ILC Critical Minerals Ltd. (TSXV: ILC; OTCQB: ILHMF; FRA: IAH), formerly International Lithium Corp, explores lithium and other critical metals with activities in Ontario and planned expansion into Southern Africa. Its 100%-owned, royalty-free flagship, the Raleigh Lake Project (~32,900 ha, ~25km west of Ignace, Ontario), carries a Preliminary Economic Assessment (Dec 2023): after-tax NPV (8% discount) of CAD$342.9M and after-tax IRR of 44.3% p.a. (spodumene price assumption US$2,325/t, 1.35 USD/CAD FX), a 9-year mine life, and C$634M of undiscounted after-tax cash flow over the life of the mine. The PEA is based on the Raleigh Lake Mineral Resource Estimate effective 16 February 2023: Measured and Indicated 2.29 Mt at 0.64% Li2O, plus Inferred 3.90 Mt at 0.58% Li2O. Drilling to date covers less than 1,000 ha of the claims, so most of the property is undrilled. ILC's Wolf Ridge project is at an earlier, pre-drilling stage.
Notable vs. Peers
- Financials score of 1.3/10 is weaker than the peer average of 5/10.
Lifecycle Milestones
Not yet determined: mill, tailings facility, grid power.
Jurisdiction (40%)9/10
Ontario: Fraser PPI 2025 is 93.70 of 100 (rank 5 of 68), which maps to 9 on this site's scale. The Raleigh Lake lithium-rubidium project is near Ignace, Ontario, a Tier-1 Canadian mining jurisdiction.
Infrastructure (40%)6.4/10
Confirmed road access at Raleigh Lake Lithium-Rubidium Project, near Ignace, Ontario, Canada; existing mill, grid power, and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Rainy River (Coeur Mining, Inc.), 163 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:1.2/10
Nearest producing mine: Rainy River (Coeur Mining, Inc.), 163 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:6/10
Stage: Preliminary Economic Assessment
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
EV/NPV of 0.01x sits in the 0th percentile among 14 pea-stage other peers ranked on EV/NPV, despite a jurisdiction score of 9/10 -- high enough that jurisdiction risk alone doesn't obviously explain the discount. Not explained by this mechanical screen: either a mispricing, or a risk the screen can't see (a jurisdiction issue this score doesn't capture, or some other factor entirely) -- a separate, more speculative case with no identified resolution catalyst, not the jurisdiction-risk pattern. See this company's own profile page for any completed, cited research into why it trades at a discount, where that research exists.
No researched, cited finding on file yet for what specifically makes this company cheap vs. its peers. Flagged by the mechanical screen above; a real research pass hasn't reached this company yet.
A relative screen, not a probability and not a reason to buy. This flags companies trading unusually cheap on EV/NPV (market cap plus debt minus cash, per dollar of attributable study NPV) vs. peers of the same lifecycle stage and commodity, for a real, identifiable reason (a jurisdiction risk, a specific dispute, an incident, a financing gap) that may or may not ever resolve favorably. "Unexplained" candidates carry no identified driver at all -- a more speculative bucket than a named catalyst. The year chip is the study behind the NPV; amber means it is more than 5 years old (still the study on file, so it stays in this screen).
Your Rankings
Management Team
Chairman and Chief Executive Officer of ILC Critical Minerals Ltd. (TSXV: ILC; OTCQB: ILHMF; FRA: IAH0), formerly International Lithium Corp. Joined the board in 2017, becoming Deputy Chairman and then Chairman and CEO in March 2018. Has personally invested significant funds in ILC and is now the largest shareholder. Under his leadership the company moved from heavy debt to net cash, secured 100% ownership of the Raleigh Lake lithium and rubidium project, obtained in 2025 an option on Lepidico's interest in the Karibib lithium-rubidium-cesium project in Namibia, sold minority stakes in three other projects, expanded claims, delivered NI 43-101 resource and PEA reports at Raleigh Lake, and added the Firesteel copper claims. A career banker, financial technology entrepreneur and critical-minerals entrepreneur; founded two London AIM-listed companies, IDOX plc and Lombard Risk Management plc (acquired by Vermeg for GBP 52m in 2018). Previously at Kleinwort Benson in the UK and Asia, including as a Director in the Derivatives Group and Head of Options. Has acted as a public company Chairman, CEO or Director for 26 years. A graduate of Cambridge University. Source: ilccm.com/about-us (Board and Senior Management).
Chief Financial Officer of TNR Gold Corp.; also Director & Chief Financial Officer of ILC Critical Minerals Ltd. Licensed senior statutory auditor in the UK; senior partner at Johnson, Smith & Co., Chartered Accountants and Statutory Auditors, since 2000; a June 2026 open-market share purchase alongside audit-committee chair John K. Davies confirms he currently holds this role.
A Director and Chief Operating Officer of ILC Critical Minerals Ltd. (TSXV: ILC). Joined ILC in 2012 as COO and was appointed to the board in 2018. Was instrumental in managing the Mariana lithium brine project in Argentina until 2017 and other joint-venture projects ILC has since monetised, and was the initial person to recognise the potential of the Raleigh Lake project in 2016, playing the leading role in advancing it to a Maiden Resource Estimate and then PEA stage in 2023 after ILC bought out its partner Essential Metals in 2018. Over 25 years of experience in mineral exploration and development; before joining ILC held senior management roles sourcing and advancing iron ore and industrial minerals projects, including early-stage work at the Lac Otelnuk iron ore project in Quebec and the Mustavaara vanadium mine in Finland, and earlier worked for Anglo American on Ni-Cu-PGE and IOCG projects with direct involvement in several international discoveries. B.A.Sc. in Geological Engineering, University of British Columbia. Source: ilccm.com/about-us.
A Non-Executive Director of ILC Critical Minerals Ltd. (TSXV: ILC), who joined the board in 2017 and chairs the Audit and Compensation Committees. A speaker and expert in marketing behavioural science. In 1995 founded Giftpoint Ltd., of which he is Chairman -- one of the largest specialist promotional merchandise businesses in the UK, with offices in London and Shanghai, and clients including L'Oreal, Oracle, Ocado and Pernod Ricard. For seven years was President of IGC Global Promotions, one of the world's oldest and largest global networks of premium resellers. An active investor in other businesses with a particular interest in the natural resources industry. Source: ilccm.com/about-us.
A Non-Executive Director of ILC Critical Minerals Ltd. (TSXV: ILC), who joined the board at the end of 2022 and is a member of the Audit Committee. Over 30 years of experience in the natural resource and finance industries. A director of Tim Trading Limited, a consultancy to the oil and gas industry. During his tenure as Manager of Insch Black Gold Funds he received the Investors' Choice Swiss Fund Manager of the Year Award. A co-founder of the digital collectible non-fungible token CryptoChronic and of Cannastore, a pilot e-commerce website. Holds a Bachelor's degree from the University of Windsor, Ontario. Source: ilccm.com/about-us.
Corporate Secretary and Finance Controller of ILC Critical Minerals Ltd. (TSXV: ILC), having become Corporate Secretary in 2021. Over 15 years of experience managing the finance and compliance functions of public companies across mining exploration, investment management, real estate and technology. Assists companies with debt and equity financings, cash flow management and forecasting, legal and regulatory compliance, investor communications, stakeholder engagement and risk management. A member of the Chartered Professional Accountants of Canada and a fellow of the Association of Chartered Certified Accountants, United Kingdom. Source: ilccm.com/about-us.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
A plain-language summary of this company's technical-report findings isn't written yet. See the cited figures on this page and the documents below.