Mr. John Wisbey reports

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

ILC Critical Minerals Ltd. has extended its option to buy 100 per cent of Lepidico (Mauritius) Ltd. (Lepidico Mauritius) from Lepidico (Canada) Inc. (Lepidico Canada) until Feb. 27, 2026.

Since the option and the related loan agreement were first announced on Sept. 9, 2025, Lepidico Chemicals Namibia Pty. Ltd. (LCN or Lepidico Namibia) has received, as announced on Dec. 29, 2025, an adverse arbitration determination from the Singapore-based SIAC (Singapore International Arbitration Centre) in respect of LCN's dispute about an offtake agreement concluded with Jiangxi Jinhui Lithium Co. Ltd. in China. Despite the original offtake agreement in 2018 being under Ontario Law and the arbitration being in Singapore, the arbitration tribunal consisted of two Chinese professors resident and working in China and one Singaporean.

There have been and remain some quite complicated legal questions to address, and also there is the need to obtain exchange and/or regulatory approval in Canada and Namibia. So an option extension was necessary. In return for receiving that option extension, ILC has agreed to provide to Lepidico additional working capital payments totalling a further $145,000. Should the option to buy Lepidico Mauritius be exercised, these payments will be without recourse to Lepidico Canada. Should the option not be exercised, these payments will be added to the secured loan and interest owed by Lepidico Canada.

About ILC Critical Minerals Ltd.

ILC Critical Minerals, formerly International Lithium Corp., has exploration activities in Ontario, Canada, with intentions to expand into southern Africa. It has projects at various stages, ranging from definitive feasibility study at Karibib in Namibia (note that ILC currently has an option only and is treating this as historic information at this point and not a current resource for ILC) to preliminary economic assessment at Raleigh Lake to predrilling at Wolf Ridge. The primary target metals in Canada are lithium, rubidium and copper. There are three projects (two in Ontario and one in Ireland), in which ILC has sold its share but where the company stands to receive future payments from either a resource milestone being achieved or from a net smelter royalty. In Namibia, the Karibib project contains lithium, rubidium and cesium.

While the world's politicians remain divided on the future of the energy market's historic dependence on oil and gas and on net zero, there is, in any scenario, an ever-increasing and significant demand for electricity driven by AI (artificial intelligence) and data centres and by a likely unstoppable momentum toward electric vehicles and grid-scale electricity storage. All of these contribute to rising demand for lithium, copper and other metals. Rubidium is also a critical metal, strategic for high-precision clocks, space technology and improving the performance of certain types of solar panels. ILC has seen the politically driven, increasingly urgent push by the United States, Canada, the European Union, and other major economies to safeguard their supplies of critical minerals and to become more self-sufficient. The company's Canadian and southern African projects, which contain lithium, rubidium, cesium and copper, are strategic in this regard.

The company's key mission for the next decade is to generate revenue for its shareholders from lithium, rubidium and other critical minerals while also contributing to the creation of a greener, cleaner planet and less polluted cities.

This includes optimizing the value of ILC's existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world-class deposits. The company announced that it regards southern Africa as a key strategic target market and, in addition to Namibia, it has applied for and hopes to receive EPOs (exclusive prospecting orders) in Zimbabwe. The board hopes to make further announcements on the portfolio developments over the next few weeks and months.

The company's interests in various projects now consist of the following, and, in addition, the company continues to seek other opportunities.

The company's primary strategic focus at this point is on the Raleigh Lake project, comprising lithium and rubidium, and the Firesteel copper project in Canada, as well as obtaining EPOs and mineral claims in Zimbabwe. The Karibib projects in Namibia, including further development of the EPL (exclusive prospecting licence) there, will be a high priority if ILC decides to exercise its option and remain involved.

The Raleigh Lake project now encompasses 32,900 hectares (329 square kilometres) of mineral claims in Ontario and represents ILC's most significant project in Canada. To date, drilling has occurred on less than 1,000 hectares of the company's claims. A preliminary economic assessment was published for ILC's lithium at Raleigh Lake in December, 2023, with a detailed economic analysis of ILC's separate rubidium resource still pending. This showed, for the lithium only and not yet taking into account the rubidium, an after-tax net present value of $342.9-million and an after-tax internal rate of return of 44.3 per cent per annum. This was based on a spodumene price of $2,350 (U.S.) per tonne. As at Jan. 23, 2026, the spot spodumene price was $2,214 (U.S.) per tonne. Raleigh Lake is 100 per cent owned by ILC, free from any encumbrances and royalties. The Raleigh Lake project boasts excellent access to roads, rail and utilities.

A continuing goal has been to remain a well-financed, strategically run company that turns ILC's aspirations into reality. Following the disposal of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in 2022 and the Avalonia project in 2025, ILC has continued to generate sufficient cash inflows to advance its exploration projects.

With increasing demand for high-tech rechargeable batteries used in electric vehicles, energy storage and portable electronics, lithium has been dubbed "the new oil." It is a key part of a green, sustainable economy. By positioning itself on projects with significant resource potential and solid strategic partners, ILC aims to become a preferred lithium and critical minerals resource developer for investors and to continue building value for its shareholders throughout the 2020s, the decade of battery metals.

We seek Safe Harbor.