Article

ILC Critical Minerals Ltd. faced a setback as its acquisition of the Karibib lithium project was blocked by the Toronto Venture Exchange (TSXV), which did not approve ILC's option to purchase shares of Lepidico Mauritius, owner of 80% of the project. The option expired on February 27, 2025.

TSXV's refusal also prevented ILC from extending the option by providing working capital to Lepidico. The Karibib project is notable for its lithium and the largest rubidium resource in Africa, having reached the definitive feasibility study stage in 2020. Lepidico, the project's owner, suspended operations in 2024 and entered liquidation in July.