Mr. Francis MacDonald reports

LIFT INTERSECTS 18 M AT 1.72% LI2O AT THE BIG EAST PEGMATITE AND 12 M AT 1.04% LI2O AT THE SHORTY PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT

Li-FT Power Ltd. has released assays from five drill holes completed at the Shorty and BIG East 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:

• YLP-0092: 18 metres (m) at 1.79 per cent Li2O (BIG East):
  • And seven m at 1.58 per cent Li2O;
• YLP-0064: 13 m at 1.55 per cent Li2O (BIG East):
  • And 10 m at 1.04 per cent Li2O;
• YLP-0063: nine m at 1.09 per cent Li2O (BIG East):
  • And eight m at 1.26 per cent Li2O;
  • And three m at 1.20 per cent Li2O;
• YLP-0060: nine m at 1.21 per cent Li2O (BIG East):
  • And four m at 1.39 per cent Li2O;
  • And three m at 1.00 per cent Li2O;
• YLP-0059: 12 m at 1.04 per cent Li2O (Shorty).

Francis MacDonald, chief executive officer of Li-FT, comments: "BIG East has delivered the highest-grade intersects from across the project to date in hole YLP0092 across excellent width. Our expectations from BIG East in terms of grades and widths continue to be exceeded."

Discussion of results

This news release includes assay results for one hole from the Shorty pegmatite (YLP-0059) and four from the BIG East pegmatite dike swarm (YLP-0060, 63, 64 and 92).

BIG East

The BIG East pegmatite swarm comprises a 35-metre-wide to 80-metre-wide corridor of parallel-trending dikes that dips around 55 degrees to 75 degrees west and extends for at least 1,000 metres along surface and 200 metres downdip.

YLP-0060 was designed to test the BIG East swarm approximately 300 m from its northern end and 50 vertical metres beneath the surface. Drilling intersected three pegmatite dikes that assayed intervals of 1.21 per cent Li2O over nine m, 1.39 per cent Li2O over four m and 1.00 per cent Li2O over three m.

YLP-0063 was designed to test the BIG East pegmatite approximately 250 m from its southern end and 100 vertical metres beneath the surface. Drilling intersected five pegmatite dikes, with the three uppermost of returning assay composites of 1.26 per cent Li2O over eight m, 1.09 per cent Li2O over nine m and 1.20 per cent Li2O over three m. The lower dikes returned negligible grade.

YLP-0064 tested the BIG East swarm approximately 200 m from its northern end and 50 vertical metres beneath the surface. Drilling intersected two dikes that returned assay composites of 1.04 per cent Li2O over 10 m and 1.55 per cent Li2O over 13 m.

YLP-0092 tested the BIG East swarm approximately 350 metres from its southern tip and 150 vertical metres beneath the surface. Drilling intersected four dikes, with the second and third ones returning 1.72 per cent Li2O over 18 m and 1.58 per cent Li2O over seven m. The upper- and lower-most dikes returned negligible grades.

Shorty

The Shorty pegmatite comprises a braided zone of dikes that dips 50 degrees to 70 degrees to the west-northwest and extends for at least 600 m on surface and 200 m downdip. Li-FT drilling shows the pegmatite may comprise a single dike up to 20 m wide or two to four dykes, mostly one to 15 m wide, within a 30-metre-wide to 40-metre-wide corridor.

YLP-0059 was designed to test the Shorty pegmatite 200 m from its southern end and 50 m vertically below surface, with drilling intersecting dikes from 45 to 51 m and 57 to 71 m core depth. Assays returned 1.04 per cent Li2O over 12 m for the lower dike. The upper dike returned no significant results.

Drilling progress update

Currently, Li-FT has reported results from 67 diamond drill holes (11,808 metres). To date, 192 diamond drill holes have been completed (32,299 metres).

General statements

All five holes described in this news release were drilled at azimuths between 120 degrees to 125 degrees and dips of 45 degrees to 50 degrees, broadly perpendicular to the dike orientation. True thickness of these intercepts will therefore range somewhere between 65 to 100 per cent of the drilled widths.

Mineralogical characterization for the YLP pegmatites is in progress through hyper spectral core scanning and X-ray diffraction work. Visual core logging indicates that the predominant host mineral is spodumene whereas other significant non-lithium-bearing phases include quartz and feldspar.

QA/QC (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 core processing 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 the ALS Labs 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 two millimetres (mm) (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 75-micron (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 Ron Voordouw, PhD, PGeo, partner, director of geoscience, Equity Exploration Consultants Ltd., and a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and member in good standing with the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (NAPEG) (geologist registration No. L5245).

Li-FT retains Renmark

The company further announces that it has retained the services of Renmark Financial Communications Inc. to manage some of its investor relations activities.

In consideration of the services to be provided by Renmark, monthly fees will include cash consideration of up to $9,000, starting on Nov. 1, 2023, for a period of seven months and become monthly thereafter.

Renmark does not have any interest, directly or indirectly, in Li-FT, or its securities, or any right or intent to acquire such an interest.

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.

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