ILC Critical Minerals Ltd has extended its option to buy the Karibib Lithium Project to 27 February.
The project is currently owned by Lepidico, an Australian company that suspended operations in 2024 and went into liquidation in last July.
ILC purchased an option to buy all shares of Lepidico Namibia last year, but was waiting for outstanding legal issues to be resolved before exercising its option.
“Since the option and the related loan agreement were first announced on 9 September 2025, Lepidico Namibia has received, as announced on 29 December 2025, an adverse arbitration determination from the Singapore-based Singapore International Arbitration Centre in respect of Lepidico Chemicals Namibia’s dispute about an offtake agreement concluded with Jiangxi Jinhui Lithium Co Ltd in China,” ILC said on Monday.
In order to deal with the legal issues, as well as regulatory approvals in both Canada and Namibia, ILC and Lepidico agreed to extend the deadline for the option to February. In return for the extension, ILC has paid Lepidico N$1.7 million.
The Karibib lithium project is known to have significant lithium, rubidium, and cesium deposits, critical minerals in global demand for their high-tech applications. It consists of two mines, Rubicon and Helikon, as well as an exclusive prospecting licence.
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