Li-FT Power Ltd. (LIFT) has secured approval from the Superior Court of Québec to move forward with a binding call option agreement to acquire the Renard diamond mine. This arrangement, finalized with Stornoway Diamonds (Canada) Inc., its affiliates, and the monitor managing the current restructuring proceedings, provides a structured path for the company to potentially integrate the existing infrastructure into its lithium development portfolio.

The agreement allows LIFT to evaluate the feasibility of repurposing the site for lithium processing. As part of the deal, the company has paid a cash fee of C$12 million. This payment is currently held in trust, pending the formal authorization from provincial authorities to postpone rehabilitation and restoration activities at the site. The satisfaction of this condition is required by October 3, 2026. Should this release not be granted by the deadline, the fee will be returned and the option terminated.

Under the terms of the option, which remains valid for two years until June 23, 2028, LIFT may elect to purchase the Renard mine, its processing facility, and associated infrastructure, or alternatively acquire all issued shares of the entities that own the asset. The company is responsible for the site’s care and maintenance costs throughout the option period, which are estimated at C$18 million annually. If LIFT exercises its right to acquire the project, it will assume full responsibility for all future closure and remediation obligations.

The Renard facility offers substantial infrastructure that could be relevant for a potential shift to lithium processing. Located in the Eeyou Istchee James Bay region of Québec, the site features a processing plant with a capacity of 2.2 million tonnes per annum. Operational support includes an on-site airport, an LNG-fired power station, a 330-bed camp, and all-season road access that provides connectivity to the broader regional supply chain.

This transaction fits within the broader development strategy of LIFT, which maintains a dual-jurisdiction focus with core hard rock lithium assets located in both Québec and the Northwest Territories. The company intends to utilize the two-year option period to conduct comprehensive technical, economic, environmental, and social feasibility studies. These investigations will determine the potential for the Renard processing plant to handle spodumene pegmatite ore from the company’s other regional holdings, specifically the Adina Lithium Project.

The ultimate execution of the transaction remains subject to several procedural requirements. These include the successful negotiation and signing of a formal acquisition agreement following any decision to exercise the option, as well as obtaining the necessary regulatory clearances. Specifically, the final deal will require approval from the TSX Venture Exchange and the ongoing oversight of the Court as part of the existing restructuring process. By securing this agreement, the company has established a defined framework to explore the potential utilization of these established mining assets while concurrently managing the associated liabilities and site maintenance requirements during the assessment phase.

Read the full announcement: Court Approves Option to Acquire the Renard Mine Site