Li-FT Power Advances North American Lithium Projects Amid Growing EV Demand

The North American lithium market is experiencing significant growth, driven by the expanding electric vehicle industry and the global shift toward clean energy. Li-FT Power Ltd. is strategically positioning itself to capitalize on this growing demand with five high-yield lithium pegmatite projects across three mining-friendly jurisdictions in Canada. The company's flagship Yellowknife Lithium Project in the Northwest Territories stands out as a potentially significant source of hard rock lithium in North America.

The Yellowknife project encompasses 13 lithium pegmatite systems with grades averaging between 1.0% and 1.2% Li2O over widths of 10 to 30 meters and strike lengths up to 1,800 meters. Recent drilling results have been promising, with notable intersections including 35 meters at 1.32% Li2O at the Shorty pegmatite and 28 meters at 1.7005% Li2O at the BIG East pegmatite. As of April 2024, Li-FT had completed 50,000 meters of resource development drilling, significantly advancing the project toward a maiden resource estimate.

In addition to the Yellowknife project, Li-FT Power holds three early-stage exploration properties in Quebec: the Rupert, Pontax, and Moyenne projects. These projects are strategically positioned to tap into Quebec's rich lithium potential. The Pontax Project, covering 61,520 hectares, features the most extensive lithium anomaly in Li-FT's Quebec portfolio. Summer 2023 exploration activities revealed a significant 13 km by 6 km lithium anomaly at Pontax, with additional spodumene anomalies identified on the Rupert Property.

The company's portfolio is further strengthened by the Cali Project, located within the Little Nahanni Pegmatite Group in the Northwest Territories near the Yukon border. Rock sampling and mapping efforts at Cali have shown high lithium grades, with 124 out of 163 grab samples returning grades exceeding 1.0% Li2O. This demonstrates the project's potential for high-grade lithium mineralization.

Li-FT Power's strategic positioning in the North American lithium market comes at a time of unprecedented growth in the sector. The U.S. saw a remarkable increase in lithium-ion battery imports in the first quarter of 2023, reaching 235,386 metric tons, marking a 66% rise from the previous year. This surge underscores the escalating demand for lithium, driven by the expanding EV market and the clean energy transition. The lithium-ion battery capacity is projected to more than double by 2030, reaching 6.5 terawatt-hours according to the S&P Global Commodity report. Additionally, the demand for lithium-powered EV batteries is anticipated to grow annually by over 22%, with the electric vehicle transport sector expected to account for a substantial portion of future lithium consumption.