Mr. Francis MacDonald reports

LIFT INTERSECTS 60 METRES AT 1.26% LI2O AT THE FI SOUTHWEST PEGMATITE AND 30 METRES AT 1.13% LI2O AT THE FI MAIN PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT, CANADA

Li-FT Power Ltd. has released assays from 18 drill holes completed at the Fi Southwest and Fi Main pegmatites within the Yellowknife lithium project (YLP), located outside the city of Yellowknife, NWT. Drilling has intersected significant intervals of spodumene mineralization, with the following highlights.

Highlights:

• YLP0006: 80 metres at 0.87 per cent Li2O (lithium oxide), including 44 m at 1.14 per cent Li2O (Fi Southwest)*;
• YLP0007: 60 m at 1.26 per cent Li2O, including 39 m at 1.38 per cent Li2O (Fi Southwest)*;
• YLP0011: 26 m at 1.22 per cent Li2O, including 23 m at 1.37 per cent Li2O (Fi Main);
• YLP0017: 30 m at 1.13 per cent Li2O, including 23 m at 1.42 per cent Li2O (Fi Main);
• YLP0023: 30 m at 1.10 per cent Li2O, including 23 m at 1.33 per cent Li2O (Fi Main).

* Drilled down dip due to access restriction

Francis MacDonald, chief executive officer of Li-FT, commented: "Fi Southwest continues to deliver high-grade spodumene over significant widths. Hole YLP0007 extends the strike length of spodumene mineralization to 335 metres. The first drill holes into the Fi Main pegmatite have delivered some excellent intersects as well. Spodumene percentages are in line with mapping that has been completed on surface. Our operational progress has been significant to date -- we have drilled 117 holes into six different pegmatites and have submitted samples to the lab for assaying; results expected to be reported in batches over the coming weeks."

Discussion of drill results

Holes YLP0006 and YLP0007 continued drill testing along a 540-metre-long central segment of the Fi Southwest dike, where spodumene makes up 15 per cent to 25 per cent of the rock at surface. The holes targeted under historical trenches of up to 37 m of 1.37 per cent Li2O and have confirmed spodumene mineralization to 50 m below surface.

Holes YLP0008 to YLP0022 tested a 600-metre-long section of the Fi Main dike, where it contains 5 per cent to 30 per cent spodumene over its strike length. Drilling targeted zones beneath historical trenches of up to 21.9 metres of 1.34 per cent Li2O, the company has confirmed spodumene mineralization to 100 m below surface exposures. The Fi Southwest and Fi Main drill holes have collectively tested 1,500 m of strike length of the Fi dike complex, confirming to a depth of approximately 100 m, continuity of the spodumene mineralization that has been mapped and trenched on surface. Spodumene is a primary mineral constituent of the dike, along with varying amounts of quartz, potassium feldspar and muscovite.

Operations update

As of Aug. 15, 2023, Li-FT has evacuated personnel from the Hidden Lake camp at the YLP (see press release dated Aug. 15, 2023). Drilling operations at the Big East pegmatite have also been paused due to heavy smoke that limits visibility for flying helicopters. Li-FT is monitoring the situation closely and plans to begin operations again once it is safe to do so.

Approximately 19,000 m have been drilled across 117 diamond drill holes targeting the Fi Southwest, Fi Main, Ki, Shorty, Big East and Echo pegmatite targets. Li-FT plans to complete 1,500 metres of drilling at the Echo target during the summer 2023 field season.

Quality assurance/quality control and core sampling protocols

All drill core samples were collected under the supervision of Li-FT employees and contractors. Drill core was transported from the drill platform to the logging facility, where it was logged, photographed and split by diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference materials were inserted at regular intervals. Field duplicates consisting of quarter-cut core samples were also included in the sample runs. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain of custody and transported from Li-FT's core logging facility to ALS's laboratory in Yellowknife, NWT.

Sample preparation and analytical work for this drill program were carried out by ALS. Samples were prepared for analysis according to ALS method CRU31: Individual samples were crushed to 70 per cent passing through a two-millimetre (10-mesh) screen; a 1,000-gram subsample was riffle split (SPL-21) and then pulverized (PUL-32) such that 85 per cent passed through a 75-micrometre (200-mesh) screen. A 0.2-gram subsample of the pulverized material was then dissolved in a sodium peroxide solution and analyzed for lithium according to ALS method ME-ICP82b. Another 0.2-gram subsample of the pulverized material was analyzed for 53 elements according to ALS method ME-MS89L. All results passed the QA/QC screening at the lab; all inserted standards and blanks returned results that were within acceptable limits.

Qualified person

The disclosure in this news release of scientific and technical information regarding Li-FT's mineral properties has been reviewed and approved by Carl Verley, PGeo, vice-president, exploration, of Li-FT Power and a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. No QA/QC review is available in relation to historical sampling and drilling on the Yellowknife project and results have not been verified by a qualified person as defined by NI 43-101. Past sampling and drilling results are not necessarily indicative of future results or performance from the Yellowknife property.

About Li-FT Power Ltd.

Li-FT 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. Li-FT 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 field.

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