ILC Critical Minerals Ltd has extended its option to acquire 100% of Lepidico (Mauritius) Ltd to 27 February 2026, citing legal and regulatory complications linked to its Namibia-related interests.
Chairman and Chief Executive Officer John Wisbey said the option relates to the proposed acquisition of Lepidico Mauritius from Lepidico (Canada) Inc and was first announced on 9 September 2025, together with a related loan agreement.
He said the extension followed developments involving Lepidico Chemicals Namibia (Pty) Ltd, which remains central to the group’s presence in Namibia.
“There have been, and remain, some quite complicated legal questions to address, as well as the need to obtain exchange and regulatory approvals in both Canada and Namibia. An extension of the option was therefore necessary,” Wisbey said.
According to Wisbey, Lepidico Chemicals Namibia received an adverse arbitration determination on 29 December 2025 from the Singapore-based Singapore International Arbitration Centre. The ruling arose from a dispute over an offtake agreement with China’s Jiangxi Jinhui Lithium Co. Ltd.
He said the offtake agreement was concluded in 2018 and governed by Ontario law, while the arbitration proceedings were conducted in Singapore, adding to the legal and jurisdictional complexity of the matter.
“Despite the original offtake agreement being subject to Ontario law and the arbitration taking place in Singapore, the tribunal consisted of two Chinese professors resident and working in China, and one Singaporean arbitrator,” Wisbey said.
In exchange for the option extension, ILC has agreed to provide Lepidico with additional working capital payments totalling C$145,000. Wisbey said that if the option is exercised, the payments will be without recourse to Lepidico Canada. If the option is not exercised, the amounts will be added to the secured loan and interest owed by Lepidico Canada.
He said the arrangement allows ILC to manage ongoing legal and regulatory processes linked to its Namibia interests while keeping the acquisition option open.
Lepidico Mauritius is wholly owned by Lepidico Canada and is linked to Lepidico Chemicals Namibia through the Karibib lithium project, a structure Wisbey said means developments in Namibia have a direct bearing on ILC’s option to acquire the Mauritian entity.
