VANCOUVER, British Columbia, July 14, 2026 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. ("LIFT" or the "Company") (TSXV: LIFT) (ASX: LFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to announce, further to the Company's news release dated June 24, 2026, that the Superior Court of Québec (the "Court") has approved the binding call option agreement dated June 23, 2026 (the "Option Agreement") with Stornoway Diamonds (Canada) Inc. ("Stornoway"), 11272420 Canada Inc. ("1127 Canada") and Deloitte Restructuring Inc. (the "Monitor"), in its capacity as monitor in the CCAA Proceedings (as defined below).
Pursuant to the Option Agreement, LIFT has acquired the sole and exclusive call option (the "Option") to acquire, at its election, the assets comprising the Renard diamond mine, processing facility and associated infrastructure ("Renard") or all of the issued shares in the capital in Stornoway (the 100% owner of Renard) or 1127 Canada (the 100% owner of Stornoway) (the "Transaction"). A summary of the terms of the Transaction follows.
TRANSACTION TERMS
LIFT may exercise the Option for C$1.00 at any time during a two-year period ending June 23, 2028, unless extended by the parties (the "Option Period").
The Option Period will be used to confirm the technical, economic, environmental, and social feasibility of repurposing Renard for lithium processing, to determine the optimal Transaction structure, and to negotiate definitive acquisition agreements.
As consideration for the Option, LIFT paid a C$12 million fee in cash (the "Option Fee"), which is being held in trust by the Monitor pending receipt of the authorization of Ministère des Ressources naturelles et des Forêts for the postponement of rehabilitation and restoration work at Renard during the Option Period (the "Release Condition").
If the Release Condition is not met by October 3, 2026, or such other date agreed upon with the Monitor and the secured creditors, the Option Fee will be returned to LIFT, and the Option will be terminated.
Upon satisfaction of the Release Condition, the Option Fee will be distributed by the Monitor to the secured creditors pursuant to the CCAA Proceedings.
During the Option Period, LIFT is solely responsible for care and maintenance costs ("C&M Costs") to maintain the Renard mine site in good order (estimated at C$18 million annually), and should LIFT decide to exercise the Option, LIFT will assume full responsibility for closure and remediation of the Renard mine site.
The Transaction remains subject to several conditions, including satisfaction of the Release Condition, negotiation and execution of an acquisition agreement (the "Acquisition Agreement") upon exercise of the Option, Court approval of the Acquisition Agreement and receipt by LIFT of all required regulatory approvals associated with the Transaction, including the approval of the TSX Venture Exchange.