Release Conditions for Renard Option Satisfied
Li-FT Power receives a $12m fee after meeting the Renard option condition by funding annual site upkeep costs.
The Ministère des Ressources naturelles et des Forêts (MRNF) has authorized the postponement of rehabilitation and restoration work at the Renard mining site until June 23, 2028. This authorization served as the final condition required to release the C$12 million Option Fee held in trust by Deloitte Restructuring Inc. to Stornoway Diamonds' secured creditors.
Li-FT Power Ltd. (LIFT) retains an exclusive call option to acquire the Renard assets or shares for C$1.00 until June 23, 2028. During this option period, the company is solely responsible for Care & Maintenance (C&M) costs, which are estimated at C$18 million annually. Li-FT has already advanced C$18 million to the Monitor for this purpose. Additionally, the company engaged i2i Marketing Group for a minimum US$1.4 million corporate marketing and investor awareness budget.
Li-FT Power Ltd. (LIFT) has confirmed the satisfaction of a critical regulatory condition previously announced in June 2026. This development removes the termination risk associated with the October 2026 deadline, keeping the Renard option viable.
The release of the C$12 million fee to creditors serves as a procedural step in Stornoway's CCAA restructuring. It finalizes the initial option payment rather than injecting new capital into Li-FT.
The company faces C$18 million in annual C&M burden and US$1.4 million in marketing expenses. These incremental cash outflows were fully anticipated and partially funded by the C$23 million public offering closed in August 2026.
Li-FT Power Ltd. (LIFT) is a Canadian lithium explorer managing a portfolio of hard-rock spodumene assets located in Quebec and the Northwest Territories. The company’s flagship operation is the Adina-Galinee Lithium Project, which holds an NI 43-101 Indicated resource of 60.5 million tonnes grading 1.14% Li2O and an Inferred resource of 15.9 million tonnes grading 1.17% Li2O.
The company also holds a strategic interest in the Renard diamond mine in Quebec, which is currently on care and maintenance. Li-FT Power has an option to repurpose the site’s 2.2 million tonnes per annum processing plant, 16 MW LNG power station, and associated infrastructure for lithium processing. This potential repurposing could save more than $600 million in capital expenditures and accelerate project timelines by at least two years.
On the downstream front, Li-FT Power has initiated a scoping study for a 30,000 tonnes per annum lithium carbonate converter at Yellowknife, with the goal of producing lithium iron phosphate cathode material.