Li-FT Announces First Results from Summer Drill Program at the Adina-Galinee Lithium Project, Quebec

Li-FT Power Ltd. (LIFT) has released assay results from the initial five of 45 planned drill holes at its Adina-Galinée Lithium Project (AGLP) in Québec. The reported data covers holes ALP-0001 through ALP-0005C, drawn from a broader scope of 39 holes totaling 11,420.5 meters from the 2026 summer program, combined with six previously unreleased historical holes from 2024 that added 1,983 meters. In total, the project encompasses 45 holes and 13,403.5 meters of drilling.

The company described the geology as an east-west trending dyke system dipping shallowly south at approximately 35°. This structure forms a low-angle corridor roughly 350 meters wide and striking approximately 2.5 kilometers under till cover, comprising three distinct zones: Main, Footwall, and Galinée.

Li-FT Power stated its intent to combine the Main, Footwall, and Galinée zones into a single Mineral Resource Estimate and Preliminary Economic Assessment, which is targeted for release in early 2027. No resource tonnage changes, metallurgical data, cutoff grades, or economic studies were released alongside the current assay results.

The reported intercepts, presented as downhole lengths without cutoffs or true width calculations, are as follows:

• ALP-0002: 56 m @ 1.43% Li2O from 187 m (Galinée Zone)
• ALP-0003: 28 m @ 1.64% Li2O from 257 m (Galinée)
• ALP-0001: 9 m @ 1.72% Li2O from 201 m (Galinée); 20 m @ 0.70% Li2O from 357 m (Footwall)
• ALP-0004: 4 m @ 1.25% from 52 m; 13 m @ 1.29% from 188 m; 6 m @ 1.12% from 242 m; 5 m @ 0.92% from 285 m (Footwall); 14 m @ 0.53% from 296 m (Main)
• ALP-0005C: 4 m @ 1.26% from 249 m; 4 m @ 2.61% from 304 m (Main); 14 m @ 1.68% from 342 m (Footwall)

Li-FT Power Ltd. (LIFT) is a development-stage explorer and developer with two defined resources: the Adina-Galinée deposit, containing 76.4 million tonnes, and the Yellowknife deposit, with 50.4 million tonnes inferred at 1.00% Li2O. The company currently holds no reserves, generates no revenue, and has no active mining operations. The recent drilling programme is not a near-mine step-out but is attached to an existing resource, serving as infill and resource-definition work ahead of an early-2027 Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA).

The anchor for resource-definition drilling is the resource grade of 1.14% Li2O indicated at Adina-Galinée. The best previously reported intercept on the system remains the historical Galinée drilling, which included 158.0 m @ 1.62%, 72.7 m @ 2.48%, and 54.6 m @ 2.68%. The Adina resource itself sits at 1.14% over 60.5 million tonnes indicated. The new best intercept of 56 m @ 1.43% is at or above the resource-grade anchor on grade but below the historical Galinée headline widths on grade-thickness.

The stock has fallen from C$8.95 on 28-Jan-2026 to C$1.47 on 23-Oct-2026, a decline of roughly 84%, and sits at its 52-week low. It trades far below the C$4.30 and C$6.88 January 2026 financing prices and the C$2.90 August 2026 bought-deal price, assuming essentially nothing about current drilling. The result does not represent a material step-change in grade-and-width substance compared to anything previously demonstrated on the property. These are confirmation holes at or above resource grade, in line with the deposit's known grade tenor and below its best historical widths. There is no new zone, no new depth dimension, and no scale step-change in this release.

The release does not change the resource, thesis, or Net Asset Value (NAV). It comprises five holes of a 163-hole, approximately 39,000 m planned programme, with no tonnage, economics, or metallurgy data provided. It serves as de-risking evidence in the Galinée Zone, which the company describes as its least well-defined structure. This is useful, incremental information that is not yet value-changing.

Regarding the balance sheet, the last as-reported cash was C$1.816 million for the 13-month period ended 2025-12-31, against approximately C$18 million per year in Renard care-and-maintenance obligations. The C$48.1 million January 2026 private placement and C$23.0 million August 2026 bought deal intervened. The investor deck cites roughly C$35 million in cash, which is undated and should be treated as stale relative to the as-reported statements.

Factors that could move the project materially include a demonstrated step-change in the Galinée Zone's tonnes at these grades, ore-sorting or metallurgical results that de-risk the Renard repurposing, or a PEA/DFS that changes project Net Present Value (NPV). The likely market reaction is a modest, sentiment-assisted bounce at best.

Li-FT Power Ltd. (TSXV: LIFT; ASX: LFT; OTCQX: LIFFF; Frankfurt: WS0), a British Columbia-incorporated company headquartered in Vancouver, is led by President and CEO Francis MacDonald and Executive Chairman Anthony Tse, the former CEO of Galaxy Resources involved in the Allkem merger. The company’s portfolio centers on the Adina-Galinée Lithium Project in Québec’s Eeyou Istchee James Bay region. Li-FT holds a 100% interest in the Adina property and a 75% interest in Galinée, with the remaining 25% held by SOQUEM. The Galinée asset carries a 1.4% net smelter return (NSR) payable to Azimut and a C$1.5 million deferred payment. The consolidated resource, reported under NI 43-101 standards effective May 7, 2026, comprises 60.5 million tonnes at 1.14% Li2O indicated and 15.9 million tonnes at 1.17% Li2O inferred. This resource was converted from JORC standards without change and consolidated through the Winsome Resources scheme of arrangement, effective May 2026, alongside the Azimut and SOQUEM transactions.

Approximately 60 km south of Adina lies the Renard Operation, the site of the former Renard diamond mine. Li-FT holds a binding call option to acquire the site, including a 2.2 million tonnes per annum processing plant, a 16 MW LNG power station, a 330-bed camp, an airstrip, and an all-season road. The option, exercisable until June 23, 2028, carries a C$1 exercise price. The company has paid a C$12 million option fee to the CCAA monitor and funds approximately C$18 million annually for care and maintenance. Upon exercise, Li-FT would assume closure and remediation liabilities with the intent to repurpose the site for spodumene concentrate production.

In the Northwest Territories, Li-FT owns the Yellowknife Lithium Project, which holds an inferred resource of 50.4 million tonnes at 1.00% Li2O. The BIG East deposit within the project contains 16.5 million tonnes at 1.06% Li2O. Winter drilling reported in 2026 returned 26 meters at 1.29% Li2O, including 17 meters at 1.65%, and 17 meters at 1.32% Li2O. A preliminary economic assessment is targeted for 2027. Additionally, the company is conducting a scoping study for a 30,000 tonnes per annum battery-grade lithium carbonate converter with SCT, which would be fed by concentrate from Yellowknife.

The company’s capital structure includes 86,720,017 basic shares, 4,112,375 options, and 234,263 RSUs, DSUs, and PSUs, resulting in 91,066,655 fully diluted shares. As-reported shares outstanding at the period end of December 31, 2025, were 47,353,125. The increase in share count is attributed to the Winsome share issuance of approximately 27.8 million shares and subsequent financings. The basic share count on the deck appears to predate an August 2026 offering of 7,935,000 shares.

Financial context from prior periods, not disclosed in the current release, shows operating income of -C$5.183 million and net income of +C$2.324 million for the 13 months ended December 31, 2025. At that date, total equity stood at C$264.4 million, total assets at C$287.1 million, and cash at C$1.816 million, with capex recorded at -C$17.796 million. The quarter ended July 2025 showed no revenue, SG&A of C$774,000, PP&E of C$269.4 million, and net income of C$4.999 million, largely non-operating. The large PP&E and asset base against negligible cash reflects capitalized mineral property and option value rather than operating cash generation.

Financing history includes a C$48.1 million private placement closed in January 2026, involving FT subscription receipts of C$6.88 and NFT of C$4.30. A C$23.0115 million bought deal closed on August 12, 2026, at C$2.90 per share, with proceeds earmarked for Renard care and maintenance. Both instruments are now deep in the money against the holder and sit far above the current C$1.47 price.