IBAT:CC - Early Warning Press Release

Vancouver, British Columbia--(Newsfile Corp. - July 16, 2024) - On October 27, 2023, EVL Holdings, LLC (the "Acquiror"), a 10% insider of International Battery Metals Ltd. (the "Corporation"), entered into private transaction for the acquisition of 2,800,000 Shares at US$0.7304 per Share (the "October Private Transaction"). The Acquiror previously held 25,133,175 Shares, and following the acquisition of such 2,800,000 Shares, the Acquiror held 27,933,175 Shares, representing approximately 13.73% of the issued and outstanding Shares (based on 203,467,907 Shares being issued and outstanding). The 2,800,000 Shares acquired by the Acquiror in the October Private Transaction represented approximately 1.38% of the issued and outstanding Shares. The Acquiror paid US$2,045,120 (US$0.7304 per Share) (equivalent to C$2,833,923 or C$1.01 per Share based on Bank of Canada noon rate of 1.3857 as of October 27, 2023) in the October Private Transaction.

On April 16, 2024, the Acquiror entered into a private transaction for the disposition of 700,000 Shares at US$0.702 per Share (the "First April 16 Private Transaction"). The Acquiror previously directly or indirectly controlled 27,933,175 Shares, and following the disposition of 700,000 Shares, the Acquiror directly or indirectly controlled 27,233,175 Shares, representing approximately 12.88% of the issued and outstanding Shares (based on 211,381,450 Shares being issued and outstanding). The Acquiror received US$491,400 (US$0.702 per Share) (equivalent to C$679,164 or C$0.97 per Share based on Bank of Canada rate of 1.3821 as of April 16, 2024) from the disposition of 700,000 Shares in the First April 16 Private Transaction.

Subsequently, on April 16, 2024, the Acquiror entered into a private transaction for the disposition of 1,400,000 Shares at US$0.73 per Share (the "Second April 16 Private Transaction", together with the First April 16 Private Transaction, the "April Private Transactions"). The Acquiror previously directly or indirectly controlled 27,233,175 Shares, and following the disposition of 1,400,000 Shares, the Acquiror directly or indirectly controlled 25,833,175 Shares, representing approximately 12.22% of the issued and outstanding Shares (based on 211,381,450 Shares being issued and outstanding). The Acquiror received US$1,022,000 (US$0.73 per Share) (equivalent to C$1,412,506 or C$1.01 per Share based on Bank of Canada noon rate of 1.3821 as of April 16, 2024) from the disposition of 1,400,00 Shares in the Second April 16 Private Transaction.

The aggregate of 2,100,000 Shares disposed of by the Acquiror in the April Private Transactions represented approximately 0.99% of the issued and outstanding Shares.

On July 3, 2024, the Acquiror entered into a private transaction for the disposition of 300,000 Shares at US$0.40 per Share (the "July 3 Private Transaction"). The Acquiror previously directly or indirectly controlled 25,833,175 Shares, and following the disposition of 300,000 Shares, the Acquiror directly or indirectly controlled 25,533,175 Shares, representing approximately 10.52% of the issued and outstanding Shares (based on 242,595,591 Shares being issued and outstanding). The 300,000 Shares disposed of by the Acquiror in the July 3 Private Transaction represented approximately 0.12% of the issued and outstanding Shares. The Acquiror received US$120,000 (US$0.40 per Share) (equivalent to C$163,644 or C$0.55 per Share based on Bank of Canada rate of 1.3637 as of July 3, 2024) from the disposition of 300,00 Shares in the July 3 Private Transaction.

On July 11, 2024, the Acquiror entered into a private transaction for the disposition of 1,000,000 Shares at US$0.90 per Share (the "First July 11 Private Transaction"). The Acquiror previously directly or indirectly controlled 25,533,175 Shares, and following the disposition of 1,000,000 Shares, the Acquiror directly or indirectly controlled 24,533,175 Shares, representing approximately 10.11% of the issued and outstanding Shares (based on 242,595,591 Shares being issued and outstanding). The Acquiror received US$900,000 (US$0.90 per Share) (equivalent to C$1,226,160 or C$1.23 per Share based on Bank of Canada rate of 1.3624 as of July 11, 2024) from the disposition of 1,000,000 Shares in the First July 11 Private Transaction.

Subsequently, on July 11, 2024, the Acquiror entered into a private transaction for the disposition of 437,500 Shares at US$0.40 per Share (the "Second July 11 Private Transaction", together with the First July Private Transaction, the "July Private Transactions"). The Acquiror previously directly or indirectly controlled 24,533,175 Shares, and following the disposition of 437,500 Shares, the Acquiror directly or indirectly controlled 24,095,675 Shares, representing approximately 9.93% of the issued and outstanding Shares (based on 242,595,591 Shares being issued and outstanding). The Acquiror received US$175,000 (US$0.40 per Share) (equivalent to C$238,420 or C$0.54 per Share based on Bank of Canada rate of 1.3624 as of July 11, 2024) from the disposition of 437,500 Shares in the Second July 11 Private Transaction.

The aggregate of 1,437,500 Shares disposed of by the Acquiror in the July Private Transactions represented approximately 0.59% of the issued and outstanding Shares.

Following the October Private Transaction, April Private Transactions, the July 3 Private Transaction, and the July Private Transactions, the Acquiror directly or indirectly, controlled 24,095,675 Shares, representing 9.93% of the issued and outstanding Shares (based on 242,595,591 Shares being issued and outstanding).

The securities of the Corporation were acquired or disposed of in the various transactions for investment considerations. The Acquiror may acquire additional securities either on the open market or through private acquisitions or sell the securities either on the open market or through private dispositions in the future depending on market conditions and/or other relevant factors.

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