Lithium Movers & Shakers - Li-FT Power Timeline

About Li-FT Power

Li-FT Power is a mineral exploration company focused on acquiring, exploring and developing high-potential lithium pegmatite projects in Canada. Its current flagship asset is the Yellowknife Lithium Project located just outside Yellowknife in Canada's Northwest Territories.

The company also holds the early-stage Cali Lithium Project in the Northwest Territories, which sits adjacent to the Hidden Lake lithium project owned by Far Resources. Additionally, Li-FT Power has a portfolio of three prospective lithium properties in Quebec that offer excellent discovery potential for buried lithium pegmatite dykes.

Led by CEO Francis MacDonald and strengthened by recent executive appointments, Li-FT Power is leveraging its commanding position in the prospective Yellowknife lithium district. By systematically advancing drill-ready assets located close to key infrastructure, the company aims to capitalize on surging global lithium demand from the electric vehicle and battery storage revolution.

As it works to delineate initial resources and unlock value across its strategically located projects, Li-FT Power offers investors exposure to Canadian critical mineral discovery potential driven by the accelerating clean energy transition.

What Happened in 2023?

December

Drill Results for the Month

December saw more drill results from BIG East, Echo, Shorty, Ki and Fi Main pegmatites. Highlight intercepts included:

• 28 meters at 0.99% Li2O including 8 meters at 1.43% Li2O at BIG East
• 23 meters at 0.61% Li2O including 6 meters at 1.06% Li2O at Echo
• 11 meters at 0.52% Li2O including 2 meters at 1.24% Li2O at Shorty
• 6 meters at 1.07% Li2O at BIG East

The results continued expanding mineralization at BIG East and Echo while also demonstrating lithium potential persisting to depth at Shorty. After concluding its 2023, 34,238 meter drill campaign at Yellowknife, Li-FT reported results from 124 holes, systematically testing its priority pegmatite targets.

November

Drill Results

November drill results from Ki, Shorty, BIG East and Fi Southwest pegmatites at the Yellowknife Lithium project brought more excellent widths and grades. Highlights included:

• 21 meters at 1.12% Li2O including 11 meters at 1.70% Li2O at Ki
• 17 meters at 1.28% Li2O and 16 meters at 1.01% Li2O at Shorty
• 13 meters at 1.34% Li2O and 10 meters at 1.58% Li2O at BIG East

$12.4 Million Financing

Li-FT closed an overnight marketed public offering of 1,437,500 flow-through shares at a price of $8.65 per share for gross proceeds of $12.4 million. the gross proceeds would be used to fund exploration activities at Yellowknife by December 31, 2024.

Land Use Permit for Cali Project Secured

The Company obtained a 5-year Type A Land Use Permit from the Mackenzie Valley Land and Water Board for its Cali lithium project in Northwest Territories. The permit would enable the company to establish exploration infrastructure and conduct activities like diamond drilling at the project site over the next five years.

According to Chief Sustainability Officer Dr. April Hayward, the flexible terms and conditions of the permit would allow Li-FT Power to scale up exploration efforts at Cali in response to results.

October

Assay Results from Fi Southwest, Ki, Shorty & BIG East Pegmatites

Li-FT Power intersected strong high-grade lithium mineralization across its pegmatite targets.

Highlight intercepts for the month included 14 meters at 1.50% Li2O lithium at BIG East and 15 meters at 1.03% Li2O at Fi Southwest and 12 m at 1.11% LiO. More results led to intercepts of 37 meters at 1.22% Li2O lithium at Fi Southwest and 16 meters at 1.24% Li2O at Fi Main. Later in the month saw 18 meters at 1.79% Li2O at BIG East, 13 meters at 1.55% Li2O at BIG East and 12 meters at 1.04% Li2O at Shorty. And on October 31st, assays were released with highlights of 18 meters at 1.75% Li2O, 26 meters at 1.02% Li2O at BIG East, and 12 meters at 1.08% Li2O and 10 meters at 0.96% Li2O at Ki.

October saw over 33,000 meters of drilling across nearly 200 holes. Systematic testing of priority targets at Yellowknife continued to yield significant lithium intervals as Li-FT advanced toward initial resource estimation.

TSX-V Listing

The Company were approved to upgrade its listing from the CSE to the more senior TSX Venture Exchange marking an important milestone to access greater institutional and retail investment.

September

Strong Lithium Mineralization Intersected at BIG East & Shorty Pegmatites

Li-FT Power reported strong drill results, including intervals of up to 25 meters at 1.13% Li2O lithium. The results confirmed continuity of high-grade lithium mineralization at depth across several target areas.

Over 1,750 meters of strike length had now been drill tested across the Fi Southwest and Fi Main zones. With assays still pending from 82 additional holes, CEO Francis MacDonald highlighted strong potential for further positive news flow.

Beyond exploration updates, Li-FT Power also achieved a key corporate milestone by gaining Depository Trust Company (DTC) eligibility for its shares in the U.S. DTC eligibility enabled electronic clearing and settlement, providing easier access for American investors trading the company’s stock.

Drilling Resumes Following Wildfires

Li-FT Power announced the resumption of diamond drilling at its Yellowknife Lithium Project after a one-month suspension due to intense wildfire activity near Yellowknife, Northwest Territories. Drilling was temporarily halted in mid-August with personnel and equipment evacuated from the site as a safety precaution.

With the threat of wildfires around Yellowknife decreased and residents welcomed back, drilling resumed with one rig at the Echo target. Operations were slated to scale back up to six rigs by September 16th. No damage occurred to any samples, infrastructure or equipment during the challenging evacuation period.

More Intersects from Fi Southwest & Shorty Pegmatites

Li-FT Power reported assay results from 5 drill holes completed at the Fi Southwest, Shorty and BIG East pegmatites within its Yellowknife Lithium Project in Northwest Territories. The drilling intersected significant widths of spodumene mineralization, which is the primary lithium-bearing mineral.

Highlight intercepts included 34 meters at 1.35% Li2O at Fi Southwest; 12 meters at 1.19% Li2O at Shorty; and 13 meters at 1.05% Li2O at BIG East. The holes continued to expand the known mineralized zones at each target area.

The reported holes had tested down to 90 meters depth across three priority pegmatite targets that were part of the Road Access Group near Yellowknife. With 6 rigs operating, the systematic exploration program was rapidly advancing to outline the resource potential of the strategically located lithium project.

Intersects from BIG East Pegmatite

Drill result highlights included 33 meters at 0.71% Li2O lithium and 16 meters at 0.94% Li2O. The consistency of strong grades in the 1-1.5% range and thick mineralized intercepts were highly encouraging that early in exploration. The mineralized zones remained open along strike and at depth.

These latest results confirmed a broad area was prospective for additional lithium-bearing pegmatites at Yellowknife.

August

Trading, Operations & Drilling Updates‍

Li-FT had announced it commenced trading on the OTCQX Best Market, providing greater visibility and accessibility for U.S. investors under the ticker "LIFFF". Meanwhile, operations at Yellowknife were temporarily halted as nearby forest fires prompted safety precautions including demobilizing personnel and equipment. Drilling was set to resume once conditions allowed.

Despite delays, Li-FT had reported encouraging drill results from the Fi Southwest and Fi Main pegmatites at Yellowknife, including mineralized widths of 60 meters at 1.26% Li2O and 30 meters at 1.13% Li2O. This confirmed continuity of lithium mineralization seen at surface to depths nearing 100 meters. Over 19,000 meters had been drilled, with assay results from the substantial completed drilling expected in coming weeks.

The company aimed to closely monitor conditions and restart advancements at Yellowknife soon.

Exploration Commences at the Cali Lithium Project

Li-FT Power commenced exploration at its Cali Lithium Project in the Northwest Territories, where previous work identified extensive spodumene-bearing pegmatite dykes.

The current program aimed to better define grades over the known 500m strike length and 300m vertical exposure through sampling and mapping. Additional prospecting would search for extensions under cover. Management was encouraged by the high visually estimated spodumene percentages observed on site, suggesting strong grade potential.

The Cali project is well-located just 50km from a past-producing lithium mine and 6km from the Howard's Pass access road. Exploration results would support drill targeting and resource estimation and work was going towards permitting a 2024 drill program.

July

More Wide, High-Grade Zones Intersected at Yellowknife

Drill results from the Fi Southwest pegmatite zone were released. Highlights included wide intersections of 79 meters at 1.13% Li2O and 39 meters at 1.43% Li2O. These exceptional widths and grades confirmed spodumene mineralization over 320 meters of strike length to approximately 150 meter depth. Importantly, the system remained open.

The results indicated Fi Southwest could host a substantial high-grade lithium resource. With drilling that was ongoing to test the remainder of the 1,100 meter strike length, Li-FT was rapidly advancing Yellowknife. Supported by 6 drill rigs and a 45,000 meter 2023 program, the latest results showcased the project’s potential to become a premier Canadian lithium mine.

June

45,000 Meter Drill Program Initiated at the Yellowknife Lithium Project

Li-FT Power announced a major 45,000 meter drill program at its flagship Yellowknife Lithium Project in the Northwest Territories. The goal of this extensive drill campaign is to delineate an initial inferred lithium resource estimate by mid-2024.

The drilling will target seven high-potential spodumene-bearing pegmatite dykes located close to vital infrastructure. Historical samples demonstrated the presence of over 1% Li2O grades at surface. Li-FT Power will drill the dykes at 100m spacing to 300m depth to define the scale of the resource.

CEO Francis MacDonald stated the drill program could demonstrate the large potential size of the Yellowknife deposit and put the company firmly on track to announce a maiden resource estimate.

Wide Lithium Mineralization Intersected at Yellowknife

The drill program was initiated on the 7th of June, and by the 14th, early results were already promising. The first six holes targeted the Fi Southwest pegmatite, one of the project’s priority targets. Drilling intersected wide zones of spodumene-bearing pegmatite ranging from 33 to 80 meters thickness. This confirmed Li-FT’s initial interpretation that width and grades at depth mirror the surface mineralization.

These early results validated Li-FT’s targeting model for the Fi Southwest area and the district potential of the broader property.

May

Chief Sustainability Officer Joins the Team

Li-FT Power appointed Dr. April Hayward as Chief Sustainability Officer effective June 1, 2023.

Dr. Hayward brings over 25 years of experience in environment, sustainability, and stakeholder engagement from roles with the Ekati diamond mine and Mountain Province Diamonds in the Northwest Territories. Her background spanning operations, technical consulting, and business strategy will support sustainable development of Li-FT's projects.

April

Changes to the Board of Directors & Management‍

Kenneth Scott was appointed to Li-FT's Board of Directors and Andrew Marshall as interim Chief Financial Officer.

Mr. Scott brings over 33 years of public company audit experience, having served as a partner at PricewaterhouseCoopers working with mining majors like Lundin Gold and Teck Resources. Mr. Marshall is a Chartered Accountant and Chartered Financial Analyst with two decades of accounting, finance and CFO expertise with silver producers and mining developers.

MOU Signed with Yellowknives Dene First Nation

Li-FT Power signed a Memorandum of Understanding (MOU) with the Yellowknives Dene First Nation regarding Li-FT's flagship Yellowknife Lithium Project.

The MOU paves the way for a definitive Engagement Agreement between Li-FT and the Indigenous group on whose traditional territory the lithium project sits. It also allows Li-FT to begin mobilizing equipment and supplies for a significant 42,000 meter summer drill program slated to start by June 1, 2023.

The MOU highlights Li-FT Power's efforts to engage proactively with local Indigenous communities and ensure support for exploration work. As the company advances the high-potential Yellowknife Lithium Project during a period of surging lithium demand, securing social license through agreements with First Nations groups represents an important milestone.

March

Closing of $35 Million Private Placement

Li-FT Power closed a substantial private placement of C$35 million. The company issued 2,602,500 flow-through shares at a price of $13.45 per share. The deal included full exercise of agents’ option for additional gross proceeds of C$5 million.

The offering was led by Canaccord Genuity and will help fund Canadian exploration expenses that qualify as critical mineral mining expenditures. Activities will be focused on the Yellowknife Lithium Project as well as early-stage Quebec lithium projects.

The successful offering demonstrated strong continued investor interest in supporting Li-FT Power’s lithium exploration efforts across multiple projects. It also provided significant funding to advance systematic drilling, modeling, economic studies and project development efforts over the next two years.

Drilling Commences at the Rupert Lithium Project

The first-ever diamond drill program at the Rupert Lithium Project in Quebec commenced. A 5,000 meter, 17-hole drill campaign tested two priority targets generated from previous exploration work.

The targets are located in a region known to host lithium-bearing pegmatites, including the large Whabouchi deposit situated 10km away. The drill targeted lithium till geochemical anomalies coinciding with favorable pegmatite emplacement structures under glacial cover. Mapping and sampling revealed additional signs of pegmatites in the target areas.

According to CEO Francis MacDonald, the Rupert targets were large enough to represent a significant hidden spodumene occurrence based on the size and geometry of the lithium anomalies. 9 holes were planned at Target B covering a 1.4km structural trend. 8 holes tested a 1.2km zone at Target A where the anomaly disappears under a lake.

February

Extension of the Ki Lithium Pegmatite Optioned

Li-FT Power optioned a property contiguous with its flagship Yellowknife Lithium Project in Canada's Northwest Territories. The Thompson-Lundmark property hosts strike extensions of Li-FT's Ki lithium pegmatite occurrence.

The acquisition added 991 hectares covering an additional 600 meters of the Ki pegmatite’s strike length for a total of 1.5 kilometers. The pegmatite dykes have visually estimated widths up to 25 meters with surface samples suggesting high spodumene concentrations.

The expanded Ki pegmatite system has potential to host a substantial lithium resource. Its proximity to other Li-FT targets could establish a center of mass for the Yellowknife project’s road-accessible pegmatites.

To exercise the option, Li-FT must make cash payments totaling $3 million and complete $1.3 million of exploration expenditures over two years. An initial $550,000 payment was completed.

January

NI 43-101 Technical Report Filed for the Yellowknife Lithium Project

Li-FT Power filed the NI 43-101 technical report for their Yellowknife Lithium project, with an effective date of December 30, 2022. 

This filing of the NI 43-101 technical report represented an important milestone for the company as it continues exploration and evaluation of the Yellowknife Lithium Project. The report provides a comprehensive summary of the project's geology, exploration work completed to date, lithium mineralization identified so far, and recommendations for advancement.

Additions to the Management Team

Li-FT Power added 2 new members to the management team. David Smithson joined as Senior Vice President, Geology and Carl Verley as Vice President, Exploration.

Mr. Smithson is an economic geologist with over 20 years global experience contributing to major gold-ounce reserve expansions. Mr. Verley has broad exploration expertise including initial development of Bacanora's lithium project in Mexico.