The Energy Report

Western Lithium USA Corp. TICKER: WLC:TSX; WLCDF:OTCQX Visit Company Website Western Lithium is developing its Nevada lithium resource into potentially one of the world's largest strategic, scalable and reliable sources of battery grade lithium carbonate. The property has an NI 43-101 resource estimate for the initial stage of development and in total hosts a historically estimated 11 million tons of lithium carbonate equivalent (LCE). Western Lithium intends to start production in 2013, coinciding with the expected increase in production of lithium-ion batteries for hybrid/electric vehicles.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

The Energy Report Interview with Jonathan Lee (10/25/11) "The Argonne National Laboratory has an agreement with Western Lithium USA Corp. . .to collaborate and work on creating better lithium products. Having that knowledge of what its customers want is a significant turn of events. This is a big win for the company."

Jonathan Lee, Byron Capital Markets (10/5/11) "Western Lithium USA Corp. will collaborate with the U.S. Department of Energy's laboratory [Argonne] to produce lithium carbonate that can be used for battery applications—this is a big win for the company. . .the deal with Argonne will give Western Lithium access to approximately 1,000 scientists and engineers as well as an array of leading edge technologies. We also believe that it will strengthen the relationship between the U.S. government and the company, considering Western Lithium is one of only a few lithium developers in the country."

The Energy Report Interview with Chris Berry (9/1/11) "Another interesting company is Western Lithium USA Corp. It's a little bit of a hybrid as it's not a traditional brine or hard rock play. This is a very large clay asset in Nevada called Kings Valley. Western Lithium recently updated its NI 43-101 resource estimate, which I think was received positively as the tonnage and grade of the deposit increased, which helps the already good economics of the project. When you talk about lithium, one of the keys is security of supply. When the electric vehicle revolution really takes hold, the idea of having a ready domestic supply of the key asset lithium carbonate is of paramount importance. I'm currently reading a book titled 'Bottled Lightning: Superbatteries, Electric Cars, and the New Lithium Economy' by Seth Fletcher. In the book, the 'story' of Western Lithium is told and WLC CEO Jay Chemelauskas is featured prominently. The book is an interesting read on the history of lithium's role in electrification and more importantly, its future."

Doug Morrison, Small Cap Power (6/22/11) "What is interesting about Western Lithium Canada Corp? The company closed at $0.61, a 52-week closing low, on good volume. . .WLC [announced] on the 19th that it is funded for a prefeasibility and planned demonstration plant. . .looking at a 3-year chart, it is evident that $0.60 is strong support for this stock, trading on an RSI of 20.32—strong support coupled with a low RSI provides an opportunity to enter into a long position."

The Energy Report Interview with Daniela Desormeaux (6/2/11) "Western Lithium USA plans to produce lithium in the U.S. from a hectorite deposit located within the McDermitt Caldera Complex. The company claims that it would be competitive in terms of lithium carbonate's cash cost." More >

• Corporate Presentation (8/17/11)

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