Mr. Garry Flowers reports

INTERNATIONAL BATTERY METALS LTD. ANNOUNCES CLOSING OF PRIVATE PLACEMENT

International Battery Metals Ltd. has completed its previously announced (Feb. 22, 2024) initial private placement financing with EV Metals VI LLC, in which it issued 2,702,400 units of the company at a price of $1 per unit, for gross proceeds of $2-million (U.S.).

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of $1.25 per warrant share, until March 1, 2026.

The proceeds from the initial closing will be used by the company to finance its current obligations for the deployment of its modular direct lithium extraction plant in the Western United States as previously announced on Jan. 11, 2024. The initial closing forms part of a larger contemplated offering of up to $20-million (U.S.), pursuant to the terms of a binding term sheet entered into with EV Metals. Concurrently with completing the initial closing, the company entered into an investor rights agreement with EV Metals.

The securities issued under the initial closing are subject to a statutory hold period of four months from the date of issuance under Canadian securities laws and will be restricted securities under the United States Securities Act of 1933.

About International Battery Metals Ltd.

The company's direct lithium extraction technology is based on proprietary lithium extraction housed in patented extraction towers that are enclosed in a modular, shippable platform able to be loaded and brought into production within 10 days of arrival on a customer site. Utilizing the patented technology, the company's focus has been on advanced extraction of lithium chloride from ground water salt brine deposits and returning the same water to the subsurface aquifer from which it is extracted. The company's unique patented technology ensures faster delivery of lithium chloride while ensuring minimal environmental impact.

We seek Safe Harbor.