Li FT Power : 2024 Q1 Management's Discussion & Analysis

Li-FT POWER LTD.

Management's Discussion and Analysis

For the three months ended February 29, 2024

TSX-V:LIFT I OTCQX: LIFFF I FRANKFURT: WS0

www.li-ft.com

Li-FT POWER LTD.	Management's Discussion and Analysis
For the three months ended	(Expressed in Canadian dollars, unless otherwise indicated)
February 29, 2024

_____________________________________________________________________________________________

GENERAL

This Management's Discussion and Analysis ("MD&A") should be read in conjunction with the unaudited condensed interim consolidated financial statements of Li-FT Power Ltd. (the "Company" or "LIFT") for the three months ended February 29, 2024, which are prepared in accordance with International Financial Reporting Standards ("IFRS") as applicable to the preparation of interim financial statements, including International Accounting Standard IAS 34 Interim Reporting. The unaudited condensed interim consolidated financial statements should also be read in conjunction with the Company's audited consolidated financial statements for the year ended November 30, 2023 and 2022, which are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") on a going concern basis. These documents, along with additional information on the Company including the Company's Annual Information Form ("AIF") for the year ended November 30, 2023, are available under the Company's SEDAR+ profile at www.sedarplus.ca.

In this MD&A, unless the context otherwise requires, references to the "Company", "LIFT", "we", "us", and "our" refer to Li-FT Power Ltd. and its subsidiaries.

This MD&A contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities laws. See the section in this MD&A titled "Forward-Looking Statements" for further details and "Risk Factors" for a discussion of the risks, uncertainties and assumptions relating to such information. In addition, this MD&A has been prepared in accordance with the requirements of Canadian securities laws, which differ in certain material respects from the disclosure requirements of United States securities laws.

All dollar amounts included in this MD&A are expressed in Canadian dollars unless otherwise noted. This MD&A is dated as of April 25, 2024, and all information contained in this MD&A is current as of April 25, 2024.

DESCRIPTION OF BUSINESS

Li-FT Power Ltd. was incorporated under the Business Corporations Act (British Columbia) on May 28, 2021. The Company is an exploration stage company engaged in the acquisition, exploration, and development of mineral properties, with a focus on lithium in Canada.

The head office of the Company and principal address is Suite 1218-1030 West Georgia Street, Vancouver, British Columbia V6E 2Y3, and the registered and records office of the Company is located at Suite 2080- 777 Hornby Street, Vancouver, British Columbia, V6Z 1S4.

PROJECTS OVERVIEW

The Company holds interests in two mineral properties in the Northwest Territories being the Yellowknife Lithium Project and the Cali Project, and three mineral properties in Quebec, the Rupert Project, the Pontax Project and the Moyenne Project. Key agreements for each are described in further detail in the section below.

2

Li-FT POWER LTD.	Management's Discussion and Analysis
For the three months ended	(Expressed in Canadian dollars, unless otherwise indicated)
February 29, 2024

_____________________________________________________________________________________________

SELECTED CONSOLIDATED FINANCIAL INFORMATION

The following table sets forth selected consolidated financial information of the Company as of the period ended February 29, 2024, February 28, 2023, and 2022. The selected consolidated financial information is extracted from the Company's unaudited condensed interim consolidated financial statements for the three months ended February 29, 2024, February 28, 2023, and 2022, prepared in accordance with IFRS as applicable to the preparation of interim financial statements, including International Accounting Standard IAS 34 Interim Reporting.

Financial Results (in $000s Except for per Share Amounts):

For the three months ended February 29, 2024 and February

28, 2023 and 2022

2024

20232022

Mineral Property Expenditures (1)

Net loss and comprehensive loss for the period

Total Cash Used in Operating Activities (2)

Basic and Diluted Net loss Per Share (in Dollars) (3)

$ 10,754

(1,921)

1,740

(0.05)

187,643 3,864

1. (56)

48826

(0.02) (0.00)

	Financial Position (in $000s):
				February 29,				November 30,			November
					2024				2023			30, 2022
	Cash	$	6,590			17,737		5,442
	Working Capital (4)		6,345		16,643	1,410
	Exploration and Evaluation Assets		247,058		236,304	10,004
	Total Assets		258,776		261,713	15,488
	Total Liabilities		14,789		16,521	4,074

1. Represents mineral property expenditures per the condensed interim consolidated statements of financial position.
2. Per the condensed interim consolidated statements of cash flows in each corresponding period.
3. The basic and diluted loss per share calculations result in the same amount due to the anti-dilutive effect of outstanding stock options and warrants, where applicable.
4. This is a non-IFRS measurement with no standardized meaning under IFRS and may not be comparable to similar financial measures presented by other issuers. For further information please see the section in this MD&A titled "Non-IFRSMeasures"

3

Li-FT POWER LTD.	Management's Discussion and Analysis
For the three months ended	(Expressed in Canadian dollars, unless otherwise indicated)
February 29, 2024

_____________________________________________________________________________________________

In terms of the mineral property expenditures, the following summarizes the 2023-2024 work programs at each of the key project locations:

Yellowknife Lithium Project

Exploration on the Yellowknife Lithium Project commenced on June 2, 2023. As at the date of this MD&A, a total of 49,416 metres of diamond drilling over 285 holes were completed over 8 known spodumene bearing pegmatite dikes. Bulk sampling was completed on the 8 dikes drill tested and submitted to SGS Lakefield for metallurgical analysis, results expected in Q3 of 2024. Bases of exploration were established in the town of Yellowknife, at Hidden Lake exploration camp and Echo satellite camp. Environmental baseline studies were initiated in 2023 to support a PEA level scoping study. The 2023 summer exploration program was impacted by wildfires and the evacuation of the town of Yellowknife from August 15 to September 10, 2023. The Company has continued resource definition drilling in the winter 2024 program which began on January 5, 2024.

Cali Lithium Project

LIFT initiated surface mapping and geochemical sampling on August 17, 2023, at the Cali Lithium Project. A total of 183 chip samples and 1,222 soil samples were collected. Mapping identified three distinct sheeted dike corridors over a collective width of 110 metres and a strike of 1,300 metres. Numerous surface occurrences of spodumene hosted pegmatite dikes returned >1.5% Li2O in soil samples. Soil geochemical anomalies define the outcropping pegmatite corridors as well as two additional coherent trends of anomalous Li-Cs-Be values. LIFT has plans to follow up these positive results with further exploration in Summer 2024.

Rupert Lithium Project

A multi-phase exploration program was initiated in March 2023 on the Rupert Lithium Project (including the Moyenne and Pontax tenure packages) which completed in October 2023. A total of 4,611 metres of diamond drilling was completed over 12 holes. Of these, 6 holes each were drilled to test bedrock at the head of two coherent robust till geochemical anomalies. A total of 6,248 soil, 183 rock and 731 heavy mineral concentrate (HMC) samples were collected on the Pontax and Rupert tenure packages, with results pending. A short top-of-bedrock RC drilling program ceased as a result of the wildfire activity in April and May of 2023. Heavy mineral concentrate samples from the RC program were submitted to Overburden Drilling Management for indicator mineral counts, with results pending.

4

Li-FT POWER LTD.	Management's Discussion and Analysis
For the three months ended	(Expressed in Canadian dollars, unless otherwise indicated)
February 29, 2024

_____________________________________________________________________________________________

LITHIUM PROJECT LOCATIONS AND HISTORY

1. NORTHWEST TERRITORIES YELLOWKNIFE LITHIUM PROJECT

On November 23, 2022, the Company entered into an amalgamation agreement (the "Amalgamation Agreement") with 1361516 B.C. Ltd. (the "Target"), a private company holding a 100% indirect interest in the Yellowknife Lithium Project (the "Project" or the "Properties"), whereby the Company agreed to acquire all the issued and outstanding shares of the Target. On December 30, 2022, the transaction was completed for total share consideration of $198,000,000.

The Yellowknife Lithium Project ("YLP") is comprised of thirteen mineral leases that cover most of the lithium pegmatites that make up the Yellowknife Pegmatite Province ("YPP"). Numerous spodumene-bearing pegmatites with strike lengths up to 1,800 metres and widths up to 40 metres outcrop within the Project and are plainly visible from satellite imagery. The YPP also benefits from excellent existing infrastructure, including roads and a skilled labour force that could support the development of this project. The Property is subject to an underlying 2% net smelter royalty ("NSR") and an overriding 2% gross production royalty.

Lithium mineralization hosted in spodumene-bearing pegmatites of the Yellowknife Pegmatite Province was first discovered in the 1940's and intermittently explored through to the 1980's. Canadian Superior Exploration Limited (CSEL), the exploration arm of Superior Oil, completed systematic mapping, spodumene crystal counts, trenching, channel sampling and diamond drilling in the area from 1975 to 1979.

Superior Oil was acquired by Mobil in 1984 which led to the divestment of the CSEL mineral properties and the claims holding the largest lithium pegmatites were transferred to Erex International Ltd. ("Erex"), a private company acquired by the Target. In 1985, Erex entered into an option agreement with Equinox

5

Li-FT POWER LTD.	Management's Discussion and Analysis
For the three months ended	(Expressed in Canadian dollars, unless otherwise indicated)
February 29, 2024

_____________________________________________________________________________________________

Resources Ltd. who collected bulk samples in 1987 for initial metallurgical testing. The results from initial metallurgical testing were positive and Equinox recommended a full feasibility study. Equinox was later acquired by Hecla Mining Company and the YPP lithium deposits reverted to Erex. Since 1987, very little exploration work completed on any of the pegmatites.

On February 18, 2023, the Company acquired an option to purchase a 100% interest in 13 mineral leases covering 991 hectares that comprise the Thompson-Lundmark Project (the "Property") and one lease, covering 115 hectares to the north of the Property. The terms of the option require the Company to make aggregate cash payments of $3 million (of which $1,250,000 has been paid to date) and exploration expenditures of $1.3 million over the two-year term of the option agreement. A 1.5% NSR will be retained by the vendor of the Property, one third of which can be purchased at any time for $500,000. The Company also holds a first right of refusal on the royalty.

The Thompson-Lundmark Property is contiguous with LIFT's Ki mineral lease that hosts the Ki lithium pegmatite occurrence, part of LIFT's Yellowknife Lithium Project, in the Northwest Territories. The lithium pegmatite dykes exposed on the Thompson-Lundmark Property have widths, on surface, up to 25 metres and are on strike with LIFT's Ki lithium pegmatite that has reported an intersect of 13 metres at 1.80% Li2O in a single diamond drill hole from the 1970's. Outcrops of the Ki pegmatite within the Ki lease have been described to contain 15 to 20% spodumene content approximately 40 metres from the Property boundary. The dykes add 600 metres of strike length to the Ki pegmatite system for a total of 1.5 kilometres which is scheduled to be one of the targets for systematic follow-up drilling commencing in the summer 2024 program.

6

Li-FT POWER LTD.	Management's Discussion and Analysis
For the three months ended	(Expressed in Canadian dollars, unless otherwise indicated)
February 29, 2024

_____________________________________________________________________________________________

On April 19, 2023, the Company announced it has signed a Memorandum of Understanding ("MOU") with the Yellowknives Dene First Nation ("YKDFN") regarding the Yellowknife Lithium Project located approximately 60 kilometres east of Yellowknife, Northwest Territories in YKDFN's traditional territory; Chief Drygeese Territory. The MOU stated that both LIFT and YKDFN will enter into an Exploration Agreement based upon the terms outlined in the MOU, and that LIFT could mobilize equipment and supplies for the summer 2023 drill campaign at the Yellowknife Lithium Project with an anticipated start date on or around June 1, 2023. The exploration agreement was formally entered into on June 5, 2023 with YKDFN.

The summer drill campaign at the Yellowknife Lithium Project began on June 2, 2023, and was expected to be approximately 45,000 metres and run until November 2023. The drill program was targeting seven outcropping spodumene-bearing pegmatite dyke complexes that are within 10 kilometres of an all-season highway. Drilling began by targeting areas that, based on historic trench sample results, returned the highest lithia grades from outcropping pegmatites. The Fi Southwest and Fi-Main pegmatites were the first targets that were drilled. The Company planned to drill each pegmatite target at 100 metre by 100 metre centers to a vertical depth of 300 metres.

On June 14, 2023, the Company announced that initial drilling below the Fi Southwest pegmatite had intersected widths of spodumene-bearing pegmatite similar to surface exposures and that the dyke contains similar amounts of spodumene to what was reported in historic work completed in the 1970s and 1980s (locally 5 - 50% spodumene content).

On August 15, 2023, the Company announced that due to forest fire activity in the Northwest Territories, LIFT temporarily demobilized personnel, essential equipment, and key drill core from the Hidden Lake Camp. LIFT worked with the Government of the Northwest Territories to support local fire-fighting efforts and released a helicopter to support the campaign. Subsequently on September 14, 2023, LIFT announced that diamond drilling resumed with one drill rig at the Echo target and planned to scale up to six rigs by mid- September. The Company reported that there was no damage to any samples, equipment, or infrastructure during the evacuation period.

LIFT was issued a Type A Land Use Permit (MV2022C0022), a non-federal Type B Water Licence (MV2022L8-0008), and a federal Type B Water Licence (MV2022L8-0008) on January 3, 2023. LIFT subsequently received approval for amendments to its Land Use Permit and Water Licences for the Yellowknife Lithium Project on May 29 and December 12, 2023. The amendments allow LIFT to use additional water sources, enabling the Company to drill on all of the leases associated with its Yellowknife Lithium Project. The amendments also allow LIFT to build a winter road that connects the Echo area to the all-season road to Yellowknife, effectively creating an option for a road-based link between Echo to the global market.

On November 30, 2023, the Company announced that it has obtained a Type A Land Use Permit from Mackenzie Valley Land and Water Board for its Cali project in Northwest Territories. The Land Use Permit will enable LIFT to expand its exploration activities in the Cali area and allows the Company to establish an exploration camp and fuel caches, conduct diamond and reverse circulation drilling, and construct & maintain winter access roads. This Permit will grant the Company adaptability to scale up its exploration efforts, adjusting its approach according to the findings and enhanced knowledge of the area. The Land Use Permit has a term of five years, which may be extended for an additional two years.

7

Li-FT POWER LTD.	Management's Discussion and Analysis
For the three months ended	(Expressed in Canadian dollars, unless otherwise indicated)
February 29, 2024

_____________________________________________________________________________________________

Between July 25, 2023, and April 16, 2024, the Company announced drill results for 229 holes (approximately 39,996 metres of drilling) across 8 pegmatite targets. Highlights of these drill hole intercepts are included in the table below, and the complete list of drill hole results can also be found on the Company website www.li-ft.com/projects/yellowknife/

	Hole			From (m)	1		To (m)		Interval
						(m)2
	YLP0001	73		108		35
	inc.	75		102		27
	YLP0003			55			94		39
	inc.			57			92		35
	YLP0004	55		88		33
	inc.	56		85		29
	YLP0005			52			131		79
	inc.			73			129		56
	YLP0006	45		125		80
	inc.	63		107		44
	YLP0007			43			103		60
	inc.			64			103		39
	YLP0011	57		83		26

Li2O (%)3

1.30

1.58

1.43

1.57

1.39

1.55

1.13

1.42

0.87

1.14

1.26

1.38

1.22

Dyke

Fi-SW

Fi-SW

Fi-SW

Fi-SW

Fi-SW

Fi-SW

Fi-Main

8

Li-FT POWER LTD.	Management's Discussion and Analysis
For the three months ended	(Expressed in Canadian dollars, unless otherwise indicated)
February 29, 2024

_____________________________________________________________________________________________

inc.	59	82
YLP0015	84	111
inc.	98	108
YLP0017	64	94
inc.	69	92
YLP0023	78	108
inc.	83	106
inc.	87	104
YLP0024	71	95
inc.	78	93
YLP0031	154	176
inc.	155	174
YLP0032	58	73
inc.	60	68
inc.	65	68
and	86	104
inc.	95	102
YLP0033	42	67
inc.	50	66
YLP0037	55	88
inc.	56	80
YLP0038	67	101
inc.	72	99
YLP0039	66	79
and	92	122
YLP0049	0.7	13
and	24	33
and	38	52
inc.	39	51
YLP0053	71	81
and	117	138
YLP0054	180	217
YLP0055	48	65
inc.	50	64
YLP0064	28	38
and	56	69
YLP0092	163	181
and	189	196
YLP0068	109	135

23

27

10

30

23

30

23

17

24

15

22

19

15

8

3

18

7

25

16

33

24

34

27

13

30

12

9

14

12

10

21

37

17

14

10

13

18

7

26

1.37

1.00

1.84

1.13

1.42

1.10

1.33

1.42

1.12

1.47

1.46

1.63

0.75

1.04

1.35

1.04

1.45

1.13

1.50

0.71

0.91

1.35

1.53

1.05

0.87

1.28

0.66

1.50

1.73

0.76

1.08

1.22

1.14

1.36

1.04

1.55

1.72

1.58

1.02

Fi-Main

Fi-Main

Fi Main

Fi Main

Fi-SW

Big-E

Shorty

Fi-SW

Fi-SW

Big-E

Big-E

Big East

Fi-SW

Shorty

Big East

Big East

Big East

9

Li-FT POWER LTD.	Management's Discussion and Analysis
For the three months ended	(Expressed in Canadian dollars, unless otherwise indicated)
February 29, 2024

_____________________________________________________________________________________________

inc.	110	120
inc.	128	133
YLP0109	45	63
YLP0073	51	70
YLP0093	184	191
and	198	219
YLP0077	212	234
YLP0108	67	81
and	90	105
YLP0087	69	90
inc.	72	83
YLP0088	5	11
and	63	83
YLP0097	126	136
inc.	129	132
and	193	216
inc.	203	214
YLP0102	170	196
inc.	171	178
and inc.	184	196
YLP0121	63	69
and	77	105
YLP0115	253	281
YLP0117	164	190
YLP0125	226	249
YLP0141	52	79
YLP0147	64	86
YLP0148	72	95
YLP0165	61	84
YLP-0199	58	80
YLP-0200	50	69
YLP-0212	16	21
and	31	32
and	62	78
and	134	139
YLP-0216	15	25
and	62	72
and	77	93
YLP-0223	20	34

10

5

18

19

7

21

22

14

15

21

11

6

20

10

3

23

11

26

7

12

6

28

28

26

23

27

22

23

23

22

19

5

1

16

5

10

10

16

14

1.65

1.36

1.75

1.16

1.99

1.40

1.35

1.27

1.28

1.12

1.70

1.04

1.52

0.84

1.73

1.03

1.69

1.14

1.42

1.33

0.97

1.70

0.99

1.56

1.50

1.26

1.53

1.40

1.25

1.05

1.31

1.36

0.68

1.29

1.19

1.57

1.29

1.26

1.55

Big East

Shorty

Big East

Big East

Big East

Ki

Shorty

Shorty

Fi-SW

Big East

Big East

Big East

Fi-SW

Fi Main

Fi Main

Fi Main

Ki

Fi SW

Fi SW

Echo

Echo

Echo

10