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Acquisition of Option to Buy Lepidico's Interest in Karibib Lithium, Rubidium and Cesium Project in Namibia - Update
Vancouver, British Columbia--(Newsfile Corp. - October 28, 2025) - International Lithium Corp.&#x...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"Acquisition of Option to Buy Lepidico's Interest in Karibib Lithium, Rubidium and Cesium Project in Namibia - UpdateVancouver, British Columbia--(Newsfile Corp. - October 28, 2025) - International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the \"Company\" or \"ILC\") is pleased to announce, further to its announcement on September 09, 2025, that on October 24, 2025 Lepidico met all the drawdown conditions for completion of its secured loan from ILC and that this has now been increased to the full amount of CAD$ 510,000. Of this loan amount CAD$420,000 earns interest at the rate of 10% p.a.There were various conditions for the drawdown of the remaining loan, including a key condition now met that, by full drawdown, there would be no debt owed by Lepidico Mauritius or its subsidiaries to its ultimate Australian parent, Lepidico Ltd., which is in liquidation.ILC now holds without any conditions an option from Lepidico (Canada) Inc. (\"Lepidico Canada\") to buy 100% of the shares of Lepidico (Mauritius) Ltd. (\"Lepidico Mauritius\") on a debt-free basis for consideration of CAD$975,000 plus certain payments in the future that are contingent on and linked to various possible receipts by Lepidico Canada. Lepidico Mauritius in turn owns 80% of Lepidico Chemicals Namibia (Pty) Ltd. (\"Lepidico Namibia\"), which owns the Karibib Lithium, Rubidium and Cesium project in Namibia. The actual net amount payable by ILC on option exercise will be the difference between CAD$975,000 payable by ILC for the option exercise and the repayment to ILC of loan principal of CAD$510,000 plus interest accrued to the date of option exercise. The option has been granted until the later of November 30, 2025, and 30 days after the arbitration outcome is known (see below). It is important to reiterate that there is a possibility that the option may not be exercised, especially if Lepidico Namibia encounters an adverse outcome in an arbitration dispute with the Chinese company Jiangxi Jinhui Lithium Co. Ltd., which involves claims and counterclaims. This arbitration in Singapore is now expected to conclude at any time from now until the end of 2025. Conversely, if the arbitration is resolved positively, ILC and Lepidico Canada have agreed that 30% of the net proceeds after legal and other costs will be retained by the part of the Lepidico gro...