Cape Town, South Africa--(Newsfile Corp. - July 7, 2026) - Lithium Africa Corp. (TSXV: LAF) (FSE: 6MQ) (OTCQB: LTAFF) ("Lithium Africa" or the "Company") is pleased to provide a corporate update following Dr. Thomas Benson's appointment as Chief Executive Officer, effective July 1, 2026. Lithium Africa is a capital-efficient lithium explorer backed by Ganfeng Lithium Group Co., Ltd. ("Ganfeng"), as its largest strategic shareholder (~13.2%) and 50/50 joint venture ("JV") partner. The Company now has drill programs (the "Programs") underway at both of its anchor projects: the Springbok Project in South Africa (the "Springbok Project") and the Adzopé Project in Côte d'Ivoire (the "Adzopé Project").
Dr. Thomas Benson, Chief Executive Officer, commented: "With drilling now underway at both Springbok and Adzopé, Lithium Africa has moved decisively from consolidation into active, results-focused exploration. We built this portfolio counter-cyclically over four years; we are now drilling to prove its potential, and we intend to do it without unnecessary dilution to our shareholders."
Highlights
- Both anchor projects now actively drilling: a 3,500-meter diamond and reverse-circulation program at Springbok targeting a maiden mineral resource at the Norrabees pegmatites, and a 2,000-meter reverse-circulation program at Adzopé, both targeting mapped surface exposures of spodumene-bearing pegmatites.
- Non-dilutive funding advancing: the Company continues the process to monetize the existing stockpile at Springbok (the "Stockpile Sale"). Several counterparties are engaged in the process (see "Springbok Stockpile Sale Update" below and the Company's news release dated June 9, 2026). A resampling program has been completed and results are expected in the coming weeks. This is in line with the Company's strategy to fund multiple drill programs per year while minimizing share dilution.
- District-scale upside: the approximately 1,675 km2 Springbok land position covers a more than 50 km-long pegmatite field on which the Company has identified more than 40 spodumene-bearing pegmatites, a subset of which will be tested in this campaign.
- Leadership and team: new Chief Executive Officer Dr. Thomas Benson set out a capital-efficient strategy and a strengthened African operating team to execute it.
Côte d'Ivoire Exploration Program Updates
At the Adzopé Project in Côte d'Ivoire, located approximately 100 km from the port of Abidjan along a paved road, a 2,000-meter reverse-circulation drill campaign is underway (Figure 1). The Adzopé target is part of the Saby Trend, a multi-kilometer spodumene-bearing pegmatite corridor supported by geological mapping, geochemistry, and trenching. Drill samples from this campaign will be submitted for assay, with results expected in Q3 2026 once received and verified. Previously announced trenching at the Agboville license is expected to commence at the end of the rainy season, later in 2026, alongside a newly designed auger program. Concurrently, the Company has initiated a regional mapping and geochronology campaign around its licenses to improve genetic models and refine targets following the identification of spodumene outcrops in the region.
Figure 1. Images showing the 2,000-meter reverse-circulation drill campaign underway at the Adzopé Project, Côte d'Ivoire.
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Drilling Commenced at Springbok Project
At the Springbok Project in South Africa, located on a paved highway approximately 6 hours from Cape Town, the previously announced 3,500-meter program - comprising 1,500 meters of diamond drilling and 2,000 meters of reverse circulation - is in progress as part of the Company's advanced exploration activities (see the Company's news release dated June 9, 2026). The primary goal of the program is to define a new mineral resource at the Norrabees pegmatites within the Mining Permit; part of the reverse-circulation campaign will test other mapped spodumene pegmatites across the broader Prospecting Right. Ongoing structural mapping in conjunction with Stellenbosch University is improving drill targeting.
The approximately 1,675 km² Springbok land position is district-scale, covering a more than 50 km-long pegmatite field within which the Company has identified 40 known spodumene-bearing pegmatites, only two of which have been drilled historically. Historical drilling at Norrabees returned intervals including 32.7 m at 1.09% Li2O and 18.34 m at 1.92% Li2O.[1] Assays from the current program will be reported, together with associated quality assurance and quality control ("QA/QC") information, once received and verified.
Figure 2. Norrabees Spodumene Mine and Stockpile (above) and active drilling (below) at Norrabees in the Springbok Project, South Africa.
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Springbok Stockpile Sale Update
The Company continues to advance the potential sale of its existing approximately 30,000-tonne ore stockpile at the Norrabees mine site as a potential near-term, non-dilutive source of exploration capital, as previously announced on June 9, 2026. Multiple counterparties are engaged in active due diligence. The stockpile resampling program has been completed and the samples have been shipped to an internationally accredited laboratory for assay. The program is intended to provide prospective purchasers with a current, statistically robust dataset of grades and to support a competitive process. The Company is awaiting assay results, which it expects in the coming weeks, and will provide a further update at the appropriate time. The Company has not entered into any binding agreement for the sale of the stockpile, no terms have been finalized, and there is no assurance as to the timing, price, or proceeds of any sale or that a sale will be completed. Any sale may be subject to regulatory and other approvals.
Corporate Updates
Under the leadership of Dr. Thomas Benson, appointed Chief Executive Officer effective July 1, 2026, the Company has set out its vision for its next phase of growth: to build a leading lithium discovery platform in Africa and to create lasting value for shareholders through disciplined capital allocation, systematic exploration, and the monetization of the assets it discovers and advances. With drilling underway at its advanced projects, a defined set of near-term catalysts, and the backing of its largest shareholder, Ganfeng, the Company intends to convert its exploration programs into results and value for its shareholders, its host countries, and the local communities in which it operates. Key elements of the strategy include:
Capital-efficient exploration. The Company intends to operate as a capital-efficient lithium explorer, with its largest shareholder, Ganfeng (~13.2%), expected to match exploration spend on the projects held within the 50/50 JV - extending the Company's reach while preserving its capital base and minimizing dilution to shareholders.
Disciplined focus on advanced assets. The Company intends to concentrate the majority of its exploration capital on its advanced projects at Springbok and Adzopé, while advancing its earlier-stage licenses toward drill-ready targets using low-cost, lithium-specific targeting methodologies.
A continent-wide pipeline. The Company continues its greenfield and brownfield exploration activities, with ongoing grassroots and due diligence efforts across multiple jurisdictions in Africa. Parties with a project or lead in Africa are encouraged to contact the Company at explore@li-africa.com.
Non-dilutive funding. The Company intends to fund multiple exploration programs each year while minimizing share dilution, including through the potential monetization of non-core assets to help fund exploration (see "Springbok Stockpile Sale Update " above).
Building for the long term in Africa. As part of its community engagement strategy, the Company has launched its inaugural internship program in collaboration with African universities; interested graduate and undergraduate students may apply through the Company's website. The Company is also establishing its primary operational office in Cape Town, South Africa, and a new corporate website and presentation are now available at www.li-africa.com.
A strengthened operating team. To support its programs, the Company has strengthened its African operating team. Mr. Jacques Cormack has been promoted to Vice President, Operations; Mr. Sory Sidibe has been promoted to Senior Exploration Geologist - West Africa; Mr. Mavuwa Tavashavira has been promoted to Senior Exploration Geologist - Southern Africa; and Mr. Joel Kwande has joined the Company as Finance Manager.
Shares for Debt
Subject to acceptance by the TSX Venture Exchange, the Company has agreed to settle outstanding indebtedness of approximately C$15,000 owing to an arm's length party through the issuance of 10,000 common shares at a deemed price of C$1.50 per share. The shares will be subject to a statutory four-month hold period, and no insider or related party of the Company is participating.
Technical Information
Benjamin Gelber, P.Geo, a non-independent Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects and Consultant of the Company, has reviewed and approved the technical disclosure contained herein.
Springbok Project
The Company has not verified any of the information regarding the Springbok Project other than:
a site visit, including overseeing the collection of check samples of the stockpile, prior mining locations and regional pegmatites;
locating and recording collar locations for the drilling discussed herein and recording the GPS location of the surface footprint and volume estimates of the surface stockpiles; and
data from previous exploration supplied to the Company and its consultants in electronic format, which was reviewed and used for plotting and checks/validation.
The Company's project team continues to plan, collect, compile, review, and validate relevant technical data for the Springbok Project. The assay results from the Stockpile resampling program are pending; the Company will report those results, together with the associated QA/QC information, once received and verified.
Adzopé Project
All trench and auger samples were collected under the supervision of the Company's employees. Samples were bagged, and blank material (cement) and certified reference materials were inserted at regular intervals at the Company's field camp. Field duplicates were also included in the sample stream. Groups of samples were placed in sealed bags and submitted to Intertek Minerals in Tarkwa, Ghana, for sample preparation, after which pulps were securely transported by Intertek to Intertek Genalysis in Perth, Western Australia, for analysis.
Laboratory QA/QC procedures included the analysis of blanks, certified reference materials and duplicates, with results indicating acceptable levels of accuracy and precision. Assay results from the ongoing Adzopé reverse-circulation drill campaign are pending and will be reported, together with the associated QA/QC, once received and verified.
About Lithium Africa Corp.
Lithium Africa Corp. is a capital-efficient lithium exploration and consolidation company assembling a portfolio of hard-rock lithium assets across Africa. Through its 50/50 joint venture with GFL International Co., Ltd., a subsidiary of Ganfeng Lithium Group Co., Ltd., the Company holds an indirect 50% interest in lithium exploration projects in Côte d'Ivoire, Guinea, Zimbabwe, and Mali. In addition, the Company is acquiring a majority interest in the Springbok Project in South Africa, which is held outside the joint venture. For more information, please visit www.li-africa.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF LITHIUM AFRICA CORP.
Thomas Benson, Ph.D., Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical facts may be forward-looking statements within the meaning of applicable securities legislation, including statements in respect of the anticipated contribution of Dr. Benson as Chief Executive Officer and the strengthening of the Company's team, the Programs and the reporting of results thereof, the Stockpile Sale and the expected resampling assay results, the shares for debt to an arm's length party, the establishment of operational office, and the Company's plans and programs for its exploration portfolio in Africa. These forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: the ability to raise funds through private or public equity financings; general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; risks inherent in exploration activities; the impact of exploration competition; unexpected geological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by applicable securities laws and regulation, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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 release.
1Historical drill results reported in the NI 43-101 technical report "The Norrabees I Pegmatite, South Africa. Mineral Resource Estimate," dated January 17, 2024, prepared by Dr. Johan Hattingh of Creo Design (Pty) Ltd. for Moonbound Mining Ltd. (now Cape Lithium Corp.). See also the Company's news releases dated February 25, 2026 and June 9, 2026. These are historical results; the Company has not independently verified them and they are not necessarily indicative of results from the current program.
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