Li-FT Power Advances North American Lithium Projects Amid Surging EV Battery Demand

The North American lithium market is experiencing significant growth driven by expanding electric vehicle industry demands and the global shift toward clean energy. Li-FT Power Ltd. (OTC: LIFFF) is strategically positioning itself to capitalize on this growing demand through its portfolio of five high-yield lithium pegmatite projects across three mining-friendly Canadian jurisdictions. The company's flagship Yellowknife Lithium Project in the Northwest Territories represents a potentially significant source of hard rock lithium in North America, encompassing 13 lithium pegmatite systems with grades averaging between 1.0% and 1.2% Li2O.

Recent drilling results at the Yellowknife project have demonstrated promising lithium concentrations, including 35 meters at 1.32% Li2O at the Shorty pegmatite and 28 meters at 1.7005% Li2O at the BIG East pegmatite. As of April 2024, Li-FT had completed 50,000 meters of resource development drilling, significantly advancing the project toward a maiden resource estimate. The company's strategic positioning comes during unprecedented growth in the lithium sector, with U.S. lithium-ion battery imports reaching 235,386 metric tons in the first quarter of 2023, marking a 66% increase from the previous year according to S&P Global Commodity Insights data available at https://www.spglobal.com/commodityinsights.

Beyond the Yellowknife project, Li-FT Power holds three early-stage exploration properties in Quebec: the Rupert, Pontax, and Moyenne projects. These projects are strategically positioned to tap into Quebec's rich lithium potential, with the Pontax Project covering 61,520 hectares and featuring the most extensive lithium anomaly in Li-FT's Quebec portfolio. Summer 2023 exploration activities revealed a significant 13 km by 6 km lithium anomaly at Pontax, with additional spodumene anomalies identified on the Rupert Property. The company's portfolio is further strengthened by the Cali Project located within the Little Nahanni Pegmatite Group in the Northwest Territories near the Yukon border, where rock sampling and mapping efforts have shown high lithium grades with 124 out of 163 grab samples returning grades exceeding 1.0% Li2O.

The broader market context underscores the importance of these developments, with lithium-ion battery capacity projected to more than double by 2030, reaching 6.5 terawatt-hours according to industry forecasts. Demand for lithium-powered EV batteries is anticipated to grow annually by over 22%, with the electric vehicle transport sector expected to account for an increasingly significant portion of global lithium consumption. This growth trajectory highlights the strategic importance of developing domestic North American lithium resources to support the region's clean energy transition and reduce reliance on foreign supply chains.