LIFT Closes Acquisition with SOQUEM for an Additional 25% Interest in the Galinée Property, Quebec

Rhea-AI Summary

Li-FT Power (TSXV: LIFT; OTCQX: LIFFF) closed its acquisition of an additional 25% interest in the Galinée property from SOQUEM on March 9, 2026, bringing LIFT's ownership to 75%.

Consideration was 1,000,000 common shares subject to a four-month-and-one-day statutory hold period; SOQUEM retains the remaining 25% and LIFT is operator under a joint venture.

Positive

• Ownership increased to 75% interest in Galinée property
• Operator status maintained for LIFT under the joint venture

Negative

• Issued 1,000,000 common shares as consideration, creating potential dilution
• SOQUEM retains 25% interest, leaving a minority partner on the asset

News Market Reaction – LIFFF

-7.00%

1 alert

-7.00% News Effect

On the day this news was published, LIFFF declined 7.00%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, British Columbia, March 09, 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 and February 24, 2026 press releases that it has closed its acquisition of an additional 25% interest in the exclusive exploration rights commonly known as the Galinée property (“Galinée Property”) from SOQUEM Inc. (“SOQUEM”). Following closing, LIFT now holds a 75% interest in the Galinée Property, with the remaining 25% interest continuing to be held by SOQUEM. LIFT is the operator of 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 consisted of 1,000,000 common shares in the capital of the Company. The common shares issued pursuant to the SOQUEM Agreement are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws.

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 Chief Executive Officer Tel:  +1.604.609.6185 Email: investors@li-ft.com Website: www.li-ft.com

Daniel Gordon Investor Relations Tel: +1.604.609.6185 Email: investors@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.

FAQ

What did LIFT announce on March 9, 2026 regarding the Galinée property (LIFFF)?

LIFT closed acquisition of an additional 25% interest, increasing its stake to 75%. According to the company, the transaction completes earlier announcements and confirms LIFT as operator under a joint venture with SOQUEM.

How was SOQUEM compensated for its 25% interest in the Galinée property (LIFFF)?

SOQUEM received 1,000,000 common shares as consideration for the 25% interest. According to the company, those shares are subject to a statutory hold period of four months and one day.

Does LIFT operate the Galinée property after the March 9, 2026 closing (LIFFF)?

Yes. LIFT continues as the operator of the Galinée property under a joint venture with SOQUEM. According to the company, LIFT now holds a 75% interest while SOQUEM retains 25%.

What are the immediate shareholder implications of LIFT issuing 1,000,000 shares for Galinée (LIFFF)?

Issuing 1,000,000 shares increases the company’s outstanding common shares and may dilute existing holders. According to the company, those shares carry a four-month-and-one-day statutory hold limiting immediate secondary-market sales.

When will the shares issued to SOQUEM become tradable for LIFFF shareholders?

The shares are subject to a statutory hold period of four months and one day before tradability. According to the company, the hold period is in accordance with applicable Canadian securities laws.