Lithium Royalty Corp. Congratulates Li-FT on its Agreement to Acquire Winsome Resources; Solidifies the Adina Project as Major Canadian Lithium Asset

On December 15, 2025, Lithium Royalty Corp. (LRC) announced it congratulates Li-FT Power Ltd. on its agreement to acquire Winsome Resources Limited. This transaction will consolidate the Adina project, a major Canadian lithium asset on which LRC holds a 4.0% Gross Overriding Royalty (GOR), with the neighboring Galinée project.

The deal is supported by a concurrent C$40 million private placement, with strategic support from Avenir Minerals. LRC's CEO, Ernie Ortiz, noted that Avenir's involvement is expected to be "transformative, accelerating the project’s development and unlocking meaningful royalty cash flows."

The release also reiterated the robust economics from Winsome's scoping study for Adina, which projected undiscounted life-of-mine royalty cash flows of US$296 million to LRC over a 21-year mine life.

This news is materially positive for LRC as it significantly de-risks and enhances the value of one of its most important development assets. The Adina royalty is a cornerstone of LRC's future growth profile, and this transaction addresses several key risks.

• Consolidation and Scale: The merger creates a single, more formidable operator in the James Bay region, combining two adjacent projects. This should lead to development synergies, a more attractive profile for future financing, and a more streamlined path to production. A larger, consolidated entity is a much stronger counterparty for a royalty holder.
• Financial Backing: The C$40 million concurrent financing, especially with the backing of a strategic group like Avenir Minerals, provides the necessary capital to aggressively advance the Adina project through its next phases of development. This reduces the financing risk that previously existed for two separate, smaller exploration companies.
• Validation of Asset Quality: A merger and significant financing in a challenging capital market environment validates the quality and potential of the Adina project.

Looking at the progression of news over the past year, LRC is at a clear inflection point. - The company began the year by strategically selling a portion of its Tres Quebradas (3Q) royalty for US$28 million (December 2024), bolstering its balance sheet at the bottom of the lithium market. - It then used that cash prudently, initiating a substantial issuer bid (March-May 2025) to repurchase shares it viewed as undervalued. - A major catalyst was achieved in September 2025 when Zijin Mining commenced production at 3Q, marking the start of significant revenue generation for LRC. - The company continued to add value with small, tactical royalty acquisitions in tungsten (November 2025) and lithium-cesium (November 2025), and saw its Case Lake cesium royalty de-risked via an offtake agreement with major producer Albemarle (December 2025).

The Adina consolidation news is the latest and arguably one of the most significant de-risking events for LRC's pipeline. While 3Q provides the near-term cash flow, the market needs to see a clear path for future growth. This transaction provides exactly that, cementing the Adina project as a credible, well-funded, and high-impact future revenue stream.

Lithium Royalty Corp. is a royalty company focused on battery materials, offering investors exposure to the upside of lithium and other critical minerals with reduced direct exposure to operating and capital cost risks. The company holds a diversified portfolio of 37 royalties on projects at various stages, from exploration to production, located in top-tier and developing mining jurisdictions.

LRC's portfolio is anchored by several flagship assets: - Tres Quebradas (3Q): A producing lithium brine project in Argentina operated by mining major Zijin Mining. LRC holds a 0.9% GOR. - Grota do Cirilo: A large-scale, low-cost hard rock lithium project in Brazil operated by Sigma Lithium. LRC holds a 0.9% net NSR. - Adina: A high-grade, large-scale hard rock lithium project in Québec, Canada. This development asset is a key future value driver, with LRC holding a valuable 4.0% GOR. - Finniss: A hard rock lithium project in Australia operated by Core Lithium, currently on care and maintenance with a restart study underway. LRC holds a 2.5% GOR.