Mr. John Wisbey reports

INTERNATIONAL LITHIUM CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

International Lithium Corp. closed, on March 31, 2025, the first tranche of its non-brokered private placement of common shares announced on Feb. 5, 2025. On closing, the company issued 23,666,666 common shares at 1.5 cents per share for proceeds of $355,000. This takes the total number of shares in issue to 272,403,254.

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. The company anticipates 52 per cent, or $183,600, of the private placement proceeds from the first tranche will be allocated to pay the outstanding fees to non-arm's-length creditors. No fees have been payable on the transaction, and the payments to persons conducting investor relations activities shall not exceed 10 per cent of the proceeds.

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.

Five non-arm's-length parties participated in this tranche of the private placement: chief executive officer and director John Wisbey, chief financial officer and director Maurice Brooks, chief operating officer and director Anthony Kovacs, director Ross Thompson, and director Geoffrey Baker. The issue of shares (to the extent subscribed for by insiders) constitutes 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 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 did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the company had not been confirmed at that time.

Mr. Wisbey, the chairman and chief executive officer of the company, participated in the offering and acquired 14.68 million common shares. Mr. Wisbey is a new control person pursuant to TSX-V policies as he now beneficially and directly owns and controls 64,426,841 common shares of the company, representing approximately 23.65 per cent of the issued and outstanding shares on a non-diluted basis. The shareholders of the company previously approved the creation of Mr. 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 to be a clear and unstoppable momentum toward electric vehicles and electric battery storage. The company has also 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 playing its part in creating a greener, cleaner planet and less polluted cities. This includes optimizing the value of the company'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 (exclusive prospecting orders) 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 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 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 International Lithium's aspirations into reality. 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-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 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.