ILC Critical Minerals Ltd. Extends Option to Buy Lepidico Mauritius Ltd, Which Owns 80% of the Namibian Company That Owns a 100% Interest in the Karibib Lithium, Rubidium and Cesium Project

The news release from January 26, 2026, contains two primary components: - Option Extension: ILC extended its option to acquire 100% of Lepidico (Mauritius) Ltd. (which holds an 80% interest in the Karibib Lithium, Rubidium, and Cesium project in Namibia) until February 27, 2026. In return, ILC agreed to provide CAD$145,000 in additional working capital payments to Lepidico Canada. These payments are non-recourse if the option is exercised but will be added to an existing secured loan if the option lapses. - Portfolio & Market Update: The company provided an update on its project portfolio, highlighting that its flagship Raleigh Lake project in Ontario has a post-tax NPV of CAD$342.9 million and an IRR of 44.3% based on a spodumene price of US$2,214 per tonne (as of Jan 23, 2026). The update also mentions the ongoing process to convert Raleigh Lake mining claims into a mining lease and planning for 2026 work programs.

This news has a neutral material impact. The extension is a routine administrative step that does not alter the fundamental risk/reward profile of the potential Karibib acquisition. - No Change in Core Risk: The option remains contingent on the unresolved negative arbitration outcome (announced Dec 29, 2025) between Lepidico Namibia and Jiangxi Jinhui Lithium. The extension merely pushes the decision deadline forward by a month. The company is effectively paying CAD$145,000 for more time to assess a damaged asset. - Positive Spin on Raleigh Lake: The updated Raleigh Lake NPV (CAD$342.9M) is presented as a positive, but it is derived from a current, high spot price (US$2,214/t spodumene). This is a routine re-calculation based on market movements, not a new study or material project advancement. The company's own disclaimer notes "medium-term price may differ from spot." - Financial Impact Minimal: The CAD$145,000 payment is not material relative to the company's working capital (CAD$1.15 million as of Sept 30, 2025). However, it represents a continued cash outflow for a non-core, speculative option.

ILC Critical Minerals Ltd. (formerly International Lithium Corp.) is a Canadian junior exploration company focused on lithium, rubidium, cesium, and copper projects in Canada and Southern Africa. - Flagship Project – Raleigh Lake, Ontario: A 100%-owned, 32,900-hectare lithium and rubidium project. A Preliminary Economic Assessment (PEA) for lithium was completed in December 2023. The project has no royalties or encumbrances. The company is in the process of applying for a mining lease. Its economics are highly sensitive to lithium (spodumene) prices. - Other Key Projects: The Firesteel copper-cobalt project (Ontario), the Wolf Ridge lithium project (Ontario), and the option-held Karibib project (Namibia).