International Lithium Provides Update on Avalonia Project
International Lithium Provides Update on
Avalonia Project
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2025) - International Lithium Corp. (TSXV:
ILC) (OTCQB: ILHMF) (FSE: IAH) (the "
Company
" or "
ILC
") is pleased to announce that any possible
Canadian regulatory hurdles with regard to the disposal of its interest in the Avalonia project in Ireland to
GFL International Co. Ltd. ("Ganfeng"), a subsidiary of Ganfeng Lithium, have been cleared. The
transaction will now complete as planned. The board remains of the belief based on its legal advice that
the transaction, involving a minority holding in pre-Resource Estimate mineral claims in Ireland already
controlled by the buyer, fell outside the scope of the Investment Canada Act. However as a precautionary
measure the buyer filed a voluntary notification. The deadline for objection and initiation of a Canadian
National Security Review has passed without any objection by the Government of Canada.
The Company announced the Avalonia Project variation agreement on September 17, 2024. As well as
payments totalling CAD$ 2.2 million in 2025 the Company will be granted a 2% Net Smelter Royalty.
The Company intends to continue with the private placement of shares announced on February 5, 2025,
to supplement its funds and to ensure that there are funds for available exploration not only in Canada but
also in Zimbabwe if we make the steps forward there that we hope for. The expenditure in Zimbabwe is
dependent on the grant of Exclusive Prospecting Orders ("EPOs") there, which is believed to be
relatively imminent. There is still room to accept further subscriptions in the placement from eligible
investors.
About International Lithium Corp.
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 seems a clear and unstoppable momentum
towards electric vehicles and electric battery storage. We have seen the clear and increasingly urgent
wish by the USA and Canada and other major economies to safeguard their supplies of critical metals
and to become more self-sufficient. Our Canadian projects, which contain lithium, rubidium and copper,
are strategic in that respect.
Our key mission in the next decade is to make money for our shareholders from lithium and other battery
metals and rare metals while at the same time playing our part in creating 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 separately that we regard Zimbabwe as an important strategic target market for ILC,
and that we have applied for and hope to receive EPOs there. We hope to be able to make
announcements over the next few weeks and months.
The Company's interests in various projects now consists of the following, and in addition the Company
continues to seek other opportunities:
Name
Metal
Location
Area (Hectares)
Current Ownership
Percentage
Future Ownership
percentage if
options exercised or
work carried out
Operator or JV
Partner
Raleigh Lake
Lithium
Rubidium
Ontario
32,900
100%
100%
ILC
Firesteel
Copper
Cobalt
Ontario
6,600
90%
90%
ILC
Wolf Ridge
Lithium
Ontario
5,700
0%
100%
ILC
Mavis Lake
Lithium
Ontario
2,600
0%
0%
(carries an extra earn-
in payment of CAD$
0.7 million if resource
targets met)
Critical Resources Ltd
(ASX: CRR)
Avalonia
Lithium
Ireland
29,200
0%
2.0% Net Smelter
Royalty
Ganfeng Lithium
Forgan/
Lucky Lakes
Lithium
Ontario
< 500
0%
1.5% Net Smelter
Royalty
Ultra Lithium Inc.
(TSXV: ULT)
The Company's primary strategic focus at this point is on the Raleigh Lake lithium and rubidium project
and the Firesteel copper project in Canada and on obtaining EPOs and mineral claims in Zimbabwe.
The Raleigh Lake Project now consists of 32,900 hectares (329 square kilometres) of mineral claims in
Ontario and is ILC's most significant project in Canada. Drilling has so far been on less than 1,000
hectares of our claims. A Preliminary Economic Assessment (PEA) was published for ILC's lithium at
Raleigh Lake in December 2023, with detailed economic analysis of ILC's separate rubidium resource
still to come. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty
free. The project has excellent access to roads, rail and utilities.
A continuing goal has been to remain a well-funded company to turn our aspirations into reality, and
following the disposal of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in
January 2022, and the Avalonia project in 2024, ILC has achieved sufficient inward cashflow to be able
to make progress with its exploration projects.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical
storage as well as 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 with significant resource potential
and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers
of choice for investors and to continue to build value for its shareholders in the '20s, the decade of
battery metals. There also remains major upside from ILC's rubidium resource.
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
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 the
Offering and the amounts to be raised, effect of results of anticipated production rates, the timing
and/or anticipated results of drilling on the 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, budgeted expenditures and planned exploration work
on the Company's projects, increased value of shareholder investments, the potential from the
company's third party earn-out or royalty arrangements, and assumptions about ethical behaviour by
our joint venture partners or third party operators of projects. 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/242022