Mr. John Wisbey reports

INTERNATIONAL LITHIUM ANNOUNCES PRIVATE PLACEMENT

International Lithium Corp. has arranged a non-brokered private placement of up to 40 million common shares at 1.5 cents per share to raise gross proceeds of up to $600,000. The company may pay finders' fees on a portion of the placement.

Proceeds of the private placement will be used primarily for general working capital purposes ahead of the company's receiving proceeds from its disposal to Ganfeng of International Lithium's stake in the Irish Avalonia project. Although this project is a minority stake in a non-Canadian exploration stage project, and on legal advice would appear to fall outside the scope of the Investment Canada Act, Ganfeng have made a voluntary disclosure to the Canadian authorities, and the company is awaiting the outcome of that in the first half of February.

Closing of the offering is subject to acceptance by the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.

It is anticipated that some directors and insiders will participate in this offering. The issue of shares (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 (MI 61-101), 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 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 does not exceed 25 per cent of the company's market capitalization.

The company anticipates that, upon completion of the offering, John Wisbey, will be a new control person pursuant to TSX Venture Exchange policies. The shareholders of the company previously approved the creation of John Wisbey as a control person of the company at the annual general and special meeting held on Dec. 10, 2018.

About International Lithium Corp.

While the world's politicians are currently divided on the future of the energy market's historic dependence on oil and gas and on "net zero," there seems a clear and unstoppable momentum toward electric vehicles and electric battery storage. The company has seen the clear and increasingly urgent wish by the United States and Canada and other major economies to safeguard their supplies of critical metals and to become more self-sufficient. The company's Canadian projects, which contain lithium, rubidium and copper, are strategic in that respect.

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. This includes optimizing the value of International Lithium's existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world-class deposits. International Lithium has announced separately that the company regards Zimbabwe as an important strategic target market for International Lithium and that the company has applied for and hopes to receive EPOs there. International Lithium hopes to be able to make announcements over the next few weeks and months.

The company's interests in various projects now consist 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 lithium and rubidium project and the Firesteel copper project in Canada and on obtaining EPOs and mineral claims in Zimbabwe.

The Raleigh Lake project now consists of 32,900 hectares (329 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 the company's claims. A preliminary economic assessment (PEA) was published for International Lithium's lithium at Raleigh Lake in December, 2023, with 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.

A continuing goal has been to remain a well-financed company to turn the company's aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in January, 2022, and the Avalonia project in 2024 (sale not completed yet), International Lithium has achieved sufficient inward cash flow to be able to make progress with its exploration projects.

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 1920s, the decade of battery metals.

We seek Safe Harbor.