ILC Critical Minerals Ltd. does not exercise any option to acquire Lepidico Mauritius Ltd. to buy.

ILC Critical Minerals Ltd. (TSXV: ILC,OTC:ILHMF) (OTCQB: ILHMF) (FSE: IAH0) (“ILC” or the “Company”) announces that it has withdrawn its option to acquire 100% of Lepidico (Mauritius) Ltd. (“Lepidico Mauritius”) from Lepidico (Canada) Inc. (“Lepidico Canada”) has not exercised nor been able to renew, expired on February 27, 2026. This company controls 80% of the Karibib lithium, rubidium and cesium project in Namibia.

The ILC board had carefully considered the financial and legal risks of the transaction and supported the exercise of the option. The board had the necessary financing ready. However, TSX Venture Exchange (“TSXV”) did not timely provide ILC with the required approval that would have enabled ILC to complete the transaction. It would have been possible to further extend the option expiration date, but this would have required ILC to provide additional working capital to Lepidico Canada. The TSXV went further and also prevented ILC from lending more money for working capital to Lepidico Canada. This had the practical effect for ILC that the option could not be exercised or extended.

This is a setback for ILC’s plans in southern Africa, as Karibib has a large lithium resource, the largest known rubidium resource in Africa, and enough cesium for about a year of global use, and had already reached the final feasibility study stage under JORC in 2020. Such late-stage development projects are difficult to find, and the board felt after months of working on the transaction that it could have added significant shareholder value, albeit at some risk.

Lepidico Canada’s board felt that it was unable to continue as a viable company without the additional resources required for its working capital needs. While ILC’s board would have been willing for ILC to offer this, the blocking by TSXV made this impossible to offer. As a result, Lepidico Canada has now changed ownership. There is still a possibility that ILC involvement in this project may be offered, in which case the ILC board would allow an extended period during which TSXV’s review processes would be completed, in a manner that provides a greater likelihood of a favorable outcome from TSXV. However, it is clear that such an outcome cannot be assumed.

By order of the board

John Wisbey
Chairman and CEO

About ILC Critical Minerals Ltd.

ILC Critical Minerals Ltd., formerly International Lithium Corp., has exploration activities in Ontario, Canada, with the intention of expanding into Southern Africa. It has projects in various stages ranging from a preliminary economic assessment at Raleigh Lake to pre-drilling at Wolf Ridge. The primary target metals in Canada are lithium, rubidium and copper. There are three projects (two in Ontario and one in Ireland) where ILC has sold its stake, but where the company will receive future payments from a milestone achievement or from a Net Smelter Royalty.

While the world’s politicians remain divided over the future of the energy market’s historic dependence on oil and gas and ‘Net Zero’, there is increasing and significant demand for electricity in each scenario, driven by AI and data centres, and by a likely unstoppable momentum towards electric vehicles and grid-scale electricity storage. These all contribute to the rising demand for lithium, copper and other metals. Rubidium is also a crucial metal, strategically important for high-precision clocks, space technology and improving the performance of certain types of solar panels. ILC has seen the politically driven, increasingly urgent push from the US, Canada, the EU and other major economies to secure their supplies of crucial minerals and become self-sufficient. The company’s Canadian and South African projects, which include lithium, rubidium, cesium and copper, are strategically important in this regard.

The company’s primary mission for the next decade is to generate income for its shareholders from lithium, rubidium and other critical minerals while contributing to the creation of a greener, cleaner planet and less polluted cities.

This includes maximizing the value of ILC’s existing projects in Canada, as well as finding, exploring and developing projects that have the potential to become world-class deposits. The company has announced that it considers Southern Africa to be a key strategic target market and that it has applied for and hopes to receive EPAs in Zimbabwe. The board hopes to make further announcements on portfolio developments in the coming weeks and months.

The company’s interests in various projects now consist of the following, and in addition the company continues to pursue other opportunities:

The company’s primary strategic focus is currently on the Raleigh Lake Project, which includes lithium and rubidium, and the Firesteel copper project in Canada, as well as acquiring EPOs and mineral claims in Zimbabwe.

The Raleigh Lake Project now encompasses 32,900 hectares (329 square kilometers) of mineral claims in Ontario and represents ILC’s flagship project in Canada. To date, drilling has occurred on less than 1,000 hectares of the company’s claims. A preliminary economic assessment for ILC’s lithium was published at Raleigh Lake in December 2023, while a detailed economic analysis of ILC’s individual rubidium resource is still pending. This showed, for lithium alone and without taking rubidium into account, an after-tax net present value of CAD$342.9 million and an after-tax IRR of 44.3% per annum. This was based on a spodumene price of US$2,350 per tonne. On March 3, 2026, the spot price for spodumene had risen again to US$2,220 per tonne. Raleigh Lake is 100% owned by ILC, free of charges and royalties. The Raleigh Lake Project provides excellent access to roads, rail and utilities.

An ongoing goal has been to remain a well-funded, strategically managed company that makes ILC’s ambitions a reality. Following the sale of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in 2022 and the Avalonia project in 2025, ILC has continued to generate sufficient cash inflows to advance its exploration projects.

With the increasing demand for high-tech rechargeable batteries used in electric vehicles, energy storage and wearable electronics, lithium has been dubbed “the new oil.” It is an important part of a green, sustainable economy. By positioning itself on projects with significant resource potential and solid strategic partners, ILC aims to become a preferred developer of lithium and critical mineral resources for investors and continue to build value for its shareholders throughout the 2020s, the decade of battery metals.

On behalf of the Company,

John Wisbey
Chairman and CEO
www.ilccm.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

Except for statements of historical fact, this press release or other press releases contain certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information or forward-looking statements in this or other press releases may include the timing of completion of an offering and the amount to be raised, the effect on results of expected production rates, the timing and/or expected results of drilling on the Raleigh Lake or Firesteel or Wolf Ridge projects, expected commodity prices, the expectation of resource estimates, preliminary economic assessments, feasibility studies, recovery of lithium, rubidium, cesium or copper, capital and operating cost modeling, results of studies using various technologies in the Company’s projects, the Company’s budgeted expenditure, government permits or approval for licenses and license renewals, future plans for expansion in Southern Africa and planned exploration work on its projects, the increased value of shareholder investments in the Company, the potential of the Company’s earn-out or royalty arrangements by third parties, the future demand for lithium, rubidium, cesium and copper, and assumptions about ethical conduct by our joint venture partners or shareholders in our projects or third party project operators or royalty partners. Such forward-looking information is based on assumptions and is subject to a variety of risks and uncertainties, including but not limited to the risks and uncertainties discussed in the sections entitled “Risks” and “Forward-Looking Statements” in the interim and annual management discussion and analysis available at www.sedarplus.ca. Although management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should the underlying assumptions prove incorrect, actual results may differ materially from those described in the forward-looking information. Forward-looking information contained herein, and all subsequent written and oral forward-looking information, is based on management’s expectations, estimates and opinions as of the dates on which they are made and which, while considered reasonable by the Company at the time of such statements, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update any forward-looking information if circumstances or management’s estimates or opinions change.

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