International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") is pleased to announce that all resolutions proposed at the Company's annual general and special meeting of shareholders held on December 29, 2021 were passed. All agenda items outlined in the information circular for the meeting were approved and all director nominees were elected, with over 99% of votes cast in favour of all the motions. The directors elected for the ensuing year were: John Wisbey, Maurice Brooks, Nicholas Davies, Anthony Kovacs and Ross Thompson.
About International Lithium Corp.
International Lithium Corp. believes that the '20s will be the decade of battery metals, at a time that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. Our key mission in this decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits. In addition, we have seen the clear and growing wish by the USA and Canada to safeguard their supplies of critical battery metals, and our Canadian Raleigh Lake property is strategic in that respect.
A key goal has been to become a well funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021, the Board of the Company considers that ILC is already well placed in that respect with a strong net cash position. The disposal of Mavis Lake, assuming the option is exercised as planned, will add useful further liquidity.
International Lithium Corp. has a significant portfolio of projects, strong management, and strong partners. Partners include Ganfeng Lithium Co. Ltd., ("Ganfeng Lithium") a leading China-based lithium product manufacturer quoted on the Shenzhen and Hong Kong stock exchanges (A share code: 002460, H share code: 1772) and Essential Metals Limited, quoted on the Australian Stock Exchange (ASX:ESS).
The Company's primary strategic focus is now on the Raleigh Lake lithium and rubidium project in Canada and on identifying additional properties.
The Raleigh Lake project now consists of over 47,000 hectares (470 square kilometres) of adjoining mineral claims in Ontario, and is ILC's most significant project in Canada. The exploration results there so far, which are on only about 5% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
Complementing the Company's rare metal pegmatite property at Raleigh Lake, are interests in two other rare metal pegmatite properties in Ontario, Canada known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which encompasses an extensive 50-km-long pegmatite belt.
The ownership of the Mavis Lake project is currently 51% Essential Metals Limited (ASX: ESS, "ESS") and 49% ILC. In addition, ILC owns a 1.5% NSR on Mavis Lake. ESS has an option to earn an additional 29% by sole-funding a further CAD $8.5 million expenditures of exploration activities, at which time the ownership will be 80% ESS and 20% ILC. Mavis Lake is now under option until January 2022 to Critical Resources Ltd. (ASX:CRR) to buy 100% at which point ILC's NSR would also be surrendered. If exercised, that option will bring the Company approximately CAD$1.4m of cash and shares in CRR, with upto a further CAD$1.4m if certain resource targets are achieved by CRR. If CRR were to complete its purchase but then sell or joint venture the Mavis Lake claims in future, this further payment obligation would pass to any future owner of the claims. ILC and ESS would have a right of first refusal to buy the claims back if CRR had not achieved and made additional payment for the first additional payment milestone.
The Forgan Lake project will, upon Ultra Resources Inc. meeting its contractual requirements pursuant to its agreement with ILC, become 100% owned by Ultra Resources (TSXV: ULT), and ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng Lithium and 45% ILC. Ganfeng Lithium has an option to earn an additional 24% by either incurring CAD$ 10 million expenditures on exploration activities by September 2024 or delivering a positive feasibility study on the project, at which time the ownership will be 79% Ganfeng Lithium and 21% ILC. In the event that ILC does not contribute to the project after that, and its share consequently falls below 10% of the project, its share will be substituted by a 1% NSR.
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 tech" 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.
On behalf of the Company,
John Wisbey
Chairman and CEO
www.internationallithium.com
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 Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium 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 Avalonia Joint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners where we have them. Such forward-looking information is based on a number of 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.
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International Lithium offers investors exposure to the growing critical metals sector through its advanced-stage Raleigh Lake lithium-rubidium project in Ontario, early-stage copper-cobalt exploration at Firesteel in Ontario, and strategic focus on Southern Africa, all supported by strong infrastructure and a seasoned leadership team.
With strategic divestments, a robust financial position, and a focused growth strategy, International Lithium is well-positioned to meet the rising demand for lithium and other critical metals
International Lithium (TSXV:ILC,OTC:ILHMF,FRA:IAH,OTCQB:ILHMF) is a Canada-based mineral exploration company focused on the discovery and development of lithium and other critical metals essential for the transition to a cleaner, greener planet. With a portfolio of projects located in mining-friendly jurisdictions, the company’s primary objective is to build shareholder value by advancing its key assets towards production while expanding its presence in emerging critical metals regions.
International Lithium's flagship asset is the 100 percent owned Raleigh Lake lithium and rubidium project in Ontario. A preliminary economic assessment (PEA) for the Raleigh Lake project, completed in December 2023, demonstrated strong project economics and significant resource growth potential, including an annual after-tax cash flow of C$634 million, NPV of C$342.9 million and IRR of 44.3 percent, with a nine-year mine life and project duration of 11 years. This assessment did not yet include rubidium, which represents significant additional potential pending further market analysis.
Complementing its lithium focus, the company is advancing the Firesteel copper-cobalt project in northwestern Ontario, targeting high-grade base metal mineralization to further diversify its critical metals exposure.
In addition to its Canadian projects, International Lithium is positioning for further international growth with a strategic focus on Southern Africa. It has applied for exclusive prospecting orders (EPOs) in Zimbabwe, one of the world's most prospective regions for hard rock lithium exploration.
Recent strategic divestments, including the sale of the Avalonia project stake, have strengthened ILC's financial position, enabling focused investment in its core projects.
The company is led by an experienced management team with a strong technical background in mineral exploration, project development and corporate finance. Supported by access to established infrastructure, a commitment to sustainable development practices, and a clear strategic focus, International Lithium is well-positioned to capitalize on the increasing global demand for lithium and other essential materials critical to the clean energy transition.
The Raleigh Lake project is ILC’s flagship asset, located approximately 25 kilometres west of Ignace, Ontario. The project covers a contiguous land package of 32,900 hectares and is 100 percent owned by the company. Raleigh Lake benefits from excellent infrastructure access, situated near the Trans-Canada Highway, a Canadian Pacific Railway line, and existing natural gas and hydroelectric infrastructure.
Major public infrastructure relative to the Raleigh Lake project
Raleigh Lake is notable for its dual potential to host both lithium and rubidium mineralization. The lithium is found primarily in spodumene-bearing pegmatites, while rubidium is associated with microcline-rich zones of the same lithium-cesium-tantalum pegmatite system. In 2023, International Lithium published a maiden mineral resource estimate (MRE) that delineated significant resources for both lithium and rubidium using separate cutoff criteria.
For lithium (Li₂O), the project hosts a measured and indicated resource of 5.88 Mt grading 0.79 percent Li₂O, and an inferred resource of 2.07 Mt grading 0.77 percent Li₂O, primarily within pegmatite #1. This lithium resource forms the basis of the company’s PEA, which demonstrated robust project economics with an after-tax NPV (8 percent) of C$342.9 million and an IRR of 44.3 percent.
The rubidium component, though not included in the PEA due to current market constraints, represents an additional potential value stream. The company has reported a measured and indicated resource of 133,000 tons at 6,163 ppm rubidium (0.67 percent Rb₂O) and an inferred resource of 123,000 tons at 4,224 ppm rubidium (0.46 percent Rb₂O), using a 4,000 ppm cutoff. The rubidium zones are found in association with potassic feldspar, offering a potentially recoverable byproduct pending further market and technical evaluation.
Given the project’s strong infrastructure position, mineral endowment, and defined development path, Raleigh Lake represents a compelling advanced-stage opportunity in North America's lithium supply chain. International Lithium is continuing infill and expansion drilling, environmental baseline studies, and metallurgical testing to support project advancement toward pre-feasibility.
The Firesteel project is an early-stage copper-cobalt exploration property located in northwestern Ontario, approximately 10 km west of Upsala along Highway 17. Spanning a 16-km corridor to the Firesteel River, the property lies within a geologically favorable region characterized by Archean metavolcanic and metasedimentary rocks, which are prospective for volcanogenic massive sulphide (VMS) and sedimentary copper systems.
International Lithium completed the acquisition of a 90 percent interest in the Firesteel project in May 2024, aiming to diversify its critical metals portfolio beyond lithium. Historical sampling on the property has returned encouraging results, including copper assays up to 2.6 percent and cobalt values reaching 309 ppm. Notably, the "Roadside 1" occurrence features semi-massive sulphide mineralization comprising pyrite, pyrrhotite, chalcopyrite and bornite. These findings suggest the presence of a highly metamorphosed VMS or sedimentary copper system, potentially up to 20 meters wide and extending over a kilometer in length.
The project's proximity to major infrastructure, including highways and railways, coupled with its strategic location near the company's Raleigh Lake project, enhances its development potential. International Lithium plans to conduct systematic exploration, including geochemical sampling and geophysical surveys, to refine targets for future drilling campaigns.
Wolf Ridge is a 5,700-hectare grassroots lithium project located 20 km southwest of Upsala and near ILC’s Firesteel copper claims. The area benefits from excellent infrastructure, including proximity to Highway 17, power, and road access.
The project was highlighted by the Ontario Geological Survey (2021–2022) for its standout lake sediment anomalies - among the highest lithium values in the region - indicating strong potential for LCT pegmatite mineralization.
Read more on page 54 of the report here.
Southern Africa is recognized as a prospective region for hard rock lithium, and International Lithium’s strategic focus reflects a proactive move to establish a presence in this emerging jurisdiction.
As part of its strategy to expand its critical metals footprint, International Lithium has applied for Exclusive Prospecting Orders (EPOs) over several prospective areas in Zimbabwe. The targeted regions are known for hosting spodumene, lepidolite and petalite-bearing pegmatites, indicating potential for significant lithium resources.
Although the EPO applications are still pending approval, the company has already conducted initial due diligence, including geological reviews and desktop studies, to prioritize exploration targets once access is granted. Zimbabwe’s growing importance as a global lithium supplier, combined with favorable mining policies, offers a compelling backdrop for the company's expansion efforts. International Lithium intends to leverage its technical expertise and exploration experience to quickly evaluate and develop these opportunities upon receiving the necessary permits
John Wisbey joined International Lithium in 2017, initially serving as deputy chairman before being appointed chairman and CEO in March 2018. Under his leadership, the company has undergone a significant transformation, including achieving 100 percent ownership of the Raleigh Lake project, divesting non-core assets, and expanding into new jurisdictions such as Zimbabwe. He founded two London AIM-listed companies: IDOX, which provides software for the UK local government; and Lombard Risk Management, which specializes in software for bank risk management and regulation. He also established CONVENDIA, a private company that specializes in software for cash flow forecasting, project valuation and M&A financial analysis. With a background in banking and financial technology entrepreneurship, Wisbey brings extensive experience in corporate leadership and strategic development. He is also the company's largest shareholder.
Maurice Brooks joined the board of ILC in 2017. He is a licensed senior statutory auditor in the UK. Since 2000, he has been a senior partner at Johnson Smith & Co. in Staines, Surrey. Before that, Brooks was a senior partner in Johnsons Chartered Accountants in the London Borough of Ealing. His commercial and investment experience includes executive directorships in manufacturing and an investment accountant role in the superannuation fund of the Western Australian state government. His early professional employment includes Ball Baker Leake LLP and LLC and Price Waterhouse Coopers-UK.
Anthony Kovacs joined the board of ILC in 2018 and has worked with the company since 2012. He has over 25 years of experience in mineral exploration and development. Before joining ILC, he held senior management roles in which he sourced and advanced iron ore and industrial minerals projects. Kovacs was involved in early-stage work at the Lac Otelnuk Iron Ore project in Quebec, Canada and the Mustavaara Vanadium Mine in Finland. Before that, Kovacs worked for Anglo American where he focused on Ni-Cu-PGE and IOCG projects. At Anglo-American, Kovacs was directly involved in several discoveries internationally. Kovacs has significant experience with industrial minerals, ferrous metals, non-ferrous metals and precious metals projects throughout the Americas, Europe and Africa.
Ross Thompson joined the board of ILC in 2017 and is the chair of the audit and remuneration committees. He is a speaker and expert in marketing behavioral science. In 1995, he founded Giftpoint Ltd. which is now one of the largest specialist promotional merchandise businesses in the UK. with offices in London and Shanghai. Giftpoint Ltd.’s clients include L’Oreal, Oracle, Ocado and Pernod Ricard among others. Thompson was president of IGC Global Promotions, one of the world’s oldest and largest global networks of premium resellers, for seven years. He is an active investor with a special interest and understanding of natural resources businesses.
Geoff Baker joined the board of ILC at the end of 2022 and is a member of the audit committee. He has a career in the natural resource and finance industries. He is a director of Tim Trading, a company offering consultancy services in the oil and gas industry. During his tenure as manager of Insch Black Gold Funds, Baker received the Investors' Choice Swiss Fund Manager of the Year Award. He is a co-founder of a digital collectible non fungible token CryptoChronic and of Cannastore, a pilot e-commerce website. Baker holds a bachelor's degree from the University of Windsor in Ontario.
Muhammad Memon became corporate secretary of ILC in 2021. He has over 10 years of experience in managing finance and compliance functions of public companies in various sectors including mining exploration, investment management, real estate and technology. He assists companies with debt and equity financings, cash flow management and forecasting, legal and regulatory compliance, investor communications, stakeholder engagement and risk management. He is a member of the Chartered Professional Accountants of Canada and a fellow of the Association of Chartered Certified Accountants, United Kingdom.
Developing a portfolio of critical metals assets to meet the global demand for clean energy
Asset Portfolio Overview
International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that it has completed the sale of all its interest in the Avalonia Project in Ireland and in Blackstairs Lithium Ltd, the company that owns that project.
As announced on September 17, 2024, the Company's interest in the Avalonia Project was sold then to GFL International Co., Limited ("GFL"), a subsidiary of Ganfeng Lithium Group Co., Ltd. ("Ganfeng"), for a consideration of CAD$ 2.2 million plus a 2% Net Smelter Royalty. The Company reports that it has now sold its shareholding in Blackstairs Lithium to GFL for an additional CAD$ 0.3 million. The final CAD$ 1.0 million of the consideration for the CAD$ 2.2 million Avalonia Project is payable by GFL in October 2025.
John Wisbey, Chairman and CEO of ILC, commented:
"We are pleased to have completed the sale of our interest in the Avalonia Project to GFL who was our partner in Ireland. This divestment allows us to focus on our wholly owned or majority-owned projects in Canada and on progressing identified opportunities in Southern Africa. We have a strong 11-year relationship with Ganfeng, and we will welcome working with Ganfeng again on future projects when there is a mutual interest in doing so."
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 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 now 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.
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 to be a clear and unstoppable momentum towards electric vehicles, solar power and electric battery storage, all of which contribute to rising demand for lithium. Rubidium is increasingly seen as a valuable critical metal that is strategic for high-precision clocks and for space technology. Copper has many historical uses, but demand is projected to be sharply higher as more data centres are required for AI. We have seen the clear and increasingly urgent wish by the USA, 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 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 separately announced that we regard Southern Africa as a key strategic target market for ILC and that 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 |
| 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 Ltd (ASX: CRR) |
| 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 | 0% | 0% 1.5% Net Smelter Royalty | Power Minerals Ltd (ASX: PNN) |
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 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 now the Avalonia project, 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 info@internationallithium.ca or ILC@yellowjerseypr.com.
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 time when the Company will receive the remaining consideration payable by Ganfeng for the Avalonia Project, 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 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 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.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/257488
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International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that the Company is extending the closing of its non-brokered private placement financing (the "Offering") to July 9, 2025. The Offering was originally announced on February 5, 2025, and later upsized as announced on May 1, 2025. The upsized Offering is comprised of up to 57,000,000 common shares of the Company at a price of $0.015 per share for gross proceeds of up to $855,000.
On March 31, 2025, the Company closed the first tranche the Offering and issued 23,666,666 common shares at $0.015 per share for proceeds of $355,000. The proposed payments from the first tranche proceeds included $183,600 to pay the outstanding fees to non-arm's length creditors.
Proceeds of the private placement will be used primarily for general working capital purposes. The payments to persons conducting Investor Relations Activities shall not exceed 10% of the proceeds.
Closing of the Offering is subject to acceptance by the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.
It is anticipated that some directors and insiders will participate in the future tranches of the Offering. The issue of shares (to the extent subscribed for by insiders) constitute "related party transactions" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), as the subscribers include directors of the Company. The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the shares in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the shares does not exceed 25% of the Company's market capitalization.
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 also 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 | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. (TSXV: ULT) | |
| *Sale not completed yet | ||||||
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 (sale not completed yet), 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.
On behalf of the Company,
John Wisbey
Chairman and CEO
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.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.
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International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that it is increasing the size of its non-brokered private placement financing (the "Offering") from $600,000 to $855,000 and extending the closing of the Offering to May 30, 2025. The Offering was originally announced on February 5, 2025. The upsized Offering is comprised of up to 57,000,000 common shares of the Company at a price of $0.015 per share for gross proceeds of up to $855,000.
On March 31, 2025, the Company closed the first tranche the Offering and issued 23,666,666 common shares at $0.015 per share for proceeds of $355,000. The proposed payments from the first tranche proceeds included $183,600 to pay the outstanding fees to non-arm's length creditors.
Proceeds of the private placement will be used primarily for general working capital purposes. The payments to persons conducting Investor Relations Activities shall not exceed 10% of the proceeds.
Closing of the Offering is subject to acceptance by the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.
It is anticipated that some directors and insiders will participate in the future tranches of the Offering. The issue of shares (to the extent subscribed for by insiders) constitute "related party transactions" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), as the subscribers include directors of the Company. The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the shares in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the shares does not exceed 25% of the Company's market capitalization.
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 also 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 | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. (TSXV: ULT) | |
| *Sale not completed yet | ||||||
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 (sale not completed yet), 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.
On behalf of the Company,
John Wisbey
Chairman and CEO
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.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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250515
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International Lithium Corp.(TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that it closed on March 31, 2025 the first tranche of its non-brokered private placement (the "Offering") of common shares announced on February 5, 2025. On closing, the Company issued 23,666,666 common shares at $0.015 per share for proceeds of $355,000. This takes the total number of shares in issue to 272,403,254.
Proceeds of the private placement will be used primarily for general working capital purposes ahead of the Company's receiving proceeds from its disposal to Ganfeng of ILC's stake in the Irish Avalonia project. The Company anticipates 52% or $183,600 of the private placement proceeds from tranche 1 will be allocated to pay the outstanding fees to non-arm's length creditors. No fees have been payable on the transaction, and the payments to persons conducting Investor Relations Activities shall not exceed 10% of the proceeds.
Closing of the Offering is subject to acceptance by the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.
Five non-arms' length parties participated in this tranche of the private placement: CEO and director John Wisbey, CFO and director Maurice Brooks, COO and director Anthony Kovacs, director Ross Thompson, and director Geoffrey Baker. The issue of shares (to the extent subscribed for by insiders) constitute "related party transactions" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), as the subscribers include directors of the Company. The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the shares in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the shares does not exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the Company had not been confirmed at that time.
John Wisbey, the Chairman and Chief Executive Officer of the Company, participated in the Offering and acquired 14,680,000 common shares. Mr. Wisbey is a new Control Person pursuant to TSX Venture Exchange policies as he now beneficially and directly owns and controls 64,426,841 common shares of the Company, representing approximately 23.65% of the issued and outstanding Shares on a non-diluted basis. The shareholders of the Company previously approved the creation of John Wisbey as a "Control Person" of the Company at the Annual General and Special Meeting held on December 10, 2018.
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 also 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 | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. (TSXV: ULT) | |
| *Sale not completed yet | ||||||
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 (sale not completed yet), 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.
On behalf of the Company,
John Wisbey
Chairman and CEO
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.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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246880
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International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that all resolutions proposed at the Company's annual general meeting of shareholders held on September 16, 2024 were passed. All agenda items outlined in the information circular for the meeting were approved and all director nominees were elected, with over 99% of votes cast in favour of all the motions. The directors elected for the ensuing year are John Wisbey, Maurice Brooks, Anthony Kovacs, Ross Thompson, and Geoffrey Baker.
The world has seen a significant governmental and public drive to move away from the energy market's historic 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 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 helping to create 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 | 48,500 | 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 | 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 consists of 48,500 hectares (485 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, even before any fundraising.
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.
On behalf of the Company,
John Wisbey
Chairman and CEO
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 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.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/223556
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Metals Australia offers investors exposure to a rapidly advancing, high-grade graphite development project in Quebec with near-term growth catalysts, backed by strong government support, battery-grade test results, and a diversified portfolio of critical, precious and base minerals assets in tier-1 jurisdictions.
Metals Australia (ASX:MLS) is a mineral exploration company with a high-quality portfolio of advanced battery minerals and metals projects in tier-1 mining jurisdictions of Western Australia and Canada. The portfolio comprises two critical minerals projects in Quebec, Canada – the Lac Carheil flake graphite project and the Corvette River gold, silver and base metals project. The Australian portfolio comprises two projects: Warrego East (copper-gold) in Tennant Creek, Northern Territory, and Manindi (vanadium-titanium, zinc) in Western Australia.
The push for net zero targets and the call from policymakers to transition to cleaner energy has intensified the focus on electric vehicles (EVs) and battery storage. EV automakers and battery manufacturers rely on essential materials such as graphite and metals, including lithium, nickel, copper and cobalt, to manufacture the batteries that are used in these vehicles and storage batteries generally. This has driven carmakers and battery manufacturers to partner with battery material suppliers under direct off-take agreements. Further, some automakers/battery manufacturers are buying equity stakes in miners, involving them directly in financing decisions for the development of mining projects. This is encouraging for companies such as Metals Australia as it actively advances its projects towards development.
Graphite is a critical mineral required for the mass electrification of auto transportation.
Metals Australia is focused on progressing its flagship Lac Carheil flake graphite project in Quebec, Canada. The project is well-positioned to supply high quality graphite products, including battery-grade graphite, to the North American market – including for lithium-ion and EV battery production in the future. The company has completed a major winter drill program and is targeting a mineral resource upgrade in Q3 2025, with the updated resource to feed into the ongoing PFS and downstream studies.
Metallurgical work has demonstrated battery-grade spherical graphite (99.96 percent graphitic carbon) with high conversion efficiency and tap density. Downstream battery-grade purification and shaping test work is underway in Germany with ANZAPLAN.
Metals Australia is also advancing its gold silver and base metals exploration project at Corvette River, which is adjacent to Patriot Battery Metals’ world-class lithium project. Work to date has included mapping, trenching and sampling, with further drilling programs planned for 2025.
The company continues its exploration programs at its other Australian projects: Manindi (vanadium-titanium-magnetite) and Warrego East (copper-gold).
The 100 percent owned Lac Carheil graphite project is located in eastern Quebec, a tier-1 mining jurisdiction with strong infrastructure and government support. The project lies near the town of Fermont and has excellent access to power and logistics, including proximity to the upgraded Highway 389, nearby hydropower infrastructure, and an expanding provincial road network.
Project location, claims boundaries, graphite resource & trends, regional magnetics & sample results
The current JORC 2012 mineral resource is 13.3 Mt 11.5 percent total graphitic carbon (Cg) for 1.53 Mt of contained graphite, based on limited drilling along just 1 km of a much larger 36 km mapped trend. The resource includes an indicated resource of 9.6 Mt @ 13.1 percent Cg, and inferred resource: 3.7 Mt @ 7.3 percent Cg.
A major 9,482-meter winter diamond drilling program was completed in early 2025, increasing total project drilling to ~11,800 meters. The program defined a new southeast extension zone with multiple intersections >15 percent Cg and demonstrated graphite continuity over 2.3 km of strike length, more than double the previous extent.
The results from this drilling campaign are being incorporated into an updated mineral resource estimate, expected in Q3 2025, which will underpin the next stage of project development.
Metallurgical and battery test work has confirmed Lac Carheil’s graphite is suitable for battery-grade applications, with:
A PFS is being led by Lycopodium Minerals Canada and is progressing in parallel with downstream battery anode (BAM) test work led by ANZAPLAN in Germany, a location study for a BAM facility, likely in Canada, and marketing and pricing assessments in collaboration with Lone Star Technical Minerals.
The project is uniquely positioned to meet North America’s surging demand for secure, domestic graphite supply, especially for EV and energy storage battery markets. It represents a strategic, high-grade, long-life source of critical material, with potential for vertical integration from mine to battery anode material.
MLS’s Corvette River Project Area’s – Felicie in the northeast, West and East Eade prospects to the south of the Corvette River, 2024 & prior sample result highlights, regional geology - including greenstone belts
The Corvette River gold, silver and base metals project is located in Quebec’s James Bay region. Corvette River comprises multiple prospects including East Eade, West Eade and Felicie. The 2024 program confirmed high-grade gold and base metal zones, with trench samples of up to 29.7 g/t gold. Field programs are ongoing, with follow-up work planned in 2025.
Located in the Murchison District of Western Australia, the Manindi project includes a JORC-compliant zinc-copper-silver resource of 1.08 Mt at 6.52 percent zinc, 0.26 percent copper and 3.19 g/t silver. The project also hosts a high-grade vanadium-titanium-iron (Ti-V-Fe) discovery zone situated adjacent to the base metals resource.
Recent metallurgical test work from the Ti-V-Fe zone has produced two commercially attractive concentrates: a high-grade iron-vanadium product grading 66 percent Fe and 1.19 percent V₂O₅, and a titanium-iron product grading 43.8 percent TiO₂ and 32.0 percent Fe. The combined mass recovery from the two products exceeded 65 percent of the sample, and both products displayed low impurity levels and strong commercial potential. Further processing optimization is underway to enhance the TiO₂ grade.
The mineralised Ti-V-Fe zone remains open at depth and along strike and is hosted within a 2 km-long magnetic gabbro trend. A program of work is being finalised to support drilling to define a mineral resource within the original discovery and to test four newly identified nearby targets. These complements renewed interest in the zinc-copper-silver resource due to stronger base metal prices.
The Warrego East copper-gold project is located in the Tennant Creek region of the Northern Territory, near the historically significant Warrego Mine. The exploration license (E32725) is fully granted, and the mining management plan has been approved. Land access agreements have also been finalised.
Geophysical surveys have defined 11 compelling magnetic and gravity targets along a known mineralised corridor. These targets lie within a prospective structural setting that hosts several high-grade historical deposits. A field program is being prepared for execution following the wet season, alongside three additional tenement applications that aim to expand the project footprint.
A mining engineer, Paul Ferguson has over three decades of experience in the resources and energy sectors across North America, Asia and Australia. He has extensive project development and operational experience working in Canada. He has worked in oil & gas major ExxonMobil across project stages, including feasibility, design, construction, and operation. He has worked in executive level roles within Australia, including at GMA Garnet and held increasingly more senior roles with BHP (Iron Ore & Coking Coal) and then with Exxon Coal Minerals and Mobil Oil Australia during the early stages of his career.
Tanya Newby is a finance and governance professional with over 20 years’ experience in various corporate and commercial roles. She has a strong background in the resources sector and has provided financial advice and assistance to several publicly listed entities through exploration, project development through to the production stage. She is a member of the Institute of Chartered Accountants, member of the Governance Institute of Australia and a graduate member of the Institute of Company Directors.
Michael Muhling has over two decades of experience in resources, including 15 years in senior roles with ASX-listed companies. He is a fellow of CPA Australia, The Chartered Governance Institute, and the Governance Institute of Australia.
Chris Ramsay is a geologist and project manager with over 25 years of experience in the global mining industry. He has been involved in exploration, mine development and operations for mining projects in Australasia, Southeast Asia, and parts of Africa and North America.
Michael Scivolo has extensive accounting and taxation experience for corporate and non-corporate entities. He was a partner/director at a CPA firm until 2011 and has since been consulting in accounting and taxation. Scivolo is on the boards of several ASX-listed mining companies, including Sabre Resources, Golden Deeps and Tennant Minerals Ltd.
Alexander Biggs has over 20 years of experience in the mining and engineering sectors. During his career, he has been involved in various activities, including operations, consulting, finance and capital raising. He is currently the managing director of Lightning Minerals (ASX) and was previously the managing director of Critical Resources (ASX: CRR). Biggs is a member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines.
Rachelle Domansky is an ESG specialist and a consulting psychologist for businesses, governments and educational institutions in the Asia-Pacific region. In addition to Metals Australia, Domansky holds non-executive board positions at Larvotto Resources Ltd and Quebec Lithium.
Basil Conti has been associated with the mining industry for over 25 years. He is a fellow of the Institute of Chartered Accountants Australia & NZ and was a partner/director of a chartered accounting firm in West Perth until 2015.
“China needs growing feedstock to supply its chemical demand,” Cook explained at Fastmarkets' Lithium Supply & Battery Raw Materials event, “and Africa is of growing importance in fulfilling this gap.”
Between 2025 and 2035, lithium production across Africa is projected to increase by a staggering 127 percent, driven by new mines in Zimbabwe, Mali, Ethiopia and Namibia. Cook highlighted that against that backdrop Africa’s share of global lithium supply will surge from a small fraction today to around 80 percent by 2030.
The motivation for China is clear: the Asian nation cannot meet demand by tapping domestic sources alone. China’s hard-rock lithium supply has a growing deficit that will multiply fivefold by 2035.
“That deficit is growing and is said to be a five times increase from 2020 to 2035,” Cook said, pointing to forecasts of rising chemical demand from Chinese battery producers. As a result, Chinese firms have aggressively invested in African lithium projects, locking up supply in countries with looser regulatory controls and cheaper production costs.
In Zimbabwe and Mali, Chinese ownership of lithium mines is expected to remain significant, even if the share of Chinese-owned production in Africa declines modestly from 79 percent in 2025 to 65 percent by 2035.
“In 2025, African output is set to have 79 percent of it being China owned, and that percentage reduces down to 65 percent in 2035,” Cook stated, adding that overall output will still nearly double.
As a result, total Chinese-controlled volumes will keep rising.
Zimbabwe in particular has positioned itself at the heart of Africa’s lithium expansion.
Under its Vision 2030 program, introduced in 2018, the country is aiming to transition to an upper- to middle-income economy by building more domestic value from its minerals. As part of this framework, authorities have prioritized increasing value addition and beneficiation of raw materials as a central pillar of economic growth
Zimbabwe's 2022 ban on raw lithium ore exports, coupled with a planned 2027 ban on concentrate exports, is designed to force local upgrading and refining. Chinese-backed operators have already responded to this move, investing in midstream processing facilities that convert lithium ore into more valuable chemicals.
Cook said there were no surprises in Zimbabwe’s 2027 concentrate ban because Zimbabwe’s largest lithium projects — Arcadia and Bikita — had already planned sulfate plants late last year.
Both projects are already dominated by Chinese investors. In fact, Cook said Zimbabwe could soon become the fifth-largest producer of mined lithium globally, with Chinese interests controlling as much as 90 percent of its output.
Slide from Cook showing Zimbabwe's future lithium supply dominance in Africa.
Image via Georgia Williams.
Despite this surge, Africa’s lithium boom is hardly risk-free. Cook flagged serious challenges in transport, electricity and worker conditions in her presentation at the Fastmarkets conference.
“Local workers often also tend to be within the lower skilled jobs, and unlike the Australian mines, a lot of that work is done manually, which can mean there is an increased risk to personal safety,” she said.
Road bottlenecks and port congestion in countries like South Africa hamper exports, while rolling blackouts push some miners to build their own power infrastructure. However, China’s Belt and Road Initiative is easing some of those pain points, upgrading key transport corridors to keep African lithium flowing.
Domestically, China is also seeing a shift in how it sources lithium.
Benchmark Mineral Intelligence data shows that brine-based production, once a major source for China, is declining relative to hard rock. By 2035, hard rock will make up the majority of Chinese feedstock.
Cook speaks on stage at the Fastmarkets event.
Image via Georgia Williams.
While the reopening of CATL's (SZSE:300750,HKEX:3750) mine in Jiangxi province this year will help, Cook argued that China is still structurally dependent on Africa and other regions to fill the supply gap.
That dependence, she said, is at the heart of Beijing’s long-term lithium security push. “China is directly investing to secure supply, to get that hard-rock feedstock," she commented.
While Zimbabwe, along with Mali, is grabbing attention now, Cook forecast that new African lithium suppliers will emerge by 2035, including Ethiopia, Namibia and the Democratic Republic of Congo.
She also noted potential future lithium supply growth from Rwanda, Nigeria and Côte d'Ivoire, even though these countries are still years away from commercial production.
This potential dominance could come with price advantages too.
African lithium projects often have lower upfront costs compared to Australia because of their lower grades and cheaper labor, even though they may face higher impurities and weaker ESG oversight.
“It also means that in terms of pricing, we see that the spodumene price that's coming out of some of these projects is typically around US$20 to US$30 lower than the spot price that you'll see quoted by Newcastle,” Cook noted.
Still, quality issues and chronic underinvestment in African infrastructure could slow progress. Cook emphasized that transport, electricity reliability and governance will determine whether Africa can live up to its lithium promise.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Henderson began by going over key numbers relevant to the lithium sector. According to the CEO, there was a 26 percent year-on-year increase in demand for electric vehicles (EVs) from 2023 to 2024.
Lithium plays a vital role in the production of EVs, as it is a key component of the batteries that power them.
Alongside that EV demand increase, mass energy storage also saw a 51 percent leap.
“I don’t think there’ll be any deniers around the long-term prospects of lithium, but it's worth reflecting on how quickly it’s changing," Henderson told the Fastmarkets audience.
Henderson speaks on stage at the Fastmarkets event.
Image via Georgia Williams.
Looking at areas connected to lithium, Henderson mentioned solar, saying it now surpasses all power-generation technology investment combined. Solar falls under the clean energy umbrella, which receives more than $2.2 trillion in investment per year — twice the amount of investment made in fossil fuels.
“We are witnessing and (are) part of an incredible period. Technology, policy (and) consumer sentiment can continue to drive what is a structural shift towards electrification," he said. "Lithium remains at the center of this shift."
The paradox, according to Henderson, is that while scaling up is happening, prices have been cycling down.
“We’re 12 months into a period of curtailments and reset. And where we are now — we sit deep into the cost curve with price levels, of course, at unsustainable levels for many operators," he noted.
"But these cycles, or these resets, offer a fantastic reset for market, albeit they're painful.”
The Pilbara CEO emphasized that while lithium prices have fallen to “clearly unsustainable” levels, the long-term demand and strategic relevance of lithium will survive it.
“This is not a short-term trend. This is a structural transformation, and lithium remains at core.”
Looking over to Pilbara Minerals, Henderson went over its recent achievements and future plans.
“We’re keeping our lives absolutely committed to our strategy,” he said about the company, adding that the past year was Pilbara Minerals' “most transformational year for business.”
Highlights from the period include the acquisition of Latin Resources and its flagship Salinas lithium project in Brazil, which was announced in August 2024 and closed this past February.
The CEO also discussed the company’s flagship Pilgangoora operation, which he described as a globally significant tier-one lithium asset with a mine life of 33 years. Pilgangoora is located 140 kilometers from Port Hedland in Western Australia and is one of the world’s largest hard-rock lithium operations.
Pilbara Minerals has completed two expansions, including the buildout of the world’s largest hard-rock ore-sorting plant, which aims to improve lithium recovery, increase final product quality and reduce energy consumption.
In addition to that, Henderson said Pilbara Minerals boosted its reserves by 23 percent last year.
Furthermore, the company became a lithium hydroxide producer via its partnership with POSCO Holdings (NYSE:PKX,KRX:005490), and is working on a demonstration plant for its midstream project.
In January, the Western Australian government’s Investment Attraction Fund contributed AU$15 million for work at the plant, which is a joint venture with Calix (NYSE:CALX,ASX:CXL).
Henderson said the demonstration plant is currently under construction.
Last year, Pilbara Minerals contributed approximately 8 percent to global lithium supply. The company’s cash balance currently stands at AU$1.1 billion.
According to Henderson, certainty and efficient operations are everything in today’s lithium market.
“Government policy is forcing change, both in sticks and carrots, and supply chain diversification is underway, but largely the processing remains very much concentrated," he said.
Henderson highlighted coordination and collaboration as key points, saying that thriving in this environment means building deeper integration across the supply chain.
Lithium industry challenges and opportunities.
Chart via Pilbara Minerals.
He added that the lithium industry is not the first sector to grow from a small base and has yet to mature on a number of dimensions. Henderson summarized his key recommendations into four points:
He also presented a list of challenges and corresponding opportunities regarding the lithium market, saying that while there’s a lot of pain in the industry, it's also the time for great partnerships to be forged.
“This industry will evolve with or without our stewardship. This is a call to leadership across our group,” he concluded. “The challenge is ours. The opportunity is real. Let's build it together and turn this market pain into a strategic avenue.”
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.