DALLAS--(BUSINESS WIRE)-- LibertyStream Infrastructure Partners Inc. (TSXV: LIB | OTCQB: VLTLF | FSE: I2D) (“LibertyStream” or the “Company”) announced that on November 6, 2026, it entered into a non-binding term sheet (the “Term Sheet”) with Goodnight Midstream, LLC ("Goodnight”). The Term Sheet establishes a proposed framework for LibertyStream to deploy its proprietary direct lithium extraction (“DLE”) and refining systems within Goodnight’s Bakken produced water infrastructure, beginning with Independence 1, the Company’s proposed first commercial lithium carbonate facility in North Dakota.
The proposed arrangement builds on the commercial model LibertyStream established in the Permian Basin: the midstream partner sources, transports and manages the produced water, while LibertyStream funds, designs, constructs and operates the lithium facilities. Signing the Goodnight term sheet advances the Company’s planned expansion into a second major U.S. produced water basin, building on its existing relationship with Select in Texas.
Goodnight Midstream Term Sheet
Under the Term Sheet, subject to the execution of definitive agreements, Goodnight would grant LibertyStream the exclusive right to process produced water at Goodnight’s Bakken facilities to recover lithium and other critical minerals. LibertyStream would receive produced water at agreed delivery points, process it at its facilities and return treated water to Goodnight within agreed specifications. LibertyStream would fund, design, construct, own and operate each facility, and Goodnight would have no capital or operating cost obligation. LibertyStream’s exclusivity would be subject to conditions, including commissioning an initial facility with capacity of approximately 23,000 barrels per day on or before December 31, 2027. If those conditions are not met, LibertyStream would retain exclusivity only at Goodnight facilities where a LibertyStream facility has been commissioned. LibertyStream would also be responsible, at its sole cost, for obtaining and maintaining all permits required to operate the facilities.
In return, Goodnight would receive a revenue share on lithium carbonate produced and sold from each facility, calculated on realized sale proceeds, with the rate increasing above a specified lithium carbonate price. The Term Sheet also contemplates a royalty on other products, such as other critical minerals, produced and sold from the facilities, at rates to be agreed. The Term Sheet contemplates that the initial facility may be followed by up to three additional facilities of similar scale at mutually agreed Goodnight locations.
The Term Sheet is a statement of intention only and, other than provisions relating to confidentiality, public statements and governing law, does not create binding obligations. There can be no assurance that a Definitive Agreement will be entered into on the terms described in this news release or at all.
Independence 1 and the North Dakota Platform
Independence 1 would be LibertyStream’s first commercial lithium carbonate facility in North Dakota and is designed to produce approximately 500 tonnes per year of battery grade lithium carbonate at a Goodnight site, with production targeted to begin in the third quarter of 2027, subject to execution of the Definitive Agreement, financing, permitting and construction. Independence 1 supports LibertyStream’s strategy to establish a domestic lithium supply chain in North Dakota, including supply to Packet Digital, a Fargo-based battery manufacturer, under the memorandum of understanding signed between the companies in November 2025.
Independence 1 is the first of a planned series of Independence Facilities across Goodnight's Bakken system. Each facility will use the same modular DLE and refining template LibertyStream is deploying with Select in Howard County, Texas, allowing the Company to replicate engineering, procurement and operations from one site to the next.
State of North Dakota Funding Support
LibertyStream is developing its North Dakota activities with Wellspring Hydro (“Wellspring”), a North Dakota company that has worked on produced water and lithium development in the State since 2021. Wellspring has been awarded US$2.2 million in grants and US$2.5 million in loans from the North Dakota Industrial Commission's Clean Sustainable Energy Authority ("CSEA”) which may be utilized by LibertyStream via Wellspring in connection with the project, subject to conditions. LibertyStream is also working with the State of North Dakota on project financing options for up to 50% of facility costs for Independence 1 and future Independence Facilities.
About LibertyStream Infrastructure Partners
LibertyStream is a lithium development and technology company aiming to be one of North America’s first commercial producers of lithium carbonate from oilfield brine. Our strategy is to generate value for shareholders by leveraging management’s hydrocarbon experience to deploy our proprietary DLE technology directly into existing oil and gas infrastructure, thereby reducing capital costs, lowering risks and supporting the world’s clean energy transition. We are committed to operating efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or other interested parties may sign up for updates about the Company’s continued progress on its website: https://LibertyStream.com/.
Forward-Looking Information
This news release contains certain “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian and United States securities laws, collectively referred to herein as “forward-looking information.” Forward-looking information includes statements other than statements of historical fact and may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “target,” “plan,” “forecast,” “may,” “will,” “would,” “could,” “schedule” and similar words or expressions.
Forward-looking information in this news release includes, without limitation, statements regarding: the negotiation and execution of the Definitive Agreement, the related lease agreements and any other definitive documentation with Goodnight, and the terms of any such agreements; the design, capacity, financing, permitting, construction, commissioning and timing of Independence 1, including the targeted commencement of production in the third quarter of 2027; the Company’s ability to satisfy the conditions to exclusivity under the Term Sheet, including commissioning an initial facility by December 31, 2027; the development of any additional facilities at Goodnight locations; the Company’s ability to obtain and maintain the permits, licenses and approvals required in North Dakota; the Company’s arrangements with Wellspring; the receipt and availability of CSEA grants and loans; the recovery and sale of lithium carbonate and other products; and the Company’s commercialization activities.
Forward-looking information is based on assumptions considered reasonable by management as of the date of this news release, including assumptions regarding: that the parties will negotiate and execute the Definitive Agreement and related lease agreements on terms consistent with the Term Sheet and on the anticipated timeline; that the Company will obtain the financing necessary to construct Independence 1; that the Company will be able to obtain the permits, licenses and approvals required in North Dakota on a timely basis, notwithstanding that its operating experience to date has been in Texas; that Independence 1 will be constructed and commissioned on schedule and will operate as designed on Bakken produced water; that the arrangements with Wellspring will proceed as anticipated; that CSEA grants and loans will be available on the anticipated terms; and that Freedom 1 will be constructed and commissioned on schedule.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. Such risks include, without limitation: that the Definitive Agreement or related agreements are not entered into on the terms described herein, on the anticipated timeline or at all, the Term Sheet being non-binding; that the Company is unable to obtain financing for Independence 1 on acceptable terms or at all; that the Company is unable to obtain or maintain the permits, licenses and approvals required in North Dakota, or encounters delays or unanticipated requirements under North Dakota laws and regulations, with which the Company has limited experience given that its operations to date have been in Texas; delays, cost overruns or technical difficulties in the construction or commissioning of Independence 1, including that Independence 1 is not commissioned by December 31, 2027 and the Company loses exclusivity at Goodnight facilities where a facility has not been commissioned; that Bakken produced water differs in composition or volume from what is anticipated, or that the Company’s technology does not perform as expected on that water; that the Company’s arrangements with Wellspring do not proceed as anticipated; that CSEA grants or loans are not received or are subject to conditions that cannot be satisfied; volatility in lithium prices; and delays in Freedom 1 construction or commissioning.
Additional risks and uncertainties are described in the Company’s most recent public disclosure documents filed under its issuer profile on SEDAR+. Readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update forward-looking information to reflect future results, events or developments, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
