ILC Critical Minerals Ltd. has failed to acquire the Karibib lithium project in Namibia after its option to buy Lepidico (Mauritius) Ltd. expired on 27 February 2026 without regulatory approval.
The company had sought to acquire 100% of Lepidico Mauritius, which holds an 80% stake in the Karibib lithium, rubidium and caesium project in central Namibia, but said the transaction could not be completed because the TSX Venture Exchange did not approve it in time.
ILC said its board had supported exercising the option and had secured the funding needed to complete the acquisition.
However, without the exchange’s approval, the company was unable to finalise the transaction before the deadline.
The exchange also blocked ILC from extending the option by providing additional working capital to Lepidico (Canada) Inc., the parent company of Lepidico Mauritius.
“This had the practical effect on ILC that the option could neither be exercised nor extended,” the company said.
The deal’s failure is a setback for ILC’s expansion plans in southern Africa.
The Karibib project is regarded as one of Namibia’s more advanced lithium development assets.
The deposit hosts a large lithium resource and the largest known rubidium resource in Africa.
It contains enough caesium to supply roughly one year of global demand, according to the company.
The project reached Definitive Feasibility Study stage in 2020 under JORC standards, placing it among a limited number of advanced lithium development projects globally.
ILC said it had spent several months evaluating the acquisition and believed the project could have delivered significant value to shareholders.
“Such advanced stage development projects are hard to find,” the company said.
According to ILC, Lepidico Canada has now changed ownership after concluding it could no longer continue as a viable company without additional funding.
ILC said it had been prepared to provide further financial support, but the regulatory restrictions imposed by the TSX Venture Exchange prevented it from doing so.
Despite the collapse of the transaction, the company said it could still be offered involvement in the Karibib project under its new ownership structure.
If that happens, ILC said it would allow more time for regulatory review to improve the chances of obtaining exchange approval.
Karibib lies in central Namibia within a region known for lithium-bearing pegmatites.
The project is seen as strategically important because it contains lithium, rubidium and caesium — metals used in batteries, electronics and specialised industrial technologies.
