Li-FT to Acquire the Yellowknife Lithium Project, a Portfolio of 14 Significant Spodumene Pegmatites

Vancouver, British Columbia – Newsfile Corp. – 23 November 2022 – Li-FT Power Ltd. (CSE: LIFT) (FSE: WS0) (“Li-FT” or the “Company“) is pleased to announce that it has entered into an amalgamation agreement dated November 22, 2022 (the “Amalgamation Agreement“) with 1361516 B.C. Ltd. (the “Target“), a private company holding a 100% interest in the Yellowknife Lithium Project (the “Project” or the “Properties“), whereby the Company will acquire all of the issued and outstanding shares of the Target (the “Transaction“).

The Yellowknife Lithium Project is comprised of mineral leases that cover the majority of the lithium pegmatites that make up the Yellowknife Pegmatite Province (“YPP“). The YPP has been noted to be one of the largest lithium resources in the Western world (Page, 1987 – Equinox Resources). Numerous spodumene-bearing pegmatites with strike lengths up to 1,800 meters and widths up to 40 meters outcrop in a spectacular fashion within the Project and are plainly visible from satellite imagery (Figures 2, 3, & 4). A list of pegmatites and their dimensions is detailed below in Table 1. The YPP also benefits from excellent existing infrastructure, including roads, rail and a skilled labour force that could support the development of this project.

Francis MacDonald, CEO of Li-FT, comments, “The Yellowknife Lithium Project is a tremendous opportunity to consolidate numerous lithium pegmatites that have the potential to be one of the largest hard rock lithium resources in North America. The Project was held privately for 35 years without having any exploration work completed at a time when lithium was not an exciting commodity. We look forward to completing an aggressive drill program to delineate the subsurface extent of the abundant lithium mineralization we see at surface.”

Transaction Highlights

• Portfolio of lithium pegmatites which could produce the largest hard rock lithium resource in North America. The Yellowknife Project contains 14 different lithium pegmatite systems, most of which are visible in satellite imagery. Historic channel sampling has produced average grades from 1.10 – 1.59% Li₂O over widths of 7 to 40 meters. Strike extents of pegmatites visible on surface are 100 to 1,800 meters (see Figure 2).
• Transformative acquisition leading to resource development drilling. The Company plans to initiate an aggressive drill program once necessary permits are received to advance the Yellowknife Project towards a maiden resource estimate.
• Advantageous location near railway. Railway access at the town of Hay River, located on the southern side of Great Slave Lake, can be utilized for shipping spodumene concentrate. Spodumene concentrate could be moved by barge from Yellowknife to the rail head or by all-weather road.
• Road accessible. The Fi, Ki, and Hi minerals leases are located within 60 kilometers of the city of Yellowknife and are accessible from the asphalt-surfaced Ingram Trail, then by 10 kilometers along the Thompson-Lundmark mine access road. The BIG lease is located approximately 30 kilometres to the east of Yellowknife along the Ingram Trail, then five kilometers to the south along winter access trails.
• $11,700,000 in cash. As of October 31, 2022, the Target had $11,700,000 in cash and cash equivalents.