LIFT Elects to Proceed with Second Option at Pontax Property, Quebec

Core Viewpoint - Li-FT Power Ltd. has decided to proceed with the second option to acquire an additional 19% interest in the Pontax Property, increasing its total interest to 70% [1][3]. Group 1: Option Agreement Details - The first option allowed the company to acquire a 51% interest by paying $100,000 and incurring $1,650,000 in exploration expenditures over three years [2]. - The second option requires a payment of $50,000, which will be satisfied by issuing 14,044 common shares at a deemed price of $3.56 per share [3]. - Upon exercising the second option, Harfang Exploration Inc. can either convert its remaining 30% interest into a 2.5% net smelter returns royalty or form a joint venture for further exploration [4][10]. Group 2: Financial and Structural Implications - The share issuance related to the second option has received approval from the TSX Venture Exchange [4]. - The company must incur an additional $3,350,000 in expenditures on the Pontax Property before the expiry of the second option period, which is three years from the first option's exercise [9]. Group 3: Company Overview - Li-FT Power Ltd. is focused on the acquisition, exploration, and development of lithium pegmatite projects in Canada, with its flagship project being the Yellowknife Lithium Project [7]. - The company also holds three early-stage exploration properties in Quebec, which have significant potential for lithium pegmatite discovery [7].