Mr. John Wisbey reports

INTERNATIONAL LITHIUM PROVIDES CORPORATE UPDATE

After International Lithium Corp. hired John Wisbey to replace Kirill Klip as chairman and chief executive officer of the company, the board of International Lithium has confirmed a few more details.

The company, as a junior exploration company, has mineral exploration assets it considers valuable and worthy of further exploration, but until one or more projects come to fruition, the company has no revenue. Accordingly, raising funds is, and always has been, key to the company's ability to progress its projects. It was previously announced on Jan. 8, 2018, that the Mariana lithium project in Argentina, being developed in conjunction with Jiangxi Ganfeng Lithium Co. Ltd., had set a $17-million (U.S.) development budget in 2018. With its 17.246-per-cent share in Mariana, the company has a financing need for that project of its pro rata 17.246 per cent share of $17-million (U.S.). In addition, the company has to finance its operating expenses. In total, the company needs to raise around $5-million of finance in 2018 to meet its commitments to finance Mariana, Avalonia, and pay staff and suppliers.

Before the recent management changes, the company did not raise funds quickly enough or in sufficient quantity to stay ahead of the company's cash needs. The new management needs to address the level of risk that the company has consequently been placed in, including meeting the need to pay staff and suppliers as well as meet the cash calls on Mariana and other projects. Because the private placement of March 6, 2018, raised only $450,000 out of the intended $1-million, this caused the company liquidity issues, affecting its ability to meet commitments when due. Had a cash call not been met by March 23, 2018, the company's share in Mariana would have reduced from 17.246 per cent to 16.263 per cent or less, and had a subsequent call not been met, the shareholding would have reduced further to around 14.6 per cent. This week the company has drawn down around $200,000 of short-term financing from John Wisbey out of a total being made available by Mr. Wisbey of $1.18-million. The funds were used to pay and cure a Mariana cash call that was in default, pay an accounting fee to allow completion of the year-end financial statements so that they can be filed on time, and to pay certain other overdue creditors. On completion of documentation and satisfactory conditions precedent being met, including TSX Venture Exchange approval, it is anticipated that the company will be able to draw the rest of this amount. Full details will be published when the financing is completed.

The proposed issuance of private placement securities to a non-arm's-length party constitutes a related-party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Because the company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5 (b) of MI 61-101, and exempt from the minority approval requirements of Section 5.6 of MI 61-101.

Lastly, the company wishes to comment on some of the recent social media commentary around International Lithium. The company is concerned there is a danger that some of the statements made on social media about the potential sale of the company cheaply, but in no way approved by the International Lithium board, may be viewed as reflecting company policy -- more so since some of those posting social media comments can easily be associated with former management of the company. They do not reflect company policy. Mr. Wisbey comments as follows on behalf of the board:

"Any company is always for sale at the right price, and it is part of the job of every CEO or chairman to forge links with companies that could potentially be future buyers of the company or buyers of some of its key assets, or indeed companies which the company might see as merger or acquisition targets. I and my senior team will certainly be doing this. However, the company is not at the present time in any current discussions with any party, for the sale of the company as a whole or of its main Mariana asset. We have no intention of letting the company be sold too cheaply to anyone, and the key is to make the company financially strong again so that selling assets too cheaply let alone selling the whole company too cheaply, becomes an issue that the board does not need to give serious consideration to. My main focus and that of the chief financial officer, Maurice Brooks, will be, firstly stabilizing the company's financial position and then restoring the financial position to the point where we are ahead of rather than behind the funding curve. In parallel with that, the team and I will give more emphasis to looking at possible additional projects to provide further opportunities for the company."

About International Lithium Corp.

International Lithium has a significant portfolio of projects, strong management, robust financial support, and a strategic partner and keystone investor, Jiangxi Ganfeng Lithium Co. Ltd., a leading China-based lithium product manufacturer.

The company's primary focus is the strategic stake in the Mariana lithium-potash brine project, located within the renowned South American lithium belt that is the host to the vast majority of global lithium resources, reserves and production. In addition, International Lithium has an option to acquire 10 per cent in the Mariana project through a back-in right.

Complementing the company's lithium brine project are three rare metal pegmatite properties in Canada known as the Mavis, Raleigh and Forgan projects, and the Avalonia project in Ireland, which encompasses an extensive 50-kilometre-long pegmatite belt.

We seek Safe Harbor.