ILC.V · 2024-02-29 12:00:00

Market Disclosure in Advance of PDAC 2024

Marketing Announcement

Toronto, Ontario--(Newsfile Corp. - February 29, 2024) - In advance of the PDAC (Prospectors &

Developers Association of Canada) conference, 'The World's Premier Mineral Exploration & Mining

Convention', which starts on March 3, 2024, in Toronto, International Lithium Corp. (TSXV: ILC) ("

ILC

" or

the "

Company

") wishes to put several matters into the public domain for full disclosure, enabling the

Company to talk openly about anticipated questions and topics of a strategic nature.

Raleigh Lake Lithium and Rubidium Project

The Company will speak about the PEA announced on December 4, 2023, and the related NI43-101

report announced on January 18, 2024. These reports only dealt with the economic value of the lithium at

Raleigh Lake, leaving the rubidium as a possible appreciable upside.

Firesteel Copper Project

The Company will speak about the News Release for this copper acquisition issued on February 20,

2024.

Zimbabwe

The Company announces that it has applied for several Exclusive Prospecting Orders ("EPOS") in

Zimbabwe. It is anticipated that the Company will be able to announce an award shortly. If awarded, the

area covered will be significant. Zimbabwe is the sixth largest lithium-producing country in the world at

present and is the largest producer in Africa.

It must be stressed that such awards are very hard to obtain, and their grant is in the hands of the

Government of Zimbabwe. Consequently, there is no guarantee of success.

Fundraising

The Company has had indications in principle from John Wisbey, Chairman and CEO, Ross Thompson,

Non-executive Director and from two other parties that they are together willing to participate in the

amount of CAD$ 1.1 million in the Company's proposed fundraising, which, subject to Exchange

approval, will be at a premium quantum of CAD$ 0.05 per share for units which include ILC shares and

warrants. This compares with ILC's current market share price of CAD$ 0.03.

The Company is withdrawing the private placement announced on October 24, 2023. Still, it will relaunch

it when it is confident that funds are available, provided that Exchange approval is obtained for the terms.

At the same time, the Company wishes to expand its investor base to new investors capable of

supporting the Company's expansion. It is in discussions with other parties who have expressed serious

interest.

The lithium market

The rise in the lithium price from circa USD$ 12,000 per tonne of lithium carbonate in mid-2021 to a high

of USD$ 80,000 at the end of 2022 has been followed by a fall back to around USD$ 13,000. Moreover,

the significant money printing during and after the pandemic has appreciably escalated mining costs. In

such a price and cost environment, it is no surprise that, without exception, lithium stocks are trading well

below their 1-year high or 3-year high. In a study produced by the Company of 21 Canadian and

Australian companies operating in hardrock lithium in Canada with a market capitalisation of less than

CAD$ 1 billion, and based on closing prices on February 23, 2024, the percentage of the current market

price versus the highest one year and three-year market prices was as follows:

Market stock price

Feb 23, 2024 as %

of 1 year high

Market stock price

Feb 23, 2024 as %

of 3 year high

Best performer

54.5%

41.5%

ILC

35.3%

20.0%

Average

29.1%

19.99%

Worst performer

3.1%

1.57%

The Company is not satisfied with being just over the average, and this situation arguably takes little or

no account of our recent copper acquisition, our significant plans in Zimbabwe, or the upside of our

rubidium at Raleigh Lake. We remain hopeful that these factors will, in due course, help the shares re-

rate.

About International Lithium Corp.

At ILC, 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 helping to create a greener, cleaner planet and

less polluted cities. The world has seen significant governmental and public drive to move away from the

energy market's historic heavy dependence on oil and gas. In addition, we have seen the clear and

increasingly urgent wish by the USA and Canada and other major economies to safeguard their critical

metals supplies and become more self-sufficient. Our Canadian projects, which contain lithium, rubidium

and copper, are strategic in that respect.

We have announced separately that we regard Zimbabwe as an important strategic target market for

ILC, and we hope to be able to make announcements over the next few weeks and months.

A key goal has been to become and remain a well-funded company to turn our aspirations into reality,

and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in

Canada in January 2022, and fundraising underway in 2024, the Board considers that ILC is well placed

in that respect with no debt and a strong net cash position.

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

Area (Hectares)

Stage

Current

Ownership %

Future Ownership

percentage if

options exercised

or work carried

out

Operator or JV

Partner

Raleigh Lake

Li, Rb

Ontario

48,500

PEA for Lithium

2023. Resource

Estimate for

Rubidium 2023

100%

ILC

Firesteel

Ontario

6,600

Exploration

90%

ILC

Wolf Ridge

Ontario

5,700

Exploration

100%

ILC

Avalonia

Ireland

29,200

Exploration

45%

21%

Ganfeng Lithium

Mavis Lake

Ontario

2,600

Resource Estimate

for Lithium 2023

(carries an extra

earn-in payment of

CAD$ 0.7 million

if resource targets

met)

Critical Resources

Ltd (ASX: CRR)

Forgan Lake &

Lucky Lake

Ontario

< 500

Exploration

1.5% Net Smelter

Royalty

Ultra Lithium Inc.

(TSXV: ULT)

The Raleigh Lake Project consists of 48,500 hectares (485 square km) 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 a 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.

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 solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of

choice for investors and to continue building value for its shareholders in the '20s, 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

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 effect of results of

anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or

Firesteel or Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary

economic assessments, feasibility studies, lithium or rubidium or copper or other metal 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,

the increased value of shareholder investments, 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.sedar.com

. 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/199850

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