Arctic Fox Lithium Corp. (formerly Arctic Fox Ventures Inc.) announced that on February 27, 2023 it entered into a Letter of Intent with 1000383374 Ontario Inc. to acquire 34 active mineral claims located in the James Bay region of Quebec. The 34 mineral claims known as the Pontax North Lithium project consist of 1,803 hectares of land.

Under the terms of the LOI the Company would be required to issue up to 6,000,000 common shares in the Company and make a cash payment of CAD 50,000 on execution of a definitive agreement with respect to the Acquisition. The Company and 3374 will work towards executing a mutually agreeable definitive agreement within fifteen days. The Acquisition is an arm's length transaction and there are no finder's fees payable in connection with it.

The Acquisition will not constitute a change of business.