International Lithium Corporation (ILC) is finalising a deal to acquire Lepidico’s stake in the Karibib Lithium, Rubidium and Caesium Project in Namibia — but cautions that the transaction may not proceed if Lepidico’s debt position changes or if an ongoing arbitration yields an unfavourable outcome.
The company announced on 28 October 2025 that Lepidico had met all the conditions for a CAD$510,000 secured loan from ILC, paving the way for completion of the agreement first outlined in September. A key condition was that Lepidico Mauritius and its subsidiaries carry no outstanding debt to their parent company, Lepidico Ltd of Australia, which is now in liquidation.
ILC formally secured the option to acquire the Karibib assets on 24 October 2025, following the completion of the final loan drawdown. The option allows ILC to buy 100% of Lepidico Mauritius — which owns 80% of Lepidico Chemicals Namibia — for CAD$975,000, less repayment of the loan principal and accrued interest. Lepidico Chemicals Namibia holds the Karibib Project, which includes the Rubicon and Helikon mining licences and the adjoining EPL5439 prospecting area.
The option runs until at least 30 November 2025 or 30 days after the conclusion of arbitration proceedings between Lepidico Namibia and the Chinese company Jiangxi Jinhui Lithium Co. Ltd. The dispute, being heard in Singapore, involves claims and counterclaims dating back seven years. ILC said the deal might not continue if the arbitration outcome is negative.
Lepidico originally acquired the Karibib Project in 2019, when it took over Desert Lion Energy in a deal valued at about AUD$22.9 million. Since then, it has invested more than AUD$12 million in exploration drilling, environmental work, and feasibility studies conducted in accordance with JORC standards. The project is regarded as one of Africa’s most extensive known rubidium deposits, with notable lithium and caesium potential.
If ILC proceeds with the purchase, it would immediately gain a strategic foothold in Southern Africa’s critical minerals sector. The company says Karibib would give it the largest disclosed rubidium resource on the continent and one of the most significant caesium interests outside China, complementing its Raleigh Lake Project in Ontario, Canada.
ILC chairman John Wisbey said the potential acquisition represents a significant step in the company’s global growth strategy. “This acquisition marks a significant advancement for ILC globally, particularly in Southern Africa,” he said. “With this single transaction, the company would leapfrog several years of development work.”
He added that the deal would position ILC to benefit from an expected rebound in the lithium market while expanding its presence in the global rubidium and caesium markets—metals increasingly vital for advanced electronics, precision technology, and the transition to clean energy.
