Lithium Ionic Announces Application for Management Cease Trade Order
Lithium Ionic Announces Application for Management Cease Trade Order
TORONTO, ON, April 22, 2026 – Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N)
(“Lithium Ionic” or the “Company”), announces that, further to its news releases dated April 10,
2026, April 13, 2026 and April 20, 2026, the Company has made an application to the Ontario
Securities Commission (the “Principal Regulator”) to approve a temporary management cease
trade order (the “MCTO”) under National Policy 12-203 Management Cease Trade Orders (“NP
12-203”), which, if granted, will prohibit trading in securities of the Company by the Chief Executive
Officer and C hief Financial Officer of the Company until such time as the Required Filings (as
defined below) have been filed by the Company, and the MCTO has been lifted. During the period
in which the MCTO is effective, the general public, who are not insiders of the Company, will
continue to be able to trade in the Company’s listed securities. The MCTO application has been
made, but there is no guarantee or assurance that the MCTO will be granted.
As previously disclosed, o n April 9, 2026, the Principal Regulator commenced proceedings
involving another reporting issuer and certain directors and officers of the Company, who have
since resigned as directors and officers of the Company. The Company is not a respondent in
this matter and no orders have been sought against Lithium Ionic. The allegations contained in
the proceeding have not been proven.
In response to these developments, the Company has formed a special committee of independent
members of its Board of Directors (the “Special Committee”) and management of the Company
and the Special Committee have commenced a process to review the allegations and to confirm
completeness of the Company’s financial statements. I n light of the Principal Regulator ’s
proceedings and the timing of its announcement, while the Company is completing its internal
review, the Company’s auditor requires additional time to complete its audit of the Company ’s
annual financial statements for the year ended December 31, 2025. As a result, the Company
may be delayed in filing such audited annual financial statements , together with the related
management’s discussion and analysis and Chief Executive Officer and Chief Financial Officer
certifications (collectively, the “Required Filings”), on or before April 30, 2026.
Since April 9, 2026, management, together with its audit committee, has cooperated with the
Company’s auditors to complete the Required Filings as soon as possible. The Company
anticipates that it will be in a position to remedy the default by filing the Required Filings on or
before May 14, 2026. The MCTO will remain in effect until the Required Filings are completed.
Should the MCTO application be approved by the Principal Regulator and the temporary MCTO
issued, the Company will issue bi-weekly default status reports, in the form of news releases, for
so long as the default described herein remains outstanding, as required by NP 12-203.
About Lithium Ionic Corp.
Lithium Ionic is a Canadian lithium development company focused on responsibly advancing its
100%-owned Bandeira Lithium Project in Minas Gerais, Brazil, a region coined the “ Lithium
Valley” that is emerging as a world-class hard-rock lithium district. The Company is executing on
a focused development strategy centered on engineering de- risking, permitting advancement,
commercial planning, and construction readiness, with the goal of becoming a near-term producer
of high-quality spodumene concentrate for global battery supply chains.
For further information:
Lithium Ionic Corp.
Blake Hylands
Chief Executive Officer
+1 647.316.2500
Cautionary Note Regarding Forward-Looking Statements
This news release contains “ forward-looking information” within the meaning of applicable
securities laws. All statements contained herein that are not historical in nature contain forward-
looking information. Forward-looking information can be identified by words or phrases such as
“may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”,
“proposed”, “estimate”, “believe” or the negative of these terms, or other similar words,
expressions and grammatical variations thereof, or statements that certain events or conditions
“may” or “will” happen, or by discussions of strategy. The forward-looking information contained
in this news release, includes, but is not limited to, the filing of the Required Filings and timing
thereof, the outcome of recent regulatory proceedings , the Company’s ability to finance and
develop the Bandeira project, the prospectivity and development of the Company’s mineral
properties, the ability of the Company to become a near-term lithium producer and the Company’s
future plans. There can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the Company ’s
expectations are risks detailed from time to time in the filings made by the Company with securities
regulations. Forward-looking statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements contained in this news release are
made as of the date of this news release and the Company will update or revise publicly any of
the included forward-looking statements as expressly required by Canadian securities law.
The forward-looking information contained herein is made as of the date of this news release and
is based on assumptions management believed to be reasonable, including management ’s
perceptions of historical trends, current conditions and expected future developments, as well as
other considerations that are believed to be appropriate in the circumstances. While we consider
these assumptions to be reasonable based on information cur rently available to management,
there is no assurance that such expectations will prove to be correct.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may
be general or specific and which give rise to the possibility that expectations, forecasts,
predictions, projections or conclusions will not prove to be accurate, that assumptions may not be
correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our control, could cause actual
results to differ materi ally from the forward -looking information in this news release. Additional
risk factors can also be found in the Company ’s current MD&A, both of which have been filed
under the Company ’s SEDAR+ profile at www.sedar plus.ca. Readers are cautioned not to put
undue reliance on forward-looking information. The Company undertakes no obligation to update
or revise any forward-looking information, whether as a result of new information, future events
or otherwise, except as required by applicable law. Forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
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 release or has in any way approved or disapproved of the
contents of this news release.