International Battery Metals Ltd (IBATF)

[TradingCharts]

Today, Monthly Progress Report-May

On May 1, 2024, the Company signed an agreement with US Magnesium LLC (“US Mag”), whereby US Mag has agreed to lease the Company’s MDLE Plant for an initial term of two-years following the completion of the Phase 1 acceptance test (the “Agreement”). The Agreement will automatically renew for successive one-year periods and is cancelable upon 180-day written notice. The Agreement is consistent with the term sheet signed on January 11, 2024. Pursuant to the Agreement, the Company will receive royalties and equipment rental payments for the MDLE Plant based on the quantity of and prices for the lithium carbonate process and sold by the Customer. The rental payments may be applied to the Customer’s purchase option for the plan

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