International Battery Metals Announces Closing Of Previously Announced Fourth Follow-On Investment From EV Metals 9 LLC, Adding USD $2.8 Million Under Existing LOI

Financing Closing Details

• International Battery Metals Ltd. (IBAT) closed a non-brokered private placement financing with EV Metals VII LLC on April 29, 2026.
• Gross proceeds raised were USD $2.8 million (approximately C$3.8 million).
• The transaction issued 34,315,465 units at a price of USD $0.08 per unit (C$0.111 per unit).
• Each unit consists of one common share and one warrant to purchase one additional common share.

Dilution and Valuation Compression

• The financing price of C$0.111 per unit is below the recent trading range of $0.14-$0.16, indicating a discount issuance that dilutes existing shareholders at depressed valuations.
• This marks the fourth tranche of a previously announced LOI totaling USD $15 million, confirming ongoing capital needs rather than operational self-sufficiency.
• Insider ownership exceeding 57% significantly reduces minority shareholder influence and governance checks.

Business Model

• IBAT focuses on modular direct lithium extraction (DLE) technology, utilizing patented extraction columns housed in transportable skid-mounted platforms.
• The company targets brine resources globally, with recent focus on Utah (commercial implementation claimed), Argentina, the Middle East, and the U.S.