LIFT Signs Definitive Purchase Agreement with SOQUEM for a 25% Interest in the Galinée Property, Quebec

Rhea-AI Summary

Li-FT Power (TSXV: LIFT; OTCQX: LIFFF) signed a definitive purchase agreement dated February 23, 2026 to acquire an additional 25% interest in the Galinée property from SOQUEM, which would increase LIFT’s aggregate interest to 75%.

Consideration for SOQUEM’s 25% interest is 1,000,000 common shares, subject to a four-month-and-one-day statutory hold. The transaction remains subject to TSX Venture Exchange approval and customary closing conditions. LIFT will continue as operator under the joint venture with SOQUEM.

Positive

• Ownership increase to 75% interest in Galinée property
• Operator continuity maintained under joint venture with SOQUEM
• Non‑cash consideration preserves LIFT cash by issuing 1,000,000 shares

Negative

• Transaction conditional on TSXV approval and customary closing conditions
• Share issuance may dilute existing shareholders (1,000,000 common shares)
• Share liquidity delay due to four-month-and-one-day statutory hold

VANCOUVER, British Columbia, Feb. 24, 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 press release regarding, among other things, LIFT entering into a non-binding letter of intent with SOQUEM Inc. (“SOQUEM”) and Azimut Exploration Inc., that it has entered into a definitive purchase agreement dated February 23, 2026 with SOQUEM to acquire an additional 25% interest in the exclusive exploration rights commonly known as the Galinée property (“Galinée Property”), which would bring its total aggregate interest in the Galinée Property to a 75% interest with the remainder of the interest in the Galinée Property to remain held by SOQUEM (the "SOQUEM Transaction"), subject to the satisfaction of various conditions. LIFT is the operator of the project on 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 will consist of 1,000,000 common shares in the capital of the Company. All common shares issued pursuant to the SOQUEM Agreement will be subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws. The SOQUEM Transaction is subject to the receipt of TSX Venture Exchange approval and the satisfaction of other customary closing conditions.

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	Francis MacDonald
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 Li-FT Power (LIFFF) announce on February 23, 2026 about the Galinée property?

Li-FT Power will acquire an additional 25% interest, increasing its stake to 75%. According to the company, the purchase agreement dated February 23, 2026 transfers SOQUEM’s 25% interest for 1,000,000 common shares, subject to TSXV approval and closing conditions.

How will the SOQUEM transaction affect Li-FT Power’s (LIFFF) ownership and role on Galinée?

Li-FT Power would hold 75% and remain the project operator under the joint venture. According to the company, LIFT is the operator and the deal increases its aggregate interest while SOQUEM retains the remainder.

What consideration is Li-FT Power (LIFFF) paying to SOQUEM for the 25% interest?

Consideration is 1,000,000 common shares of Li-FT Power. According to the company, all shares issued under the agreement will be subject to a statutory hold period of four months and one day under Canadian securities laws.

Is the Galinée property transaction for LIFFF finalized or subject to approvals?

The transaction is not finalized and is subject to TSXV approval and customary closing conditions. According to the company, satisfaction of those conditions is required before the SOQUEM transaction closes and the ownership changes take effect.

Will the 1,000,000 share issuance immediately trade for LIFFT/LIFFF shareholders?

No; the shares will be subject to a statutory hold period of four months and one day. According to the company, that hold period is required under applicable Canadian securities laws and limits immediate resale.