Li-FT Power Ltd. (CSE: LIFT) (FSE: WS0) is pleased to report that initial drilling below the Fi Southwest pegmatite has intersected widths of spodumene-bearing pegmatite similar to surface exposures and that the dyke contains similar amounts of spodumene to what was reported in historic work completed in the 1970s and 1980s¹ (locally 5 – 50% spodumene content).

Francis MacDonald, CEO of LIFT comments, “We are pleased that, to date, the historic results¹ produced by previous operators have been confirmed by our drilling at Fi Southwest. The presence of spodumene within the Fi Southwest dyke over drill intersects of 33 to 80 meters suggests that the historic work was accurate and that the lithium pegmatite dykes have similar widths at depth to outcrops on surface. We look forward to initial assay results and continued diamond drilling that will extend the known pegmatite occurrences to depth.”

Figure 1 – Location of LIFT’s Yellowknife Lithium Project. Drilling will focus on the Road Access Group of pegmatites which are located to the east of the city of Yellowknife along a government-maintained paved highway. The Fi Southwest dyke is the target of the first six drill hole during the 2023 drill campaign.

 Figure 2 – Plan map of the Fi Southwest-Fi Main drill program showing location of A) cross sections and B) long section (Figures 6, 7, 8). Spodumene-bearing pegmatite intersects for YLP0001 through YLP0006 are reported below in Table 1.

Figure 3 – YLP0003 drill set up viewed from a helicopter. YLP0003 intersected 39 meters of spodumene-bearing pegmatite dyke (55 to 94 meters) which is similar to the width of the outcrop on surface.

Assay and Reporting Update

LIFT is pleased to report that the first two holes from the 2023 diamond drill program (YLP0001 & YLP0002) have been sent to ALS Laboratories. The Company looks forward to providing initial assay results from the holes reported above in due course.

Figure 4a – Core photos of drill hole YLP0003. Spodumene-bearing pegmatite was intersected from 55 to 94 meters (intersect continues on next page).

 Figure 4b – Core photos of drill hole YLP0003. Spodumene-bearing pegmatite was intersected from 55 to 94 meters.

 Figure 5 – Close up photographs of drill holes YLP0003 and YLP0004 showing the style of spodumene mineralization within the Fi Southwest pegmatite dyke. Spodumene was logged visually and confirmed with a portable Laser-Induced Breakdown Spectroscopy analyzer (pLIBS) Note: core is HQ-size or 63.5 mm in diameter.

 Table 1 – Spodumene pegmatite intersections from the initial six holes of the Yellowknife Lithium Project. Note YLP0005 and YLP0006 were drilled down-dip due to “high potential archaeology areas”. High-potential archaeology areas will be surveyed in July and if no archaeological sites are found drilling can proceed from areas oriented against the dip of the dykes.

 Figure 6 – Cross section of holes YLP0002 and YLP0003 showing intersects of spodumene-bearing pegmatite against LIFT’s initial targeting model for the Fi Southwest pegmatite. Note – 3D model was based on outcropping exposures and extrapolated to 300 meters vertical depth.

 Figure 7 – Cross section of holes YLP0006 showing the intersect of spodumene-bearing pegmatite against LIFT’s initial targeting model for the Fi Southwest pegmatite. Note – 3D model was based on outcropping exposures and extrapolated to 300 meters vertical depth.

 Figure 8 – Long section of the Fi Southwest pegmatite based on initial targeting model. Pierce points for planned drill holes is shown as well as spodumene-bearing pegmatite intersects reported in this news release.

References

¹NI 43-101 Technical Report On the Yellowknife Lithium Project, Northwest Territories, Canada (December 30, 2022) – Thomas Hawkins, PhD, P.Geo. Filed on SEDAR on January 13, 2022.

Qualified Person

The disclosure in this news release of scientific and technical information regarding Li-FT Power’s mineral properties has been reviewed and approved by Carl Verley, P.Geo., Vice-President, Exploration of Li-FT Power and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). 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

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.