International Lithium Corp CEO John Wisbey says the company’s planned acquisition of Lepidico’s Karibib Lithium, Rubidium and Caesium Project will give it control of the largest declared rubidium resource in Africa.
The Canadian-listed company has secured an option to acquire Lepidico’s Namibian subsidiary, which owns the project in the Erongo Region.
A definitive feasibility study, completed in 2020, confirmed significant lithium and caesium deposits, alongside rubidium volumes that Wisbey described as unmatched on the continent.
“It’s got lithium, it’s got a lot of lithium, it’s got a lot of rubidium as well,” Wisbey said. “Our research, validated by external studies, shows that it’s the largest declared rubidium resource in Africa.”
The deal, expected to be finalised by October or November 2025 pending arbitration, would allow International Lithium to expand its African footprint beyond its Zimbabwean ambitions.
Wisbey emphasised Namibia’s advantage in already having a feasibility study in place and in maintaining diversified ownership.
“Karibib leapfrogs Zimbabwe by a few years because it already has a feasibility study. And importantly, we’re not relying on majority ownership by, for example, a Chinese company, which makes a lot of difference in today’s world of strategic supply chains,” he said.
Under the option agreement, International Lithium will acquire 100% of Lepidico Mauritius, which holds an 80% stake in Lepidico Chemicals Namibia.
The consideration amounts to CAD$975,000 (about N$13.4 million) on a debt-free basis, with additional payments linked to contingent receipts.
Following completion, the company plans to launch drilling programmes to expand beyond the defined Rubicon and Helikon deposits and to align the project with Canada’s NI 43-101 reporting standards.
Financing will come from asset sales in Ireland, with Namibia likely to be prioritised for exploration over International Lithium’s Canadian Raleigh Lake project due to lower lithium prices.
“The yo-yo is at the bottom at the moment. That’s good for buying assets but not so good for raising money. Namibia will likely be our main focus until prices rebound,” Wisbey noted of lithium markets.
Namibia is positioning itself as a rising hub for critical minerals, already hosting Andrada Mining’s Uis Tin-Tantalum-Lithium Mine and several other projects, supported by stable regulations and infrastructure.
Source: Proactive interview with International Lithium Corp CEO John Wisbey, September 2025
