Mr. Francis MacDonald reports

LIFT ANNOUNCES THE CLOSING OF ITS STRATEGIC $21.3 MILLION PRIVATE PLACEMENT

Li-FT Power Ltd. has closed its previously announced (see press release dated Oct. 23, 2024) non-brokered private placement consisting of (i) 2,694,895 common shares of the company that qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)) at a price of $5.6575 and (ii) 1,645,105 common shares of the company (each, a hard dollar share) which were issued to a single purchaser (the strategic investor) at a price of $3.65 per hard dollar share, for aggregate gross proceeds of approximately $21,251,002.

Francis MacDonald, chief executive officer and director of Li-FT, commented: "This is a pivotal moment for our company, and we are very pleased to welcome the strategic investor as a meaningful shareholder of Li-FT. We believe this investment supports the work completed to date by our team and the significant potential of our portfolio of hard rock lithium projects in Canada. The proceeds from the offering will help to further derisk our Yellowknife lithium project in the Northwest Territories for which we plan to complete a preliminary economic assessment in Q2 2025, as well as advance exploration on our Cali project and our portfolio of highly prospective lithium properties in Quebec."

In connection with the offering, the company and the strategic investor entered into an investor rights agreement, pursuant to which the strategic investor is entitled to certain rights, provided the strategic investor maintains certain ownership thresholds in the company, including: (a) the right to participate in equity financings and top up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership interest at the time of such financing or issuance or acquire up to a 9.99-per-cent ownership interest in the company, on a partially diluted basis; and (b) the right to nominate one person to the board of directors of the company in the event that the purchaser's ownership interest in the company exceeds and remains at or above 10 per cent, on a partially diluted basis.

The gross proceeds from the issue of the hard dollar shares will be used to advance the company's Canadian assets as well as for general corporate purposes. The gross proceeds from the issue of the flow-through shares will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the company's projects located in the Northwest Territories, Canada, on or before Dec. 31, 2025. All qualifying expenditures will be renounced in favour of the subscribers effective Dec. 31, 2024.

Canaccord Genuity acted as financial adviser to Li-FT in connection with the offering.

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 the 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 the Northwest Territories, within the Little Nahanni pegmatite group.

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