2025 Q4 Management's Discussion & Analysis

Management's Discussion and Analysis

For the thirteen months ended December 31, 2025

https://www.li-ft.com

This Management's Discussion and Analysis ("MD&A") should be read in conjunction with the consolidated financial statements of Li-FT Power Ltd. (the "Company" or "LIFT") for the thirteen months ended December 31, 2025, which are prepared in accordance with accounting policies in compliance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and Interpretations (collectively "IFRS accounting standards") on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for the next twelve months. These documents, along with additional information on the Company including the Company's Annual Information Form ("AIF") for the twelve months ended November 30, 2024, are available under the Company's SEDAR+ profile at https://www.sedarplus.ca.

In this MD&A, unless the context otherwise requires, references to the "Company", "LIFT", "we", "us", and "our" refer to Li-FT Power Ltd. and its subsidiaries.

This MD&A contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities laws. See the section in this MD&A titled "Forward-Looking Statements" for further details and "Risks Factors" for a discussion of the risks, uncertainties and assumptions relating to such information. In addition, this MD&A has been prepared in accordance with the requirements of Canadian securities laws, which differ in certain material respects from the disclosure requirements of United States securities laws.

All dollar amounts included in this MD&A are expressed in Canadian dollars unless otherwise noted. This MD&A is dated as of February 6, 2026, and all information contained in this MD&A is current as of February 6, 2026

Li-FT Power Ltd. was incorporated under the Business Corporations Act (British Columbia) on May 28, 2021. The Company is an exploration stage company engaged in the acquisition, exploration, and development of mineral properties, with a focus on lithium in Canada.

The head office of the Company and principal address is Suite 1218-1030 West Georgia Street, Vancouver, British Columbia V6E 2Y3, and the registered and records office of the Company is located at Suite 830-999 West Broadway, Vancouver, British Columbia V5Z 1K5.

In December 2025, the Company announced the change in its fiscal year end from November 30 to December 31, effective as of December 31, 2025. Accordingly, for the 2025 reporting year, the Company will report its consolidated financial statements for the thirteen month period ended December 31, 2025, along with its comparative figures for the twelve month period ended November 30, 2024.

The Company holds interests in three mineral projects in the Northwest Territories, the Yellowknife Lithium Project ("YLP"), the Cali Project and Other NWT Projects acquired in the North Arrow transaction, as well as three mineral projects in Quebec referred to as the Rupert Project, the Pontax Project and the Moyenne Project. At present, the Company's mineral properties are not at a commercial development or production stage.

The following table sets forth selected consolidated information of the Company for the thirteen months ended December 31, 2025 and the twelve months ended November 30, 2024 and 2023, prepared in accordance with IFRS Accounting Standards. The selected consolidated financial information should be read in conjunction with the Company's audited annual consolidated financial statements for the thirteen months ended December 31, 2025, and twelve months ended November 30, 2024, and 2023.

1. Represents mineral property expenditures per the consolidated statements of financial position in each corresponding period.

2. Per the consolidated statements of cash flows in each corresponding period.

3. The basic and diluted loss per share calculations result in the same amount due to the anti-dilutive effect of outstanding stock options and warrants, where applicable.

4. This is a non-IFRS measurement with no standardized meaning under IFRS and may not be comparable to similar financial measures presented by other issuers. For further information please see the section in this MD&A titled "Non-IFRS Measures".

In terms of the mineral property expenditures, the following summarizes the recent work programs at each of the key project locations:

Yellowknife Lithium Project

Exploration at the Yellowknife Lithium Project began on June 2, 2023, with significant diamond drilling carried out during the summer of 2023 and the winter of 2024. Bases of exploration were established in the town of Yellowknife, at Hidden Lake exploration camp, and at Echo satellite camp. The 2023 summer exploration program was impacted by wildfires and the evacuation of the town of Yellowknife from August 15 to September 10, 2023. In total, 49,548 metres were drilled across 286 holes in these two campaigns, with most of the work concentrated on eight spodumene-bearing pegmatite dikes.

Environmental baseline studies were initiated in 2023 to support a PEA level scoping study and bulk sampling was completed on the eight principal dikes and submitted to SGS Lakefield for metallurgical analysis, with results received and published on September 23, 2024. On October 1, 2024, the Company announced the initial National Instrument 43-101 compliant mineral resource estimate for 8 of 13 spodumene-bearing pegmatite dykes that comprise LIFT's YLP. The consolidated in-pit MRE is reported at

50.4 million tonnes (Mt) grading 1.00% Li2O for 506,000 tonnes of Li2O (1.25 million tonnes of LCE) in the inferred category.

In summer 2025, LIFT completed six holes (2,378 m) for continued resource delineation as well as three holes (546 m) for geotechnical studies and nine groundwater monitoring wells (247 m) to support continued environmental work.

North Arrow Minerals Inc. Assets - Destaffany, Mackay and LDG Lithium Projects

The DeStaffany lithium property covers 1,843 ha located on the north central shore of Great Slave Lake, approximately 18 km northeast of the Nechalacho mine and 115 km east of Yellowknife. The property hosts the Moose 1 and Moose 2 lithium-tantalum-niobium bearing pegmatites. The pegmatites were initially evaluated in the 1940's for tantalum and niobium but have never been subject to a focused evaluation of their lithium potential. New discoveries are possible within the property as highlighted by the identification of additional pegmatites by a predecessor company to North Arrow. At the time, these pegmatites were not described or evaluated for their lithium potential.

The Mackay Project comprises 8,661 hectares of mineral claims approximately 30 kilometers to the south of the Rio Tinto's Diavik diamond mine. To date, two spodumene occurrences have been discovered by prospecting. MK1 consists of a series of irregular sub-parallel pegmatite dykes ranging from 0.5 m to >10 m wide over a combined width of up to 150 m and traced over an interpreted strike extent of greater than 400 m; hand samples from four locations along 120 m of strike have returned 2.45%, 2.51%, 2.76% and 3.74% Li2O.

The LDG Project comprises 8,600 hectares of mineral claims and leases that are located 15 kilometers southwest of Rio Tinto's Diavik diamond mine. To date, 10 spodumene pegmatite occurrences have been discovered by prospecting, including at least two undrilled spodumene pegmatites, each with outcropping dimensions estimated up to 20 meters in width and can be traced along 400 meters of strike length. The project area is covered by till which can be used an as exploration medium to discover buried deposits.

Since acquiring these projects in January 2025, LIFT has not completed any additional exploration work on the properties.

Cali Lithium Project

The Cali Lithium Project lies at the northwest extent of the Little Nahanni Pegmatite Group (LNPG), a district-scale zone of parallel-trending spodumene pegmatites dykes forming a corridor that is at least 13 km long and hundreds of metres wide. LIFT began surface mapping and geochemical sampling on August 17, 2023, completing geological mapping and collecting 163 grab samples and 1,222 soils. Mapping identified several discrete corridors of sheeted pegmatite dykes, over a width of 1,500 metres and minimum strike length of 1,000 m, with 124 out of 163 grab samples returning grades >1.0% Li2O. Soil geochemical anomalies define the outcropping pegmatite corridors as well as two additional coherent trends of anomalous Li-Cs-Be values.

In September 2024, LIFT expanded the project by staking 9,681 hectares after amendments to the Sahtú Land Use Plan opened previously restricted land.

Follow-up mapping and sampling in August 2025, on both the new and original claims, extended the LNPG corridor by 3 km to the northwest, at a minimum width of 400 m, and included 19 channel samples taken in the original block, 17 of which returned at least two consecutive metres above 0.8% Li2O with a program-best of 1.3% Li2O over 21 consecutive metres.

Rupert Lithium Project

A multi-phase exploration program was initiated in March 2023 on the Rupert Lithium Project (including the Moyenne and Pontax tenure packages) and completed in October 2023, including diamond drilling of 4,611 metres over 12 holes. Of these, 6 holes each were drilled to test bedrock at the head of two coherent robust till geochemical anomalies. A total of 6,248 soil, 183 rock and 731 heavy mineral concentrate (HMC) samples were collected on the Pontax and Rupert tenure packages. A short top-of-bedrock RC drilling program was cut short by wildfire activity in April and May of 2023. Heavy mineral concentrate samples from the RC program were submitted to Overburden Drilling Management for indicator mineral counts and a follow up program commenced in September 2024, predominantly at the Pontax claims.

1. NORTHWEST TERRITORIES YELLOWKNIFE LITHIUM PROJECT

   On November 23, 2022, the Company entered into an amalgamation agreement (the "Amalgamation Agreement") with 1361516 B.C. Ltd. (the "Target"), a private company holding a 100% indirect interest in the Yellowknife Lithium Project (the "YLP", "Project" or the "Properties"), whereby the Company agreed to acquire all the issued and outstanding shares of the Target. On December 30, 2022, the transaction was completed for total share consideration of $198,000,000.

   The YLP covers approximately 8,150 hectares or 82 square kilometres of mineral tenure and is comprised of fourteen mineral leases that cover most of the larger lithium pegmatites in the Yellowknife Pegmatite Province ("YPP"). Numerous spodumene-bearing pegmatites with strike lengths up to 1,800 metres and widths up to 40 metres outcrop within the Project and are plainly visible from satellite imagery. The YPP also benefits from excellent existing infrastructure, including roads and a skilled labour force that could support the development of this project. The Property is subject to an overriding 2% gross production royalty and in the case of 11 of the 13 mineral leases, a 2% net profits royalty.

   Lithium mineralization hosted in spodumene-bearing pegmatites of the YPP was first discovered in the 1940's and intermittently explored through to the 1980's. Canadian Superior Exploration Limited (CSEL), the exploration arm of Superior Oil, completed systematic mapping, spodumene crystal counts, trenching, channel sampling and diamond drilling in the area from 1975 to 1979.

   Superior Oil was acquired by Mobil in 1984 which led to the divestment of the CSEL mineral properties and the claims holding the largest lithium pegmatites were transferred to Erex International Ltd. ("Erex"), a private company. In 1985, Erex entered into an option agreement with Equinox Resources Ltd. who collected bulk samples in 1987 for initial metallurgical testing. The results from initial metallurgical testing were positive and Equinox recommended a full feasibility study. Equinox was later acquired by Hecla Mining Company and the YPP lithium deposits reverted to Erex. Since 1987, very little exploration work has been completed on any of the pegmatites.

   On November 23, 2022, the Company announced that it had amalgamated with 1361516 B.C. Ltd., a private company that had earlier acquired Erex. Through this amalgamation, the Company acquired the YLP, consisting of 13 mineral leases that form the core of the Yellowknife Lithium Project

   On February 18, 2023, the Company acquired an option to purchase a 100% interest in 13 mineral leases covering 991 hectares that comprise the Thompson-Lundmark Project (the "TL Property"), as well as one additional lease covering 115 hectares located immediately north of the TL Property. Under the terms of the option, the Company was required to make aggregate cash payments totaling $3 million and incur exploration expenditures over the two-year term of the agreement. On February 27, 2025, the Company announced the termination of its option to acquire a 100% interest in the Thompson-Lundmark Property, pursuant to the option agreement dated February 18, 2023, prior to the second-anniversary payment of

   $1.75 million.

   
   
   

   On April 19, 2023, the Company announced it has signed a Memorandum of Understanding ("MOU") with the Yellowknives Dene First Nation ("YKDFN") regarding the YLP, located within YKDFN's traditional territory; Chief Drygeese Territory. The MOU stated that both LIFT and YKDFN will enter into an Exploration Agreement based upon the terms outlined in the MOU, and that LIFT could mobilize equipment and supplies for the summer 2023 drill campaign at the YLP with an anticipated start date on or around June 1, 2023. The exploration agreement was formally entered into on June 5, 2023 with YKDFN.

   The summer drill campaign at the Yellowknife Lithium Project began on June 2, 2023, and was expected to be approximately 45,000 metres and run until November 2023. The drill program was targeting seven outcropping spodumene-bearing pegmatite dyke complexes that are within 10 kilometres of an all-season highway. Drilling began by targeting areas that, based on historic trench sample results, returned the highest lithia grades from outcropping pegmatites. The Fi Southwest and Fi-Main pegmatites were the first targets that were drilled. The Company planned to drill each pegmatite target at 100 metre by 100 metre centers to a vertical depth of 300 metres.

   On June 14, 2023, the Company announced that initial drilling below the Fi Southwest pegmatite had intersected widths of spodumene-bearing pegmatite similar to surface exposures and that the dyke contains similar amounts of spodumene to what was reported in historic work completed in the 1970s and 1980s (locally 5 - 50% spodumene content).

   On August 15, 2023, the Company announced that due to forest fire activity in the Northwest Territories, LIFT temporarily demobilized personnel, essential equipment, and key drill core from the Hidden Lake Camp. LIFT worked with the Government of the NWT to support local fire-fighting efforts and released a helicopter to support the campaign. Subsequently on September 14, 2023, LIFT announced that diamond drilling resumed with one drill rig at the Echo target and planned to scale up to six rigs by mid-September. The Company reported that there was no damage to any samples, equipment, or infrastructure during the evacuation period.

   LIFT was issued a Type A Land Use Permit (MV2022C0021), a non-federal Type B Water License (MV2022L8-0008), and a federal Type B Water License (MV2022L8-0009) on January 3, 2023. LIFT subsequently received approval for amendments to its Land Use Permit and Water Licenses for the YLP on May 29 and December 12, 2023. The amendments allow LIFT to use additional water sources, enabling the Company to drill on all the leases associated with its Yellowknife Lithium Project. The amendments also allow LIFT to build a winter road that connects the Echo area to the all-season road to Yellowknife, effectively creating an option for a road-based link between Echo to the global market.

   On July 18, 2024, the Company entered into a mineral purchase property purchase agreement dated July 17, 2024 with Infinity Stone Ventures Corp. to acquire the Shorty West Lithium mineral claim (the "Shorty West Claim"), which is adjacent to the Company's Yellowknife Lithium Project.

   Subsequently, on September 3, 2024, the Company announced that at the request of Infinity Stone Ventures Corp., it has terminated the mineral property purchase agreement dated July 17, 2024 regarding the Shorty West Claim. In connection with the termination, beneficial ownership of the claim was transferred to an arm's length private entity.

   Subsequently, the Company has entered into a mineral property purchase agreement dated August 16, 2024 with that entity to acquire the Shorty West Claim in consideration of the issuance 12,000 common shares in the capital of the Company.

   The Shorty West Claim is adjacent to YLP mineral leases and forms a part of the Yellowknife Lithium Project and is subject to the Erex gross overriding production royalty. No finder's fees were paid in connection with the acquisition of the Shorty West Claim.

   
   
   

   Between July 25, 2023, and June 11, 2024, the Company announced drill results for 286 holes (approximately 49,548 metres of drilling) that were mostly drilled on eight pegmatite targets. Highlights of these drill hole intercepts are included in the table below, and the complete list of drill hole results can also be found on the Company website https://www.li-ft.com/projects/yellowknife/

   Hole	From (m)1	To (m)	Interval (m)2	Li2O (%)3	Dyke
   YLP0001	73	108	35	1.30	Fi SW
   inc.	75	102	27	1.58
   YLP0003	55	94	39	1.43	Fi SW
   inc.	57	92	35	1.57
   YLP0004	55	88	33	1.39	Fi SW
   inc.	56	85	29	1.55
   YLP0005	52	131	79	1.13	Fi SW
   inc.	73	129	56	1.42
   YLP0006	45	125	80	0.87	Fi SW

   Hole	From (m)1	To (m)	Interval (m)2	Li2O (%)3	Dyke
   inc.	63	107	44	1.14
   YLP0007	43	103	60	1.26	Fi SW
   inc.	64	103	39	1.38
   YLP0011	57	83	26	1.22	Fi Main
   inc.	59	82	23	1.37
   YLP0015	84	111	27	1.00	Fi Main
   inc.	98	108	10	1.84
   YLP0017	64	94	30	1.13	Fi Main
   inc.	69	92	23	1.42
   YLP0023	78	108	30	1.10	Fi Main
   inc.	83	106	23	1.33
   inc.	87	104	17	1.42
   YLP0024	71	95	24	1.12	Fi Main
   inc.	78	93	15	1.47
   YLP0031	154	176	22	1.46	Fi SW
   inc.	155	174	19	1.63
   YLP0032	58	73	15	0.75	Big East
   inc.	60	68	8	1.04
   inc.	65	68	3	1.35
   and	86	104	18	1.04
   inc.	95	102	7	1.45
   YLP0033	42	67	25	1.13	Shorty
   inc.	50	66	16	1.50
   YLP0037	55	88	33	0.71	Fi SW
   inc.	56	80	24	0.91
   YLP0038	67	101	34	1.35	Fi SW
   inc.	72	99	27	1.53
   YLP0039	66	79	13	1.05	Big East
   and	92	122	30	0.87
   YLP0049	0.7	13	12	1.28	Big East
   and	24	33	9	0.66
   and	38	52	14	1.50
   inc.	39	51	12	1.73
   YLP0053	71	81	10	0.76	Big East
   and	117	138	21	1.08
   YLP0054	180	217	37	1.22	Fi-SW
   YLP0055	48	65	17	1.14	Shorty
   inc.	50	64	14	1.36

   Hole	From (m)1	To (m)	Interval (m)2	Li2O (%)3	Dyke
   YLP0064	28	38	10	1.04	Big East
   and	56	69	13	1.55
   YLP0092	163	181	18	1.72	Big East
   and	189	196	7	1.58
   YLP0068	109	135	26	1.02	Big East
   inc.	110	120	10	1.65
   inc.	128	133	5	1.36
   YLP0109	45	63	18	1.75	Big East
   YLP0073	51	70	19	1.16	Shorty
   YLP0093	184	191	7	1.99	Big East
   and	198	219	21	1.40
   YLP0077	212	234	22	1.35	Big East
   YLP0108	67	81	14	1.27	Big East
   and	90	105	15	1.28
   YLP0087	69	90	21	1.12	Ki
   inc.	72	83	11	1.70
   YLP0088	5	11	6	1.04	Shorty
   and	63	83	20	1.52
   YLP0097	126	136	10	0.84	Shorty
   inc.	129	132	3	1.73
   and	193	216	23	1.03
   inc.	203	214	11	1.69
   YLP0102	170	196	26	1.14	Fi SW
   inc.	171	178	7	1.42
   and inc.	184	196	12	1.33
   YLP0121	63	69	6	0.97	Big East
   and	77	105	28	1.70
   YLP0115	253	281	28	0.99	Big East
   YLP0117	164	190	26	1.56	Big East
   YLP0125	226	249	23	1.50	Fi SW
   YLP0141	52	79	27	1.26	Fi Main
   YLP0147	64	86	22	1.53	Fi Main
   YLP0148	72	95	23	1.40	Fi Main
   YLP0165	61	84	23	1.25	Ki
   YLP0199	58	80	22	1.05	Fi SW
   YLP0200	50	69	19	1.31	Fi SW
   YLP0212	16	21	5	1.36	Echo
   and	31	32	1	0.68

   Hole	From (m)1	To (m)	Interval (m)2	Li2O (%)3	Dyke
   and	62	78	16	1.29
   and	134	139	5	1.19
   YLP0216	15	25	10	1.57	Echo
   and	62	72	10	1.29
   and	77	93	16	1.26
   YLP0223	20	34	14	1.55	Echo
   YLP0237	37	53	16	1.31	Fi Main
   YLP0259	57	100	43	0.85	Echo
   inc.	75	99	24	1.33
   YLP0251	99	127	28	1.06	Big East
   inc.	99	109	10	1.69
   and inc.	124	127	3	1.59
   YLP0258	88	104	16	1.48	Big East
   YLP0271	84	119	35	1.34	Big East
   YLP0283	31	66	35	1.32	Shorty
   YLP0284	52	70	18	1.41	Shorty
   and	77	102	25	1.21
   and	131	141	10	1.00
   inc.	133	138	5	1.76

   1 From, to, and interval lengths in metres, as measured down core axis, not true width. 2 Individual sample lengths = 1 metre.

   3 Lithium assays performed by ALS Global on saw cut half HQ core using method ME- ICP82b; results reported in Li%, converted to Li2O by multiplying by 2.154.

   On September 23, 2024, The Company announced results from its metallurgical sampling program across eight spodumene deposits at the YLP, conducted in 2023 and 2024. Testing, performed by SGS Canada Inc., involved heavy liquid separation (HLS), dense media separation (DMS), and batch flotation. Two-stage DMS tests showed lithium recovery ranging from 49.9% to 60.4%, with concentrate grades of 5.81% to 6.41% Li₂O and low iron content (0.62% to 0.88% Fe₂O₃). Single-stage DMS achieved 93.0% to 95.2% recovery, with pre-concentrate grades between 1.90% and 2.02% Li₂O. Flotation tests yielded 5.5% Li₂O concentrate with lithium recoveries from 56% to 77%. Combined DMS and flotation flowsheets produced concentrates of 5.75% to 6.17% Li₂O, with overall lithium recoveries ranging from 81% to 87%. Tests with a single-stage DMS pre-concentration followed by flotation produced concentrates ranging from 5.59% to 5.77% Li₂O, with laboratory-scale recoveries between 61% and 72%.

   On October 1, 2024, the Company announced the first National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate ("MRE") for the YLP, covering 8 of 13 spodumene-bearing pegmatite dykes. The consolidated in-pit MRE is reported at 50.4 million tonnes (Mt) grading 1.00% Li2O for 506,000 tonnes of Li2O (1.25 million tonnes of LCE) in the inferred category and will form the basis of a Preliminary Economic Assessment (PEA) targeted for delivery in Q2 2025. The YLP's initial resource estimate ranks as the third-largest hard-rock lithium resource in Canada and the tenth largest in the Western Hemisphere. Notably, six of the eight spodumene dykes included in the estimate have unconstrained mineralization, presenting significant growth potential, while five additional undrilled spodumene dykes within the project offer excellent prospects for further expansion. Based on just 10 months of drilling (49,548 meters across 286 drill holes from June 2023 to April 2024), this estimate solidified the YLP as a globally significant source of spodumene. The NI 43-101 report was filed on November 14, 2024.

   Cut-off Grade (Li2O%)	Pegmatite Deposit	Tonnes	Li2O Grade (%)	Li2O (t)	LCE (t)*	Resource Classification
   0.4	Big East, Fi Main and Fi SW	30,265,000	1.05	317,000	784,000	Inferred
   0.5	Big West, Nite, Shorty, Echo and Ki	20,118,000	0.94	189,000	467,000	Inferred
   Total		50,383,000	1.00	506,000	1,251,000

   * Lithium carbonate equivalent ("LCE")

   Yellowknife Lithium Project Mineral Resource Estimate Notes:

   1. The Mineral Resource Estimate (MRE) was estimated by Allan Armitage, Ph.D., P. Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101.

   2. The classification of the current MRE into Inferred mineral resources is consistent with current 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. The effective date for the Mineral Resource Estimate is September 25, 2024.

   3. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.

   4. The mineral resource is presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction.

   5. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

   6. The YLP MRE is based on a validated database which includes data from 286 surface diamond drill holes totaling 49,548 m. The resource database totals 10,842 assay intervals representing 10,846 m of drilling. The average assay sample length is 1.00 m.

   7. The MRE is based on 126 three-dimensional ("3D") pegmatite resource models, constructed in Leapfrog, representing the Big East, Big West, Fi Main, Fi SW, Nite, Shorty, Echo and Ki pegmatite deposits. Li2O grades were estimated for each mineralization domain using 1.0 metre composites. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all deposits.

   8. Average density values were assigned to pegmatite and waste domains based on a database of 2,062 samples.

   9. Li-FT envisions that the YLP deposits may be mined using open-pit mining methods. Mineral resources are reported at a base case cut-off grade of 0.40 to 0.50% Li2O. The in-pit Mineral Resource grade blocks are quantified above the base case cut-off grades, above the constraining pit shell, below topography, and within the constraining mineralized domains (the constraining volumes).

   10. The results from the pit optimization are used solely for the purpose of testing the "reasonable prospects for economic extraction" by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.

   11. The base-case Li2O Cut-off grade considers the following assumptions: a lithium concentrate (5.5% Li2O) price of US$920/t, a mining cost of US$3.25/t mined, processing, treatment, refining, G&A and transportation cost of USD$19.50/t of mineralized material, metallurgical DMS recovery of 60% was assumed, as were pit slope angles of 60º and mining loss and dilution of 5% and 5%.

   12. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

   On August 25, 2025, the Company commenced its 2025 exploration program on the YLP with the stated intention of drilling 10 holes for 3,445 m, with 2,655 m planned for the Shorty dyke and 790 m planned for the Nite pegmatite. Subsequent work also included drilling of hydrogeological monitoring wells and geotechnical holes in support of on-going environmental and engineering work.

   On October 10, 2025, the Company announced it had completed its 2025 baseline environment studies program for the YLP, which comprised completion of the first of two years of seasonal baseline data that are required for advanced permitting activities, including Environmental Assessment. The Program was led by Det'on Cho Environmental, an Indigenous-owned environmental services firm owned by the Yellowknives Dene First Nation, under the direction of the Company.

   DESTAFFANY, MACKAY, LDG PROJECTS

   On January 23, 2025, the Company announced that it has closed the mineral property purchase agreement with North Arrow Minerals (TSX-V:NAR), pursuant to which the Company acquired a 100% interest in the DeStaffany, LDG and Mackay Lithium Projects, which are adjacent to the flagship Yellowknife Lithium Project, NWT. As a consideration for the transaction, LIFT issued 250,000 common shares of the Company valued at $713,000 ($2.85 per share).

   CALI LITHIUM PROJECT

   As part of the YLP transaction closed on December 30, 2022, the Company also acquired the Cali Lithium Project, which covers approximately 12,025 hectares (or 120 km²) of mineral tenure located within the Little Nahanni Pegmatite Group (LNPG) in the Mackenzie Mountains, NWT. The LNPG has been noted to contain more than 275 complex lithium and rare-earth-element pegmatites distributed across a corridor at least 13 kilometres long and up to 2.5 kilometres wide (Barnes, 2010). The Cali Project had been previously acquired by Erex during its acquisition of CSEL's portfolio in 1983.

   Pegmatite on the Cali Lithium Project was first mapped by CSEL in 1977 and described as an outcropping corridor with a 500-metre strike length, 300 metres of exposed vertical extent, and a width of at least 100 metres. The corridor itself comprised about 60% spodumene-bearing pegmatite dykes separated by panels of metasedimentary country rock. Float mapping suggested that the corridor could have a strike length of up to 1,200 metres within the project area.

   In November 2022, the Company staked four mineral claims that adjoin the Cali lease, bringing the combined area to 2,341.2 hectares. The Cali lease is subject to an overriding2% gross production royalty.

   
   
   

   On August 22, 2023, the Company announced the start of exploration activities at the 100% owned Cali Lithium Project. The exploration program was designed to better understand the average grade across the dyke's exposed strike length through systematic rock sampling and mapping. In addition, prospecting and soil sampling were planned to test for the possible northward extension of known LNPG dykes from mineral tenures to the south of the Cali Lithium Project. The Company planned to integrate the data collected into a 3D geology model for exploration targeting and planning for an exploration/resource definition drill program in the future.

   On May 7, 2024, LIFT announced results from its 2023 surface exploration program on the Cali Project, which included a soil geochemistry survey and a mapping and prospecting campaign. Rock sampling and mapping indicate the spodumene pegmatite dyke swarm system is larger than anticipated, with multiple pegmatite corridors defined over an area of approximately 1.5 km wide and 1.0 km long. Out of 163 grab samples collected, 124 returned grades greater than 1.0% Li₂O. Soil geochemical anomalies define the outcropping pegmatite corridors as well as two additional coherent trends of anomalous Li-Cs-Be values.

   On September 3, 2024, the Company announced it had quadrupled the size of the Cali Project by staking an additional 9,681 hectares of contiguous claims.

   On November 30, 2024, the Company announced that it obtained a Type A Land Use Permit (MV2023C0013) from Mackenzie Valley Land and Water Board for its Cali Project that would allow LIFT to expand its exploration activities, including establishing an exploration camp and fuel caches, conducting diamond and reverse circulation drilling, and constructing and maintaining winter access roads. The Land Use Permit has a term of five years, which may be extended for an additional two years.

   On July 3, 2025, the Company reported the start of exploration activities at the Cali project for the 2025 exploration season. A total of 1,100 m of channel sampling was planned in zones of high grade spodumene mineralization that were mapped and sampled in 2023.

   On October 16, 2025 the Company announced the results of its 2025 exploration program at the Cali project. The program focused on systematic channel sampling and geological mapping to evaluate grade, width, and metallurgical characteristics of spodumene-bearing pegmatite dykes. A total of 43 rock samples and 24 channels yielding 187 one-metre samples were collected, with highlights including 1.u3% Li₂O over 21 metres in the 2023 work area. Fieldwork also confirmed new spodumene-bearing pegmatites in the northwestern extension of the property, extending the mineralized corridor by approximately three kilometres, with peak grades up to 2.9% Li₂O in grab samples. Select samples were submitted for metallurgical testing, with results expected in the first quarter of 2026.

2. QUEBEC RUPERT PROJECT

   The Rupert Project, in its entirety, covers approximately 169,573 hectares or 1,696 square kilometres of mineral tenure in the James Bay region of Quebec. The Rupert Project is composed of three separate project areas: the Pontax Lithium Project, the Moyenne Lithium Project, and the Rupert Project. The Rupert Project area straddles the Whabouchi Trend whereas the Pontax and Moyenne Lithium Projects straddle the Pontax trend and covers the boundary between the La Grande and Nemiscau geologic subprovinces. The Whabouchi Trend covers approximately 950 square kilometres of the Lac des Montagnes greenstone belt which hosts the Whabouchi Li-pegmatite deposit (53.6 Mt at 1.45% Li2O total resources and reserves). The Pontax Trend covers approximately 350 square kilometres of the Pontax greenstone belt which hosts several Li pegmatite showings. The geology of the Pontax trend is similar to the Whabouchi Trend and has similar characteristics for Li prospectivity. The Moyenne Trend covers an east-trending shear zone which has potential to host Li pegmatites.

   
   
   

   The Rupert Project has been accumulated by entering into the following agreements:

   1. Rupert Option Agreement

      On June 11, 2021, the Company entered into a definitive option agreement with Kenorland Minerals Ltd. ("Kenorland") pursuant to which the Company was granted the option to acquire up to a 100% interest in certain mineral claims at the Rupert, Pontax and Moyenne Projects (collectively known as the "Rupert Option Agreement").

      In order to exercise the Rupert Option Agreement, the Company paid $200,000 in cash and issued to Kenorland 9.9% of the Company's issued and outstanding shares upon closing. On February 2, 2022, the Company issued 1,751,913 common shares valued at $3,503,826 to Kenorland pursuant to the Rupert Option Agreement related to the Rupert Property.

      Following the exercise of the Rupert Option Agreement, the Company granted Kenorland a 2% NSR in respect of the Rupert Property.

   2. Disposal of mineral claims to Power Metallic Mines Inc.

      On July 14, 2025, the Company closed a definitive agreement with Power Metallic Mines Inc. for the sale of 313 mineral claims at its Rupert Project in Quebec, which left 2,203 total mineral claims owned by the Company at Rupert. As consideration, the Company received $700,000 in cash and 6,000,000 common shares of Power Metallic Mines Inc. (valued at $1.16 per share on July 14, 2025), all of which are subject to a statutory hold period expiring on November 12, 2025, and 3,000,000, or one half, being subject to an additional contractual resale restriction ending on July 11, 2026. In addition, the Company was granted a 0.5% net smelter returns (NSR) royalty on the 313 mineral claims, with no buyback provision.

   3. Nottaway Lithium Project

      The Nottaway Project is located on the southern margin of the Frotet-Evans Greenstone Belt, where basalts of the Rabbit Formation are tightly bound by the Salamandre and Théodat tonalite-granodiorite intrusions that emplaced along the Nottaway Shear Zone during the Neoarchean orogeny. This places Nottaway within the same broader tectono-magmatic architecture responsible for the emplacement of the Moblan and Cisco lithium pegmatite systems to the north and East of the project, respectively.

      On January 31, 2025, the Company entered into an agreement with a private individual for an option to purchase the Nottaway Project for the following terms and royalty interest of 1% NSR with 0.5% buyable for $500,000:

      Cash payments and exploration expenditures:

      1. $30,000 on signing (paid);

      2. $50,000 on or before the first anniversary (paid subsequent to period end) and $50,000 in exploration expenditures by the first anniversary (satisfied subsequent to period end) and;

      3. $500,000 on or before the second anniversary date and $200,000 in exploration expenditures on or before the second anniversary;

         PONTAX PROJECT

         The Pontax Project is within an area that was affected by the marine incursion of the Tyrell Sea at the end of the last glaciation. Topographic lows are infilled with glaciomarine sediments and topographic highs usually have outcropping till. Till on topographic highs may have been reworked by the Tyrell Sea, which could cause variability in till geochemistry results.

         In addition to the Pontax Project claims acquired through the Rupert Option Agreement with Kenorland, and the associated 2% NSR, on July 20, 2022, the Company entered into an option agreement (the "Harfang Agreement") with Harfang Exploration Inc. ("Harfang") to acquire a 70% interest of Pontax mineral claims located in the James Bay region in Quebec (the "Pontax Property").

         In accordance with the Harfang Agreement, the Company may exercise the first option to earn 51% interest by making payments in an aggregate amount of $100,000, as follows:

         1. $25,000 in cash (paid) upon the execution and delivery of the agreement by both parties.

         2. An additional $25,000 (paid) on or before the first anniversary date.

         3. An additional $25,000 (paid) on or before the second anniversary date.

         4. An additional $25,000 (paid) on or before the third anniversary date.

         5. Incurring $1,650,000 (satisfied) in expenditures on the Pontax Property during the first option period.

Upon the exercise of the first option, Harfang is contractually required to grant the second option. Within 60 days of the grant of the second option, the Company shall provide Harfang written notice that it either (a) accepts the grant of the second option, which shall be accompanied by a payment of $50,000 in cash or through the issuance of common shares, at the Company's discretion or (b) elects not to accept the grant of the second option, in which case a joint venture is to be formed with the initial participating interest of 51% and 49% for the Company and Harfang, respectively.

To exercise the second option and acquire a further 19% interest (for an aggregate 70% interest), the Company is required to incur an additional $3,350,000 in expenditures on the Pontax Property by the sixth anniversary of the agreement.

Upon the exercise of the second option, Harfang will have the option of converting its remaining participating interest of 30% into a 2.5% NSR or to form a joint venture to further explore the Pontax Property.

On September 23, 2025, the Company announced it has elected to proceed with the second option in respect of the Pontax Property located in the Eeyou-Istchee James Bay region in Quebec approximately 220 kilometres north of Matagami, pursuant to the Harfang Agreement. The Company satisfied the $50 in shares by issuing 14,044 common shares of the Company at a deemed price of $3.56 per share. The Consideration Shares are subject to a statutory hold period expiring on January 16, 2026, in accordance with applicable securities laws.

The Moyenne Project comprises additional claims acquired through the Rupert Option Agreement with Kenorland, and the associated 2% NSR.

The Moyenne Project has more discreet and discontinuous geochemical anomalies than the Pontax and Rupert Projects (see press release dated November 9, 2022, for Rupert till results). The Company will design a modest follow-up exploration program to screen low-level anomalism in the Moyenne Project area.

On July 14, 2025, the Company closed a definitive agreement with Power Metallic Mines Inc. for the sale of 313 mineral claims out of the 2,203 total mineral claims at its Rupert Project in Quebec. As consideration, the Company received $700,000 in cash and 6,000,000 common shares of Power Metallic Mines Inc. (valued at $1.16 per share on July 14, 2025), all of which are subject to a statutory hold period expiring on November 12, 2025, and ½ of which are subject to an additional contractual resale restriction ending on July 11, 2026, being the date which is 12 months from the closing. In addition, the Company retained a 0.5% net smelter returns (NSR) royalty on the claims, with no buyback provision.

On March 29, 2023, the Company announced it had commenced the first diamond drill program at the Rupert Lithium Project located in the James Bay region of Quebec. During the summer 2023 program, a total of 12 holes were drilled for 4,069 metres which tested targets generated by the 2021 and 2022 exploration programs (see press release dated November 9, 2022, for further details).

To enhance targeting under widespread glacial till cover, a geological targeting model has been produced from the 3D inversion of property-wide magnetics data and combined with government survey maps, field observations and LiDAR. Favourable structures for emplacement of pegmatite dykes were identified in the model and targeted where they trend under the heads of the lithium dispersion anomalies.

On December 15, 2025, the Company announced a binding scheme of arrangement to acquire 100% of the issued securities of Winsome Resources Limited ("Winsome"), which holds a 100% interest in the Adina lithium project. Under the terms of the transaction, Winsome shareholders will receive 0.107 of the Company's common share or equivalent CDI for each Winsome share held. The transaction remains subject to customary closing conditions.

On December 15, 2025, the Company entered into a non-binding letter of intent with SOQUEM Inc. to acquire a 25% interest in the Galinée property. Consideration for SOQUEM's 25% interest consists of the issuance of 1,000,000 common shares. The transaction is subject to customary closing conditions.

On December 24, 2025, the Company entered into a definitive agreement with Azimut Exploration Inc. in the Galinée property, which forms part of the broader Adina project area. Consideration for Azimut's 50% interest includes the issuance of 2,000,000 common shares, the granting of a 1.4% net smelter return royalty, and deferred consideration of $1,500,000 payable in cash or shares upon the earlier of completion of an economic study or 18 months. The transaction is subject to customary closing conditions.

The Company remains focused on advancing the Company's strategic objectives and near-term milestones, which include the following:

• The goal of the exploration programs at the Company's projects is to discover, define and develop new mineral resources, focusing on lithium in NWT and Quebec, Canada.

• Following successful 2024 and 2025 drill programs at YLP, additional resource and infill development drilling will be the focus of 2026 plans.

• Environmental base-line data collection continues at YLP and is planned throughout 2026. Engagement with local communities in the areas surrounding our projects will continue through 2026 with planned meetings and consultations.

• Detailed trade off studies continue at YLP and the release of the Company's PEA at YLP is planned for 2027 to incorporate additional drilling results.

• Assuming the Company successfully closes the Winsome and Galinee acquisitions there will be a summer 2026 resource drill program and related technical studies.

• Early-stage exploration programs are underway at the Quebec projects: Rupert, Pontax and Moyenne, with the potential for additional exploration programs at the additional Quebec projects in Winsome's portfolio.

• The Company remains committed to reviewing complimentary exploration opportunities in Canada, with a focus on the potential to expand the portfolio of critical mineral hard rock lithium projects.

The following selected financial information is derived from the consolidated and interim financial statements of the Company for the periods noted.

The variation seen over the quarters is primarily related to the success of the Company's ongoing business development, property evaluation and acquisition program and the timing and results of the Company's exploration activities on its current properties. The constant net loss for the quarters ended November 30, 2023 to May 31, 2025 is due to a decrease in deferred income tax recovery. This is further affected by the recognition of deferred income tax liability resulting in net loss for the period. The movement from net loss to net income in the quarters ended August 31, 2025 were connected to the gain on sale of exploration and evaluation properties, fair value change on investments and flow-through spending on the exploration projects and corresponding reversal of the flow-through share premium liability. However, in December 31, 2025, the Company recognized a movement back to net loss primarily related to the fair value change in the short-term investments.

Net and comprehensive loss for the four months ended December 31, 2025, was $1,242,000 compared to a net and comprehensive loss of $4,865,000 for the three months ended November 30, 2024. The decrease of net loss and comprehensive loss was mainly attributable to the change from deferred income tax expense to deferred income tax recovery of $4,492,000 that is related to the Company recording the deferred income tax liability and corresponding expense. In addition, the decrease in investor relations expense of $318,000 led to a further decrease in net loss for the year.

The net loss and comprehensive loss noted above is related to changes in the following expenditure categories:

• Filing fees increased by $52,000, from $13,000 during the three months ended November 30, 2024 to $65,000 during the four months ended December 31, 2025. The increase is related to filing of the Company's renewed base-shelf prospectus and other listing fees.

• Investor relations expenses decreased by $318,000, from $902,000 during the three months ended November 30, 2024, to $584,000 during the four months ended December 31, 2025. The decrease is related to a specific marketing agreement in the prior period.

• Management, consulting fees and salaries increased by $380,000, from $265,000 during the three months ended November 30, 2024, to $645,000 during the four months ended December 31, 2025. The increase is related to the increase in consultants as the Company begins ramping up drilling, environmental programs, salary increases and annual bonuses that were issued for the period.

• Share based compensation decreased by $49,000, from $329,000 during the three months ended November 30, 2024, to $280,000 during the four months ended December 31, 2025. The decrease in share-based compensation resulted from the timing of the vesting of grants of stock options to management, directors, consultants and employees.

• Travel expenses increased by $121,000, from $68,000 during the three months ended November 30, 2024, to $189,000 during the four months ended December 31, 2025. The increase in travel expenses is related to the increase in attendance of conferences, visiting project sites, and the growth of the number of consultants and employees travelling.

• Fair value loss on FVTPL investments increased by $1,170,000, from $nil during the three months ended November 30, 2024, to $1,170,000 during the four months ended December 31, 2025. The fair value change on FVTPL investments is related to the remaining 3,000,000 shares of Power Metallic Mines Inc., which were acquired in 2025 and not held in 2024 resulting in the changes related to FVTPL investments compared to 2024.

• Loss from sale of short-term investments increased by $573,000, from $nil during the three months ended November 30, 2024 to $573,000 during the four months ended December 31, 2025. The loss is related to the short-term investments being valued lower than selling price and that the investments were only acquired in 2025 and not held in 2024 resulting in the loss from sale of short-term investments compared to 2024.

• Write down of terminated option agreement decreased by $1,408,000, from $1,408,000 during the three months ended November 30, 2024, to $nil for the four months ended December 31, 2025. The write down was related to the termination of the option agreement to acquire the Thompson Lundmark Property in 2024.

• Finance and other expenses increased by $238,000, from $64,000 during the three months ended November 30, 2024 to $302,000 during the four months ended December 31, 2025. The increase is related to the recording of Part 12 tax in relation to flow-through obligations.

• Deferred income tax recovery increased by $4,492,000, from $1,614,000 during the three months ended November 30, 2024, to $2,878,000 for the three months ended December 31, 2025. The decrease in deferred income tax expense is due to the recording of the deferred income tax liability and corresponding expense of $1,113,000 and the income tax recovery resulting from incurring eligible flow-through expenditures on its exploration projects during the period of $3,991,000 resulting in a net recovery of $2,878,000

  Amounts in $000s Thirteen and twelve months ended
  	Dec 31,	Nov 30,
  	2025	2024
  Operating expenses	$	$
  Amortization	177	174
  Director fees	161	98
  Project evaluation	-	24
  Filing fees	173	152
  Investor relations	991	5,009
  Management, consulting fees and salaries	1,227	811
  Office expenses	407	315
  Professional fees	437	389
  Share based compensation	1,220	1,682
  Travel expenses	390	305
  Gain on sale of exploration and evaluation properties	(4,996)	-
  Fair value loss (gain) change on FVTPL investments	(270)	-
  Loss from sale of short-term investments	573	-
  Write down of terminated option agreement	-	1,408
  Finance expenses	312	80
  Foreign exchange loss (gain)	53	(46)
  Interest income	(442)	(348)
  Deferred income tax recovery	(2,737)	(997)
  Net loss (income) for the period	(2,324)	9,056

  For the thirteen months ended December 31, 2025 and twelve months ended November 30, 2024

  Net and comprehensive income for the thirteen months ended December 31, 2025, was $2,324,000 compared to a net and comprehensive loss of $9,056,000 for the twelve months ended November 30, 2024. The movement from net loss and comprehensive loss to net income and comprehensive income mainly attributable to the gain on sale of exploration and evaluation properties and fair value change on FVTPL investments of $4,996,000. Additionally, the $4,018,000 decrease in investor relations expenses and increase in deferred income tax recovery of $1,740,000 that is related to the Company spending flow-through funds on its exploration projects in Canada.

  The net income (loss) and comprehensive income (loss) noted above is related to changes in the following expenditure categories:

• Director fees increased by $63,000, from $98,000 during the twelve months ended November 30, 2024 to $161,000 during the thirteen months ended December 31, 2025. The increase is related to the increase in annual board fees and additional chair fees.

• Investor relations expenses decreased by $4,018,000, from $5,009,000 during the twelve months ended November 30, 2024, to $991,000 during the thirteen months ended December 31, 2025. The decrease is related to a specific marketing agreement in the prior period.

• Management, consulting fees and salaries increased by $416,000 from the $811,000 during the twelve months ended November 30, 2024, to $1,227,000 during the thirteen months ended December 31, 2025. The increase is related to the increase in consultants as the Company begins ramping up drilling and environmental programs, salary increases and annual bonuses issued for the period.

• Office expenses increased by $92,000, from $315,000 during the twelve months ended November 30, 2024 to $407,000 during the thirteen months ended December 31, 2025. The increase is related to the increase in general and administrative activities related to planning for 2026.

• Share based compensation decreased by $462,000, from $1,682,000 during the twelve months ended November 30, 2024, to $1,220,000 during the thirteen months ended December 31, 2025. The decrease in share-based compensation resulted from the timing of the vesting of grants of stock options to management, directors, consultants and employees.

• Fair value gain on FVTPL investments increased by $270,000, from $nil during the twelve months ended November 30, 2024, to $270 ,000 during the four months ended December 31, 2025. The fair value change on FVTPL investments is related to the remaining 3,000,000 shares of Power Metallic Mines Inc. which were valued at $1.16/share on July 14, 2025 during acquisition and that have been valued at $1.25/share on the period-end date of December 31, 2025. These shares were only acquired in 2025 and were not held in 2024 resulting in the fair value gain on FVTPL investments compared to 2024.

• Gain on sale of exploration and evaluation properties increased by $4,996,000, from $nil during the twelve months ended November 30, 2024, to $4,996,000 during the thirteen months ended August 31, 2025. The gain on sale of exploration and evaluation properties is related to the sale of Rupert Mineral claims to Power Metallic Mines Inc.

• Loss from sale of short-term investments increased by $573,000, from $nil during the twelve months ended November 30, 2024 to $573,000 during the thirteen months ended December 31, 2025. The loss is related to the short-term investments being valued lower than selling price and that the investments were only acquired in 2025 and not held in 2024 resulting in the loss from sale of short-term investments compared to 2024.

• Finance and other expenses increased by $232,000, from $80,000 during the twelve months ended November 30, 2024 to $312,000 during the thirteen months ended December 31, 2025. The increase is related to the recording of Part 12 tax in relation to flow-through obligations.

• Deferred income tax recovery increased by $1,740,000, from $997,000 during the twelve months ended November 30, 2024, to $2,737,000 for the thirteen months ended December 31, 2025. The decrease in deferred income tax expense is due to the recording of the deferred income tax liability and corresponding expense of $4,789,000 and the income tax recovery resulting from incurring eligible flow-through expenditures on its exploration projects during the period of $7,526,000 resulting in a net recovery of $2,737,000

During the thirteen months ended December 31, 2025, the Company used $4,765,000 cash for operating activities compared to $3,903,000 for the twelve months ended November 30, 2024. Funds used for operating activities resulted from the net income of $2,324,000 for the period (2024 - net loss of $9,056,000) and was reduced by adjustments for non-cash items, such as gain on sale of exploration and evaluation properties of $4,996,000 compared to the twelve months ended November 30, 2024 where there were no sales of exploration and evaluation properties, fair value change on loss from sale of investments of

$573,000 compared to the twelve months ended November 30, 2024, which was not present since the Company acquired shares to Power Metallic Mines Inc. through the sale of its exploration and evaluation properties in 2025, deferred income tax recovery of $2,816,000, amortization of $177,000, share-based payments of $1,220,000, unrealized gain of $270,000 from short-term investments relating to the Power Metallic Mines Inc. shares acquired through the transaction as well as changes in non-cash working capital items totaling $978,000 (2024 - $3,617,000).

During the thirteen months ended December 31, 2025, the Company used $14,189,000 cash for investing activities compared to $23,761,000 used during twelve months ended November 30, 2024. Cash used in investing activities consists of exploration and evaluation expenditures, including cash payments for mineral property acquisitions. The decrease is related to the reduction of drill programs in 2025 compared to 2024. Additionally, there was a shift in focus to baseline environmental studies for most of the period. Also,, including the proceeds on sale of exploration and evaluation properties of $700,000 and proceeds from sale of short-term investment of $2,907,000 from the transaction with Power Metallic Mines.

During the thirteen months ended December 31, 2025, the Company used $241,000 during the thirteen months ended December 31, 2025 in financing activities compared to generating $30,938,000 during the thirteen months ended November 30, 2024. For the period ended December 31, 2025, there were no financing activities compared to the period ended November 30, 2024, wherein there were financing completed in Q1 2025 and Q4 2025.

From time to time the Company works to raise additional capital through private placements and other forms of equity financing. Its ability to fund exploration projects is dependent upon its ability to obtain sufficient funding for operations and is ultimately dependent on the recoverability of the amounts capitalized to mineral exploration properties. The Company has not yet determined whether its mineral properties contain mineral reserves that are economically recoverable, and accordingly, the success of any further exploration or development prospects cannot be assured. Because the Company is not yet a producer, the primary source of future funds is through the sale of additional equity capital and optioning of resource properties. There is no assurance that the Company will be successful in raising sufficient capital to meet its future obligations. If it is not successful in raising sufficient capital, it may have to curtail or otherwise limit operations.

As at December 31, 2025 shareholders' equity totaled $264,374,000 and consisted of share capital in the amount of $261,597,000, contributed surplus in the amount of $6,776,000 and deficit in the amount of

$3,999,000.

The Company's related parties consist of the Company's Directors, Executive Chairman, CEO, CFO, Officers and enterprises which are controlled by these individuals as well as persons performing similar functions. The compensation paid or payable to key management for services during the thirteen months ended December 31, 2025 and twelve months ended November 30, 2024 is as follows:

Included in accounts payable and accrued liabilities as at December 31, 2025 were $36,000 to Directors (2024 - $20,000) and $627,000 amongst CEO, CFO, Officers and enterprises controlled by these individuals (2024 - $184,000) totaling to $663,000 (2024 - $204,000).

The Company has no off-balance sheet arrangements.

The Company has an authorized share capital of an unlimited number of common shares with no par value.

As at December 31, 2025, the Company had 47,353,125 common shares issued and outstanding. At the date of this MD&A, the Company had 49,774,603 common shares issued and outstanding.

As at December 31, 2025, the Company had 1,894,500 stock options issued and outstanding. As at the date of this MD&A, the Company had 3,952,375 stock options issued and outstanding with a weighted average share price of $6.57. 580,000 and 30,000 options have an exercise price of $10.00 and $7.00 per share, respectively and are exercisable for a period of five years. The options vest over a two-year period, with one quarter of total options vesting at each six-month anniversary.140,000 options have an exercise price of $7.00 per share and are exercisable for a period of five years. The options vest over an 18-month period, with one quarter of the total options vesting on the grant date, and a quarter of the total options vesting at each six-month anniversary. 245,000 stock options have an exercise price of $7.00 per share and are exercisable for a period of five years. The options vest over a two-year period, with half of the total options vesting at each twelve-month anniversary. 462,375 stock options for a period of five years at an exercise price of $3.65 per share to its Directors, Officers, employees, and consultants of the Company. The options vest 25% on the grant date and an additional 25% on each of the 6,12,18 and 24-month anniversary dates. 30,000 stock options for a period of five years at an exercise price of $3.65 per share to a consultant of the Company. The options vest over 33% on each of the 6,12, and 18-month anniversary dates. 400,000 stock options for a period of five years at an exercise price of $2.54 per share to a consultant of the Company. The options vest over 33% on each of the 6,12, and 18-month anniversary dates. 2,065,000 stock options have an exercise price of $7.00 per share and are exercisable for a period of five years. The options vest 25% on the grant date and an additional 25% on each of the 6,12, and 18.

As at December 31, 2025, the Company had 50,604 deferred share units issued and outstanding. As at the date of this MD&A, the Company had 58,493 deferred share units issued and outstanding. The DSUs were granted under the Company's share-based compensation plan to a number of directors in lieu of interim board fees. The DSUs vest over a 12-month period and will be settled in cash and equity. The associated compensation cost is based on the underlying share price on the date of grant.

As at December 31, 2025, the Company had no restricted share units issued and outstanding. As at the date of this MD&A, the Company had 87,300 restricted share units issued and outstanding. The RSUs were granted in lieu of annual cash bonuses, and each RSU entitles the holder to receive one common share of the Company upon settlement which will occur 12 months from the date of grant, in accordance with terms of the Plan.

1. Brokered and Private Placement Financings

   On November 14, 2024, the Company completed a $21,251,000 strategic investment by way of a non-brokered private placement financing for 2,694,895 flow-through common shares at a price of $5.6575 per flow-through common share for gross proceeds of $15,246,000 and 1,645,105 common shares at a price of $3.65 per common share for gross proceeds of $6,004,000.

   On March 27, 2024, the Company announced the completion of a public offering of 1,179,500 flow-through common shares of the Company at a price of $6.05 per flow-through common share for aggregate gross proceeds of $7,136,000. Concurrently, the Company also completed a non-brokered private placement financing of 689,660 flow-through common shares of the Company at a price of $4.35 per flow-through common share for aggregate gross proceeds of $3,000,000.

   Use of proceeds (Amounts in $000s)	Expected Use of Proceeds	Actual Use of Proceeds	Variance
   	$	$	$
   Net proceeds received	9,684,741	9,684,741	-
   Spend on 2024 winter program	(4,900,000)	(3,645,583)	(1,254,417)
   Spend on 2024 summer program	(4,784,741)	(6,039,158)	1,254,417
   Remaining balance	-	-	-

   The Company incurred actual expenditures of $3,645,583 for its 2024 winter program, compared to a budgeted amount of $4,900,000. The resulting variance of $1,254,417 reflects the reallocation of budgeted funds from the winter program to the summer program. This reallocation is evidenced by higher actual expenditures for the 2024 summer program of $6,039,158, compared to the budgeted amount of

   $4,784,741.

   On January 29, 2026, the Company announced the closing of a private placement, wherein the Company entered into an underwriting agreement with Canaccord Genuity Corp. for a financing of aggregate gross proceeds of up to $48,167,000. The offering includes (i) 3,876,000 flow-through subscription receipts priced at $6.88 for gross proceeds of $26,667,000 and 2,209,300 non-flow-through subscription receipts priced at

   $4.30 for gross proceeds of 9,500,000, the flow-through and non-flowthrough subscription receipts are conditional on closing the Winsome acquisition, which is expected to occur in May 2026, and (ii) 775,200 flow-through common shares priced at $6.45 per share for gross proceeds of $5,000,000 and 1,627,800 non-flow through common shares priced at $4.30 per share for gross proceeds of $7,000,000.

   The underwriters exercised the option to sell up to an additional $6,500,000 of securities at the applicable offering prices.

2. Share issued for Exploration and Evaluation Properties

On January 23, 2025, the Company announced that it has closed the mineral property purchase agreement with North Arrow Minerals (TSX-V:NAR), pursuant to which the Company acquired a 100% interest in the DeStaffany, LDG and Mackay Lithium Projects, which are adjacent to the flagship Yellowknife Lithium Project, NWT. As a consideration for the transaction, LIFT issued 250,000 common shares of the Company valued at $712,500 ($2.85 per share).

On September 23, 2024, the Company issued 12,000 common shares of the Company valued at $33,000 ($2.78 per share) to Ravenclan Ltd. pursuant to the mineral property purchase agreement to acquire the Shorty West mineral claim, which is adjacent to the flagship Yellowknife Lithium Project.

The calculation of basic income per share for the thirteen months ended December 31, 2025, was based on the net income of $2,324,000 and the weighted average number of common shares of 47,305,650. While the calculation of diluted income per share for the thirteen months ended December 31, 2025 was based on the net loss of $2,324,000 and weighted average number of common shares outstanding and stock options of 48,252,625.

The calculation of basic and diluted income per share for the year ended November 30, 2024, was based on the net loss of $9,056,000 and the weighted average number of common shares of 42,322,668. The stock options outstanding at November 30, 2024 were not dilutive, as their exercise price of $10.00 and

$7.00 were higher than the share price at any time between grant and November 30, 2024.

Alternative performance measures in this document such as "working capital" are furnished to provide additional information. These non-IFRS performance measures are included in this MD&A because these statistics are used as key performance measures that management uses to monitor and assess future performance of the Company and its exploration projects, and to plan and assess the overall effectiveness and efficiency of operations.

In addition, the Company has included certain non-IFRS measures in the annual and quarterly information tables above and calculates working capital as current assets, less current liabilities. The Company believes that these measures provide investors with an improved ability to evaluate the performance of the Company.

Non-IFRS measures do not have any standardized meaning prescribed under IFRS Accounting Standards. Therefore, such measures may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards.