VANCOUVER, British Columbia, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. ("LIFT" or the "Company") (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to announce further to its December 15, 2025 press release regarding, among other things, LIFT entering into a non-binding letter of intent with SOQUEM Inc. ("SOQUEM") and Azimut Exploration Inc., that it has entered into a definitive purchase agreement dated February 23, 2026 with SOQUEM to acquire an additional 25% interest in the exclusive exploration rights commonly known as the Galinée property ("Galinée Property"), which would bring its total aggregate interest in the Galinée Property to a 75% interest with the remainder of the interest in the Galinée Property to remain held by SOQUEM (the "SOQUEM Transaction"), subject to the satisfaction of various conditions. LIFT is the operator of the project on the Galinée Property under joint venture with SOQUEM.
Under the terms of the purchase agreement with SOQUEM (the "SOQUEM Agreement"), consideration for SOQUEM's 25% interest in the Galinée Property will consist of 1,000,000 common shares in the capital of the Company. All common shares issued pursuant to the SOQUEM Agreement will be subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws. The SOQUEM Transaction is subject to the receipt of TSX Venture Exchange approval and the satisfaction of other customary closing conditions.
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 | Francis MacDonald |
| 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
