International Lithium Provides Update on Avalonia Project
International Lithium Corp. (ILHMF) has received clearance for the sale of its Avalonia project interest in Ireland to Ganfeng Lithium's subsidiary, GFL International. The transaction, involving a minority holding in pre-Resource Estimate mineral claims, will proceed as planned after passing the Canadian regulatory review period without objections.
The deal, announced on September 17, 2024, includes payments of CAD$ 2.2 million in 2025 and grants ILC a 2% Net Smelter Royalty. The company will continue with its previously announced private placement of shares from February 5, 2025, to fund exploration activities in Canada and potential operations in Zimbabwe, pending the grant of Exclusive Prospecting Orders (EPOs).
International Lithium Corp. (ILHMF) ha ricevuto l'autorizzazione per la vendita della sua partecipazione nel progetto Avalonia in Irlanda alla sussidiaria di Ganfeng Lithium, GFL International. La transazione, che riguarda una partecipazione minoritaria in diritti minerari pre-stima delle risorse, procederà come previsto dopo aver superato il periodo di revisione normativa canadese senza obiezioni.
Il contratto, annunciato il 17 settembre 2024, prevede pagamenti di CAD$ 2,2 milioni nel 2025 e concede a ILC un royalty netto del 2% sulle fonderie. L'azienda continuerà con il collocamento privato di azioni precedentemente annunciato, dal 5 febbraio 2025, per finanziare attività di esplorazione in Canada e potenziali operazioni in Zimbabwe, in attesa del rilascio di Ordini di Esplorazione Esclusivi (EPO).
International Lithium Corp. (ILHMF) ha recibido la aprobación para la venta de su participación en el proyecto Avalonia en Irlanda a la subsidiaria de Ganfeng Lithium, GFL International. La transacción, que involucra una participación minoritaria en derechos mineros previos a la estimación de recursos, procederá según lo planeado tras pasar el período de revisión regulatoria canadiense sin objeciones.
El acuerdo, anunciado el 17 de septiembre de 2024, incluye pagos de CAD$ 2.2 millones en 2025 y otorga a ILC un royalty neto del 2% sobre fundiciones. La compañía continuará con su colocación privada de acciones previamente anunciada, del 5 de febrero de 2025, para financiar actividades de exploración en Canadá y posibles operaciones en Zimbabue, a la espera de la concesión de Órdenes de Prospección Exclusivas (EPO).
International Lithium Corp. (ILHMF)는 아일랜드의 Avalonia 프로젝트 지분을 Ganfeng Lithium의 자회사인 GFL International에 판매하는 승인을 받았습니다. 자원 추정 전 광물 청구권에 대한 소수 지분을 포함하는 이번 거래는 캐나다 규제 검토 기간을 이의 없이 통과하여 예정대로 진행될 것입니다.
2024년 9월 17일 발표된 이 거래는 2025년에 CAD$ 220만 지급을 포함하며 ILC에 2%의 순 제련 로열티를 부여합니다. 회사는 2025년 2월 5일부터 발표된 사모 주식 배치를 계속 진행하여 캐나다에서의 탐사 활동과 짐바브웨에서의 잠재적 운영을 자금을 지원할 예정이며, 독점 탐사 명령(EPO)의 승인 대기 중입니다.
International Lithium Corp. (ILHMF) a reçu l'autorisation de vendre son intérêt dans le projet Avalonia en Irlande à la filiale de Ganfeng Lithium, GFL International. La transaction, impliquant une participation minoritaire dans des droits miniers avant l'estimation des ressources, se déroulera comme prévu après avoir passé la période de révision réglementaire canadienne sans objections.
L'accord, annoncé le 17 septembre 2024, comprend des paiements de 2,2 millions de CAD en 2025 et accorde à ILC un royalty net de 2% sur les fonderies. L'entreprise poursuivra son placement privé d'actions précédemment annoncé, du 5 février 2025, pour financer des activités d'exploration au Canada et de potentielles opérations au Zimbabwe, en attendant l'octroi d'Ordres de Prospection Exclusifs (EPO).
International Lithium Corp. (ILHMF) hat die Genehmigung für den Verkauf seines Anteils am Avalonia-Projekt in Irland an die Tochtergesellschaft von Ganfeng Lithium, GFL International, erhalten. Die Transaktion, die eine Minderheitsbeteiligung an mineralischen Ansprüchen vor der Ressourcenschätzung umfasst, wird wie geplant durchgeführt, nachdem sie die kanadische regulatorische Überprüfungsphase ohne Einwände bestanden hat.
Der am 17. September 2024 angekündigte Deal umfasst Zahlungen von CAD$ 2,2 Millionen im Jahr 2025 und gewährt ILC eine 2% Netto-Schmelzgebühr. Das Unternehmen wird mit der zuvor angekündigten Privatplatzierung von Aktien vom 5. Februar 2025 fortfahren, um Erkundungsaktivitäten in Kanada und mögliche Operationen in Simbabwe zu finanzieren, wobei die Genehmigung für Exklusive Erkundungsaufträge (EPOs) noch aussteht.
- Sale of Avalonia project interest will generate CAD$ 2.2 million in 2025
- Company secures 2% Net Smelter Royalty on Avalonia project
- Regulatory clearance obtained for transaction completion
- None.
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2025) - International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that any possible Canadian regulatory hurdles with regard to the disposal of its interest in the Avalonia project in Ireland to GFL International Co. Ltd. ("Ganfeng"), a subsidiary of Ganfeng Lithium, have been cleared. The transaction will now complete as planned. The board remains of the belief based on its legal advice that the transaction, involving a minority holding in pre-Resource Estimate mineral claims in Ireland already controlled by the buyer, fell outside the scope of the Investment Canada Act. However as a precautionary measure the buyer filed a voluntary notification. The deadline for objection and initiation of a Canadian National Security Review has passed without any objection by the Government of Canada.
The Company announced the Avalonia Project variation agreement on September 17, 2024. As well as payments totalling CAD
The Company intends to continue with the private placement of shares announced on February 5, 2025, to supplement its funds and to ensure that there are funds for available exploration not only in Canada but also in Zimbabwe if we make the steps forward there that we hope for. The expenditure in Zimbabwe is dependent on the grant of Exclusive Prospecting Orders ("EPOs") there, which is believed to be relatively imminent. There is still room to accept further subscriptions in the placement from eligible investors.
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 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 | ILC | ||
| Firesteel | Copper Cobalt | Ontario | 6,600 | ILC | ||
| Wolf Ridge | Lithium | Ontario | 5,700 | ILC | ||
| Mavis Lake | Lithium | Ontario | 2,600 | (carries an extra earn-in payment of CAD | Critical Resources Ltd (ASX: CRR) | |
| Avalonia | Lithium | Ireland | 29,200 | Ganfeng Lithium | ||
| Forgan/ Lucky Lakes | Lithium | Ontario | < 500 | 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 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
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.
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. There also remains major upside from ILC's rubidium resource.
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.sedarplus.ca. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242022
FAQ
What is the value of International Lithium's (ILHMF) Avalonia project sale to Ganfeng?
When was the Avalonia Project sale agreement announced by ILHMF?
What royalty will ILHMF retain from the Avalonia project sale?
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