International Battery Metals Ltd (IBATF)

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Full Description of Material Change
On November 8, 2018, the Company announced it had entered into the Licensing
Agreement with Ensorcia and its wholly-owned subsidiary, Sorcia, whereby IBAT
will license its novel lithium extraction technology to Sorcia for use in extracting
Lithium Carbonate from lithium bearing brine sources in the Territory. In addition,
the Licensing Agreement appoints IBAT as the exclusive provider to Sortie and its
Affiliates of technology, systems and equipment for the extraction of lithium salts
from brine within the Territory as well as all design, installation, operation and
maintenance services within the Territory with respect to systems and equipment for
the extraction of lithium salts from brine. The economic viability and technical
feasibility regarding any of the Chilean projects has not been established at this
time.
As consideration for entering into the Licensing Agreement IBAT will receive a six
percent royalty (6%) on the netback sales price of all products produced and sold
using the licensed technology and has been granted a ten percent (10%) common
membership interest in Sorcia. IBAT has also agreed to issue to Ensorcia 1,000,000
common share purchase warrants (the “Warrants”) exercisable for two years from
January 1, 2019 at an exercise price of $0.163 per Warrant share. The issuance of
the Warrants is subject to the receipt of the approval of the Canadian Securities
Exchange. Both the Warrants and the underlying common shares will be subject to
a four month and one day hold period.

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