Azimut Exploration Inc. announced the closing of the acquisition by LiFT Power Ltd. of its 50% interest in the Galinée Property (the "Property") located in the Eeyou Istchee James Bay region of Quebec. Under the acquisition agreement (the "Agreement") announced on December 24, 2025, LiFT acquired Azimut's interest by issuing 2,000,000 common shares. Azimut was also granted a 1.4% NSR royalty on the Property, providing some long-term exposure to future developments.
In addition, Azimut is entitled to a $1,500,000 deferred payment, payable in cash, or, subject to certain terms and conditions set out in the Agreement, in common shares of LiFT, at the earlier of 18 months or the public disclosure of a technical report with respect to the Property that includes an economic analysis of one or more development scenarios. Based on the closing price of LiFT's common shares on the TSX Venture Exchange on February 17, 2026, the total consideration for Azimut in connection with this transaction amounts to $13,400,000. Azimut now holds equity interests with a combined value of approximately $15 million in various companies.
In addition, Azimut has generated royalty interests on three lithium properties located adjacent to development-stage assets, specifically a 2% NSR on the JBN-57 claim block and a 1% NSR on the Pikwa Property, both of which have been incorporated into PMET Resources' Shaakichiuwaanaan project, and a 1.4% NSR on the Galinée Property, adjacent to Winsome Resources' Adina project. These transactions support Azimut's strategy to focus on its flagship properties, Elmer and Wabamisk. The Company has announced significant drill programs totalling at least 17,000 metres for early 2026, including a program on the Fortin Zone (Wabamisk), which is nearing completion, the commencement of follow-up drilling on the Rosa Zone (Wabamisk), and an early March program at Elmer.
