Namibia’s central Erongo Region may soon take on new strategic importance in the global battery metals race, as International Lithium Corp. (ILC) positions itself to acquire the Karibib lithium, rubidium and caesium project. The Canadian junior announced earlier this month that it had signed an option agreement with Lepidico (Canada) Inc. to acquire control of Lepidico’s Namibian interests, giving ILC a potential fast-track into one of Africa’s most promising critical minerals projects.
If the option is exercised, ILC would leapfrog by several years the typical development timeline faced by explorers, instantly gaining an advanced-stage asset with a completed Definitive Feasibility Study, extensive drilling, environmental approvals and fully permitted mining licences.
More than that, Karibib is not just a lithium deposit. It contains one of the world’s most considerable disclosed rubidium resources and measurable caesium, metals so rare and strategic that few companies outside of China control meaningful volumes.
This development marks the latest chapter in the project’s evolving ownership story, which began with Desert Lion Energy, passed through Lepidico, and may now find a new steward in International Lithium Corp.
ILC’s agreement, signed on 4 September 2025, grants it the right to acquire 100% of Lepidico Mauritius Ltd. for consideration of C$975,000 (about N$13.3 million) on a debt-free basis. Lepidico Mauritius is the holding vehicle for 80% of Lepidico Chemicals Namibia (Pty) Ltd., which owns the Karibib licences. Namibian partners hold the remaining 20%.
To secure the deal, ILC also entered into a secured loan agreement with Lepidico Canada worth C$510,000 (about N$6.9 million). Of this, C$285,000 (about N$3.9 million) has already been advanced, while the balance of C$225,000 (about N$3.1 million) will only be drawn once certain regulatory and financial conditions are satisfied. A portion of the loan – C$420,000 (about N$5.7 million) – accrues interest at 10% per annum. Should ILC exercise the option, the loan plus accrued interest will be repaid out of the option proceeds, effectively converting debt into equity.
The option period runs until at least 30 November 2025, or 30 days after the conclusion of an arbitration case in Singapore between Lepidico Namibia and China’s Jiangxi Jinhui Lithium Co. Ltd. This flexibility ensures that ILC is not forced into a decision before the project’s legal uncertainties are clarified.
The deal is carefully structured to protect ILC from inheriting the baggage of Lepidico Ltd., the Australian parent of the group, which entered liquidation earlier this year. Several key conditions must be satisfied before the option can be exercised.
First, Lepidico Mauritius and its subsidiaries must be free of all debt to Lepidico Ltd. or any other companies in the Lepidico group at the time of exercise. This ensures that ILC does not become entangled in the financial collapse of the wider Lepidico empire.
Second, all necessary approvals must be obtained from Namibian regulators and Canadian authorities, given the cross-border nature of the transaction.
Third, and perhaps most crucial, is the arbitration in Singapore. The dispute, dating back to events more than seven years ago, involves claims and counterclaims between Lepidico Namibia and Jiangxi Jinhui Lithium. If the ruling goes against Lepidico, ILC may decide not to exercise the option, insulating itself from liability. If the outcome is positive, the two parties have agreed that 30% of any net proceeds after legal and associated costs will remain with the Namibian entities to be acquired. In contrast, 70% will flow back to Lepidico Canada.
This risk-aware structure reflects ILC’s strategy: it wants the Karibib project’s strategic metals but not Lepidico’s legacy liabilities. By negotiating an option rather than an outright acquisition, ILC secures first rights to the asset without incurring full financial exposure until the legal issues are resolved.
Before Lepidico and now ILC, the Karibib project was in the hands of Desert Lion Energy, a Canadian junior listed on the TSX Venture Exchange. Desert Lion entered Namibia in 2017, acquiring the historic Rubicon and Helikon mines near the town of Karibib. These pegmatite mines, once small-scale producers of lithium minerals and feldspar, had lain dormant for decades.
Desert Lion wasted no time. It launched a programme of trial mining and stockpile processing, reclaiming ore dumps and waste piles left behind from earlier activity. Lithium concentrate from Rubicon was transported by truck to Walvis Bay and subsequently exported to customers in Asia. Although volumes were modest, the exports demonstrated that Namibia could once again be a significant lithium producer.
At the same time, Desert Lion carried out extensive drilling at both Rubicon and Helikon, defining the first modern JORC-compliant resource estimate for Karibib. Metallurgical test work confirmed that lithium, rubidium and caesium could all be economically extracted from the lepidolite-rich pegmatites. Desert Lion also initiated baseline environmental studies and community engagement programmes, laying the groundwork for future mine development.
Despite these achievements, financing continued to be a challenge. By 2019, Desert Lion was under pressure, and Lepidico Ltd., then listed on the Australian Stock Exchange, stepped in. In June 2019, Lepidico acquired Desert Lion in an all-share transaction valued at AUD$22.9 million (about N$295 million), inheriting not only the licences and stockpiles but also Desert Lion’s technical data, drill results and environmental studies.
Lepidico picked up where Desert Lion left off. Over the next three years, it invested approximately AUD$12.1 million (about N$156 million) into drilling, resource definition, environmental studies and feasibility work. The most important milestone was the completion of a Definitive Feasibility Study in 2020 under the JORC Code, which confirmed the economic viability of mining Rubicon and Helikon.
That study outlined a combined Mineral Resource of 11.24 million tonnes grading 0.43% Li₂O. Within this, 2.20 million tonnes were classified as Measured, 6.66 million tonnes as Indicated, and 2.37 million tonnes as Inferred. From this resource base, an Ore Reserve of 6.72 million tonnes grading 0.46% Li₂O, 2.26% rubidium and 320 ppm caesium was defined. This was groundbreaking, as it represented the first JORC-compliant reserve estimate globally to include rubidium and caesium.
Subsequent work by Cube Consulting in 2022 refined the resource further. At Helikon 4, an Indicated Resource of 1.31 million tonnes grading 0.46% Li₂O was reported, with rubidium averaging 1,898 ppm and caesium 187 ppm. Inferred resources added a further 0.28 million tonnes. Meanwhile, Rubicon stockpiles were upgraded to 0.27 million tonnes at 0.86% Li₂O, 2,863 ppm rubidium and 415 ppm caesium.
These figures confirmed Karibib as not only a viable lithium project but also Africa’s largest disclosed rubidium deposit, with caesium credits equal to roughly one year of global demand.
The Karibib project encompasses two mining licences, Rubicon and Helikon, as well as the Exclusive Prospecting License (EPL) 5439.
The deposits are hosted in lepidolite-bearing pegmatites, minerals prized not only for lithium but also for their concentrations of rare alkali metals.
Rubicon, the more advanced of the two deposits, had already been mined on a small scale during Desert Lion’s tenure and retains significant stockpiles.
Helikon is a cluster of five pegmatite bodies with varying grades and tonnages. Together, they provide a substantial base for a long-life open-pit mining operation.
The project is strategically located near Karibib, an established mining town also home to the Navachab gold mine. It is connected by tarred roads to Namibia’s central rail line and the deep-water port of Walvis Bay. These logistical advantages make Karibib one of the best-placed lithium projects in Africa from an infrastructure perspective.
ILC Chairman John Wisbey has described the acquisition as a chance to “leapfrog by several years” and become a leader in rubidium and lithium outside of China.
Much hinges on the arbitration in Singapore. A favourable outcome would clear the way for ILC to exercise its option, repay Lepidico Canada’s loan, and assume control of Lepidico Mauritius and its Namibian subsidiary. A negative outcome could stall the deal, leaving Karibib in limbo once again.
Yet even with this uncertainty, the option underscores the value of Karibib. From Desert Lion’s stockpile exports, through Lepidico’s feasibility work, to ILC’s current bid, the project has consistently attracted international interest. Its blend of lithium, rubidium, and caesium, coupled with Namibia’s stable political environment and good infrastructure, makes it a unique and strategic asset.
If ILC proceeds, Namibia could soon be at the forefront of supplying not just uranium and diamonds, but also the critical battery and technology metals that underpin the global energy transition.
