News

Vancouver, British Columbia--(Newsfile Corp. - November 9, 2022) - Li-FT Power Ltd. (CSE: LIFT) (FSE: WS0) ("Li-FT" or the "Company") is pleased to provide exploration results for the Rupert Project located in the James Bay region of northern Quebec, Canada (Figure 1). During the summers of 2021 and 2022, the Company completed a total of 13,093 till geochemistry samples within the Rupert, Moyenne, and Pontax Projects of which 9,523 samples are located within the Rupert Property (Figure 2). A total of 892 grab samples from boulders or outcrop were collected of which 826 samples are located in the Rupert Project. The goal of the 2021 and 2022 exploration programs was to confirm the presence of lithium pegmatite mineralization beneath extensive glacial sediment cover within the region. Results from the Rupert Project are reported hereon in.

Francis MacDonald, CEO of Li-FT, comments, "We are quite pleased with the results of the Rupert exploration program. We have effectively screened a large amount of prospective ground and distilled this down into seven targets for follow-up. The size and tenor of Anomalies A and B suggests that additional lithium deposits similar in size to Whabouchi, Canada's largest hardrock lithium deposit, could be located on Li-FT's ground. We look forward to diamond drill testing these targets in 2023, as well as moving other anomalies through the pipeline towards drill targeting next summer."

Exploration Program Details

During summer of 2021, a LIDAR survey was completed over the Rupert Project and was used to produce an interpreted surficial geology map. Till geochemistry samples were planned on a roughly 1,500 by 150 meter grid spacing in areas interpreted as glacial till. One kilogram of sediment was collected by Dutch auger from the C-horizon at a depth of 20-100 centimeters. Samples were sieved to -63 microns, digested in a 4-acid solution then sent for ICP-MS analysis. A 30 gram split was taken for Au analysis by aqua regia - ICP-MS.

Results from the 2021 till geochemistry program produced 16 areas of areas of interest (AOIs) characterized by anomalous Li +/- pathfinder elements. AOIs were selected based on the strength of geochemical anomalism, the spatial extents of anomalism, and also the quality of the sampled material (i.e. till vs. sand).

In the 16 AOIs from the 2021 survey, additional till geochemistry sampling on a 200 meter by 200 meter grid spacing was completed in the summer of 2022. Regional geologic mapping and prospecting were also completed in selected AOIs. The results from the 2022 exploration program produced seven anomalous areas that are discussed below.

Figure 1 - Location map of the Rupert, Moyenne, and Pontax Projects, James Bay region, northern Quebec.

To view an enhanced version of Figure 1, please visit:

https://images.newsfilecorp.com/files/8766/143555_187cfae3e4ffca40_009full.jpg

Till Geochemistry and Rock Sampling Results

Till geochemistry sampling over the Rupert Project has produced a number of coherent Li +/- Cs-Ta-Nb-Rb-Sn-Mn-Ga anomalies (see Figure 2 for map of Li till geochemistry results). Anomaly A and B (Figure 3 & 4) which are located approximately 10 to 15 kilometers north to northeast of the Whabouchi Li deposit and are the highest tenor and are most internally consistent and spatially constrained.

Anomaly A has a geochemical signature of Li-Cs-Ta-Sn-Nb-Mn and has dimensions of 3,300 meters in length by 500-1000 meters in width. The orientation of the till geochemical anomalism is parallel to the dominant ice direction which indicates a bedrock structural orientation trending northeast. A total of 17 rock samples were collected within the anomalous area, none of which returned any significant Li assays. Till geochemistry anomalism remains unexplained and can be related to lithium mineralization under extensive glacial sediment cover.

Anomaly B has a geochemical signature of Li-Ta-Sn-Ga-Nb +/- Cs-Rb-P and has dimensions of 1,800 meters in length by 1,300 meters in width. The orientation of the till geochemical anomalism is perpendicular to the dominant ice flow direction suggesting that the bedrock structural orientation may be trending northwest. A total of 21 rock samples were collected within the anomalous area; the best assay result was:

• Li: 425 ppm (0.09% Li₂O)
• Rb: 1,091 ppm
• Cs: 1,348 ppm
• Be: >1,000 ppm

Figure 2 - Lithium till geochemistry results from 2021 and 2022 exploration programs covering the Rupert Project.

To view an enhanced version of Figure 2, please visit:

https://images.newsfilecorp.com/files/8766/143555_187cfae3e4ffca40_010full.jpg

This rock sample was collected approximately one kilometer to the north of the till geochemistry anomaly in outcrop from a muscovite-rich pegmatitic dyke with 20 by 2 centimeter-long beryl crystals. The presence of coarse-grained beryl suggests highly fractionated pegmatites are present in the area and that the potential for spodumene-bearing pegmatites is excellent.

Anomaly C is located nine kilometers south of the Whabouchi Li deposit (Figure 5) and has a Li-Cs-Sn +/- Ga-Nb-W-As geochemical signature. The spatial extents of the anomaly have not been delineated to date as the claims hosting the up-ice extents of anomalism were only recently acquired (see press release dated September 22, 2022). Geochemical anomalism occurs in two areas, both of which have dimensions of ~1,600 meters in length and 500-600 meters in width.

Anomaly D (Figure 6) has a geochemical signature of Li-Cs-Rb +/- Bi. Li-Rb anomalism is constrained to a 600m x 200m area, which occurs within a 3,800 meter x 1,000 meter area of Cs anomalism spatially associated with a pegmatitic granite.

Figure 3 - Locations of Anomaly A and B in relation to the Whabouchi Li deposit. Anomalies A and B are located near the contacts of a large pegmatitic granite pluton, similar to the Whabouchi deposit.

To view an enhanced version of Figure 3, please visit:

https://images.newsfilecorp.com/files/8766/143555_187cfae3e4ffca40_011full.jpg

Anomaly E (Figure 6) is located near the contact of sedimentary and volcanic rocks and has a geochemical signature of Li-Cs +/- Mn. Geochemical anomalism is constrained within a 2,000 meter x 400 meter area.

Figure 4 - Comparison of Anomalies A and B with the deposit outline of the Whabouchi Li deposit. The scale of till geochemistry anomalism suggests that targets similar in size to Whabouchi deposit could be located on Li-FT's property.

To view an enhanced version of Figure 4, please visit:

https://images.newsfilecorp.com/files/8766/143555_187cfae3e4ffca40_012full.jpg

Anomaly F (Figure 6) is located in the southwestern corner of the Property and has a geochemical signature of Li-Cs +/- W. The anomaly is spatially associated with a pegmatitic granite.

Ta-Nb anomaly is a 2,800m x 2,000m Ta-Nb-Mn anomaly located at a prominent structural bend in the Lac des Montagnes greenstone belt (Figure 7). Geochemical anomalism is within till and glaciofluvial sand - more work needs to be completed in order to understand the surficial geology of the area and to identify potential bedrock sources. The anomaly is completely closed off which leads the Company to believe that anomalism is sourced locally from within Li-FT's property. The presence of Ta-Nb-Mn suggests that anomalism is most likely due to columbite-tantalite which is typically found in fractionated pegmatites.

Discussion of Results

The 2021/2022 Rupert exploration programs effectively screened approximately 1,000 km² of prospective geology that hosts Whabouchi, Canada's largest hardrock lithium deposit. The results from these programs have vectored the company in to seven areas for additional follow-up.

Figure 5 - Location of Anomaly C in relation to the Whabouchi Li deposit.

To view an enhanced version of Figure 5, please visit:

https://images.newsfilecorp.com/files/8766/143555_187cfae3e4ffca40_013full.jpg

At Anomaly A and B, the scale of Li and pathfinder till geochemistry anomalies is impressive when compared to the size of the Whabouchi lithium deposit (Figure 4). The geological setting is also similar to Whabouchi, on the edge of a large pegmatitic granite body, which could be the causative fertile granitic pluton. Lithium pegmatites typically occur in clusters around fertile granites so the presence of additional lithium pegmatite mineralization around Whabouchi should be expected.

At Anomaly C, extensive Li anomalism has not been fully constrained and requires more exploration work to be completed. The geology of the area is similar to the Whabouchi deposit

with geochemical anomalism occurring at the contact between sedimentary and volcanic rocks on the southern margin of the Lac des Montagnes greenstone belt. Pegmatitic granites are present and historic tantalum pegmatite showings to the northeast suggest that highly fractionated pegmatites are present within this structural trend. Additional till geochemistry samples need to be collected in summer 2023 in order to delineate the spatial extents of Li and pathfinder element anomalism.

Figure 6 - Locations of Anomalies D, E, and F in the southwestern portion of the Rupert Project.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/8766/143555_187cfae3e4ffca40_014full.jpg

Anomalies D, E, and F, located in the southwestern part of the property, have smaller geochemical footprints than Anomalies A, B, and C, in the northern part of the property. Additional work needs to be done to understand if there are viable drill targets within these anomalies

The extensive Ta-Nb anomaly in the southern part of the Property requires additional work to understand where the anomaly could be sourced from. Potential for primary tantalum mineralization may exist in the area, similar to the Tanco Mine in Manitoba.

Figure 7 - Ta-Nb anomaly in the southern part of the Rupert Project. The presence of coincident Ta-Nb-Mn indicates that geochemical anomalism is most likely caused by columbite-tantalite which are typically found in highly fractionated pegmatites.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/8766/143555_187cfae3e4ffca40_015full.jpg

Additional Work Completed

The Company collected 37 ten kilogram till samples and sent them to Overburden Drilling Management for Moderate Density Mineral Separation (MDMS) in order to look for spodumene grains within the till. The Company expects results by January, 2023.

QA/QC and Sampling Protocols

Till geochemistry samples were collected between 20 - 80 centimeters below surface from the C-horizon of glacial till. Approximately one kilogram of material was collected from each sample site and shipped to Bureau Veritas ("BV") in Timmins, Ontario for preparation. Samples were prepared for analysis according to BV method SS230 whereby individual samples were sieved to isolate the -230 mesh (-63 microns) fraction. Samples were analysed at BV in Vancouver, British Columbia with BV methods MA250 (4-acid digestion with ICP-MS finish) for multi-element data (0.25g split is heated in HNO₃, HClO₄ and HF to fuming and taken to dryness. The residue is dissolved in HCl), and BV method AQ130 (aqua regia with ICP-MS finish) for gold analysis (30 grams of material digested in aqua regia).

Rock grab samples were collected from boulders or outcrop. Between 0.5 and 2 kilograms of material was placed in a plastic bag and submitted to BV in Timmins, Ontario for preparation. Samples were prepared for analysis according to BV method PRP70-250; 250 grams of material is crushed, split and pulverized to isolate the -200 mesh (-74 micron) fraction. 0.25 grams of this material was analysed using BV method MA250 (see description above) for multi-element analysis. 30 grams of material was analysed using BV method FA430 (lead collection fire assay with AAS finish).

Qualified Person

Don Cummings, P.Geo (OGQ # 2183), independent consultant to Li-FT Power Ltd., Qualified Person under NI 43- 101 on standards of disclosure for mineral projects, has reviewed and approved the technical content of this release.

For further information, please contact:

Francis MacDonald

Chief Executive Officer

Tel: (604) 609-6185

Email: [email protected]

Website: www.li-ft.com

Cautionary Statement Regarding Forward-Looking Information

Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.

Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.

Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

______________________________________

¹Mineral resource estimate from 43-101 technical report titled “NI 43-101 TECHNICAL REPORT FEASIBILITY STUDY ON THE WHABOUCHI LITHIUM MINE AND SHAWINIGAN ELECTROCHEMICAL PLANT” dated February 21, 2018, authored by Dupere et al. Resource quoted is within Table 1.4 – Whabouchi Deposit in Pit Mineral Resource Estimate: Measured – 16,953,000 tons at 1.57% Li2O, Indicated – 20,403,000 tons at 1.41% Li2O (Cut-off grade of 0.30% Li¬2O)