08:28 AM EDT, 09/23/2025 (MT Newswires) -- Harfang Exploration ( HRFEF ) said Tuesday that it received notice from Li-FT Power ( LIFFF ) of its decision to proceed with the second option over the Pontax property in Quebec.

Li-FT previously exercised the first option to acquire an initial 51% interest in Pontax by paying $100,000 and spending $1.7 million on exploration over three years.

Li-FT will proceed with the second option to raise its project ownership to 70% interest by paying an additional $50,000 in cash and/or shares and spending an additional $3.4 million on exploration prior to the third anniversary of the exercise of the first option.

If Li-FT exercises the second option, Harfang can either convert its remaining 30% participating interest into a 2.5% net smelter returns royalty or form a joint venture to further explore Pontax.

"We are pleased that LI-FT has elected to proceed with the second option and will continue to move Pontax forward," Harfang president and chief executive officer Rick Breger said. "At Pontax, LI-FT has done an exceptional job of defining a 25 km by 10 km area of high spodumene grain counts in glacial sediments, highlighting the strong potential of the project."

Harfang's share price fell 5% Monday to $0.095 on the TSXV.