Sale Of 49% Stake In Mavis Lake Project

VANCOUVER - The board of International Lithium Corp. reported the completion of the sale of its 49% stake in the Mavis Lake lithium project in Ontario to Critical Resources Ltd. in line with the announcement made on October 25, 2021 whereby CRR buys 100% of the claims from the Company and its partner Essential Metals Ltd.

John Wisbey, Chairman and CEO, said, "We are pleased to be able to kick off the New Year with the completion of the Mavis Lake sale, and we congratulate CRR on their good execution at Mavis Lake and their fund-raising. ILC remains deeply committed to Ontario with our claims at our 100% owned Raleigh Lake lithium and rubidium project near Ignace, Ontario now totaling over 47,700 hectares, and we are glad to be able to focus our Canadian efforts on that major project. We retain a further CAD$ 1.38m of upside in further payments at Mavis Lake if CRR achieves the hoped for results there. Our strong cash and marketable securities position of CAD$ 12.9 m equivalent equips us very well for the next phase of exploration at Raleigh Lake and for other projects under consideration."