Investor Insight

ILC Critical Minerals, formerly known as International Lithium Corp., offers investors exposure to the growing critical metals sector through its advanced-stage Raleigh Lake lithium-rubidium project in Ontario, early-stage copper-cobalt exploration at Firesteel in Ontario, and strategic focus on Southern Africa, all supported by strong infrastructure and a seasoned leadership team.

With strategic divestments, a robust financial position, and a focused growth strategy, ILC Critical Minerals is well-positioned to meet the rising demand for lithium and other critical metals

Overview

ILC Critical Minerals, (TSXV:ILC,OTC:ILHMF,FRA:IAH,OTCQB:ILHMF) is a Canada-based mineral exploration company focused on the discovery and development of lithium and other critical metals essential for the transition to a cleaner, greener planet. With a portfolio of projects located in mining-friendly jurisdictions, the company’s primary objective is to build shareholder value by advancing its key assets towards production while expanding its presence in emerging critical metals regions.

Company Highlights

• ILC Critical Minerals is focused on developing lithium and critical metals projects in Canada and Southern Africa, aiming to deliver shareholder value through project development, strategic partnerships and project sales.
• Raleigh Lake is ILC’s wholly owned flagship lithium-rubidium project in Ontario, Canada, with a positive PEA completed in December 2023.
• ILC holds a 90 percent interest in the Firesteel copper and cobalt project in Northwestern Ontario, with exploration permits filed and drilling programs planned.
• The company has applied for exclusive prospecting orders (EPOs) in Zimbabwe and is continuing to review further exploration opportunities in Southern Africa.
• ILC is debt-free with a robust financial position. It has monetized its non-core assets, including the sale of its stake in the Avalonia project in Ireland, resulting in a C$2.5 million payment and a 2 percent net smelter royalty.
• ILC secured an option to acquire 100 percent of Lepidico (Mauritius), which owns an 80 percent interest in Lepidico Chemicals Namibia, the owner of the Karibib Lithium, Rubidium and Cesium Project in Namibia.
• The company is led by an experienced management team with a proven track record in advancing mineral exploration projects.

Key Projects

Raleigh Lake

The Raleigh Lake project is ILC’s flagship asset, located approximately 25 kilometres west of Ignace, Ontario. The project covers a contiguous land package of 32,900 hectares and is 100 percent owned by the company. Raleigh Lake benefits from excellent infrastructure access, situated near the Trans-Canada Highway, a Canadian Pacific Railway line, and existing natural gas and hydroelectric infrastructure.

Major public infrastructure relative to the Raleigh Lake project

Raleigh Lake is notable for its dual potential to host both lithium and rubidium mineralization. The lithium is found primarily in spodumene-bearing pegmatites, while rubidium is associated with microcline-rich zones of the same lithium-cesium-tantalum pegmatite system. In 2023, International Lithium published a maiden mineral resource estimate (MRE) that delineated significant resources for both lithium and rubidium using separate cutoff criteria.

For lithium (Li₂O), the project hosts a measured and indicated resource of 5.88 Mt grading 0.79 percent Li₂O, and an inferred resource of 2.07 Mt grading 0.77 percent Li₂O, primarily within pegmatite #1. This lithium resource forms the basis of the company’s PEA, which demonstrated robust project economics with an after-tax NPV (8 percent) of C$342.9 million and an IRR of 44.3 percent.

The rubidium component, though not included in the PEA due to current market constraints, represents an additional potential value stream. The company has reported a measured and indicated resource of 133,000 tons at 6,163 ppm rubidium (0.67 percent Rb₂O) and an inferred resource of 123,000 tons at 4,224 ppm rubidium (0.46 percent Rb₂O), using a 4,000 ppm cutoff. The rubidium zones are found in association with potassic feldspar, offering a potentially recoverable byproduct pending further market and technical evaluation.

Given the project’s strong infrastructure position, mineral endowment, and defined development path, Raleigh Lake represents a compelling advanced-stage opportunity in North America’s lithium supply chain. International Lithium is continuing infill and expansion drilling, environmental baseline studies, and metallurgical testing to support project advancement toward pre-feasibility.

Firesteel Project

The Firesteel project is an early-stage copper-cobalt exploration property located in northwestern Ontario, approximately 10 km west of Upsala along Highway 17. Spanning a 16-km corridor to the Firesteel River, the property lies within a geologically favorable region characterized by Archean metavolcanic and metasedimentary rocks, which are prospective for volcanogenic massive sulphide (VMS) and sedimentary copper systems.

ILC Critical Minerals completed the acquisition of a 90 percent interest in the Firesteel project in May 2024, aiming to diversify its critical metals portfolio beyond lithium. Historical sampling on the property has returned encouraging results, including copper assays up to 2.6 percent and cobalt values reaching 309 ppm. Notably, the ‘Roadside 1’ occurrence features semi-massive sulphide mineralization comprising pyrite, pyrrhotite, chalcopyrite and bornite. These findings suggest the presence of a highly metamorphosed VMS or sedimentary copper system, potentially up to 20 meters wide and extending over a kilometer in length.

The project’s proximity to major infrastructure, including highways and railways, coupled with its strategic location near the company’s Raleigh Lake project, enhances its development potential. International Lithium plans to conduct systematic exploration, including geochemical sampling and geophysical surveys, to refine targets for future drilling campaigns.

Wolf Ridge Project

Wolf Ridge is a 5,700-hectare grassroots lithium project located 20 km southwest of Upsala and near ILC’s Firesteel copper claims. The area benefits from excellent infrastructure, including proximity to Highway 17, power, and road access.

The project was highlighted by the Ontario Geological Survey (2021–2022) for its standout lake sediment anomalies – among the highest lithium values in the region – indicating strong potential for LCT pegmatite mineralization.

Read more on page 54 of the report here.

Southern Africa Exploration Initiative

Southern Africa is recognized as a prospective region for hard rock lithium, and International Lithium’s strategic focus reflects a proactive move to establish a presence in this emerging jurisdiction.

As part of its strategy to expand its critical metals footprint, International Lithium has applied for Exclusive Prospecting Orders (EPOs) over several prospective areas in Zimbabwe. The targeted regions are known for hosting spodumene, lepidolite and petalite-bearing pegmatites, indicating potential for significant lithium resources.

Although the EPO applications are still pending approval, the company has already conducted initial due diligence, including geological reviews and desktop studies, to prioritize exploration targets once access is granted. Zimbabwe’s growing importance as a global lithium supplier, combined with favorable mining policies, offers a compelling backdrop for the company’s expansion efforts. International Lithium intends to leverage its technical expertise and exploration experience to quickly evaluate and develop these opportunities upon receiving the necessary permits

Management Team

John Wisbey – Chairman and CEO

John Wisbey joined International Lithium in 2017, initially serving as deputy chairman before being appointed chairman and CEO in March 2018. Under his leadership, the company has undergone a significant transformation, including achieving 100 percent ownership of the Raleigh Lake project, divesting non-core assets, and expanding into new jurisdictions such as Zimbabwe. He founded two London AIM-listed companies: IDOX, which provides software for the UK local government; and Lombard Risk Management, which specializes in software for bank risk management and regulation. He also established CONVENDIA, a private company that specializes in software for cash flow forecasting, project valuation and M&A financial analysis. With a background in banking and financial technology entrepreneurship, Wisbey brings extensive experience in corporate leadership and strategic development. He is also the company’s largest shareholder.

Maurice Brooks – Director and CFO

Maurice Brooks joined the board of ILC in 2017. He is a licensed senior statutory auditor in the UK. Since 2000, he has been a senior partner at Johnson Smith & Co. in Staines, Surrey. Before that, Brooks was a senior partner in Johnsons Chartered Accountants in the London Borough of Ealing. His commercial and investment experience includes executive directorships in manufacturing and an investment accountant role in the superannuation fund of the Western Australian state government. His early professional employment includes Ball Baker Leake LLP and LLC and Price Waterhouse Coopers-UK.

Anthony Kovacs – Director and COO

Anthony Kovacs joined the board of ILC in 2018 and has worked with the company since 2012. He has over 25 years of experience in mineral exploration and development. Before joining ILC, he held senior management roles in which he sourced and advanced iron ore and industrial minerals projects. Kovacs was involved in early-stage work at the Lac Otelnuk Iron Ore project in Quebec, Canada and the Mustavaara Vanadium Mine in Finland. Before that, Kovacs worked for Anglo American where he focused on Ni-Cu-PGE and IOCG projects. At Anglo-American, Kovacs was directly involved in several discoveries internationally. Kovacs has significant experience with industrial minerals, ferrous metals, non-ferrous metals and precious metals projects throughout the Americas, Europe and Africa.

Ross Thompson – Non-executive Director

Ross Thompson joined the board of ILC in 2017 and is the chair of the audit and remuneration committees. He is a speaker and expert in marketing behavioral science. In 1995, he founded Giftpoint Ltd. which is now one of the largest specialist promotional merchandise businesses in the UK. with offices in London and Shanghai. Giftpoint Ltd.’s clients include L’Oreal, Oracle, Ocado and Pernod Ricard among others. Thompson was president of IGC Global Promotions, one of the world’s oldest and largest global networks of premium resellers, for seven years. He is an active investor with a special interest and understanding of natural resources businesses.

Geoffrey Baker – Non-executive Director

Geoff Baker joined the board of ILC at the end of 2022 and is a member of the audit committee. He has a career in the natural resource and finance industries. He is a director of Tim Trading, a company offering consultancy services in the oil and gas industry. During his tenure as manager of Insch Black Gold Funds, Baker received the Investors’ Choice Swiss Fund Manager of the Year Award. He is a co-founder of a digital collectible non fungible token CryptoChronic and of Cannastore, a pilot e-commerce website. Baker holds a bachelor’s degree from the University of Windsor in Ontario.

Muhammad Memon – Corporate Secretary and Financial Controller

Muhammad Memon became corporate secretary of ILC in 2021. He has over 10 years of experience in managing finance and compliance functions of public companies in various sectors including mining exploration, investment management, real estate and technology. He assists companies with debt and equity financings, cash flow management and forecasting, legal and regulatory compliance, investor communications, stakeholder engagement and risk management. He is a member of the Chartered Professional Accountants of Canada and a fellow of the Association of Chartered Certified Accountants, United Kingdom.

Investor Insight

One Bullion offers investors leveraged exposure to gold through the largest district-scale gold exploration land package in Botswana, combining extensive historical data, multiple drill-ready targets and a disciplined strategy focused on value creation through discovery and partnership.

Overview

One Bullion (TSXV:OBUL) is a Toronto-based gold exploration company focused on advancing a district-scale portfolio of gold assets in Botswana. The company controls approximately 8,004 sq km across three greenstone belt–hosted gold projects: Vumba, Maitengwe and Kraaipan. Botswana is widely regarded as one of Africa’s most attractive mining jurisdictions due to its political stability, transparent regulatory framework and established mining infrastructure.

The company’s strategy is centered on systematic, data-driven exploration. One Bullion has amassed extensive historical datasets, conducted modern geophysical surveys and completed significant drilling, particularly at Vumba, where results have confirmed the presence of a continuous, structurally controlled gold system. The company aims to advance its assets through drilling and technical derisking before pursuing strategic partnerships or joint ventures with larger mining companies.

One Bullion is led by CEO and president Adam Berk, alongside a management team and board with experience spanning exploration, mine development, capital markets and public company leadership. The company emphasizes capital discipline, lean operations and directing the majority of funds raised into the ground to generate results-driven catalysts for shareholders.

Company Highlights

• Controls approximately 8,004 sq km across three gold-prospective greenstone belts in Botswana, one of Africa’s most stable and mining-friendly jurisdictions
• Portfolio includes Vumba, Maitengwe and Kraaipan, spanning early- to advanced-stage exploration with multiple near-term catalysts
• Vumba is the most advanced asset, with extensive historical work and drill results confirming a large, continuous gold system with expansion potential
• Kraaipan provides large-scale upside, with significant strike length along a prolific greenstone belt that hosts producing and past-producing mines nearby
• Backed by a data-rich exploration platform, including tens of thousands of historical assays and modern geophysical surveys
• Led by a management and board team with experience across mining, capital markets and company building

Key Projects

Vumba Gold Project

The Vumba gold project is One Bullion’s most advanced assets and near-term focus. Located on the same greenstone belt that hosts Zimbabwe’s Blanket Mine, Vumba has benefited from extensive historical and modern exploration, including soil sampling, trenching, reverse circulation drilling and diamond drilling. To date, approximately 11.5 kilometres of reverse circulation drilling and more than 3 kilometres of diamond drilling have been completed at Vumba.

Mineralization at Vumba resembles characteristics of deposits in the region. Pervasive ‘flood silica’ alteration, suggesting more bulk tonnage potential.

Exploration results at Vumba have confirmed a large, continuous gold system with multiple mineralization styles, including quartz veins, sulphide-rich zones and pervasive silica alteration. Historic surface sampling and drilling returned multiple high-grade gold intercepts, and recent work supports the potential for shallow mineralization and possible bulk-tonnage styles, subject to further drilling. The company plans to continue drilling and geophysical work to further delineate known zones and test additional targets throughout 2026.

Maitengwe Gold Project

The Maitengwe gold project is an early-stage exploration asset covering approximately 132 sq km, located between the town of Tutume and the Zimbabwean border within a prospective greenstone belt. Exploration to date has identified widespread gold occurrences, with grab samples returning gold values indicative of a fertile mineralized environment.

The company plans to advance Maitengwe through airborne magnetic surveys and initial drilling, adding another pipeline of targets to One Bullion’s portfolio. Maitengwe provides additional upside as a greenfield discovery opportunity within the company’s broader district-scale landholding.

Kraaipan Gold Project

The Kraaipan gold project represents One Bullion’s largest-scale opportunity, with approximately 65 kilometers of strike length controlled along the western limb of the Kraaipan Greenstone Belt in Botswana. This belt hosts multiple past-producing and operating mines, including Harmony Gold’s Kalgold mine in South Africa, which lies along strike from One Bullion’s land position.

Despite its geological endowment, the Botswana extension of the Kraaipan belt remains underexplored with modern techniques. One Bullion has completed extensive geophysical surveys, identifying numerous priority targets, and plans to advance the project through systematic drilling. The scale of the land package and proximity to known gold deposits underpin the project’s potential to host significant discoveries.

Management Team

Adam Berk – Chief Executive Officer and President

Adam Berk has a background in finance, entrepreneurship and public company leadership. He holds degrees from Cornell University and the University of Miami, and has previously served as CEO and chairman of multiple companies. At One Bullion, Berk is focused on capital discipline, exploration execution and positioning the company for strategic partnerships.

Sohail Thobani– Chief Financial Officer

Sohail Thobani brings over 23 years of global experience across banking, private equity and investment fund management, providing senior financial leadership within complex, regulated environments. He is a Canadian CPA and a Fellow Chartered Certified Accountant in the United Kingdom. At One Bullion, he is focused on capital efficiency, balance sheet strength, and strong financial governance to support the Company’s exploration strategy and sustainable, long-term growth.

Arno Brand – Chief Operating Officer and Director

Arno Brand is a Namibian entrepreneur with more than 15 years of experience in mining and large-scale project development across Africa. He has negotiated international offtake agreements and played key roles in taking private companies public, contributing operational and regional expertise to One Bullion.

Peter Sheppeard – Director

Peter Sheppeard brings over three decades of experience in mining and capital markets, and is the founder of a boutique Australian stock brokerage. His background supports strategic oversight and capital markets execution.

Stuart Hensman – Director

Stuart Hensman has held senior leadership roles at Scotia Capital in the US and UK and has extensive experience in financial services, governance and public company oversight.

Sheldon Inwentash – Director

Sheldon Inwentash is a seasoned investor and entrepreneur, best known as the founder of Pinetree Capital and chairman of ThreeD Capital. He has been involved in multiple high-profile resource sector successes, providing strategic and investment insight.

Adrian Morante – Director

Adrian Morante is an investment professional with experience in equities, high-yield debt and arbitrage strategies. A CFA charterholder, he contributes capital markets and governance expertise to the board.

Gold price chart, January 15 to 22, 2026.

The yellow metal’s latest rise adds to an ongoing historic run.

After starting 2025 around US$2,640, gold had risen to the US$3,200 level by April. It stayed within a fairly flat range until the end of August, when it launched higher once again, breaking US$4,300 in mid-October.

The price of gold took a breather following that move, even falling briefly below US$4,000; however, its retracement was neither as steep nor as long as many market watchers expected it to be.

Gold began gaining steam again in mid-November, and took off again in earnest at the end of 2025.

In 2026, precious metals have continued to benefit from geopolitical tensions and economic uncertainty. Expectations of interest rate cuts after US Federal Reserve Chair Jerome Powell’s term ends later this year have provided support too. Trump’s feud with the Fed over rates took an eyebrow-raising turn on January 9, when the US Department of Justice served the Fed with grand jury subpoenas targeting Powell with a criminal indictment.

Earlier this week, gold climbed higher as investors moved out of global stocks after Trump said over the weekend that European nations opposing his bid to acquire Greenland could face tariffs of up to 25 percent.

The nations targeted included France, Germany, the UK, Denmark, Norway, Sweden, the Netherlands and Finland. The news prompted fears of a full-blown US-Europe trade war, a weaker US dollar, higher inflation and a worsening outlook for the global economy. There were even concerns that the conflict over Greenland could seriously weaken or dismantle the NATO alliance. Gold is traditionally used as a hedge against such risks.

Greenland’s key geographic position in the Arctic has long been coveted by the US as a necessary strategic asset in its geopolitical struggle with Russia and China. “China and Russia want Greenland, and there is not a thing that Denmark can do about it,” Trump wrote on January 17 on his social media platform Truth Social. “Only the United States of America, under PRESIDENT DONALD J. TRUMP, can play in this game, and very successfully, at that!”

‘As soon as the probability of escalation increases, defensive capital tends to move preemptively, rather than waiting for tangible impacts to materialize in economic data. In this context, gold functions as a portfolio risk-balancing asset.’

European leaders responded with vows that they would not be blackmailed into allowing Trump to take Greenland, and said they were preparing counter measures to the president’s tariffs.

Perhaps the pressure worked, as Trump made a point of stating in his Wednesday (January 21) Davos speech: ‘I don’t have to use force. I don’t want to use force. I won’t use force.’

Silver is also attracting attention, pushing past the US$96 per ounce mark for the first time. Although it is valued as an investment metal, silver is key for technology such as solar panels.

Elsewhere in the precious metals space, platinum rose to record highs on Thursday, reaching US$2,612 per ounce. Palladium remains below its top price level, but is elevated above US$1,800 per ounce.