Li-FT Power Ltd. has entered into an agreement to acquire Azimut Exploration Inc.'s 50% interest in the Galinée lithium property in Québec, enhancing its position in the lucrative lithium market.

Target Information

Li-FT Power Ltd. is strategically positioned in the renewable energy sector with a focus on lithium extraction, particularly from its Galinée lithium property located in Québec. The company has entered into a definitive agreement with Azimut Exploration Inc. to acquire a 50% stake in this property, which is known for its rich lithium-bearing pegmatites. The agreement involves a transaction worth 2 million Li-FT common shares, alongside a 1.4% net smelter return royalty and deferred consideration totaling $1.5 million, payable in either cash or shares.

The Galinée property is notable for its high-grade lithium deposits and is situated adjacent to Winsome Resources' Adina deposit. Recent exploration on the site has yielded positive results with new spodumene-bearing boulders identified through till sampling, pointing to two promising target areas for further investigation and potential development.

Industry Overview in Canada

Canada's lithium mining industry has gained international attention in recent years, driven by the global transition towards electric vehicles and renewable energy technologies. The demand for lithium, a key component in lithium-io