Deal Details
On 9 September 2025, International Lithium Corp. (ILC) secured an option to acquire Lepidico’s 80% interest in the Karibib Lithium, Rubidium & Cesium Project in Namibia, for C$975,000 (approximately US$700,000), plus contingent future payments tied to certain outcomes. The structure includes a secured loan of C$510,000 to Lepidico Canada (with ~C$285,000 already advanced), and certain performance / arbitration-related conditions. The option remains open until 30 November 2025, or 30 days after the outcome of an ongoing arbitration involving Lepidico Namibia with a Chinese company, Jiangxi Jinhui Lithium.
Resource & Strategic Importance
Karibib holds a mineral resource of about 11.9 million tons grading ~0.45% Li₂O (lithium oxide), plus significant rubidium and smaller amounts of cesium. This project is advanced: it has had a Definitive Feasibility Study (DFS) completed and is among the more developed lithium/rubidium assets in southern Africa. For ILC, this deal represents a fast-track entry into a high-potential lithium/rubidium/cesium asset, which could bolster its portfolio especially if lithium demand recovers.
Risks, Conditions & Implications
However, there are substantial risk factors and conditions. The arbitration outcome (expected Sept-Oct 2025) could materially affect whether ILC chooses to exercise the option. Also, while technical studies (DFS, resource estimates under JORC) exist, ILC has noted that it will need to validate or update these under NI 43-101 reporting standards before treating them as its own. Other stipulations include ensuring there is no outstanding debt to Lepidico’s parent group, securing regulatory approvals, and satisfying environmental/social permitting. If the deal goes through, it could affirm Namibia’s growing role as a battery-metals hub (especially for lithium, rubidium, etc.), and help ILC scale faster in the critical minerals space