Harfang Receives Notice From Li-FT Power of Advancement To Second Option at Pontax, Quebec

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[{"type":"text","content":"Harfang Receives Notice From Li-FT Power of Advancement To Second Option at Pontax, Quebec \n\n\n\n MONTREAL, Sept. 23, 2025 (GLOBE NEWSWIRE) -- Harfang Exploration Inc. (TSX.V: HAR) (“\n \n Harfang\n \n ” or the “\n \n Company\n \n ”) announced today that it has received notice from Li-FT Power Ltd. (“\n \n LIFT\n \n ”) (TSX.V: LIFT) of its decision to proceed with the second option (the “\n \n Notice\n \n ”) in respect of the Pontax Property, located in Eeyou Istchee James Bay, Québec (“\n \n Pontax\n \n ”).\n \n\n This Notice is pursuant to an option agreement signed between Harfang and LIFT dated July 20, 2022 (the “\n \n Agreement\n \n ”). LIFT previously exercised the first option and acquired an initial 51% interest in Pontax by paying Harfang an aggregate of $100,000 over a three-year period and incurring $1,650,000 in exploration expenditures over the same three-year period. LIFT has elected to accept the grant of the second option to acquire an additional 19% interest, for an aggregate 70% interest. According to the Agreement LIFT may exercise the second option by:\n \n\n\n paying Harfang an additional $50,000 in cash and/or common shares, at LIFT’s discretion\n \n\n incurring an additional $3,350,000 in exploration expenditures prior to the third anniversary of the exercise of the first option\n \n\n\n Rick Breger, President and CEO of Harfang, said, “\n \n We are pleased that LIFT has elected to proceed with the second option and will continue to move Pontax forward. To date, Francis and the entire LIFT team have been great partners and we look forward to continuing the success. At Pontax, LIFT has done an exceptional job of defining a 25 km by 10 km area of high spodumene grain counts in glacial sediments, highlighting the strong potential of the project.”\n \n\n\n\n Agreement Terms and Conditions\n \n\n\n The Company has settled the $50,000 payment by receiving 14,044 common shares of LIFT at a deemed price, in accordance with the Agreement, of $3.56 per share (the “Consideration Shares”). The Consideration Shares are subject to a statutory hold period in accordance with applicable securities laws.\n \n\n Pursuant to the terms of the Agreement, if LIFT satisfactorily exercises the second ...

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