Mr. Francis MacDonald reports

LIFT INTERSECTS 28 M AT 1.70% LI2O AT ITS BIG EAST PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT

Li-FT Power Ltd. has released assays from eight drill holes completed at the Echo, Fi-SW, Ki 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-0121: 28 metres at 1.70 per cent Li2O (lithium oxide) (BIG East);
  • Six m at 0.97 per cent Li2O.
• YLP-0114: 17 m at 1.01 per cent Li2O (Ki);
  • Including five m at 1.46 per cent Li2O.
• YLP-0116: 13 m at 1.48 per cent Li2O (Echo);
  • Nine m at 0.55 per cent Li2O;
  • Including two m at 1.86 per cent Li2O.
• YLP-0124: 12 m at 1.52 per cent Li2O (Echo);
• YLP-0112: 11 m at 1.42 per cent Li2O (Echo);
  • Five m at 1.52 per cent Li2O.
• YLP-0106: 10 m at 1.41 per cent Li2O (Echo).

Francis MacDonald, chief executive officer of Li-FT, comments: "BIG East continues to deliver wide, high-grade intersections of spodumene: 28 m at 1.70 per cent is phenomenal. We have a nice high-grade pod of mineralization developing at depth. Echo is proving up to be very interesting with stacked pegmatites that are shallowly dipping. This week's results show greater than 10 m widths with excellent grades. We are just scratching the surface, having only completed nine holes in the summer of 2023 at Echo. Finally, Ki also continues to return consistent grades and widths."

Discussion of results

This week's drill results are for eight holes drilled on four different pegmatite complexes, with four holes from Echo (YLP-0106, 0112, 0116, 0124), two holes from BIG East (YLP-0121, -0122), and one hole each from Ki (YLP-0114) and Fi Southwest (YLP-0113).

Echo pegmatite

The Echo pegmatite complex comprises a north-northwest-trending corridor, at least 1,000 m in length and 450 m in width, with numerous trend-parallel and oblique (mostly northwest-trending) dikes. Individual dikes range from gently to steeply east dipping and are up to 25 m wide.

All four holes described below were collared into a pegmatite swarm formed by three parallel, oblique-striking and gently dipping pegmatite intervals, each typically 10 to 30 m wide and separated by approximately 20 to 50 m of country rock. Pegmatite intervals can comprise a single dike, up to 10 to 15 m thick, or two or more dikes with similar cumulative pegmatite width spread over a wider core interval. To facilitate the descriptions below, these three intervals are referred to as upper, middle and lower.

YLP-0106 was designed to test the middle and lower pegmatite intervals approximately 250 m from its northwesternmost mapped extent, less than 25 m and 50 m, respectively, vertically beneath the surface, and 50 m up dip of previously released YLP-0107 (1.24 per cent Li2O over 13 m from middle pegmatite, 0.76 per cent Li2O over two m from lower pegmatite). Drilling intersected a 12 m wide middle pegmatite that returned an assay composite of 1.41 per cent Li2O over 10 m as well as a seven m wide lower pegmatite that returned 0.90 per cent Li2O over two m. The middle and lower intervals are separated by 48 m of country rock.

YLP-0112 was collared 50 m west-northwest of YLP-0106 to again test the middle and lower pegmatites at vertical depths of less than 25 and 50 m, respectively, beneath the surface. Drilling intersected a 13 m wide middle pegmatite down to 19 m core depth followed by 24 m of country rock and a six m wide lower pegmatite. Assays for the middle interval returned a composite of 1.42 per cent Li2O over 11 m whereas the lower one ran 1.52 per cent Li2O over five m.

YLP-0124 was designed to provide similar pierce point depths on the middle and lower pegmatites as YLP-0106 and -0112 but at a stepout of 50 m to the southeast. Drilling intersected a 12 m wide middle interval extending down to 17 m core depth followed by 44 m of country rock and then a lower interval comprising seven one to two m wide dikes spread over 47 m of drill core. Assays for the middle interval returned a composite of 1.52 per cent Li2O over 12 m whereas the thinner dikes all returned negligible grade.

YLP-0116 was collared approximately 65 m north of the previous three holes, just south of where the upper pegmatite reaches surface, to test the middle and lower intervals approximately 50 m down dip of YLP-0112. Drilling intersected an 18 m wide middle pegmatite down to 60 m core depth followed by 37 m of country rock and a nine m wide lower pegmatite. Assays returned composites of 1.48 per cent Li2O over 13 m for the middle pegmatite and 1.86 per cent Li2O over 2 m for the lower one.

BIG East pegmatite

The BIG East pegmatite swarm comprises a 35 to 90 m wide corridor of parallel-trending dikes that dips around 55 degrees to 75 degrees west and extends for at least 1,300 m along surface and 200 m down dip.

YLP-0121 was designed to test the BIG East swarm approximately 600 m from its northern end, 75 m vertically beneath the surface, and 50 m down dip of YLP-0043 (51 m interval with 39 m of pegmatite averaging 1.12 per cent Li2O). Drilling intersected 40 m of pegmatite within a 47 m interval of drill core, comprising a 32 m thick pegmatite overlain by two m and six m wide dikes. Assays returned composites of 1.70 per cent Li2O over 28 m for the thickest and lowermost dike as well as 0.97 per cent Li2O over six m from one of the thinner overlying ones.

YLP-0122 was drilled on a dike swarm located approximately 500 m north of, and possibly en echelon to, the BIG East pegmatite. This satellite swarm has a mapped strike extent of approximately 350 m and, like the BIG East swarm, strikes north-northeast and dips moderate to steeply to the west. YLP-0122 was drilled to intersect this swarm approximately 100 m from its northern mapped extend and 100 to 150 m vertically beneath the surface but intersected no pegmatite and so no samples were taken.

Ki pegmatite

The Ki pegmatite is one of several subparallel dikes occurring within a north-of-northwest-trending corridor. Drill intercepts of Ki typically comprise a thick main dike flanked by one or more narrower (one to five m wide) dikes although, in places, it is formed by two to six dikes of similar cumulative thickness spread over up to 80 m of core length. The Ki dike is visible for at least 1,000 m on surface and dips between 65 degrees and 80 degrees to the southwest.

YLP-0114 tested the Ki pegmatite approximately 500 m from either of its mapped extents and 50 m vertically beneath the surface. Drilling intersected a 20 m wide main dike flanked by several one to two m wide dikes on either side for 29 m of cumulative pegmatite thickness over a 76 m interval of drill core. The main dike returned an assay composite 1.01 per cent Li2O over 17 m, including 1.46 per cent Li2O over five m, whereas the flanking dikes returned negligible grade.

Fi Southwest pegmatite

The Fi Southwest (SW) pegmatite is one of several dikes occurring within a north-of-northeast-striking dike corridor. Drilling of Fi SW shows that it ranges from a single 20 to 40 m wide dike to two to three dikes of similar cumulative width within a 50 to 70 m wide corridor. The Fi SW dikes are visible for at least 1,100 m on surface and dip 60 degrees to 80 degrees to the east-southeast.

YLP-0113 tested the Fi SW pegmatite approximately 350 m from its southern mapped extent and 300 m vertically below the surface, as well as 100 m and 200 m down dip, respectively, of YLP-0028 and YLP-0041 (both negligible results). Drilling intersected a 26 m pegmatite dike between 63 and 89 core depth and a 61 m pegmatite from 321 to 382 m, as well as eight one to seven m dikes flanking each of the thicker ones. All 10 dikes returned negligible grade.

Drilling progress update

The company has concluded its 2023 drill program at the Yellowknife lithium project with 34,238 m completed. Currently, Li-FT has reported results from 116 out of 198 diamond drill holes (20,443 m).

General statements

All eight holes described in this news release were drilled broadly perpendicular to the dike orientation so that the true thickness of reported intercepts will range somewhere between 65 and 100 per cent of the drilled widths.

Mineralogical characterization for the YLP pegmatites is in progress through hyperspectral core scanning and X-ray diffraction work. Visual core logging indicates that the predominant host mineral is spodumene.

Quality assurance/quality control

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 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-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-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.

Li-FT announces marketing and investor awareness campaign

Li-FT is pleased to announce that, subject to acceptance by the TSX Venture Exchange, it has engaged the marketing services of Alpha Media Group LLC, Virtus Media Group LLC and Think Ink Marketing. This news release is made in accordance with the requirements of TSX Venture Exchange Policy 3.4 -- Investor Relations, Promotional and Market Making Activities. The engagement will extend for a period of three months, to commence when authorized by the company. Alpha Media Group will be paid a fee of $200,000 (U.S.), Virtus Media Group a fee of $150,000 (U.S.) and Think Ink Marketing a fee of $120,000 (U.S.), payable in advance of the initiation of services. Neither Alpha Media Group, Virtus Media Group or Think Ink Marketing nor any of their principals currently own any interest, directly or indirectly, in the company.

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 Dr. Ron Voordouw, PhD, PGeo, partner, director, geoscience, Equity Exploration Consultants Ltd., and a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and member in good standing with the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (NAPEG) (geologist registration No. L5245).

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 group.

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