Adina Lithium Project
On May 21, 2026, Li-FT completed the acquisition of Winsome Resources, securing a 100% interest in the Adina Lithium Project in the Eeyou Istchee James Bay region of Quebec. Concurrent with the acquisition, Li-FT consolidated the adjacent Galinée property (75% Li-FT / 25% SOQUEM), creating a single contiguous land package covering the Adina pegmatite swarm and its interpreted extensions to the east.
The Adina deposit is a near-surface, hard-rock spodumene system hosting one of the largest hard-rock lithium resources in North America. The Galinée property covers the interpreted along-strike continuation of the Adina pegmatites, which were previously truncated at an artificial license boundary.
ADINA PROJECT HIGHLIGHTS
- One of the largest hard-rock lithium resources in Canada. The Adina deposit hosts an Indicated Mineral Resource of 61.4 Mt at 1.14% Li₂O (1.73 Mt LCE) and an Inferred Mineral Resource of 16.5 Mt at 1.19% Li₂O (0.49 Mt LCE), positioning Adina among the top-five hard-rock lithium resources in North America.
- Near-surface, open-pit deposit with low strip ratio. The 2024 Scoping Study supports a Phase 1 open pit with a strip ratio of 1:1, with additional pittable resource within Phase 2 and Phase 3 pit shells.
- District-scale upside through Galinée consolidation. Drill intercepts on the Galinée property of 1.62% Li₂O over 158 m and 2.48% Li₂O over 72.7 m extend mineralization across the historical Adina claim boundary. Only 35 Mt of the current Adina resource is captured in the Scoping Study pit design — removing the boundary has the potential to materially expand the in-pit resource.
- Low-CAPEX processing pathway. Located 60 km north of the Renard diamond mine, which uses the same dense media separation (DMS) processing technique applicable to spodumene. Renard's existing process plant, airport, power station, and 330-person camp provide the potential to repurpose more than C$900M (US$600M) of previously invested infrastructure.
- Tier-1 infrastructure access. All-weather road from Renard to rail and sealed highways at Chibougamau, providing a clear pathway to ports and the global lithium supply chain via the Bécancour battery cluster.
- Robust Scoping Study economics. The 2024 Scoping Study, based on only 35 Mt of resource, supports a 4,650 tpd operation producing 5.5% Li₂O concentrate over a 20+ year mine life, with after-tax NPV₈ and IRR of C$1.0 billion and 42.9%, respectively, at base case pricing.
ADINA PROJECT HISTORY
Lithium mineralization at Adina was first identified in 2014 by Quebec Ministry of Natural Resources and Forests geologist Adina Bogatu during regional mapping. An initial 1,726 m drill campaign in 2018 confirmed the presence of a mineralized system at the original showing.
In autumn 2022, a Winsome Resources exploration team discovered the JAMAR showing 1.2 km east of the original Adina discovery. First-pass drilling intersected 107.6 m at 1.34% Li₂O along the principal trend, confirming the scale of the mineralized system.
Approximately 150 diamond drill holes completed between 2022 and 2024 outlined a continuous mineralized zone extending over more than 3 km of strike. In spring 2024, additional discoveries were made 200 m southwest of the main Adina zone, including a section of 61.5 m at 1.62% Li₂O (including 24.0 m at 2.82% Li₂O).
On September 17, 2024, Winsome announced positive results from a Preliminary Economic Assessment supporting a 4,650 tpd DMS operation that would generate more than C$10.0 billion in gross revenues and produce in excess of 5,000 kt of 5.5% Li₂O spodumene concentrate over the mine life.
EXPLORATION
Li-FT's near-term work program focuses on consolidating Adina and Galinée into a single resource and advancing the project toward feasibility:
- Q1–Q2 2026: Complete combined Adina-Galinée Mineral Resource Estimate
- Q1–Q2 2026: Trade-off studies evaluating use of existing Renard infrastructure versus a purpose-built process plant
- Q3–Q4 2026: 50,000 m drill campaign at Adina-Galinée focused on resource expansion across the historical claim boundary
- Q4 2026 onwards: Updated PEA and Feasibility Study initiated
MINERAL RESOURCE ESTIMATE
The Adina Mineral Resource Estimate was prepared by Winsome Resources and reported in accordance with the JORC Code (2012). Li-FT considers the estimate to represent the most recent and reliable data available for the Adina deposit and intends to prepare an updated Mineral Resource Estimate in accordance with NI 43-101 and CIM Definition Standards covering the combined Adina-Galinée property.
Adina Lithium Project Mineral Resource Estimate (May 28, 2024)
| Category | Tonnes (Mt) | Li₂O Grade (%) | LCE (Mt)* |
|---|---|---|---|
| Indicated | 61.4 | 1.14 | 1.73 |
| Inferred | 16.5 | 1.19 | 0.49 |
| Total | 77.9 | 1.15 | 2.22 |
Lithium carbonate equivalent ("LCE")
Adina Mineral Resource Estimate Notes:
- The Adina Mineral Resource Estimate was prepared in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code") and reported by Winsome Resources Limited on May 28, 2024.
- Li-FT considers the Adina MRE a "historical estimate" for the purposes of NI 43-101. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources, and Li-FT is not treating the historical estimate as current mineral resources. Li-FT intends to complete the work necessary to verify and report the Mineral Resource Estimate in accordance with NI 43-101 and CIM Definition Standards.
- All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.