International Lithium Amends Terms of Warrants

Vancouver, British Columbia--(Newsfile Corp. - December 24, 2020) - International Lithium Corp. (TSXV: ILC.V) (the "Company" or "ILC") announces that it intends to amend the terms of an aggregate 18,800,000 common share purchase warrants (each, a "Warrant") by extending the expiry date by two years to March 31, 2023. All other terms and conditions of the Warrants, including the exercise price of $0.10, will remain unchanged.

Of the 18,800,000 Warrants, 12,000,000 were previously issued pursuant to a non-brokered private placement of units that closed on February 6, 2019, 5,312,411 Warrants were previously issued pursuant to a non-brokered private placement of units that closed on March 29, 2019 and 1,487,589 Warrants were previously issued pursuant to a non-brokered private placement of units that closed on April 15, 2019.

Certain insiders of the Company are holders of the Warrants, which is considered a related party transaction, as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") and TSX Venture Exchange Policy 5.9 Protection of Minority Security Holders in Special Transactions. The Company will rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a), respectively, of MI 61-101 in respect of such insider participation.

The amendments are subject to the acceptance by the TSX Venture Exchange and the consent of the holders of the Warrants.

On behalf of the Company,

John WisbeyChairman and CEO

www.internationallithium.com^[1]

For further information concerning this news release please contact the Company at +1 604-449-6520

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of the preliminary economic assessment of the Mariana Joint Venture Project, timing of publication of the PEA technical report, anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Mavis Lake projects, the expectation of feasibility studies, lithium recoveries, modeling of capital and operating costs, results of studies utilizing membrane technology at the Mariana Project, budgeted expenditures and planned exploration work on the Avalonia Joint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake, satisfactory completion of the purchase of additional mineral rights at Raleigh Lake, increased value of shareholder investments, and continued agreement between the Company and Jiangxi Ganfeng Lithium Co. Ltd. regarding the Company's percentage interest in the Mariana project. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70988^[2]

References

1. ^{^} www.internationallithium.com (www.newsfilecorp.com)
2. ^{^} https://www.newsfilecorp.com/release/70988 (www.newsfilecorp.com)