Mr. John Wisbey reports

MARKET DISCLOSURE IN ADVANCE OF PDAC 2024

In advance of the PDAC (Prospectors & Developers Association of Canada) conference, the world's premier mineral exploration and mining convention, which starts on March 3, 2024, in Toronto, International Lithium Corp. wishes to put several matters into the public domain for full disclosure, enabling the company to talk openly about anticipated questions and topics of a strategic nature.

Raleigh Lake lithium and rubidium project

The company will speak about the PEA announced on Dec. 4, 2023, and the related National Instrument 43-101 report announced on Jan. 18, 2024. These reports only dealt with the economic value of the lithium at Raleigh Lake, leaving the rubidium as a possible appreciable upside.

Firesteel copper project

The company will speak about the news release for this copper acquisition issued on Feb. 20, 2024.

Zimbabwe

The company announces that it has applied for several exclusive prospecting orders (EPOS) in Zimbabwe. It is anticipated that the company will be able to announce an award shortly. If awarded, the area covered will be significant. Zimbabwe is the sixth-largest lithium-producing country in the world at present and is the largest producer in Africa.

It must be stressed that such awards are very hard to obtain, and their grant is in the hands of the government of Zimbabwe. Consequently, there is no guarantee of success.

Fundraising

The company has had indications in principle from John Wisbey, chairman and chief executive officer, Ross Thompson, non-executive director, and from two other parties that they are together willing to participate in the amount of $1.1-million in the company's proposed fundraising, which, subject to exchange approval, will be at a premium quantum of five cents per share for units which include International Lithium shares and warrants. This compares with International Lithium's current market share price of three cents.

The company is withdrawing the private placement announced on Oct. 24, 2023. Still, it will relaunch it when it is confident that funds are available, provided that exchange approval is obtained for the terms. At the same time, the company wishes to expand its investor base to new investors capable of supporting the company's expansion. It is in discussions with other parties who have expressed serious interest.

The lithium market

The rise in the lithium price from circa $12,000 (U.S.) per tonne of lithium carbonate in mid-2021 to a high of $80,000 (U.S.) at the end of 2022 has been followed by a fall back to around $13,000 (U.S.). Moreover, the significant money printing during and after the pandemic has appreciably escalated mining costs. In such a price and cost environment, it is no surprise that, without exception, lithium stocks are trading well below their one-year high or three-year high. In a study produced by the company of 21 Canadian and Australian companies operating in hardrock lithium in Canada with a market capitalization of less than $1-billion, and based on closing prices on Feb. 23, 2024, the percentage of the current market price versus the highest one-year and three-year market prices was as shown in the attached table.

The company is not satisfied with being just over the average, and this situation arguably takes little or no account of the company's recent copper acquisition, the company's significant plans in Zimbabwe or the upside of its rubidium at Raleigh Lake. The company remains hopeful that these factors will, in due course, help the shares rerate.

About International Lithium Corp.

International Lithium's key mission in the next decade is to make money for its shareholders from lithium, and other battery metals and rare metals, while at the same time helping to create a greener, cleaner planet and less-polluted cities. The world has seen significant governmental and public drive to move away from the energy market's historic heavy dependence on oil and gas. In addition, it has seen the clear and increasingly urgent wish by the United States and Canada to safeguard supplies of critical battery metals and to become more self-sufficient. Its Canadian projects, which contain lithium, rubidium and copper, are strategic in that respect.

The company has announced separately that it regards Zimbabwe as an important strategic target market for International Lithium, and it hopes to be able to make announcements over the next few weeks and months.

A key goal has been to become a well-financed company to turn its 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, and fundraising under way in 2024, the board considers that International Lithium is well placed in that respect, with no debt and a strong net cash position.

The company's interests in various projects consist of the projects listed in the associated table, and, in addition, the company continues to seek other opportunities.

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 fewer than 1,000 hectares of its claims. A preliminary economic assessment (PEA) was published for the company's lithium at Raleigh Lake in December, 2023, with a detailed economic analysis of International Lithium's separate rubidium resource still to come. Raleigh Lake is 100 per cent owned by International Lithium, is not subject to any encumbrances and is royalty free. The project has excellent access to roads, rail and utilities.

With the increasing demand for high-technology 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 metal resource developers of choice for investors and to continue to build value for its shareholders in the twenties, the decade of battery metals.

We seek Safe Harbor.