The KLP encompasses a resource base of approximately 1.0 million metric tonnes of combined Mineral Reserves and Measured and Indicated Resources of lithium carbonate equivalent, according to the company. Denison holds an option to earn up to a 75% working interest in the project by funding up to $15,150,000 in aggregate, comprising cash payments to Grounded Lithium of up to $3,150,000 and project expenditures of up to $12,000,000, through a structured earn-in option. In addition to the KLP, Grounded Lithium develops oil and gas resources to supplement working capital and provide a diversified asset base.

Scientific and technical information in the releases was prepared under the supervision of Doug Ashton, P.Eng., of Sproule International Limited and Derek Loveday, P.Geo., Vining Wolff, P.Eng., and Karen Mathers, P.Geo., of Stantec Consulting Ltd., each a qualified person under NI 43-101. Mineral resources and reserves are reported using 2014 CIM Definition Standards with an effective date of June 26, 2026.

A key recommendation in the study is to work to upgrade the project’s Inferred Mineral Resources to Indicated or Measured categories, where possible, through additional exploration and infill drilling, sampling, geological interpretation, data verification, and estimation, to increase planned wellfield production rates and total reserves. The partners state the next stage of project advancement may involve more detailed engineering, cost assessments, and a field pilot, while technical assessments of direct lithium extraction technologies continue.