Mr. Garry Flowers reports

INTERNATIONAL BATTERY METALS LTD. ANNOUNCES PRIVATE PLACEMENT, TSXV LISTING APPLICATION, AND BOARD CHANGES

International Battery Metals Ltd. plans to complete a non-brokered private placement of up to 1,649,243 units for a price of 70 cents per unit, for total proceeds of up to $850,000 (U.S.). Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will permit the holder to acquire one additional common share at a price of 82 cents for a period of 24 months from closing of the private placement. The private placement is expected to close on Dec. 8, 2023, but may close in more than one tranche.

The proceeds from the private placement will be used to finance the company's continuing operations and other general corporate expenditures. The company expects that officers and directors of the company, namely Garry Flowers, Daniel Christie and John Burba, will purchase units under the private placement.

Board changes

The company also announces that Foy Wyman Morgan and Maria Echaveste have resigned from the company's board of directors and have been appointed to the company's advisory committee. The company is grateful to Mr. Morgan and Ms. Echaveste for their contributions during their tenure as directors and is pleased that it will continue to benefit from their experience and expertise as advisers of the company.

The company is also in discussions with respect to a proposed appointment of a senior officer of the company, and it is anticipated that this individual will participate in the private placement.

TSX Venture Exchange listing application

The company is pleased to announce that it has received conditional approval to list on the TSX Venture Exchange (the TSX-V). The conditional approval remains subject to certain conditions that the company intends to satisfy in due course. Accordingly, a date for the listing of the common shares of the company on the TSX-V, and concurrent delisting from the Canadian Securities Exchange, has not been set. The company expects to trade under the ticker symbol DLE. Management of the company believes that a listing on the TSX-V, one of the world's largest global public venture markets, will benefit the company by giving it exposure to a larger audience of institutional investors.

Related party transaction

Each of Mr. Flowers, Mr. Christie, Mr. Burba, and any other senior officer or director of the company that participates in the private placement is a related party of the company, as such term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Accordingly, the placement is a related party transaction pursuant to MI 61-101. Under sections 5.4 and 5.6, the company is required to obtain a formal valuation and minority shareholder approval for the placement, respectively, unless exemptions are available.

The company is relying on the exemptions from the formal valuation requirement and the minority shareholder approval requirement under sections 5.5(a) and 5.7(1)(a), as at the time the transaction was agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the private placement, insofar as it involves interested parties, exceeds 25 per cent of the company's market capitalization.

As the specific participation of each related party that the company expects will participate in the private placement has not been confirmed as of the date hereof, additional information required under MI 61-101 will be provided in the company's material change report with respect to the private placement, including a description of the interest of all related parties in the private placement and effect on the percentage of the securities of the company held by each related party who participated.

About International Battery Metals Ltd.

The company's direct lithium extraction technology is based on proprietary lithium extraction housed in patented extraction towers that are enclosed in a modular, shippable platform able to be loaded and brought into production within 10 days of arrival on a customer site. Utilizing the patented technology, the company's focus has been on advanced extraction of lithium chloride from groundwater salt brine deposits and returning the same water to the subsurface aquifer from which it is extracted. The company's unique patented technology ensures faster delivery of lithium chloride while ensuring minimal environmental impact.

We seek Safe Harbor.