Lithium Energi Exploration Inc (LEXI)

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LEXI Announces Appointment of Jason Nalewanyj as Chief Financial Officer and Highlights Significant Company Progress
BusinessWire
10:17 AM ET
--New CFO Appointment: LEXI welcomes Mr. Jason Nalewanyj as its new Chief Financial Officer, bringing over 18 years of financial leadership.

--Antofalla South Geophysics: LEXI initiates a comprehensive geophysical exploration in its Antofalla South Project, marking a pivotal step towards lithium exploration.

--Antofalla North Project Advancements: LEXI successfully completed drilling its first two wells and is now mobilizing to commence the third, showcasing rapid progress.

Lithium Energi Exploration, Inc. (TSXV: LEXI), a leading exploration company focused on the acquisition, exploration, and development of lithium brine assets in Argentina, is thrilled to announce the appointment of Mr. Jason Nalewanyj as its new Chief Financial Officer.

Mr. Nalewanyj brings over 18 years of financial expertise, having held pivotal roles in capital market strategies, fundraising, M&A advisory, and go-public mandates. He has previously held senior finance positions at Aurora Cannabis Inc., where he played a significant role in Aurora's $3.2 billion merger with MedReleaf Corp. His extensive experience also includes strategic roles at Methanex Corporation, FTI Consulting Inc., and MNP LLP. Mr. Nalewanyj began his career in the audit and assurance practice at PricewaterhouseCoopers LLP, Canada. He is a Canadian Chartered Professional Accountant (CPA, CA) and holds a Bachelor of Commerce degree from the University of Victoria.

"We are excited to welcome Jason to the LEXI family. His energy and proven track record in financial leadership will be instrumental as we continue our journey towards becoming a global leader in lithium production," said Ali Rahman, CEO of LEXI.

LEXI would like to extend its deepest gratitude to Mr. Chris Hobbs, our current CFO, for his unwavering dedication, hard work, and commitment to the company. His leadership and financial acumen have been instrumental in guiding LEXI through its formative years and setting it on a path of growth and success. We wish him all the best in his future endeavors and are confident that he will continue to make a significant impact wherever he goes.

"It has been an honor to serve as the CFO of LEXI and to be a part of its remarkable journey. I fully support the appointment of Jason Nalewanyj as the new CFO. His expertise and vision align perfectly with LEXI's growth trajectory. I am committed to ensuring a seamless transition and am confident that under Jason's financial leadership, LEXI will achieve new heights and continue its rapid growth in the lithium industry," said Mr. Chris Hobbs.

Having successfully drilled and completed the first two wells, the company is now gearing up to commence drilling on the third well within the Antofalla North project. LEXI's drilling will begin mobilizing towards the new site in LEA 5 this weekend and begin work on the drilling platform.

In addition to the appointment of Mr. Nalewanyj and completion of its second well in Antofalla North, LEXI is proud to highlight the completion of the initial profiles in its geophysical exploration campaign in its Antofalla South Project.

Under the auspices of Qualified Person, Murray Brooker, Geo Resource Ltda. ("GR") with a team of 8 professionals, including geologists and geophysicists, is conducting the Phase 1 campaign utilizing Magnetotelluric (MT) and Transient Electromagnetic (TEM) geophysical measurements in LEXI's nearly 4,000 hectare LEA 26 property.

Nine separate profiles, totaling over 7.5 kilometers, were surveyed during the initial ten days of fieldwork. Preliminary results show important and significant conductive anomalies within the explored areas of LEA 26. Now, the Company and GR will spend several weeks compiling and analyzing the data into geological and hydrogeological representations.

Phase 2 of the geophysics is scheduled to kick off at the end of September and will consist of additional MT and TEM surveys in over 20 separate profiles, totaling over 16 kilometers of the southern section of LEA 26. The objective will be to identify and characterize the best sectors for a drilling campaign to understand the hydrogeological dynamics of the LEA 26 property.

"LEXI's momentum is palpable. With the successful drilling and completion of our first two wells in Antofalla North and the samples currently under analysis, we are on the cusp of a new era for our company," added Rahman. "Our team, strengthened by the addition of Jason, is more equipped than ever to lead the charge in responsible lithium extraction, ensuring a brighter, more sustainable future for all and creating significant value for our shareholders."

Option Grant

LEXI's board of directors has granted certain directors and officers of the Company options to purchase up to 400,000 common shares with a term of three years and an exercise price equal to $0.14 per share.