Company strengthens its position as the leading lithium explorer in Northwest Territories.

In a move set to reshape the lithium landscape in Canada's North, Li-FT Power Ltd. has entered into a definitive agreement with North Arrow Minerals Inc. to acquire the DeStaffany, LDG, and MacKay lithium projects, positioning itself at the forefront of exploration for the clean energy transition metal in Northwest Territories.

"The acquisition of North Arrow's lithium portfolio further positions LIFT as the leading lithium exploration company in the Northwest Territories," said Li-FT Power CEO Francis MacDonald.

With its Yellowknife Lithium project covering more than 141,472 hectares (349,832 acres) of highly prospective hard rock lithium claims in NWT's Yellowknife Pegmatite Province (YPP), Li-FT rapidly established itself as one of the top lithium exploration companies in Canada.

In just under two years, Li-FT executed an aggressive exploration strategy that saw over 49,548 meters drilled across 286 holes between 13 spodumene-bearing pegmatite targets.

This extensive work culminated in a maiden resource estimate of 50.4 million metric tons averaging 1% (506,000 metric tons) lithium oxide, demonstrating the project's potential to be one of the largest hard rock lithium resources in the Western Hemisphere.

While Li-FT has established itself as a major force in the territory's mining sector, the deal with North Arrow introduces another portfolio that was strategically developed to complement the industry's growing interest in this clean energy metal.

Primarily a diamond explorer, North Arrow holds notable assets such as the Naujaat diamond property in Nunavut, which it jointly owns with Burgundy Diamond Mines (40%).

This partnership, along with its Pikoo property in east-central Saskatchewan as well as Lac de Gras and Loki properties in Northwest Territories, highlights the company's expertise in gemstone exploration while providing a foundation for its recent diversification into lithium.

However, in 2023, North Arrow sought to expand its holdings to include lithium, a mineral that has grown significantly over the last few years due to its use in batteries and other clean energy technologies.

Li-FT Power Ltd.

Historical data on pegmatite findings in Northwest Territories, including near its Lac de Gras property, guided North Arrow's strategic expansion into lithium exploration, leading to the acquisition of properties like DeStaffany, LDG, and MacKay to align with the rising demand for this critical energy metal.

Although the company had begun laying the groundwork for lithium exploration at these properties, the recent agreement with Li-FT ensures these projects will advance under the guidance of a company that has rapidly demonstrated its expertise in unlocking the lithium potential of Northwest Territories.

Under the terms of the agreement, North Arrow will receive approximately 250,000 common shares of Li-FT. Based on recent market data, Li-FT's share price was valued at approximately C$2.78 as of Dec. 13, 2024. This suggests a potential transaction value of roughly C$695,000 ($507,350), though exact valuations may vary depending on market fluctuations at the time of issuance.

The agreement also includes provisions for the transfer of reclamation bonds, reinforcing environmental stewardship as the project's transition to Li-FT's ownership.

The addition of North Arrow's properties further consolidates Li-FT's footprint within the YPP and strengthens its position in Northwest Territories' emerging spodumene districts.

DeStaffany's proximity to established Li-FT targets showcases the logistical efficiencies the acquisition provides. Meanwhile, the LDG and MacKay properties extend Li-FT's reach into regions with demonstrated mineral potential near major infrastructure supporting the Diavik and Ekati diamond mines, aligning with the company's long-term exploration goals.

"The DeStaffany project is located close to our BET and Echo pegmatites which creates synergies from a logistical standpoint, as well as increases the overall resource base for the eastern sector of the Yellowknife Pegmatite Province," said MacDonald. "The LDG and Mackay properties give LIFT a foothold in an emerging spodumene district located near the Diavik and Ekati diamond mines and provide long-term upside for the company. We will continue to seek out accretive acquisitions within the Northwest Territories, especially around our existing resource base."

This agreement marks a significant moment in NWT's growing prominence as a critical hub for lithium exploration.

By uniting Li-FT's proven expertise with North Arrow's well-positioned properties, the deal enhances the region's potential role in meeting the rising demand for energy metals essential to the global transition toward cleaner technologies.