Mr. John Wisbey reports

INTERNATIONAL LITHIUM ANNOUNCES $1,000,000 PRIVATE PLACEMENT

International Lithium Corp. has arranged a non-brokered private placement of up to 16,666,667 units at six cents per unit to raise gross proceeds of up to $1-million. Each unit will comprise 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 eight cents per common share until June 30, 2024.

Proceeds of the private placement will be used for exploration on the company's Raleigh Lake project and for general corporate and administrative costs.

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(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the units does not exceed 25 per cent of the company's market capitalization.

Withdrawal of previously announced private placement

The company had sought to increase the size of the oversubscribed $3-million placing closed in February at 5.5 cents, but, owing to the near trebling of the share price in January and February, this was declined by the TSX Venture Exchange. Then a TSX-V policy meant that it was not possible to arrange for further units to be offered at below 11 cents and so the company announced a private placement at 11 cents. This was not taken up after the share price fell back and, consequently, the company now also announces the withdrawal of the non-brokered private placement announced on Feb. 19, 2021. The offering consisted of up to 18,181,818 units at 11 cents per unit to raise gross proceeds of up to $2-million, with each unit comprising one common share and one-half of one share purchase warrant, entitling the holder to acquire one additional common share at an exercise price of 16.5 cents per common share until March 31, 2024.

About International Lithium Corp.

International Lithium believes that the 2020s will be the decade of battery metals, at a time that the world faces a significant turning point in the dependence of the energy market on oil and gas, and in the governmental and public view of climate change. The company's key mission in the new decade is to make money for its shareholders from lithium and battery metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of its existing projects in Canada, Argentina and Ireland, as well as finding, exploring and developing projects that have the potential to become world-class lithium and rare metal deposits. In addition, International Lithium has seen the clear and growing wish by the United States and Canada to safeguard their supplies of critical battery metals, and its Canadian properties are strategic in that respect.

A key goal in the new decade is to become a well-financed company to turn its aspirations into reality.

International Lithium has a significant portfolio of projects, strong management and strong partners. Partners include Ganfeng Lithium Co. Ltd., a leading China-based lithium product manufacturer quoted on the Shenzhen Stock Exchange and Hong Kong Stock Exchange, and Essential Metals Ltd., quoted on the Australian Securities Exchange.

The company's primary strategic focus is now on the Raleigh Lake lithium and rubidium project in Canada and on the company's strategic options on the Mariana project in Argentina. In respect of the latter, the company has announced that its board believes it to be in the best interests of the company to sell its stake in Mariana before the next capital intensive stage of the project gets under way.

The Raleigh Lake project consists of 3,027 hectares of adjoining mineral claims in Ontario and is regarded by management as International Lithium's most significant project in Canada. The pegmatites explored there contain significant quantities of rubidium and caesium, as well as lithium. Raleigh Lake is 100 per cent owned by International Lithium, is not subject to any encumbrances and is royalty free.

Current ownership of the Mariana lithium-potash brine project is through a joint venture company, Litio Minera Argentina S.A. (LMA), a private company registered in Argentina. At Dec. 31, 2020, LMA was owned 88.4 per cent by Ganfeng Lithium and 11.6 per cent by International Lithium (percentages are subject to audit). As at mid-2021 and subject to further audit, the company's share had been diluted to around 10 per cent. In addition, International Lithium currently has an option to acquire a further 10-per-cent in LMA through a back-in right. The Mariana project is located within the renowned South American lithium belt, which is the host to the vast majority of global lithium resources, reserves and production. The Mariana project strategically encompasses an entire mineral-rich evaporite basin, totalling 160 square kilometres, and has over 7.8 million tonnes of measured and indicated lithium chloride equivalent resource, ranking it as one of the more prospective salars or salt lakes in the region.

Complementing the company's lithium brine project at Mariana and rare metal pegmatite property at Raleigh Lake are interests in two other rare metal pegmatite properties in Ontario, Canada, known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which encompasses an extensive 50-kilometre-long pegmatite belt.

The ownership of the Mavis Lake project is now 51 per cent for Essential Metals Ltd. and 49 per cent for International Lithium. In addition, International Lithium owns a 1.5-per-cent net smelter royalty (NSR) return on Mavis Lake. Essential Metals has an option to earn an additional 29 per cent by sole-financing a further $8.5-million of exploration activity expenditures, at which time the ownership will be 80 per cent for Essential Metals and 20 per cent for International Lithium.

The Forgan Lake project will, upon Ultra Resources Inc. meeting its contractual requirements pursuant to its agreement with International Lithium, become 100 per cent owned by Ultra Resources and International Lithium will retain a 1.5-per-cent NSR return on Forgan Lake.

The ownership of the Avalonia project is currently 55 per cent for Ganfeng Lithium and 45 per cent for International Lithium. Ganfeng Lithium has an option to earn an additional 24 per cent by either incurring $10-million of exploration activity expenditures or delivering a positive feasibility study on the project, at which time the ownership will be 79 per cent for Ganfeng Lithium and 21 per cent for International Lithium.

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 tech sustainable economy. By positioning itself with solid strategic partners and projects with significant resource potential, 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.