Lift Closes Transaction With Azimut for 50% Interest in Galinée Property

Rhea-AI Summary

Li-FT Power (TSXV: LIFT / OTCQX: LIFFF) closed its acquisition of a 50% interest in the Galinée property from Azimut in Québec, adjacent to the Adina lithium deposit owned by Winsome. Consideration included 2,000,000 common shares and a 1.4% NSR.

The Azimut agreement also includes deferred consideration of $1,500,000 payable in cash or shares at the earlier of an economic study completion or 18 months post-closing; shares issued are subject to a four-month-and-one-day statutory hold.

Positive

• 50% interest acquired in the Galinée property
• Resource adjacency to Winsome’s Adina lithium deposit may create scale
• Deferred consideration limited to $1,500,000 payable within 18 months or upon study completion

Negative

• 1.4% NSR granted on the Galinée property
• 2,000,000 common shares issued as upfront consideration (subject to four-month-and-one-day hold)
• Potential payment obligation of $1,500,000 in cash or shares within 18 months

VANCOUVER, British Columbia, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to announce that further to its December 15, 2025 and December 24, 2025 press releases, it has closed its acquisition of a 50% interest in the Galinée property (the “Galinée Property”) from Azimut Exploration Inc. (“Azimut”) (TSXV:AZM) (OTCQX:AZMTF) in Québec, immediately adjacent to the Adina lithium deposit which is owned by Winsome Resources Ltd. (“Winsome”), with the remainder of the interest in the Galinée Property currently being held by SOQUEM Inc. (“SOQUEM”).

Under the terms of the agreement with Azimut Exploration Inc. (the “Azimut Agreement”), LIFT has acquired all of Azimut’s rights, title and interest in the Galinée Property, in consideration for the issuance of 2,000,000 common shares of the capital of the Company and the grant of a 1.4% net smelter return royalty (“NSR”) on the Galinée Property. LIFT and SOQUEM will be responsible for the NSR in proportion to their percentage ownership of the Galinée Property. In addition, the Azimut Agreement provides a deferred consideration of $1,500,000 payable in cash or, subject to the conditions set out in the definitive agreement, in common shares of the Company, at the earlier of (i) completion of an economic study in respect of the Galinée Property or (ii) 18 months following closing. All common shares issued pursuant to the Azimut Agreement will be subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws.

Francis MacDonald, President & CEO of LIFT comments, “With the closing of the 50% acquisition of the Galinée property, LIFT is one step closer to satisfying the conditions outlined in our offer to acquire Winsome Resources. By combining the Adina and Galinée properties the true value and scale of the Adina lithium deposit can be unlocked.”

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	Daniel Gordon
Chief Executive Officer	Investor Relations
Tel: + 1.604.609.6185	Tel: +1.604.609.6185
Email: investors@li-ft.com	Email: investors@li-ft.com
Website: www.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 about the Galinée property acquisition on February 18, 2026?

LIFT closed the purchase of a 50% interest in the Galinée property for 2,000,000 shares and a 1.4% NSR. According to the company, deferred consideration of $1,500,000 is payable in cash or shares at study completion or within 18 months.

How does the Galinée transaction affect LIFT’s plan to acquire Winsome Resources (LIFFF)?

The acquisition moves LIFT closer to satisfying conditions in its offer to acquire Winsome Resources by owning adjacent property. According to the company, combining Adina and Galinée could unlock the Adina deposit’s full scale and value.

What are the payment terms LIFT agreed to with Azimut for the Galinée property (LIFFF)?

LIFT issued 2,000,000 common shares and granted a 1.4% NSR, with deferred $1,500,000 payable in cash or shares. According to the company, the deferred payment is due at study completion or within 18 months of closing.

What is the royalty burden on the Galinée property after LIFT’s acquisition (LIFFF)?

A 1.4% net smelter return royalty applies to the Galinée property, shared pro rata with SOQUEM. According to the company, LIFT and SOQUEM will bear the NSR cost in proportion to their ownership percentages.

Are the shares issued to Azimut subject to trading restrictions after the LIFFF deal?

Yes, all common shares issued are subject to a statutory hold period of four months and one day under Canadian securities laws. According to the company, that hold applies to the 2,000,000 shares issued as consideration.

When must LIFT pay the deferred $1,500,000 for the Galinée transaction (LIFFF)?

The deferred $1,500,000 becomes payable at the earlier of completion of an economic study on Galinée or 18 months after closing. According to the company, payment may be in cash or, subject to conditions, in common shares.