International Lithium Corp (ILC) is reviewing its future involvement in the Lepidico-owned Karibib lithium, rubidium and caesium project in Namibia following an unfavourable arbitration ruling in a dispute between Lepidico Chemicals Namibia and China’s Jiangxi Jinhui Lithium Co., Ltd.
ILC Chairman and Chief Executive Officer John Wisbey said the company currently holds an option over the asset and is a secured creditor, adding that the board is considering its next steps in light of the arbitration outcome. Further announcements are expected in due course.
The company received the arbitration determination on 24 December 2025. The dispute involved Lepidico Chemicals Namibia (Pty) Ltd, which owns the Karibib lithium, rubidium and caesium project, and relates to events that predate Lepidico’s acquisition of Desert Lion Energy Inc. in 2019.
The arbitration ruling was unfavourable to Lepidico Namibia and resulted in a determination in favour of Jinhui.
International Lithium Corp said it had structured the transaction announced on 9 September 2025 to acquire Lepidico Mauritius as an option, pending the outcome of the arbitration. Lepidico Mauritius owns 80% of Lepidico Namibia, which in turn holds the Karibib project.
Wisbey said the arbitration was conducted at the Singapore International Arbitration Centre, as stipulated in the contract between the parties. The matter was referred to arbitration at the direction of the State Administration of Foreign Exchange, a Chinese state regulator under the People’s Bank of China.
The contract governing the dispute was subject to Ontario law. A three-member arbitration tribunal was appointed, comprising two Chinese nationals resident in China, both university professors, and a Singapore national. The arbitration determination was issued in Chinese, with an English translation provided.
Following the ruling, International Lithium Corp said it continues to believe in the future potential of the Karibib project, while it evaluates its options as both an option holder and secured creditor.
The company currently has exploration activities in Ontario, Canada, and has stated its intention to expand into Southern Africa. Its project portfolio ranges from definitive feasibility study stage at Rubicon in Namibia to preliminary economic assessment at Raleigh Lake and pre-drilling work at Wolf Ridge in Canada.
In Namibia, the Karibib project hosts lithium, rubidium and caesium mineralisation. International Lithium Corp has also identified Southern Africa as a strategic target region and has applied for exclusive prospecting licences in Zimbabwe.
ILC said its current strategic focus remains on the Raleigh Lake lithium and rubidium project and the Firesteel copper project in Canada, while the Karibib asset in Namibia remains a priority should the company decide to maintain its involvement.
