Mr. John Wisbey reports

INTERNATIONAL LITHIUM PROVIDES UPDATE ON AVALONIA PROJECT

Any possible Canadian regulatory hurdles with regard to the disposal of International Lithium Corp.'s interest in the Avalonia project in Ireland to GFL International Co. Ltd. (Ganfeng), a subsidiary of Ganfeng Lithium, have been cleared. The transaction will now complete as planned. The board remains of the belief based on its legal advice that the transaction, involving a minority holding in preresource estimate mineral claims in Ireland already controlled by the buyer, fell outside the scope of the Investment Canada Act. However as a precautionary measure the buyer filed a voluntary notification. The deadline for objection and initiation of a Canadian National Security Review has passed without any objection by the government of Canada.

The company announced the Avalonia project variation agreement on Sept. 17, 2024. As well as payments totalling $2.2-million in 2025 the company will be granted a 2-per-cent net smelter royalty.

The company intends to continue with the private placement of shares announced on Feb. 5, 2025, to supplement its funds and to ensure that there are funds for available exploration not only in Canada but also in Zimbabwe if the company makes the steps forward there that it hopes for. The expenditure in Zimbabwe is dependent on the grant of exclusive prospecting orders (EPOs) there, which is believed to be relatively imminent. There is still room to accept further subscriptions in the placement from eligible investors.

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.