●  EnergyX and Compass Minerals enter into an agreement to advance EnergyX's planned 30,000 tpa commercial-scale direct lithium extraction (DLE) and refinery plant near Utah's Great Salt Lake; the EnergyX project has been named Project Powder Hound™.

●  The Ogden, Utah, site holds an identified domestic resource of up to 2.4 million metric tons of lithium carbonate equivalent, one of the richest lithium brine regions in the U.S.

●  EnergyX will commit all funding with plans to invest approximately $400 million across two phases, projecting $600M+ in annual revenue at full build.

●  Project Powder Hound™ will be one of the first commercial-scale DLE facilities in the U.S., powered by EnergyX's proprietary GET-Lit™ technology and 140+ patents.

AUSTIN, Texas , May 18, 2026 /PRNewswire/ -- Energy Exploration Technologies Inc. ("EnergyX"), a leading innovator in sustainable direct lithium extraction (DLE) and refining technologies, today announced that it has entered into a Memorandum of Understanding with Compass Minerals, a global leader in the production of essential minerals. Per the agreement, the companies will explore the development of EnergyX's projected 30,000 tons-per-annum (tpa) commercial-scale DLE and refinery facility near the Great Salt Lake in Utah.

Under the terms of the agreement, EnergyX plans to design, fund, construct and operate a commercial DLE and refining facility on land owned by Compass Minerals. The Ogden, Utah, site has been identified as a significant domestic resource of approximately 2.4 million metric tons of lithium carbonate equivalent (LCE). As per the terms being explored, EnergyX will lease land from and pay a lithium production license fee to Compass Minerals, which will assign to EnergyX its existing lithium infrastructure and bear no capital costs in connection with the project.

The concept under consideration would enable EnergyX to develop the project in two phases, with the first up to 10,000 tpa derived from ponds currently used by Compass Minerals for the production of its salt, sulfate of potash and magnesium chloride products. The second phase of an additional potential ~20,000 tpa is to be sourced from upstream brine concentration ponds. Across both phases, lithium will be extracted without incremental withdrawal from the Great Salt Lake. EnergyX plans to invest approximately $400 million in the project, taking advantage of its industry-low CapEx costs of $12,500 per ton. The project is expected to create nearly 200 jobs in the region.

This development in Ogden would mark a major milestone for EnergyX, serving as the company's second flagship U.S. project alongside its operations in the Smackover Formation of Texas and Arkansas. Together, these projects represent transformative steps toward securing a sustainable domestic supply of battery-grade lithium and strengthening the United States' critical minerals independence.

The planned lithium facility in Ogden will be powered by EnergyX's proprietary GET-Lit™ DLE and refining technologies, supported by more than 140 patents. These technologies are engineered for superior lithium recovery, significantly reduced water consumption, and minimal environmental impact compared with traditional methods.