Acquisition of Option to Buy Lepidico's Interest in Karibib Lithium, Rubidium and Cesium Project in Namibia - Update
Acquisition of Option to Buy Lepidico's
Interest in Karibib Lithium, Rubidium and
Cesium Project in Namibia - Update
Vancouver, British Columbia--(Newsfile Corp. - October 28, 2025) - International Lithium Corp. (TSXV:
ILC) (OTCQB: ILHMF) (FSE: IAH) (the "
Company
" or "
ILC
") is pleased to announce, further to its
announcement on September 09, 2025, that on October 24, 2025 Lepidico met all the drawdown
conditions for completion of its secured loan from ILC and that this has now been increased to the full
amount of CAD$ 510,000. Of this loan amount CAD$420,000 earns interest at the rate of 10% p.a.
There were various conditions for the drawdown of the remaining loan, including a key condition now met
that, by full drawdown, there would be no debt owed by Lepidico Mauritius or its subsidiaries to its
ultimate Australian parent, Lepidico Ltd., which is in liquidation.
ILC now holds without any conditions an option from Lepidico (Canada) Inc. ("Lepidico Canada") to buy
100% of the shares of Lepidico (Mauritius) Ltd. ("Lepidico Mauritius") on a debt-free basis for
consideration of CAD$975,000 plus certain payments in the future that are contingent on and linked to
various possible receipts by Lepidico Canada. Lepidico Mauritius in turn owns 80% of Lepidico
Chemicals Namibia (Pty) Ltd. ("Lepidico Namibia"), which owns the Karibib Lithium, Rubidium and
Cesium project in Namibia. The actual net amount payable by ILC on option exercise will be the
difference between CAD$975,000 payable by ILC for the option exercise and the repayment to ILC of
loan principal of CAD$510,000 plus interest accrued to the date of option exercise. The option has been
granted until the later of November 30, 2025, and 30 days after the arbitration outcome is known (see
below).
It is important to reiterate that there is a possibility that the option may not be exercised, especially if
Lepidico Namibia encounters an adverse outcome in an arbitration dispute with the Chinese company
Jiangxi Jinhui Lithium Co. Ltd., which involves claims and counterclaims. This arbitration in Singapore is
now expected to conclude at any time from now until the end of 2025. Conversely, if the arbitration is
resolved positively, ILC and Lepidico Canada have agreed that 30% of the net proceeds after legal and
other costs will be retained by the part of the Lepidico group that ILC would be acquiring, with the
remaining 70% paid to Lepidico Canada. The deal structure reflects ILC's reluctance to assume the risk
of a negative arbitration award arising from events that occurred seven years ago.
Assuming the transaction goes ahead with ILC exercising its option, the Company would leapfrog, by
several years, the development stage of other projects it is interested in, including those in Zimbabwe
and:
have one of the largest rubidium resources in Africa and (per our own research and also using
Grok) the largest disclosed rubidium resource in Africa, as well as one of the most extensive
rubidium resources in North America through ILC's existing Raleigh Lake project in Ontario;
be well-positioned for an upswing in the lithium market; and
strengthen its stance as one of the leading global players in the rubidium market and a company
with some of the most significant cesium interests of any non-Chinese company.
Lepidico's ownership of Karibib resulted from its 2019 acquisition of TSXV-listed Desert Lion Energy in
exchange for shares and other securities valued at that time at AUD$ 22.9 million (approximately
CAD$20.7 million). Since acquiring the company in 2019, Lepidico has invested a further AUD$ 12.1
million (approximately CAD$ 10.9 million) in the Karibib project, excluding central group overheads, with
a significant portion directed towards drilling, an environmental study and subsequently a Definitive
Feasibility Study and a further Resource Estimate both under JORC standards.
The Karibib Project comprises two areas near Karibib, Namibia, with fully permitted mining licences
known as Rubicon and Helikon (also in various reports spelled Helicon), along with an Exclusive
Prospecting Licence EPL5439 for an adjacent area. Fuller details are as set out in our news release of
September 9, 2025.
It is believed, based on published data, that as well as its significant lithium resource, the Karibib project
contains the largest (or one of the two largest) rubidium resources of any project in Africa (the others
being in Zimbabwe and Zambia). At the same time, the amount of cesium is smaller but nevertheless
equal to about one year of global demand. For cesium Sinomine has historically been the largest
producer in Africa, and has recently restarted cesium production at its Bikita project in Zimbabwe by
extracting pollucite from petalite tailings. Sinomine is also known to have rubidium from the lepidolite at
Bikita, but we are not aware of any resource estimate.
If the option is exercised, ILC would, subject to confirming the resource as its own resource (and not a
historical resource as it is presently treating it) have the largest known or at least the largest disclosed
rubidium resource in Africa. The Company also has extensive rubidium resources in North America
through its Raleigh Lake project in Ontario. Please refer to the Company's "The Raleigh Lake Project -
NI 43-101 Technical Report PEA" dated January 18, 2024 by ERM Consultants Canada Ltd. and the
seven named QPs in the report.
John Wisbey, Chairman of ILC, stated:
"This potential acquisition marks a significant
advancement for ILC globally - particularly in Southern Africa. With this single transaction for a
project that reached the Definitive Feasibility Study stage under JORC in 2020 and was
upgraded in 2022, the Company would leapfrog, by several years, the development stage of
other projects we are interested in, including those in Zimbabwe."
"Assuming the transaction goes ahead with ILC exercising its option, ILC will be well-
positioned for an upswing in the lithium market, as well as strengthening its stance as one of
the leading global players in the rubidium market and a company with some of the most
significant cesium interests of any non-Chinese company."
About International Lithium Corp.
International Lithium Corp. is a Critical Minerals exploration company with exploration activities in
Ontario, Canada, with intentions to expand into Southern Africa. It has projects at various stages, ranging
from Definitive Feasibility Study at Rubicon in Namibia (note that ILC currently has an option only and is
treating this as historic information at this point and not a current resource for ILC) to Preliminary
Economic Assessment at Raleigh Lake (as noted above) to Pre-Drilling at Wolf Ridge. The primary
target metals in Canada are lithium, rubidium and copper. There are three projects (two in Ontario and
one in Ireland) in which ILC has sold its share but where we stand to receive future payments from either
a resource milestone being achieved or from a Net Smelter Royalty. In Namibia the Karibib project
contains lithium, rubidium and cesium.
While the world's politicians are currently divided on the future of the energy market's historic
dependence on oil and gas and on "Net Zero", there is in any scenario an ever increasing and significant
demand for electricity driven by AI and data centres, and by a likely unstoppable momentum towards
electric vehicles and grid-scale electricity storage. All these contribute to rising demand for lithium and
copper as well as other metals. Rubidium is also a valuable critical metal that is strategic for high-
precision clocks and for space technology. We have seen the politically driven and increasingly urgent
wish by the USA, Canada, EU and other major economies to safeguard their supplies of critical metals
and to become more self-sufficient. Our Canadian and Southern African projects, which contain lithium,
rubidium, cesium and copper, are strategic in that respect.
Our key mission for the next decade is to generate revenue for our shareholders from lithium and other
battery metals, as well as rare metals, while also contributing to the creation of a greener, cleaner planet
and less polluted cities.
This includes optimizing the value of our existing projects in Canada as well as finding, exploring and
developing projects that have the potential to become world-class deposits. We have announced that we
regard Southern Africa as a key strategic target market for ILC and, in addition to Namibia, we have
applied for and hope to receive EPOs in Zimbabwe. We hope to make further announcements on the
portfolio developments over the next few weeks and months.
The Company's interests in various projects now consist of the following, and in addition, the Company
continues to seek other opportunities:
Name
Metal
Location
Stage
Area in
Hectares
Current
Ownership
Percentage
Future Ownership
% if options
exercised and/or
residual interest
Operator or
JV Partner
Rubicon +
Helikon +
Exclusive
Prospecting
Licence
Lithium
Rubidium
Cesium
Karibib,
Namibia
2021 : Feasibility
Study completed
for Li, Rb and Cs
29,500
0 %
80%
Lepidico; ILC if
option exercised
Raleigh Lake
Lithium
Rubidium
Ontario
Dec 2023 : PEA for
Li completed Apr
2023 Maiden
Resource
Estimates for Li
and Rb
32,900
100%
100%
ILC
Firesteel
Copper
Cobalt
Ontario
Aeromagnetics
and Drilling started
mid 2024
6,600
90%
90%
ILC
Wolf Ridge
Lithium
Ontario
Pre-Drilling
5,700
0%
100%
ILC
Mavis Lake
Lithium
Ontario
May 2023
Maiden Resource
Estimate
2,600
0%
0%
(carries an extra
earn-in payment of
AUD$ 0.75 million
if resource targets
met)
Critical Resources
Limited
Avalonia
Lithium
Ireland
Drilling
29,200
0%
0%
2.0% Net Smelter
Royalty
GFL Intl Co Ltd.
(owned by
Ganfeng Lithium
Group Co. Ltd)
Forgan/
Lucky Lakes
Lithium
Ontario
Drilling
< 500
0%
0%
1.5% Net Smelter
Royalty
Power Minerals
Limited
The Company's primary strategic focus at this point is on the Raleigh Lake Project, comprising lithium
and rubidium, and the Firesteel copper project in Canada, as well as obtaining EPOs and mineral
claims in Zimbabwe. The Karibib projects in Namibia, including further development on the EPL there,
will become a high focus if ILC exercises its option there.
The Raleigh Lake Project now encompasses 32,900 hectares (329 square kilometres) of mineral claims
in Ontario and represents ILC's most significant project in Canada. To date, drilling has occurred on less
than 1,000 hectares of our claims. A Preliminary Economic Assessment was published for ILC's lithium
at Raleigh Lake in December 2023, with a detailed economic analysis of ILC's separate rubidium
resource still pending. Raleigh Lake is 100% owned by ILC, free from any encumbrances and royalties.
The Raleigh Lake Project boasts excellent access to roads, rail, and utilities.
A continuing goal has been to remain a well-funded company to turn our aspirations into reality.
Following the disposal of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in
2022, and the Avalonia project in 2025, ILC continues to achieve sufficient inward cash flow to be able to
make progress with its exploration projects.
With the increasing demand for high-tech rechargeable batteries used in electric vehicles, electrical
storage, and portable electronics, lithium has been designated "the new oil" and is a key part of a green
energy, sustainable economy. By positioning itself with projects that have significant resource potential
and solid strategic partners, ILC aims to be one of the preferred lithium and rare metals resource
developers for investors and to continue building value for its shareholders for the rest of the 2020s, the
decade of battery metals.
On behalf of the Company,
John Wisbey
Chairman and CEO
www.internationallithium.ca
For further information concerning this news release, please contact +1 604-449-6520 or
or
.
Neither 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 release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-
looking information" within the meaning of applicable securities law. Forward-looking information or
forward-looking statements in this or other news releases may include: the timing of completion of any
offering and the amount to be raised, the likelihood or otherwise of the Company exercising its option
on Lepidico Mauritius, the outcome of arbitration involving Lepidico Namibia, the effect of results of
anticipated production rates, the timing and/or anticipated results of drilling on the Karibib or Raleigh
Lake or Firesteel or Wolf Ridge projects, the expectation of resource estimates, preliminary economic
assessments, feasibility studies, lithium or rubidium or copper recoveries, modeling of capital and
operating costs, results of studies utilizing various technologies at the company's projects, the
Company's budgeted expenditures, future plans for expansion in Southern Africa and planned
exploration work on its projects, increased value of shareholder investments in the Company, the
potential from the Company's third party earn-out or royalty arrangements, the future demand for
lithium, rubidium, cesium and copper, and assumptions about ethical behaviour by our joint venture
partners or third party operators of projects or royalty partners. Such forward-looking information is
based on assumptions and subject to a variety of risks and uncertainties, including but not limited to
those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and
annual Management's Discussion and Analysis which are available at
www.sedarplus.ca
. While
management believes that the assumptions made are reasonable, there can be no assurance that
forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or
other factors materialize, or should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking information. Forward-looking information herein,
and all subsequent written and oral forward-looking information are based on expectations, estimates
and opinions of management on the dates they are made that, while considered reasonable by the
Company as of the time of such statements, are subject to significant business, economic, legislative,
and competitive uncertainties and contingencies. These estimates and assumptions may prove to be
incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required
by law, the Company assumes no obligation to update forward-looking information should
circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/272194