Market Disclosure in Advance of PDAC 2024
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Toronto, Ontario--(Newsfile Corp. - February 29, 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
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
| Market stock price Feb 23, 2024 as % of 1 year high | Market stock price Feb 23, 2024 as % of 3 year high | |
| Best performer | ||
| ILC | ||
| Average | ||
| Worst performer |
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:
| Name | Metal | Location | Area (Hectares) | Stage | Current Ownership % | Future Ownership percentage if options exercised or work carried out | Operator or JV Partner |
| Raleigh Lake | Li, Rb | Ontario | 48,500 | PEA for Lithium 2023. Resource Estimate for Rubidium 2023 | ILC | ||
| Firesteel | Cu | Ontario | 6,600 | Exploration | ILC | ||
| Wolf Ridge | Li | Ontario | 5,700 | Exploration | ILC | ||
| Avalonia | Li | Ireland | 29,200 | Exploration | Ganfeng Lithium | ||
| Mavis Lake | Li | Ontario | 2,600 | Resource Estimate for Lithium 2023 | (carries an extra earn-in payment of CAD | Critical Resources Ltd (ASX: CRR) | |
| Forgan Lake & Lucky Lake | Li | Ontario | < 500 | Exploration | Ultra 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
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
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
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