Mr. John Wisbey reports

INTERNATIONAL LITHIUM ANNOUNCES PRIVATE PLACEMENT

International Lithium Corp. has arranged a non-brokered private placement of up to 40 million units at five cents per unit to raise gross proceeds of up to $2-million. Each unit will consist of one common share and one-half of one share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at an exercise price of 10 cents per common share for a period of three years from the date of issue.

Proceeds of the private placement will be used for exploration on the company's Raleigh Lake project in Ontario and other projects and for general corporate and administrative costs. It is expected that the company will be able to announce a preliminary economic assessment on Zone 1 of Raleigh Lake in November, 2023, or shortly after then.

It is anticipated that some directors and insiders will participate in this offering. The units (to the extent subscribed for by insiders) constitute related party transactions pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, as the subscribers include directors of the company. The company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the units in reliance on the exemptions contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 as the company is not listed on a specified market and the fair market value of the units being issued to insiders in connection with the Offering does not exceed $2.5-million, as determined in accordance with MI 61-101.

About International Lithium Corp.

International Lithium believes that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. In addition, the company has seen the clear and increasingly urgent wish by the United States and Canada to safeguard their supplies of critical battery metals and to become more self-sufficient. The company's Canadian projects are strategic in that respect.

The company's key mission in the next decade is to make money for its shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet and less polluted cities. This includes optimizing the value of the company's existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world-class lithium and rare metal deposits. The company has announced separately that it regards Zimbabwe as an important strategic target market for International Lithium, and the company hopes to be able to make announcements over the next few weeks.

A key goal has been to become a well-financed company to turn the company's 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, the board of the company considers that International Lithium is now well placed in that respect with a strong net cash position. The board intends to be pro-active in keeping that position strong.

The company's interests in various projects now consists of the following, and in addition the company continues to seek other opportunities.

The company's primary strategic focus at this point is on the Raleigh Lake project's lithium and rubidium project in Canada and on identifying additional properties in Canada and Zimbabwe.

The Raleigh Lake project consists of 48,500 hectares (485 square kilometres) of mineral claims in Ontario and is International Lithium's most significant project in Canada. Drilling has so far been on less than 1,000 hectares of our claims. The exploration results there so far, which are on only about 8 per cent of the company's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100 per cent owned by International Lithium, is not subject to any encumbrances, and is royalty free.

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 with solid strategic partners, International Lithium aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the 2020s, the decade of battery metals.

We seek Safe Harbor.