Court Approves Option to Acquire the Renard Mine Site

About this update from Li-ft Power Ltd.

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 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.

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