LIFT Signs Definitive Purchase Agreement with SOQUEM for a 25% Interest in the Galinée Property, Quebec
MWN-AI** Summary
Li-FT Power Ltd. (TSXV: LIFT) has announced a definitive purchase agreement with SOQUEM Inc. to acquire an additional 25% interest in the Galinée Property, located in Quebec, bringing LIFT's total ownership in the property to 75%. This move follows an earlier non-binding letter of intent announced on December 15, 2025, and reflects LIFT’s continued commitment to expanding its portfolio of lithium resources.
Under the terms of the agreement, LIFT will issue 1,000,000 common shares to SOQUEM as consideration for the interest acquisition. These shares will be subject to a statutory hold period of four months and one day, in compliance with Canadian securities laws. LIFT, which operates the Galinée project under a joint venture with SOQUEM, will proceed with the transaction pending approval from the TSX Venture Exchange and fulfillment of customary closing conditions.
LIFT's strategy focuses on acquiring, exploring, and developing lithium pegmatite projects within Canada, with the Galinée Property being a core part of their exploration portfolio. In addition to the Galinée Property, LIFT also controls the Yellowknife Lithium Project in Northwest Territories and three preliminary exploration properties in Quebec, all of which are seen as highly promising for lithium exploration.
The announcement highlights LIFT's growth trajectory in the lithium market amid rising global demand for lithium, primarily driven by the electric vehicle and energy storage sectors. As of now, LIFT is urging investors to be cautious about forward-looking statements made in the release, as the company will not be liable for any changes in projections or outcomes related to the Galinée Property or market conditions. For more information, investors can reach the company's CEO, Francis MacDonald, via their official contact details.
MWN-AI** Analysis
Li-FT Power Ltd.'s recent acquisition of an additional 25% interest in the Galinée Property from SOQUEM represents a strategic move in strengthening its foothold in the burgeoning lithium market. With this latest transaction, LIFT's stake in the property increases to 75%, consolidating its operational control over this promising exploration site.
As a mineral exploration company focused on lithium pegmatite projects, this purchase aligns well with the growing global demand for lithium, particularly in the electric vehicle (EV) sector. Analysts predict that demand for lithium will surge as automakers ramp up production of EVs, thereby creating significant opportunities for companies like LIFT, which are positioned within this supply chain. The Galinée Property is reported to have great potential for lithium discovery, making it a valuable asset that could enhance LIFT’s future production capacity and revenue.
Investors should consider several factors before making investment decisions based on this news. First, while the acquisition strengthens LIFT's asset portfolio, it is important to assess the associated risks, including exploration uncertainties and market volatility. The approval process from the TSX Venture Exchange and adherence to customary closing conditions are also critical to the completion of this transaction.
Furthermore, since the shares issued in this agreement will carry a hold period of four months and one day, immediate liquidity for new shareholders may be limited.
In summary, while the acquisition positions LIFT favorably for potential growth in the lithium market, investors should conduct thorough due diligence. This involves reviewing the company's exploration strategies, market conditions, and broader economic factors that could impact the future performance of lithium stocks. As always, a balanced approach to investing is advisable, weighing both risks and potential rewards before moving forward with stock purchases.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
VANCOUVER, British Columbia, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to announce further to its December 15, 2025 press release regarding, among other things, LIFT entering into a non-binding letter of intent with SOQUEM Inc. (“SOQUEM”) and Azimut Exploration Inc., that it has entered into a definitive purchase agreement dated February 23, 2026 with SOQUEM to acquire an additional 25% interest in the exclusive exploration rights commonly known as the Galinée property (“Galinée Property”), which would bring its total aggregate interest in the Galinée Property to a 75% interest with the remainder of the interest in the Galinée Property to remain held by SOQUEM (the "SOQUEM Transaction"), subject to the satisfaction of various conditions. LIFT is the operator of the project on the Galinée Property under joint venture with SOQUEM.
Under the terms of the purchase agreement with SOQUEM (the “SOQUEM Agreement”), consideration for SOQUEM’s 25% interest in the Galinée Property will consist of 1,000,000 common shares in the capital of the Company. All common shares issued pursuant to the SOQUEM Agreement will be subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws. The SOQUEM Transaction is subject to the receipt of TSX Venture Exchange approval and the satisfaction of other customary closing conditions.
About LIFT
LIFT 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. LIFT 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.
| For further information, please contact: | |
| Francis MacDonald | Francis MacDonald |
| Chief Executive Officer | Investor Relations |
| Tel: + 1.604.609.6185 | Tel: +1.604.609.6185 |
| Email: investors@li-ft.com | Email: investors@li-ft.com |
| 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 and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release.
Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in the Company's latest annual information form filed on March 21, 2025, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
FAQ**
How does the SOQUEM Transaction impact Li-FT Power Ltd Com LIFFF's overall strategy for lithium exploration in the Galinée Property and other projects they operate?
What are the expected benefits for Li-FT Power Ltd Com LIFFF from acquiring an additional 25% interest in the Galinée Property?
What conditions need to be satisfied for the SOQUEM Transaction to be successfully completed for Li-FT Power Ltd Com LIFFF?
How does the issuance of 1,000,000 common shares in the SOQUEM Agreement affect Li-FT Power Ltd Com LIFFF's financial position and shareholder value in the short term?
**MWN-AI FAQ is based on asking OpenAI questions about Li-FT Power Ltd Com (OTC: LIFFF).
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