Azimut closes acquisition of 50% of Galinee property
Li-FT Power clears final hurdle for Winsome merger by closing strategic Galinée acquisition
On February 18, 2026, Li-FT Power Ltd. ("LIFT") announced the formal closing of its acquisition of a 50% interest in the Galinée property from Azimut Exploration Inc. This transaction, originally announced in December 2025, involved the issuance of 2,000,000 common shares of LIFT and the grant of a 1.4% Net Smelter Return (NSR) royalty. A deferred payment of C$1.5 million is payable in cash or shares upon the earlier of an economic study completion or 18 months. This closing follows the recent C$48.1 million financing and the commencement of a 6,770-meter drill program at the Yellowknife Lithium Project.
The closing of the Galinée transaction is a critical operational milestone because it is a stated condition for the "Game Changer" merger with Winsome Resources. - Strategic Consolidation: By acquiring this 50% interest (and 25% from SOQUEM), LIFT secures a majority stake in the property adjacent to Winsome’s Adina project. This allows for the unification of the Adina lithium deposit, which currently straddles property boundaries, likely improving the scale and economics of any future mine. - Merger Momentum: CEO Francis MacDonald explicitly stated that this closing satisfies a key condition of the offer to acquire Winsome Resources. This reduces execution risk for the overall combination. - Dilution and Costs: While positive, the acquisition cost 2 million shares and added a 1.4% NSR. Furthermore, the company remains on the hook for a $1.5 million deferred payment. - Resource Expansion: The property already shows high-grade intercepts (e.g., 1.62% Li2O over 158m), suggesting immediate resource growth potential once the merger is finalized and drilling is integrated.
LIFT is a Canadian lithium explorer focused on two primary hubs: - Yellowknife Lithium Project (NWT): Flagship project with an Inferred Mineral Resource of 50.4 Mt at 1.00% Li2O. It is one of the largest spodumene resources in the Americas. - Adina-Galinée (Quebec): An emerging tier-one project in James Bay. Through the pending Winsome merger, LIFT aims to consolidate the Adina deposit (61.4 Mt Indicated) with the Galinée property to create a massive, unified lithium development asset.