Market Disclosure in Advance of PDAC 2024

Market Disclosure in Advance of PDAC 2024

In advance of the PDAC (Prospectors & Developers Association of Canada) conference, 'The World's Premier Mineral Exploration & Mining Convention', which starts on March 3, 2024, in Toronto, International Lithium Corp. (TSXV: ILC) ("ILC" or the "Company") wishes to put several matters into the public domain for full disclosure, enabling the Company to talk openly about anticipated questions and topics of a strategic nature.

Raleigh Lake Lithium and Rubidium Project

The Company will speak about the PEA announced on December 4, 2023, and the related NI43-101 report announced on January 18, 2024. These reports only dealt with the economic value of the lithium at Raleigh Lake, leaving the rubidium as a possible appreciable upside.

Firesteel Copper Project

The Company will speak about the News Release for this copper acquisition issued on February 20, 2024.

Zimbabwe

The Company announces that it has applied for several Exclusive Prospecting Orders ("EPOS") in Zimbabwe. It is anticipated that the Company will be able to announce an award shortly. If awarded, the area covered will be significant. Zimbabwe is the sixth largest lithium-producing country in the world at present and is the largest producer in Africa.

It must be stressed that such awards are very hard to obtain, and their grant is in the hands of the Government of Zimbabwe. Consequently, there is no guarantee of success.

Fundraising

The Company has had indications in principle from John Wisbey, Chairman and CEO, Ross Thompson, Non-executive Director and from two other parties that they are together willing to participate in the amount of CAD$ 1.1 million in the Company's proposed fundraising, which, subject to Exchange approval, will be at a premium quantum of CAD$ 0.05 per share for units which include ILC shares and warrants. This compares with ILC's current market share price of CAD$ 0.03.

The Company is withdrawing the private placement announced on October 24, 2023. Still, it will relaunch it when it is confident that funds are available, provided that Exchange approval is obtained for the terms. At the same time, the Company wishes to expand its investor base to new investors capable of supporting the Company's expansion. It is in discussions with other parties who have expressed serious interest.

The lithium market

The rise in the lithium price from circa USD$ 12,000 per tonne of lithium carbonate in mid-2021 to a high of USD$ 80,000 at the end of 2022 has been followed by a fall back to around USD$ 13,000. Moreover, the significant money printing during and after the pandemic has appreciably escalated mining costs. In such a price and cost environment, it is no surprise that, without exception, lithium stocks are trading well below their 1-year high or 3-year high. In a study produced by the Company of 21 Canadian and Australian companies operating in hardrock lithium in Canada with a market capitalisation of less than CAD$ 1 billion, and based on closing prices on February 23, 2024, the percentage of the current market price versus the highest one year and three-year market prices was as follows:

Market stock price
Feb 23, 2024 as %
of 1 year high
Market stock price
Feb 23, 2024 as %
of 3 year high
Best performer 54.5%41.5%
ILC 35.3%20.0%
Average 29.1%19.99%
Worst performer 3.1%1.57%

 

The Company is not satisfied with being just over the average, and this situation arguably takes little or no account of our recent copper acquisition, our significant plans in Zimbabwe, or the upside of our rubidium at Raleigh Lake. We remain hopeful that these factors will, in due course, help the shares re-rate.

About International Lithium Corp.

At ILC, our key mission in the next decade is to make money for our shareholders from lithium and other battery metals and rare metals while at the same time helping to create a greener, cleaner planet and less polluted cities. The world has seen significant governmental and public drive to move away from the energy market's historic heavy dependence on oil and gas. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada and other major economies to safeguard their critical metals supplies and become more self-sufficient. Our Canadian projects, which contain lithium, rubidium and copper, are strategic in that respect.

We have announced separately that we regard Zimbabwe as an important strategic target market for ILC, and we hope to be able to make announcements over the next few weeks and months.

A key goal has been to become and remain a well-funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, and fundraising underway in 2024, the Board considers that ILC is well placed in that respect with no debt and a strong net cash position.

The Company's interests in various projects now consist of the following, and in addition, the Company continues to seek other opportunities:

NameMetalLocationArea (Hectares)StageCurrent Ownership %Future Ownership percentage if options exercised or work carried outOperator or JV Partner
Raleigh LakeLi, RbOntario48,500PEA for Lithium 2023. Resource Estimate for Rubidium 2023100%100%ILC
FiresteelCuOntario 6,600Exploration90%90%ILC
Wolf RidgeLiOntario 5,700Exploration0%100%ILC
AvaloniaLiIreland29,200Exploration45%21%Ganfeng Lithium
Mavis LakeLiOntario 2,600Resource Estimate for Lithium 20230%0%
(carries an extra earn-in payment of CAD$ 0.7 million if resource targets met)
Critical Resources Ltd (ASX: CRR)
Forgan Lake & Lucky LakeLiOntarioExploration0%1.5% Net Smelter RoyaltyUltra Lithium Inc. (TSXV: ULT)

 

The Raleigh Lake Project consists of 48,500 hectares (485 square km) of mineral claims in Ontario and is ILC's most significant project in Canada. Drilling has so far been on less than 1,000 hectares of our claims. A Preliminary Economic Assessment (PEA) was published for ILC's lithium at Raleigh Lake in December 2023, with a detailed economic analysis of ILC's separate rubidium resource still to come. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty-free. The project has excellent access to roads, rail and utilities.

With the increasing demand for high-tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil" and is a key part of a green energy sustainable economy. By positioning itself with projects with significant resource potential and solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue building value for its shareholders in the '20s, the decade of battery metals.

On behalf of the Company,

John Wisbey
Chairman and CEO

www.internationallithium.ca

For further information concerning this news release please contact +1 604-449-6520

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Firesteel or Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or copper or other metal recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Company's projects, the increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis, which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties, or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199850

News Provided by Newsfile via QuoteMedia

ILC:CA
International Lithium

International Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
International Lithium

International Lithium


Keep reading...Show less
Visit International Lithium Corp. at PDAC 2024, Booth #2350

Visit International Lithium Corp. at PDAC 2024, Booth #2350

Come visit International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") at Booth #2350 at the Prospectors & Developers Association of Canada's (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 3 to Wednesday, March 6, 2024.

John Wisbey, Chairman and CEO, will be on hand with Anthony Kovacs, Director and COO, to discuss the recently announced positive PEA* for the Raleigh Lake Lithium project (located along Highway 17 just outside of Ignace, Ontario) and the recently acquired highly prospective Firesteel Copper project** (just down the road near Upsala) - all in Northwestern Ontario.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Expansion of Critical Minerals Portfolio with the Highly Prospective Firesteel Copper-Cobalt Project near Upsala, Ontario

Expansion of Critical Minerals Portfolio with the Highly Prospective Firesteel Copper-Cobalt Project near Upsala, Ontario

International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce it has entered into a Purchase and Sale Agreement (the "Agreement") to acquire a 90% interest in a highly prospective grass roots copper and cobalt property in Northwestern Ontario.

The Firesteel project ("Firesteel" or the "Project" or "Property"), previously referred to as the Honeyjack project, is located less than 10 km directly west of Upsala along Highway 17 and stretches for 16 km to the Firesteel River (Figure 1 and 2).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
International Lithium Announces Warrants Extension

International Lithium Announces Warrants Extension

International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") announces that it intends, subject to TSX Venture Exchange approval, to extend the term of 25,121,583 warrants expiring on February 29, 2024 for a period of two years. The share purchase warrants were issued pursuant to a private placement of 54,545,455 units accepted for filing by the TSXV on April 5, 2021. Following the extension, 12,571,073 warrants will expire on February 3, 2026, and 12,550,510 warrants will expire on February 19, 2026. The exercise price remains unchanged at $0.08.

About International Lithium Corp.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
International Lithium Files PEA Technical Report for Raleigh Lake Lithium Project - Outlines Highly Favourable After-Tax NPV  of CAD$342.9 million and After-Tax IRR of 44.3% p.a.

International Lithium Files PEA Technical Report for Raleigh Lake Lithium Project - Outlines Highly Favourable After-Tax NPV of CAD$342.9 million and After-Tax IRR of 44.3% p.a.

International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce the National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI43-101") technical report ("The Report") for the Preliminary Economic Assessment(" PEA") for a proposed lithium mining operation to produce spodumene concentrate at Raleigh Lake, is now filed on SEDAR+.

Further to the Company's news release dated December 4, 2023, the Raleigh Lake Project, located 25 kilometres west of Ignace, Ontario has demonstrated a highly favourable economic scenario based on the production of a spodumene concentrate containing 6% Li2O ("SC6").

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
International Lithium Announces Extension of Private Placement

International Lithium Announces Extension of Private Placement

International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that the Company has been granted an extension from the TSX Venture Exchange (the "TSXV") to extend the closing of its non-brokered private placement (the "Offering") of up to 40,000,000 units (each, a "Unit") at CAD $0.05 per Unit to raise gross proceeds of up to $2,000,000, as previously announced on October 24, 2023. Pursuant to the extension, the Company has until January 25, 2024, to complete the Offering. The extension is designed to provide sufficient time for certain subscribers to complete all necessary documentation and requirements for the Company to accept their subscriptions.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Victory Battery Metals Corp. Options Kachiwiss Uranium Project and Other Uranium Anomalies

Victory Battery Metals Corp. Options Kachiwiss Uranium Project and Other Uranium Anomalies

Victory Battery Metals CORP. (CSE:VR)(OTC PINK:VRCFF)(FWB:VR6) is pleased to announce that it has entered into an option agreement dated April 11, 2024 to acquire 100% interest in four claim groupings in the Sept Iles region of Quebec. These claims are being optioned from GLOBEX MINING ENTERPRISES INC. (GMX - Toronto Stock Exchange, G1MN - Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchangesand GLBXF - OTCQX International in the US). Under terms of the agreement Victory will pay to Globex $400,000 in cash and 1,500,000 Victory shares over 3 years. In addition, Victory commits to execute a work program of a minimum of $3,000,000 on the claims over a 4-year period

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Victory Announces Private Placements

Victory Announces Private Placements

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Victory Battery Metals Corp. (CSE:VR)(FRA:VR6) (OTC PINK:VRCFF) ("Victory" or the "Company") announces today that it will undertake a non-brokered private placement of up to $500,000 by the issuance of 10,000,000 units at $0.05, each unit consisting of one share and one half a warrant. Each whole warrant entitles the holder to additional share for 2 years at a price of $0.10

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
GMV Minerals Inc. Closes Second Tranche Non-Brokered Financing

GMV Minerals Inc. Closes Second Tranche Non-Brokered Financing

GMV Minerals Inc. (the "Company" or "GMV") (TSXV:GMV)(OTCQB:GMVMF) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement. The second tranche raised gross proceeds of $80,250 from the issuance of 535,000 units (the "Units") at a price of $0.15 per Unit. The total private placement raised $301,350 in gross proceeds with the issuance of 2,009,000 Units

Each Unit consists of one common share of the Company (a "Common Share") and one half of one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.25 for a period of twelve months from the date issuance.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Lancaster Resources Acquires Piney Lake Gold Property

Lancaster Resources Acquires Piney Lake Gold Property

Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) (" Lancaster" or the " Company " ) a North American critical minerals exploration company, is excited to announce the acquisition of the Piney Lake Gold Property.

Property Overview

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
NextSource Materials Provides Development Update on Battery Anode Facility in Mauritius Freeport Zone

NextSource Materials Provides Development Update on Battery Anode Facility in Mauritius Freeport Zone

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce progress with the development of its Battery Anode Facility (BAF) in the Freeport Zone of the port of Port-Louis, Mauritius

Following a comprehensive site selection process, the Company has signed a long-term lease agreement for a site in the Freeport Zone of Port-Louis for the location of its first BAF plant. The Company has integrated engineering improvements into the plant design and initiated the environmental permitting (EIA) process.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Sirios grants Brunswick right to purchase a royalty on select claims of the Mirage Property

Sirios grants Brunswick right to purchase a royalty on select claims of the Mirage Property

The directors of Sirios Resources Inc. (TSX-V: SOI; OTCQB: SIREF) ("Sirios") are pleased to announce that Sirios has signed an agreement with Brunswick Exploration Inc. ("Brunswick") granting it the right to purchase a 0.5% Net Smelter Return ("NSR") held by Sirios on 8 claims that are part of Brunswick Exploration's Mirage lithium property located in Eeyou Istchee James Bay (ref. : 29082023 Press Release ).

Under the terms of the purchase agreement, Brunswick shall:

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
International Lithium

International Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×