ILC Critical Minerals Limited (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH0) (“ILC” or the “Company”) is pleased to announce a non-brokered private placement (the “Offering”) of up to 50,000,000 ordinary shares at CAD$0.02 per share to raise gross proceeds of up to CAD$1,000,000. There are no warrants attached to this placement.
The Company estimates that $500,000 or 50% of the offering proceeds will be used for the exploration program at the Raleigh Lake and Wolf Ridge projects, $275,000 or 27.5% for general working capital purposes, and $225,000 or 22.5% for management and director fees. Payments, if any, to persons conducting investor relations activities are expected to be significantly less than 10% of the gross proceeds of the offering. Any such investor relations agreement will be filed with the TSX Venture Exchange (“TSXV”) in accordance with their policies.
Completion of the Offering is subject to acceptance by the TSXV. All securities issued in connection with the Offering will be subject to a hold period of four months from the date of issue under applicable Canadian securities laws. The Company may pay a finder’s fee on a portion of the Placement, as permitted by TSXV policies and applicable securities laws.
It is anticipated that certain directors and insiders will participate in the offering. The issue of shares (to the extent of subscription by insiders) constitutes a “related party transaction” in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as the subscribers include company directors. The Company is exempted from the requirements to obtain formal valuation or minority shareholder approval in respect of shares in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 respectively, as the fair market value of the shares issued to directors and insiders does not exceed 25% of the company’s market capitalisation.
The company is withdrawing a C$2,500,000 private placement of shares announced for February 3, 2026. A large portion of that placement came from Lepidico (Canada) Inc. The option to purchase 100% of Lepidico (Mauritius) Limited from Lepidico (Mauritius) Limited (the “Lepidico Option”) was allotted for exercise with an expected date of February 27, 2026. In return this company controlled 80% of the Karibib project in Namibia, and admirably required follow-up on expenditure which required the money. Following the expiration and non-exercise by ILC of the option announced on March 4, 2026, due to delays in obtaining TSXV approval, the Company has reviewed its financing needs based on upcoming operational requirements, and also taking into account the fact that the Company has acquired Lepidico (Canada) Inc. The loan of 510,000 Canadian dollars given to has now been repaid in full.
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About ILC Critical Minerals Limited
ILC Critical Minerals Ltd., formerly International Lithium Corp., has exploration activities in Ontario, Canada with intentions to expand into Southern Africa. It has projects in various stages, ranging from preliminary economic assessment at Lake Raleigh to pre-drilling at Wolf Ridge. The primary target metals in Canada are lithium, rubidium and copper. There are three projects (two in Ontario and one in Ireland) in which ILC has sold its stake, but where the company will receive future payments either from achieving resource milestones or from net smelter royalties.
While the world’s politicians are divided over the energy market’s historical dependence on oil and gas and the future of “net zero”, in either scenario there is an ever-growing and significant demand for electricity driven by AI and data centers, and the potential for unstoppable momentum toward electric vehicles and grid-scale electricity storage. All of this contributes to increased demand for lithium, copper and other metals. Rubidium is also an important metal, strategic for high-precision watches, space technology, and improving the performance of some types of solar panels. The ILC has seen politically motivated, rapidly increasing pressure by the United States, Canada, the European Union, and other major economies to protect critical minerals supplies and become more self-reliant. The company’s Canadian and southern African projects, which include lithium, rubidium, cesium and copper, are strategic in this regard.
The company’s main mission for the next decade is to generate revenues from lithium, rubidium and other critical minerals for its shareholders, as well as contribute to the creation of a greener, cleaner planet and less polluted cities.
This includes optimizing the value of ILC’s existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world-class deposits. The company has announced that it considers Southern Africa a key strategic target market and has applied for and expects to obtain an EPO in Zimbabwe. The Board expects to make further announcements on portfolio developments over the next few weeks and months.
The company’s interest in various projects now includes the following, and in addition, the company continues to explore other opportunities:
| Name | Metal | Place | stage | Area in hectares | current ownership percentage | Future ownership % and/or residual interest if options are exercised | Operator or JV Partner |
| Raleigh Lake | Lithium rubidium |
Ontario | December 2023: PEA for Li completed April 2023 First resource estimate for Li and RB | 32,900 | 100% | 100% | i see |
| firesteel | copper, cobalt | Ontario | preliminary drilling | 6,600 | 90% | 90% | i see |
| Wolf Ridge | Lithium | Ontario | pre drilling | 5,700 | 0% | 100% | i see |
| Mavis Lake | Lithium | Ontario | May 2023 first resource estimate |
2,600 | 0% | 0% (Additional revenue payment of AUD$0.75 million upon meeting resource target) |
Critical Resources Limited (ASX: CRR) |
| avalonia | Lithium | ireland | drilling | 29,200 | 0% | 0% 2.0% net smelter royalty |
GFL International Co., Ltd. (owned by Ganfeng Lithium Group Co., Ltd.) |
| Forgan/ lucky lakes |
Lithium | Ontario | drilling | <500 | 0% | 0% 1.5% net smelter royalty |
Power Minerals Limited (ASX: PNN) |
The company’s primary strategic focus at this point is on the Raleigh Lake project, which includes lithium and rubidium, and the Firesteel copper project in Canada, as well as acquiring EPO and mineral claims in Zimbabwe.
The Raleigh Lake Project now covers 32,900 hectares (329 square kilometres) of mineral claims in Ontario and represents ILC’s most significant project in Canada. To date, drilling has taken place in less than 1,000 hectares of the company’s claims. A preliminary economic assessment for ILC’s lithium at Raleigh Lake was published in December 2023, with a detailed economic analysis of ILC’s separate rubidium resource still pending. This shows that, just for lithium and not yet taking into account rubidium, an after-tax NPV of CAD$342.9 million and an after-tax IRR of 44.3% per annum based on a spodumene price of US$2,350 per tonne and a US$-CAD$ exchange rate of 1.35. The spot spodumene price in CAD$ at the beginning of April 2026 was slightly higher than the price used in the PEA. Raleigh Lakes is 100% owned by the ILC, free of any encumbrances and royalties. The Raleigh Lakes project boasts excellent access to roads, rail and utilities.
An ongoing goal is to remain a well-funded, strategically driven company that turns ILC’s aspirations into reality. Following the disposals of the Mariana Project in Argentina in 2021, the Mavis Lake Project in Canada in 2022 and the Avalonia Project in 2025, ILC continues to generate sufficient cash flow to advance its exploration projects.
With increasing demand for high-tech rechargeable batteries used in electric vehicles, energy storage and portable electronics, lithium has been dubbed the “new oil”. It is an important part of a green, sustainable economy. By positioning itself on projects with significant resource potential and solid strategic partners, ILC aims to become the preferred lithium and critical mineral resource developer for investors and continue creating value for its shareholders during the decade of battery metals, 2020.
on behalf of the company,
John Wisbey
Chairman & CEO
www.ilccm.com
For further information regarding this news release, please contact info@ilccm.com or ILC@yellowjerseypr.com, or telephone +1 236 358 9100.
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Neither the 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
Excluding 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 any offering and the amounts to be raised, the impact on results of anticipated production rates, the timing and/or anticipated results of drilling at the Raleigh Lakes or Firesteel or Wolf Ridge projects, expected commodity prices, expected resource estimates, preliminary economic evaluations, feasibility studies, lithium or rubidium or cesium or copper recovery, capital and operations. modeling costs of, the results of studies using various technologies at the Company’s projects, the Company’s budget expenditures, government permits or approvals for licenses and license renewals, future plans for expansion in Southern Africa and planned exploration work on its projects, the enhanced value of shareholder investments in the Company, potential future demand for lithium, rubidium, cesium and copper from the Company’s third party earnings or royalty arrangements, and ethical behavior by our joint venture partners or shareholders at our projects or third parties. Assumptions about operators or royalty partners of projects. Such forward-looking information is based on assumptions and is 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. www.sedarplus.ca. Although management believes that the assumptions made are reasonable, there can be no assurance that the forward-looking statements will prove to be accurate. If one or more risks, uncertainties or other factors emerge, or underlying assumptions prove incorrect, actual results may differ materially from those described in the forward-looking information. The forward-looking information herein, and all subsequent written and oral forward-looking information, are based on management’s expectations, estimates and opinions as of the dates considered reasonable by the Company at the time such statements are made, which are subject to significant business, economic, legislative and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are clearly evidenced by this cautionary statement. Except as required by law, the Company undertakes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
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