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Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to provide a company update on the latest drilling results from resource definition drilling currently underway at the Company’s 100% owned and fully funded Salinas Lithium Project (“Salinas”) in Brazil.
HIGHLIGHTS
- Latest drilling results continue to confirm the expansion of the Colina pegmatite swarm, providing additional confidence in a significant resource upgrade in June.
- Latest results include:
- SADD078: 14.00m @ 1.55% Li2O from 323.00m
including: 5.00m @ 1.99% Li2O from 323.00m - SADD080: 12.59m @ 1.46% Li2O from 274.46m
- SADD081: 16.92m @ 1.36% Li2O from 242.48m
- SADD082: 27.15m @ 1.45% Li2O from 237.00m
- SADD078: 14.00m @ 1.55% Li2O from 323.00m
- Systematic resource definition drilling progressing well; high-grade pegmatite swarm extends over an area of approximately one kilometre by one kilometre to a depth of 400m below surface, open in all directions.
- Colina JORC Mineral Resource Estimate (MRE) upgrade remains on schedule to be published in June.
- Detailed full pilot plant DMS + float metallurgical test work program scheduled to commence in Q3 2023, to be immediately followed by hydrometallurgy test work to produce final sulphate and other lithium products.
- Salinas South drilling to commence next quarter.
Latin Resources’ Geology Manager, Tony Greenaway commented:
“We continue to see great results coming out of the resource definition drilling at our Colina Deposit. The consistency in both the pegmatite thickness and lithium grades is extremely encouraging, bolstering our confidence to be able to deliver what we believe will be a significant upgrade to the Colina mineral resource in June.
“We are very focused on finding the extents of the rapidly growing system at Colina, where the pegmatite swarm remains open in all directions. Drilling is progressing very well, and we are on track to close off our drilling database in mid-May to enable the JORC Resource estimation process to commence in June.”
Resource definition drilling
The Company’s 2023, 65,000 metre resource definition diamond drilling campaign is progressing well, with a total of 32,000 meters now completed in 109 diamond drill holes at the flagship Colina Lithium Deposit in Brazil.
Recently received assay results from drill core samples continue to highlight the consistency of the high-grade pegmatite swarm at Colina, with mineralisation now defined over an area of one kilometre by one kilometre to a depth of 400m below surface (Figure 1 and Figure 2). The pegmatite swarm remains open in all directions and at depth. Drilling is ongoing.
The ongoing expansion of the Colina lithium pegmatites, as well as the strong correlation seen between drillholes and drill sections, provides the Company with increased confidence of the potential to significantly grow the existing 13.2Mt @ 1.2% Li2O Mineral Resource Estimate (“MRE”)1. SGS geological consultants have completed site inspections of the new drill core including the 33.07m @ 1.83% Li2O pegmatite (Figure 3) intersected in SADD0772, in preparation for the MRE update which is scheduled for June 2023.
Latest drilling intersections include3:
- SADD078: 14.00m @ 1.55% Li2O from 323.00m
Including: 5.00m @ 1.99% Li2O from 323.00m - SADD080: 12.59m @ 1.46% Li2O from 274.46m
- SADD081: 16.92m @ 1.36% Li2O from 242.48m
- SADD082: 27.15m @ 1.45% Li2O from 237.00m
Figure 1: Drill section A-A’ showing the existing Colina MRE block model, and selected pegmatite intersections (refer to Figure 2 for section location)
Figure 2: Colina Deposit drill collar plan highlighting potential MRE growth areas, including Colina West and Colina South
COMPANY UPDATE - BRAZIL
Ongoing works at Colina
The Company’s board recently approved an aggressive exploration budget for the wider Salinas Lithium Project. This includes the addition of four diamond drilling rigs, taking the total rigs onsite to eight, operating on a double shift basis, with an estimated 65,000m planned to be drilled in 2023.
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LRS:AU
Latin Resources
Overview
Latin Resources (ASX:LRS), an Australia-based mineral exploration company, is aiming to make a mark in global carbon reduction efforts through mineral projects that advance efforts toward net-zero emissions, and a corporate value that upholds the highest environmental, social and governance standards.
Lithium plays an important role in decarbonization goals, particularly for its application in lithium-ion batteries used for energy storage in renewable energy technologies. Demand for lithium continues to increase, with prices in 2022 reaching 430 percent higher year-on-year and expected to rise by 22 percent in 2026 due to shortages in raw materials. This rising demand is driven by the global energy transformation movement and provides significant opportunity for emerging new projects entering this space.
Latin Resources’ flagship Salinas Lithium Project is located 10 kilometers outside the town of Salinas, northeast of Minas Gerais in Brazil. The project’s Colina Lithium Deposit has a maiden JORC Mineral Resource Estimate of 13.3 million tonnes (Mt) @ 1.2 percent lithium oxide (indicated and inferred).
Salinas is 80 kilometers away from Sigma Lithium’s (TSXV:SGML) Grota do Cirilo property, which is on track to becoming one of the world’s largest lithium producers. Sigma has a world-class lithium resource base of 85.7 Mt @ 1.43 percent lithium oxide, with an average production of 766 kilo-tonnes per annum (ktpa) and a 13-year mine life. Sigma’s latest definitive feasibility study shows an after-tax net present value (8 percent) of US$15.3 billion and internal rate of return of 1,273 percent.
Latin Resources’ trajectory, demonstrated by significant upside potential from its maiden resource estimate and exploration targets, paints a parallel picture to Sigma Lithium’s Grota do Cirilo project.
As of February 2023, Latin Resources has expanded its lithium ground position to more than 38,000 hectares, a 367 percent increase, after it recently secured a large package of new tenements in the highly prospective Bananal Valley district in eastern Brazil. Through a new option agreement, the company has also secured additional mining rights directly adjacent to the South of Colina, where drilling by the company has confirmed the extension of the Colina host lithologies and pegmatitic intrusive bodies (assay results pending). The company’s regional exploration team will be undertaking initial reconnaissance mapping and geochemical sampling over the new project tenements as part of its exploration strategy in the now-expanded Salinas district.
The company released the final assay results from the 2022 resource drilling at the Colina prospect, which confirmed the continuity of high-grade at depth and along strike. In January 2023, Latin Resources commenced a new 65,000-meter mineral resource expansion drill program at Salinas. The program will focus on fast-tracking the growth of the Colina indicated and inferred mineral resource, as well as define a mineral resource for the Colina West Prospect. More than 3,000 meters of the planned 65,000-meter drilling have been completed to date, with initial results confirming high-grade mineralization envelope. The Colina Exploration Target Range is 13.3 Mt to 22 Mt @ 1.2 percent to 1.5 percent lithium oxide.
SGS Geological Services, Canada is undertaking a preliminary economic assessment on the company’s Colina Prospect. Upon successful completion of the PEA, Latin Resources anticipates progressing directly to a definitive feasibility study.
SGS is also carrying out a metallurgical test work program at the Salinas Lithium project. Test work completed to date has demonstrated exceptional metallurgy with more than 80 percent recovery of lithium oxide, and extremely high-grade lithium oxide concentrate of up to 6.6 percent from simple heavy liquid separation. In a statement, the company’s head of exploration Tony Greenaway calls the results “extremely encouraging,” and notes that while they cannot be directly translated to an operational environment, the implications for marketability and the economics are significant.
The company plans to commission SGS to build a Dense Media Separation (DMS) pilot plant in Belo Horizonte, Minas Gerais and provide potential offtake customers with a representative lithium concentrate product.
The Company signed a non-binding Memorandum of Understanding (MoU) in March 2023 with the Minas Gerais State Economic Development Department (SEDE) and the Minas Gerais Integrated Development Institute (INDI) together referred to as Invest Minas. The purpose of the MoU is to provide mutual support between the parties to support the battery materials sector and supply chain investment in the region, including two-way introductions and investment partnerships in the region.
This partnership reinforces the existing cooperation between Latin and the State of Minas Gerais and assists with streamlining the approvals pathway for Latin to take the Colina Deposit through feasibility studies and into production provides significant opportunity for the development of both the project and the region.
The company’s Cloud Nine Halloysite-Kaolin Deposit near Merredin, Western Australia, presents an exciting opportunity as a globally significant kaolin-halloysite project located in Australia. Cloud Nine has the potential to be the largest undeveloped halloysite/ kaolin deposit in Australia, with an upgraded mineral resource estimate of 280 Mt of kaolinised granite, a 33 percent increase from the May 2021 global estimate of 207 Mt. The mineral resource contains 116 Mt of bright white kaolinite-bearing material in the indicated and inferred classifications.
Latin Resources has confirmed outstanding kaolin brightness results from the Cloud Nine infill drilling in 2022. Significant thicknesses of exceptionally bright kaolinised granite were intersected, highlighting the quality of the world class Cloud Nine Halloysite.
The company is now working to pursue potential offtake customers, which will include options to supply short-term products as well as value-added processed kaolin and halloysite products in the longer-term.
Latin Resources earlier signed an innovative $3.2 million research project with Australia’s Cooperative Research Centre for Contamination Assessment and Remediation of the Environment (CRC CARE) to develop methane reduction technologies using the clay mineral halloysite from its Cloud Nine Halloysite-Kaolin Deposit. This project enables Latin Resources to mine halloysite while undertaking initiatives to address the global need to reduce emissions.
In Argentina, Latin Resources holds a joint venture agreement with Argentinian investment group Integra Capital on the Catamarca Lithium project in Argentina. Integra Capital has the option to acquire 50 percent interest in the Catamarca project on an investment of US$1 million. The Catamarca Lithium project is a high-grade lithium pegmatite project with the potential to host world-class deposits.
The company’s geological team recently conducted on-ground reconnaissance field work at the Catamarca project, which highlighted priority areas for the planned extended fieldwork campaign to include detailed and systematic geological mapping and follow-up geochemical surface sampling to better understand the scale of the high-grade lithium pegmatite system encountered during the company’s 2017 drilling program.
Latin Resources will embark on a community engagement campaign to provide the local community stakeholders with information on the planned recommencement of exploration work at Catamarca Lithium project. A network of liaison offices will be established to serve as an information resource and conduit for feedback for the communities pertaining to the project.
Latin Resources is committed to strengthening its environmental, social and governance (ESG) credentials, and becoming a valuable supplier of the minerals needed to cut global emissions and support the green economy. Latin Resources is focused on ensuring that its operations positively impact the environment, the sustainability of the businesses and the products that it creates. The company has a goal to meet and exceed its ESG framework and is utilizing the Socialsuite platform to monitor and report on its ESG disclosure progress.
Company Highlights
- Latin Resources aims to become a contributor to global carbon reduction efforts through mineral projects that advance net-zero emissions goals, including lithium, halloysite, kaolin and copper.
- The company has increased its lithium ground position to more than 38,000 hectares for its Salinas Lithium Project in Brazil, after securing a large package of new tenements in the Bananal Valley district in eastern Brazil.
- Salinas’s Colina lithium deposit has a maiden JORC Mineral Resource Estimate of 13.3 million tonnes (Mt) @ 1.2 percent lithium oxide (indicated and inferred).
- The company entered into a non-binding MoU with the Minas Gerais State Economic Development Department (SEDE) and the Minas Gerais Integrated Development Institute (INDI) together referred to as Invest Minas.
- The company’s Cloud Nine Halloysite-Kaolin Deposit in Western Australia has an upgraded mineral resource estimate of 280 Mt of kaolinised granite.
- The company has engaged in an innovative $3.2 million research project with CRC CARE for the development of methane reduction technologies using the clay mineral halloysite from Cloud Nine.
- Exploration field work at the Catamarca Lithium Project in Argentina has recommenced, and a community engagement campaign is underway.
- The company is committed to an ESG framework and supplying the green economy with the minerals needed to cut global emissions.
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Developing mineral projects to support the global decarbonization
Green Technology Metals: Delivering the Next Lithium Hub in North America
Green Technology Metals (ASX:GT1) is progressing Ontario’s first integrated lithium business, anchored by its Seymour, Root, and Junior projects, with plans to supply a proposed lithium hydroxide facility in Thunder Bay.
GT1 is leveraging Canadian policy support for critical minerals, with Ontario’s Building More Mines Act and federal programs. The company has secured conditional approval for C$5.5M from the Critical Minerals Innovation Fund (CMIF) for Seymour infrastructure, a C$100M financing LOI from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including C$5M tied to Root. These mechanisms help de-risk financing and advance development.
GT1’s three-phase strategy starts with Seymour production using a DMS concentrator, followed by construction of the Thunder Bay lithium hydroxide facility with EcoPro Innovation, and finally, development of Root as a larger, long-life mining hub feeding Thunder Bay.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
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Green Technology Metals
Investor Insight
Green Technology Metals aims to build Ontario’s first integrated lithium business, developing two mining hubs and a downstream conversion facility to supply North America’s fast-growing EV and battery industry. The company’s approach is straightforward: bring Seymour into production, secure the downstream footprint at Thunder Bay with EcoPro, and then layer in Root as a long-life second feed. The plan is underpinned by offtake agreements, government funding and a management team with direct experience building lithium mines.
Overview
Green Technology Metals (ASX:GT1) is building Ontario, Canada’s first integrated lithium business, anchored by three upstream assets and a planned downstream conversion facility. The portfolio consists of the flagship Seymour project, the large-scale Root lithium project, and the Junior exploration project, which together provide a clear pipeline of feed into a proposed lithium hydroxide facility in Thunder Bay, Ontario.
The company is actively leveraging Canadian policy support for critical minerals development and supporting a growing number of EV and battery manufacturers in Ontario. The province’s Building More Mines Act, alongside several federal programs, is creating a supportive funding environment for new projects. GT1 has already received conditional approval for C$5.5 million from the Critical Minerals Innovation Fund (CMIF) to support road and infrastructure upgrades at Seymour. In addition, the company has received a letter of intent for a C$100-million project financing support from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including a C$5-million submission tied to the Root project. These mechanisms substantially de-risk the financing path and provide tangible momentum toward development.
The strategy is being executed in three phases. First, Seymour will be brought into production with a concentrator based on a dense media separation flowsheet, taking advantage of coarse spodumene mineralogy and proven metallurgical performance. Second, GT1 will construct the Thunder Bay lithium conversion facility in partnership with EcoPro Innovation, replicating proven hydrometallurgical technology to produce battery-grade lithium hydroxide. Finally, Root will be developed as the company’s second, larger mining hub, designed to provide long-life scale and additional feed into the Thunder Bay facility.
Pilot processing of 600 kg of Seymour concentrate produced exceptional overall recoveries averaging >94 percent.
Strategic partnerships reinforce this integrated model. LG Energy Solution has secured a binding offtake for a portion of Seymour’s concentrate production and has invested directly into GT1, providing early validation of the project’s place in the EV supply chain. EcoPro Innovation, as the company’s technical partner on the Thunder Bay facility, has already piloted Seymour concentrate into high-purity lithium hydroxide.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
Key Projects
Seymour Lithium Project
The Seymour lithium project, near Armstrong, Ontario, contains a total resource of 10.3 million tonnes (Mt) @ 1.03 percent lithium oxide, including 6.1 Mt indicated @ 1.25 percent lithium oxide. Mineralization is hosted in the North and South Aubry pegmatites, which remain open along strike and at depth. An optimized preliminary economic assessment (PEA) demonstrated strong project economics based on a DMS-only concentrator producing 130 ktpa. Key numbers include a C1 cash cost of US$680/t, an after-tax NPV of US$251 million, an IRR of 33 percent, and a three-and-a-half-year payback.
The project benefits from existing road and rail access, low strip ratios, and simple metallurgy with coarse spodumene that responds well to dense medium separation (DMS). Mining leases were granted in August 2025, the environmental assessment submission has been lodged, and the closure plan is nearing completion.
An offtake agreement with LG Energy Solution secures sales for 25 percent of initial concentrate production. Seymour also includes a maiden rubidium resource (8.3 Mt @ 0.27 percent rubidium oxide, with a 3.4 Mt high-grade core at 0.40 percent), which can be recovered from mica streams already separated in the flow sheet, creating potential for a by-product circuit.
Thunder Bay Lithium Conversion Facility
GT1 and EcoPro Innovation are developing a lithium hydroxide monohydrate facility in Thunder Bay. The selected site is fully serviced with rail access, 44 kV power, municipal water and gas, and port facilities. The plant will replicate EcoPro’s operating hydromet trains, with two parallel ~13 ktpa back-end lines designed to scale with Seymour and Root concentrate supply.
Pilot-scale processing of 600 kg of Seymour concentrate at EcoPro’s Pohang facility achieved battery-grade lithium hydroxide, meeting downstream specifications with >94 percent overall recovery. This demonstration significantly de-risks the conversion step and supports ongoing financing discussions with Invest Ontario, SIF and EDC. The project is being advanced through PFS-level engineering, with permitting and JV structuring underway.
Root Lithium Project
Located in Northwestern Ontario, Root is GT1’s scale project, hosting 14.6 Mt @ 1.21 percent lithium oxide (10.0 Mt Indicated @ 1.32 percent). The April 2025 optimized PEA outlined a combined open-pit and underground mining scenario producing ~213 ktpa. The project carries a C1 cost of ~US$677/t, an after-tax NPV of US$668 million, an IRR of 53.5 percent, and a three-year payback.
Root enjoys outstanding infrastructure advantages: road and rail access, proximity to port, and most critically, grid hydro power delivered by the Watay transmission line, reducing both operating costs and upfront capex for power infrastructure. Drilling has confirmed stacked pegmatite bodies that remain open along strike and down dip, leaving scope for significant resource expansion. A bulk sample has been completed, with further testwork and pilot runs at EcoPro planned. Permitting is in its early stages, with a PFS targeted for 2026 and potential construction by late 2027.
Junior Lithium Project
The Junior project is located near Seymour and contains three drill-ready targets. Its proximity to the planned Seymour concentrator makes it a strategic satellite project, with the potential to extend Seymour’s mine life and provide incremental feed. Drilling is expected to test these targets in upcoming campaigns, potentially increasing the overall feed available for the Seymour hub.
Management Team
John Young – Non-executive Chairman
John Young co-founded Pilbara Minerals and played a key role in transforming it into a multi-billion-dollar lithium producer. His background as a geologist spans more than three decades, with significant contributions across discovery, development and financing of lithium and gold projects. At GT1, Young provides strategic oversight and proven operational expertise to scale a lithium developer into a fully integrated producer.
Cameron Henry – Managing Director
Cameron Henry was appointed managing director in June 2024, stepping up from his earlier role as executive director. A founder and substantial shareholder of GT1, Henry has over 20 years’ experience in minerals processing and project delivery. Prior to GT1, he built Primero Group into a respected global leader in lithium infrastructure EPC, successfully executing major projects in Australia and globally. His role is to drive Seymour into production and to lead the execution of the Thunder Bay downstream strategy.
Patrick Murphy – Non-executive Director
Patrick Murphy brings nearly two decades of experience in resource sector investment and deal-making. He has held senior positions at Macquarie and AMCI Group, with expertise in capital deployment, project financing and strategic partnerships. His presence on GT1’s board ensures strong connectivity to the financial community and a disciplined approach to structuring project funding.
Robin Longley – Non-executive Director
With more than 30 years of experience in exploration and project evaluation, Robin Longley is a seasoned geologist who has led successful exploration and development programs across lithium, gold and other critical minerals in Australia, Canada and Africa. His practical technical knowledge and management experience strengthen GT1’s ability to evaluate and expand its Ontario portfolio.
Han Seung Cho – Non-executive Director
Representing EcoPro Innovation, Han Seung Cho serves as a direct link between GT1 and its strategic partner on the Thunder Bay conversion facility. As general manager of EcoPro’s strategic business team, he brings decades of experience in lithium procurement, downstream offtake structuring, and project development for LHM plants. His position ensures that GT1’s downstream ambitions remain closely aligned with end-user requirements in the battery sector.
International Lithium Corp.
Investor Insight
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
Overview
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.
In 2025, International Lithium acquired an option from Lepidico (Canada) Inc. to purchase 100 percent of Lepidico (Mauritius) for C$975,000. Lepidico Mauritius holds an 80 percent stake in Lepidico Chemicals Namibia (Pty) Ltd., which owns the Karibib Lithium, Rubidium and Cesium Project in Namibia.
The project comprises two areas with fully permitted mining licences, known as Rubicon and Helikon. It also hosts one of the largest disclosed rubidium resources in Africa, along with significant lithium and cesium mineralization.
Exercising the Karibib option would position International Lithium to capitalize on an upswing in the lithium market while also cementing its role as one of the leading global players in rubidium. The project would expand its portfolio of some of the most significant cesium resources held by any non-Chinese company, strengthening its standing in three critical minerals that are increasingly vital to global supply chains.
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.
Company Highlights
- International Lithium is focused on developing lithium and critical metals projects in Canada and Southern Africa, aiming to deliver shareholder value through project development, strategic partnerships and project sales.
- Raleigh Lake is ILC’s wholly owned flagship lithium-rubidium project in Ontario, Canada, with a positive PEA completed in December 2023.
- ILC holds a 90 percent interest in the Firesteel copper and cobalt project in Northwestern Ontario, with exploration permits filed and drilling programs planned.
- The company has applied for exclusive prospecting orders (EPOs) in Zimbabwe and is continuing to review further exploration opportunities in Southern Africa.
- ILC is debt-free with a robust financial position. It has monetized its non-core assets, including the sale of its stake in the Avalonia project in Ireland, resulting in a C$2.5 million payment and a 2 percent net smelter royalty.
- ILC secured an option to acquire 100 percent of Lepidico (Mauritius), which owns an 80 percent interest in Lepidico Chemicals Namibia, the owner of the Karibib Lithium, Rubidium and Cesium Project in Namibia.
- The company is led by an experienced management team with a proven track record in advancing mineral exploration projects.
Key Projects
Raleigh Lake
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.
Firesteel Project
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 Project
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 Exploration Initiative
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
Management Team
John Wisbey – Chairman and CEO
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 – Director and CFO
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 – Director and COO
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 – Non-executive Director
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.
Geoffrey Baker – Non-executive Director
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 – Corporate Secretary and Financial Controller
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.