International Lithium Corp. announced a positive Preliminary Economic Assessment ("PEA") for a proposed lithium mining operation to produce spodumene concentrate at Raleigh Lake, 25 kilometres west of Ignace, Ontario. Process engineering and design were developed to a scoping level based on the results of the SGS laboratory testing.

For example, a major Canadian lithium company produced a feasibility report in August 2023, using a price assumption of USD 4,699 (CAD 6,109) per tonne for 6% spodumene concentrate. The MRE for the Raleigh Lake project that the current PEA study was based on was produced by Nordmin Engineering Ltd. ("Nordmin"), based in Thunder Bay, Ontario, who prepared an independent lithium (spodumene-hosted) and rubidium (microcline-hosted) MRE for the Project and Technical Report, "NI 43-101 TECHNICAL Report and MINERAL RESOURCE ESTIMATE for the RALE Lake LITHium PRO project, IGNACE, ONTARIO" (the " MRE Report") consistent with the standards and guidelines set out by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") and in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The above Inferred Mineral Resources are subject to potential upgrade to Indicated and Measured Mineral Resources with continued drilling.

The Canadian Pacific Railway, natural gas pipelines, and Hydro One power transmission lines (115 and 230 kV) are just a few kilometres from the Project. Mining Methods. The primary mining production will be executed using hydraulic excavators, front shovels, and/or wheel loaders as appropriate to the terrain and depending on the major production equipment available for the project.

Total pre-production capital costs will be CAD 111.9 million. Total pre-production capital cost will be CAD111.9 million as shown in Table 9, which include capitalized operating costs incurred before the open pit mine moves into the production phase.