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

Core Viewpoint - ILC Critical Minerals Ltd. has extended its option to acquire 100% of Lepidico (Mauritius) Ltd. until February 27, 2026, amid ongoing legal complexities and the need for regulatory approvals [1][3]. Company Developments - The company has agreed to provide additional working capital payments of CAD$145,000 to Lepidico in exchange for the option extension, which will be added to the secured loan if the option is not exercised [3]. - ILC's exploration activities are focused on lithium, rubidium, and copper in Canada and Southern Africa, with significant projects at various stages of development [4][7]. Market Context - There is a growing demand for critical minerals like lithium and rubidium, driven by the transition to electric vehicles and renewable energy sources, positioning ILC strategically within this market [5][12]. - The company aims to capitalize on the increasing demand for high-tech rechargeable batteries, which are essential for a sustainable economy [12]. Project Highlights - The Raleigh Lake Project in Ontario is ILC's most significant asset, covering 32,900 hectares, with a Preliminary Economic Assessment indicating a post-tax NPV of CAD$342.9 million and an IRR of 44.3% based on a spodumene price of US$2,350 per tonne [10]. - The Karibib project in Namibia is also a priority, containing lithium, rubidium, and cesium, and is part of ILC's strategic focus for future development [4][10]. Strategic Goals - The company aims to optimize the value of its existing projects while exploring new opportunities, particularly in Southern Africa, and plans to make further announcements regarding portfolio developments [6][7].