Update on Economics of Raleigh Lake Project in Ontario
Update on Economics of Raleigh Lake Project
in Ontario
Vancouver, British Columbia--(Newsfile Corp. - January 9, 2026) - International Lithium Corp. (TSXV:
ILC) (OTCQB: ILHMF) (FSE: IAH) ("ILC" or the "Company") is pleased to note the upturn in lithium prices
from their low in June 2025, and wishes to give guidance and clarification to the wider investor
community for what this means for ILC's Raleigh Lake project. The financial projections and assumptions
in this release are already in the public domain as they were included in the Company's previously
published disclosures.
Since June 30, 2025, the price of Lithium Carbonate, the main lithium benchmark, has risen from USD
8,535 per tonne to USD 19,747 on January 8, 2026, a rise of 131%, while the price of Spodumene
Concentrate containing 6% Lithium Oxide ("SC6") in the same period has risen from USD 630 to
USD1,800 per tonne, a rise of 185%. The source for these prices is @LithiumPriceBot on X. The rise in
SC6 has well outperformed even silver since June 2025. Obviously the low in June 2025 followed a very
difficult previous 2 ½ years for lithium prices. At the present exchange rate of USD=CAD 1.3880, that
means a SC6 price measured in CAD$ of CAD$2,498.40 per tonne.
When ILC published the technical report for its Preliminary Economic Assessment ("PEA") for Raleigh
Lake on January 18, 2024*, ILC's board and management had the foresight to request and publish some
sensitivity analysis of the results, as any NPV or IRR calculation is critically dependent on the commodity
sale price assumption. The relevant table in the Technical Report (Lithium only) is Table 22-6 shown
below, and the sensitivity to the SC6 price assumption at the time of the Technical Report on Raleigh
Lake was as per that table.
Interpolating this table linearly between the two numbers modelled in the PEA for the Spodumene SC6
price of CAD$ 2,100 per tonne and CAD$ 2,500 per tonne would mean that using as an input the spot
price on January 8, 2026, of CAD$ 2,498.40 per tonne the Net Present Value and Internal Rate of Return
for the lithium only at the Raleigh Lake project calculated in the same way as in the table below and
subject to the same disclaimers would give the following numbers using a discount rate of 8% p.a.:
Raleigh Lake Project, lithium only
Pre-tax
Post-tax
NPV (CAD$)
223.1 million
NPV (CAD$)
215.1 million
IRR % p.a.
33.1%
IRR % p.a.
32.7%
We believe that these are helpful numbers to publish now to put the lithium price recovery into context as
far as ILC's Raleigh Lake project is concerned. We would stress that the medium term price assumption
for a commodity sale price is generally not the same as the current spot price. We have not considered
or consulted with the consultants who wrote the report on what the appropriate medium term price might
be as at today. We would also stress that prices can go down as well as up, and that costs may have
varied since the PEA was completed in January 2024. It should be noted that the Maiden Resource
Estimate at Raleigh Lake in April 2023 also quantified a rubidium resource there. The PEA was for
lithium only, and did not include sales of rubidium or cesium or other minerals.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/279868_e870c4d4547e4951_003full.jpg
Separately, we can report that ILC has filed for the appropriate permissions to turn various mining claims
at Raleigh Lake into a mining lease, and this process is now well underway. We are in the process of
planning the work we wish to carry out this year at Raleigh Lake given the improvement in the
economics. This includes attempting to complete a PEA for the rubidium there, despite the challenges of
robust pricing assumptions for rubidium chemicals.
*A copy of The Report, "The Raleigh Lake Project, NI43-101 Technical Report – PEA" is on the Company's website and was filed on SEDAR on
January 18, 2024.
Babak Vakili Azar, P.Geo, is a Qualified Person as defined by NI 43-101 and has verified the disclosed
technical information and has reviewed and approved the contents of this news release.
About International Lithium Corp.
International Lithium Corp. has 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 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 the Company
stands 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 remain 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 of these contribute to rising demand for lithium, copper, and other
metals. Rubidium is also a critical metal, strategic for high-precision clocks, space technology, and
improving the performance of certain types of solar panels. ILC has seen the politically driven,
increasingly urgent push by the USA, Canada, the EU, and other major economies to safeguard their
supplies of critical metals and to become more self-sufficient. The Company's Canadian and Southern
African projects, which contain lithium, rubidium, cesium and copper, are strategic in this regard.
The Company's key mission for the next decade is to generate revenue for its shareholders from lithium
and other critical minerals while also contributing to the creation of a greener, cleaner planet and less
polluted cities.
This includes optimizing the value of ILC's existing projects in Canada as well as finding, exploring and
developing projects that have the potential to become world-class deposits. The Company announced
that it regards Southern Africa as a key strategic target market and, in addition to Namibia, it has
applied for and hopes to receive EPOs in Zimbabwe. The board hopes 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
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
Rubicon +
Helikon +
Exclusive
Prospecting
Licence
Lithium
Rubidium
Cesium
Karibib, Namibia
2021 : Feasibility
Study completed
for Li, Rb and Cs
under JORC
29,500
0 %
80%
Lepidico; ILC if
option exercised
Firesteel
Copper, Cobalt
Ontario
Initial Drilling
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 of the EPL there,
will be a high priority if ILC decides to remain involved.
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 the Company's 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, strategically run company that turns ILC's
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 has continued to generate
sufficient cash inflows to advance its exploration projects.
With increasing demand for high-tech rechargeable batteries used in electric vehicles, energy storage,
and portable electronics, lithium has been dubbed "the new oil". It is a key part of a green, sustainable
economy. By positioning itself on projects with significant resource potential and solid strategic partners,
ILC aims to become a preferred lithium and critical minerals resource developer for investors and to
continue building value for its shareholders throughout 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
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, expected commodity prices, the expectation of resource
estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or cesium 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, government permits
or approval for licences and licence renewals, 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 shareholders in our projects 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.
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