Mr. Francis MacDonald reports

LIFT INTERSECTS 33 M AT 1.09% LI2O AT ITS ECHO PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT

Li-FT Power Ltd. has released assays from 13 drill holes completed at the Shorty, Big East, Echo, Fi Main and Ki pegmatites within the Yellowknife lithium project (YLP) located outside the city of Yellowknife, NWT. Drilling intersected significant intervals of spodumene mineralization, with the following highlights:

Highlights:

• YLP-0281: 15 metres at 1.19 per cent Li2O (lithium oxide), and:
  • Nine m at 1.02 per cent Li2O;
  • Nine m at 0.98 per cent Li2O.
• YLP-0285: 17 m at 1.05 per cent Li2O (Echo), including:
  • Nine m at 1.28 per cent Li2O.

Discussion of results

This news release provides results for 13 drill holes (2,669 metres) from Li-FT's 2024 winter drilling program. Holes are reported from five different pegmatite complexes that include Echo, Big East, Ki, Fi Main and Shorty. A table of composite calculations and general comments related to this discussion are provided toward the end of this section.

Dave Smithson, senior vice-president of geology for Li-FT, comments: "We are excited about the last hole of the Echo winter program, which hit 17 m at 1.05 per cent Li2O, at the northwest limit of drilling. The hole intercepted a new lower spodumene-bearing dike that does not crop out at surface and was never intercepted in the drilling to the southeast. The dike marks the identification of a total of five spodumene-bearing dikes across the Echo property to date, highlighting the system's potential for the discovery of additional hidden dikes in future follow-up drill testing."

Echo pegmatite

The Echo pegmatite complex comprises a steeply dipping, northwest-trending, feeder dike that splits into a fanning splay of moderate to gently dipping dikes for 0.5 kilometre to the northwest. The dike complex has a total strike length of over 1.0 km. The feeder dike is five m to 15 m wide, whereas the gently dipping dikes in the splay are locally up to 25 m thick. Five of the six holes reported here were drilled on the splay and one was drilled on the feeder. Holes are described from approximately northwest to southeast.

YLP-0281 was drilled on a section located 400 m from where the splay merges with the feeder, testing the Echo splay from 75 m to 200 m below the surface and stepped back 100 m from previously released YLP-0212 (1.26 per cent Li2O over 27 m from four intervals spaced a total of 123 m apart). New drilling intersected three pegmatite dikes between 10 m and 15 m in width, two of which are centred around 75 m to 100 m vertical depth and a third centred at 200 m. These three dikes returned composites of 1.0 per cent to 1.2 per cent Li2O over nine m to 15 m, for a cumulative 1.09 per cent Li2O over 33 m (see the table entitled "Assay highlights for drill holes reported in this press release").

YLP-0285 was drilled on the Echo splay on a section located 500 m from where the splay merges with the feeder, to test from 50 m to 150 m below the surface and stepped back 200 m from previously released YLP-0208 (0.96 per cent Li2O over 13 m from two intervals, 39 m apart). New drilling intersected a 17 m dike centred at around 75 m below the surface and a 22 m wide dike centred at 150 m. The deeper dike returned a composite of 1.05 per cent Li2O over 17 m that includes nine m of 1.28 per cent Li2O, whereas the shallow dike returned negligible grade (see the table entitled "Assay highlights for drill holes reported in this press release").

YLP-0279 was drilled on the same section as YLP-0281, but stepped back to the northeast by 200 m. Within a 200 m interval starting just below overburden, drilling intersected eight pegmatite dikes with widths of one m to 17 m for cumulative pegmatite thickness of 46 m. All assays returned less than 0.1 per cent Li2O (see the table entitled "Assay highlights for drill holes reported in this press release").

YLP-0275 was drilled on a section stepped 100 m east of the section with YLP-0281/0279 and 300 m from where the splay merges with the feeder. The hole was drilled to test at 10 m to 125 m below the surface and stepped back 125 m from previously released YLP-0259 (0.85 per cent Li2O over 43 m). New drilling cut an 80 m interval, starting just below the surface, with five dikes between two m and 17 m in width for a cumulative 40 m of pegmatite, but with all assays returning less than 0.2 per cent Li2O (see the table entitled "Assay highlights for drill holes reported in this press release").

YLP-0273 was drilled on a section stepped another 100 m east and approximately 200 m from where the splay merges with the feeder. This hole tested the splay at 50 m to 125 m vertical depth and stepped back 100 m from previously released YLP-0120 (0.60 per cent Li2O over 24 m) and 200 m from YLP-0107 (1.04 per cent Li2O over 20 m from three intervals a total of 83 m apart). New drilling cut a 96 m interval with seven pegmatite dikes between one m and five m in width, and summing to 17 m, all of which returned assays less than 0.1 per cent Li2O (see the table entitled "Assay highlights for drill holes reported in this press release").

YLP-0241 is the only hole reported here that tested the Echo feeder, in this case on a section 550 m southeast from where the feeder merges with the splay. The hole was drilled to test at 50 m below the surface as well as in between and along strike of previously released YLP-0236 (0.79 per cent Li2O over seven m) and YLP-0245 (0.62 per cent Li2O over seven m). New drilling intersected a 26 m wide corridor with three dikes between two m and seven m in width, with the thickest of these dikes returning a composite of 0.53 per cent Li2O over four m (see the table entitled "Assay highlights for drill holes reported in this press release").

Big East pegmatite

The Big East pegmatite complex comprises a north-northeast-trending corridor of parallel-trending dikes that is exposed for at least 1.8 km of strike length, ranges from 10 m to 100 m wide, and dips approximately 55 degrees to 75 degrees to the west.

YLP-0260 was drilled near the northern mapped extent of the Big East pegmatite, to test this corridor at 50 m to 75 m below the surface and 50 m up-dip of previously released YLP-0271 (1.34 per cent Li2O over 35 m). New drilling intersected two 14 m wide pegmatite intervals separated by three metres of country rock that returned composites of 0.46 per cent Li2O over five m and 0.82 per cent Li2O over eight m. This intersection shows that mineralization weakens toward the surface although it remains open downdip of YLP-0271 (see the table entitled "Assay highlights for drill holes reported in this press release").

Ki pegmatite

The Ki pegmatite complex comprises a north-northwest-trending corridor of dikes that extends for at least 1.3 km on surface and dips steeply to the southwest. The southern part of the corridor consists mostly of one large dike and several narrower flanking dikes that sum to a constant pegmatite width of around 25 m. The northern part consists of two relatively thick dikes that are between 50 m and 150 m apart, with the western dike comprising the northern extension of the Ki dike and the more eastern dike referred to as Perlis.

YLP-0249 was drilled on the southern half of the Ki corridor to test the Ki dike at 50 m to 75 m below the surface and 50 m downdip of previously released YLP-0072 (0.79 per cent Li2O over 17 m). Starting at just below overburden, new drilling intersected an 80 m wide interval with seven pegmatite dikes between one m and 14 m in width that sum to 30 m. The thickest of these dikes is also the deepest and returned a composite of 0.98 per cent Li2O over nine m whereas the thinner overlying dikes all returned assays less than 0.2 per cent Li2O. The southern extension of the Perlis dike was intersected 55 m farther down the hole and totals 10 m of pegmatite spread over three closely spaced dikes that all returned assays less than 0.2 per cent Li2O (see the table entitled "Assay highlights for drill holes reported in this press release").

YLP-0278 was drilled on a section 150 m north of the section with YLP-0249/0072 to test the Ki dike at 125 m below the surface. Drilling cut a 90 m wide corridor with six dikes between one m and 11 m in width for a total of 24 m of pegmatite. The thickest of these dikes returned a composite of 0.51 per cent Li2O over five m, whereas the other dikes all returned assays less than or equal to 0.3 per cent Li2O. The southern extension of the Perlis dike was intersected 92 m farther down the hole where it comprises four closely spaced dikes between one m and three m wide for cumulative width of nine m, all of which returned assays less than or equal to 0.1 per cent Li2O (see the table entitled "Assay highlights for drill holes reported in this press release").

YLP-0282 was drilled on the northern half of the Ki corridor where the Ki and Perlis dikes occur more closely together, on a section 300 m north of YLP-0278 and 100 m south of previously released YLP-0184 (1.11 per cent Li2O over 13 m). Drilling intersected a 120 m wide corridor centred at approximately 150 m vertically beneath the surface, comprising nine pegmatite dikes between one m and nine m in width for cumulative 35 m of pegmatite. Three of these dikes are seven m to nine m wide, and two of these returned composites of 0.57 per cent Li2O over one m and 0.54 per cent Li2O over three m. All other dikes returned assays less than 0.2 per cent Li2O (see the table entitled "Assay highlights for drill holes reported in this press release").

Shorty pegmatite

The Shorty pegmatite is formed by several subparallel dikes that, together, define a pegmatite-bearing corridor that is at least 1.4 km long, up to 100 m wide, north-northeast-striking and dips 50 degrees to 70 degrees to the west. The corridor itself consists of both country rock and pegmatite, with pegmatite occurring in either a single 10 m to 40 m wide dike or as two to four dikes with a similar cumulative width spread over 50 m to 100 m of core length.

YLP-0280 was drilled to test one of the thicker dikes in the Shorty corridor at 25 m below the surface and 25 m up-dip of YLP-0283 (1.32 per cent Li2O over 35 m). New drilling intersected a 43 m wide corridor with three dikes that total to 10 m of pegmatite, with all assays returning less than 0.2 per cent Li2O. This result indicates spodumene mineralization diminishes rapidly up-dip from YLP-0283 but is still open at depth (see the table entitled "Assay highlights for drill holes reported in this press release").

Fi Main pegmatite

The Fi Main pegmatite complex crops out over at least 1.5 km of strike length within a north-south-striking corridor that dips between 70 degrees and 85 degrees to the west. The central 800 m to 900 m of the complex can be split into a northern part where most pegmatite occurs in a single 25 m to 30 m thick dike and a southern part where this dike splits into upper and lower pegmatites that then remerge 450 m farther south. The width of the Fi Main corridor ranges from 25 m to 75 m where it is dominated by a single dike, and between 75 m and 150 m where it is split into two or more dikes. The two holes reported here were both drilled at the north end of the complex.

YLP-0238 was drilled to test the northern part of the Fi Main corridor at approximately 10 m to 125 m below the surface, and in between and along strike of previously released YLP-0233 and YLP-0250 (both no significant results). Over a 125 m interval starting near the surface, new drilling intersected nine pegmatite dikes between one m and 10 m in width for cumulative pegmatite of 40 m. All assays of pegmatite returned less than 0.2 per cent Li2O (see the table entitled "Assay highlights for drill holes reported in this press release").

YLP-0242 was drilled on the same section as YLP-0238 but stepped back to test down to 200 m below the surface and 100 m downdip of YLP-0238. Drilling intersected 12 pegmatite dikes between one m and 20 m wide, and spaced three m to 39 m apart, for a cumulative pegmatite width of 52 m over 225 m of drill core. As with the up-dip hole, however, all assays of pegmatite were less than 0.2 per cent Li2O, apart from one sample that returned 0.28 per cent Li2O (see the table entitled "Assay highlights for drill holes reported in this press release").

Drilling progress update

Currently, Li-FT has reported results from 270 diamond drill holes (46,764 m). The company concluded its winter drill program at the Yellowknife lithium project with a combined total of 286 diamond drill holes (49,548 m) completed between the summer and winter programs.

General statements

All 13 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 per cent 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 (QA/QC) 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 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 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-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 Dr. Ron Voordouw, PhD, PGeo, partner, director, geoscience, Equity Exploration Consultants Ltd., 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 engages New Era Publishing Inc.

The company also announces that it has entered into an agreement with New Era Publishing, of Vancouver, B.C., to provide marketing services, including content creation and distribution, and market awareness and educational campaigns, for a term commencing on June 5, 2024, and ending Oct. 23, 2024. Prior to the commencement of services, New Era will receive an advance deposit of $500,000 (U.S.) to secure appropriate space for the campaign, initiate creative development and digital marketing with an additional three equal payments of $250,000 (U.S.) to be paid on the first of each of June, July and August, 2024. Members of New Era have purchased securities of the company because of what those members deem to be the value proposition of the company and will disclose their ownership in all marketing material, and will not sell any shares during the active period of the campaign. All content describing the company generated by New Era will be provided to the company for review prior to its publication and New Era will not publish or distribute any content without the prior approval of the company. The agreement is subject to the approval of the TSX Venture Exchange.

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.

We seek Safe Harbor.