VANCOUVER, British Columbia, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. ("LIFT" or the "Company") (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to announce that further to its December 15, 2025 and December 24, 2025 press releases, it has closed its acquisition of a 50% interest in the Galinée property (the "Galinée Property") from Azimut Exploration Inc. ("Azimut" (TSXV:AZM) (OTCQX:AZMTF) in Québec, immediately adjacent to the Adina lithium deposit which is owned by Winsome Resources Ltd. ("Winsome"), with the remainder of the interest in the Galinée Property currently being held by SOQUEM Inc. ("SOQUEM").
Under the terms of the agreement with Azimut Exploration Inc. (the "Azimut Agreement"), LIFT has acquired all of Azimut's rights, title and interest in the Galinée Property, in consideration for the issuance of 2,000,000 common shares of the capital of the Company and the grant of a 1.4% net smelter return royalty ("NSR") on the Galinée Property. LIFT and SOQUEM will be responsible for the NSR in proportion to their percentage ownership of the Galinée Property. In addition, the Azimut Agreement provides a deferred consideration of $1,500,000 payable in cash or, subject to the conditions set out in the definitive agreement, in common shares of the Company, at the earlier of (i) completion of an economic study in respect of the Galinée Property or (ii) 18 months following closing. All common shares issued pursuant to the Azimut Agreement will be subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws.
Francis MacDonald, President & CEO of LIFT comments, "With the closing of the 50% acquisition of the Galinée property, LIFT is one step closer to satisfying the conditions outlined in our offer to acquire Winsome Resources. By combining the Adina and Galinée properties the true value and scale of the Adina lithium deposit can be unlocked."
About LIFT
LIFT is a mineral exploration company engaged in the acquisition, exploration, and development of lithium pegmatite projects located in Canada. The Company's flagship project is the Yellowknife Lithium Project located in Northwest Territories, Canada. LIFT also holds three early-stage exploration properties in Quebec, Canada with excellent potential for the discovery of buried lithium pegmatites, as well as the Cali Project in Northwest Territories within the Little Nahanni Pegmatite Group.
For further information, please contact:
| Francis MacDonald | Daniel Gordon |
| Chief Executive Officer | Investor Relations |
| Tel: + 1.604.609.6185 | Tel: +1.604.609.6185 |
| Email: investors@li-ft.com | Email: investors@li-ft.com |
| Website: www.li-ft.com | |
Cautionary Statement Regarding Forward-Looking Information
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release.
Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in the Company's latest annual information form filed on March 21, 2025, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.
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