Lithium Ionic Reports Significant Engineering and Commercial Progress at Bandeira Detailed-Stage Engineering, Tendering , and Offtake Discussions Position Bandeira for Construction Readiness Amid Strengthening Lithium Markets
Lithium Ionic Reports Significant Engineering and Commercial Progress at
Bandeira
Detailed-Stage Engineering, Tendering , and Offtake Discussions Position Bandeira for
Construction Readiness Amid Strengthening Lithium Markets
TORONTO, ON, February 12, 2026 – Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE:
H3N) ("Lithium Ionic" or the "Company") is pleased to provide a development update on its 100%-
owned Bandeira Lithium Project (“Bandeira” or the “Project”), located in Minas Gerais, Brazil’s
globally significant “Lithium Valley”.
Bandeira is Rapidly Advancing to Construction-Ready Status
▪ Overall Engineering has advanced to 48% completion since the Feasibility Study
(the “Study”) press release from September 17, 2025.
▪ Basic engineering complete on major design packages including plant
engineering and primary civil engineering.
▪ Detailed engineering on raw water and drainage is in the final stage.
▪ Infrastructure and long-lead tenders are now being deployed as per the Project
schedule.
▪ Commercial momentum is accelerating as the Company has received multiple
offtake and debt-financing term sheets and is advancing towards binding
agreement(s).
Blake Hylands, P.Geo., CEO of Lithium Ionic, commented, “Bandeira is now firmly in the
execution phase. With a technically robust and optimized Feasibility Study in-hand, our focus has
shifted to disciplined delivery - advancing engineering, securing the right commercial
partnerships, and preparing the Project for construction. Importantly, this progress is unfolding in
a materially stronger lithium market than when our Feasibility Study was completed, which
reinforces our confidence in the Project’s long-term value. Our objective is clear: to bring Brazil’s
next high-quality, low-cost lithium operation into production with the right foundations in place.”
Site Development and Engineering Continues to Progress
Engineering activities at Bandeira continue to advance across multiple parallel workstreams, as
the Project advances towards construction. Total Project engineering is currently 48% complete.
Basic plant engineering has been completed by Lycopodium, establishing key equipment
selection, layout parameters, and design criteria for the processing facility. Primary civil
engineering for roads, plant areas, and buildings is complete with detailed engineering for raw
water services, and drainage at the final stages.
Mine access and site infrastructure engineering are progressing in an integrated manner. Basic
engineering for the mine access, site infrastructure, and supporting surface facilities are also
substantially completed, supporting the launch of mine underground contractor and mine fleet
tendering. Underground mine development planning is advancing , with NCL Ingeniería y.
Construcción SpA. (“NCL”) mobilized to complete the detailed underground mine plan and
schedule, targeted for April 2026.
The current stage of surface infrastructure definition is reflected in the three-dimensional Project
rendering shown in Figure 1.
Lithium Ionic expects to provide ongoing updates as engineering advances and key tendering
and execution milestones are reached.
Figure 1. Three-dimensional rendering of the Bandeira Project Plant site reflecting
the current stage of engineering and layout development.
Procurement and Tendering Activity is On Schedule
As engineering advances, the Project has entered a structured procurement and contractor
engagement phase. Major tendering activities aligned with completed engineering packages are
underway, including earthworks, drainage, mine access development, and site infrastructure. To
date, 23% of infrastructure procurement packages have been tendered, supporting the Project
execution phase and confirming capital cost estimates.
Offtake and Financing Negotiations Advance to the Binding Stage
Lithium Ionic is in advanced offtake discussions with parties across North America, Europe,
China, and Japan with lead parties having completed due diligence including concentrate testing
and site visits. The Company has received multiple term sheets from interested counterparties
and is working towards reaching a binding agreement in the near future.
The Company’s strategic focus remains maximizing long-term value while securing a financing-
ready offtake agreement that will support Project debt. The offtake negotiations are taking place
in parallel with project debt discussions, ensuring a cohesive Project funding solution.
Strengthening the Execution Team
Lithium Ionic continues to strengthen its leadership and technical capacity, adding key personnel
and specialist oversight to support construction readiness and long-term operating discipline.
Key additions and engagements include a Director of ESG and Permitting to lead regulatory
coordination and community engagement, and an Araçuaí-based Community Relations Manager
to support local stakeholder interface. A Director of Finance has been recruited to support Project
cost control and financing readiness.
In addition, independent technical support has been expanded through the engagement of
underground mining specialist Jon Treen (Fuse Advisors), and SRK Consulting, which is auditing
geotechnical models and assumptions supporting underground mine design.
RTEK International DMCC, engaged as strategic advisor since April 2025, has further expanded
its technical support as the Project advances through detailed engineering and execution
planning, including additional capacity across key engineering disciplines such as electrical and
instrumentation.
Permitting and ESG Update
Lithium Ionic continues to integrate ESG principles directly into the engineering and regulatory
advancement of the Bandeira Project. Environmental performance considerations are embedded
in mine layout, process design , and infrastructure planning to minimize surface disturbance ,
optimize water use, and support long-term operational resilience. Key design elements include
dry-stacked tailings, maximized water recovery, utilization of low-carbon hydroelectric power, and
a compact operational footprint.
On January 26, 2024, the Company formally submitted its environmental licensing application for
the Bandeira Project to the State Foundation for the Environment (FEAM), supported by
comprehensive environmental studies and technical documentation prepared in accordance with
the regulatory framework of the State of Minas Gerais.
FEAM conducted a site inspection in September 2024, followed by a request for supplementary
information in October 2024, which was fully addressed by the Company in November 2024. In
February 2025, FEAM issued a favo urable technical opinion confirming the Project ’s
environmental viability and recommending approval of the environmental license based on the
adequacy of the proposed mitigation and control measures.
Following the enactment of Brazil’s new Environmental Permitting Law (Law No. 15,590/2025 –
LGLA) in February 2026, Lithium Ionic has continued to engage constructively with State
authorities to ensure full alignment under the updated regulatory framework. The Environmental
Permitting process remains active, and all requirements identified by the relevant authorities are
being addressed under the new leadership of the Company’s Director of ESG and Permitting.
In parallel, complementary regulatory approvals continue to advance. Water rights for both the
Piauí and Jequitinhonha Rivers have been secured, and the required explosives purchasing
authorization has been obtained from the Brazilian Army, further supporting overall project
readiness.
Lithium Market Rebound Significantly Enhances Project Economics
Since the release of the Company’s updated Feasibility Study in September 2025, lithium market
conditions have strengthened materially. According to Fastmarkets, the assessed price for
spodumene concentrate (6% Li ₂O, delivered to Asia) has increased by more than 12 5%, rising
from approximately US$800/t in September 2025 to greater than US$1,800/t in February 2026.
This current pricing environment is outperforming the near-term price scenario used in the Project
economic plan.
This sharp recovery in spodumene pricing reflects a meaningfully more supportive market
backdrop as the Company advances permitting, progresses advanced-stage offtake discussions
and continues execution planning toward construction. Longer-term lithium fundamentals remain
underpinned by sustained growth in electric vehicle adoption and energy storage deployment,
reinforcing the strategic value of bringing a high-quality spodumene mine into production.
On behalf of the Board of Directors of Lithium Ionic Corp.
Blake Hylands
Chief Executive Officer, Director
About Lithium Ionic Corp.
Lithium Ionic is a Canadian lithium development company focused on responsibly advancing it’s
100%-owned Bandeira Lithium Project in Minas Gerais, Brazil, a region coined the “Lithium
Valley” that is emerging as a world-class hard-rock lithium district. The Company is executing on
a focused development strategy centered on engineering de -risking, permitting advancement,
commercial planning, and construction readiness, with the goal of becoming a near-term producer
of high-quality spodumene concentrate for global battery supply chains.
Qualified Persons
The technical information in this news release has been reviewed and approved by Blake
Hylands, CEO and director of Lithium Ionic, who is a “qualified person” as defined in NI 43 -101.
Mr. Hylands is not considered independent of the Company.
Investor and Media Inquiries:
+1 647.316.2500
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward -statements.” Such forward -
looking statements involve known and unknown risks, uncertainties and other factors that may
cause the Company’s actual results, performance or achievements, or developments to differ
materially from the anticipated results, performance or achievements exp ressed or implied by
such forward-looking statements. Although the Company believes, in light of the experience of its
officers and directors, current conditions and expected future developments and other factors that
have been considered appropriate that the expectations reflected in this forward -looking
information are reasonable, undue reliance should not be placed on them because the Company
can give no assurance t hat they will prove to be correct. When used in this press release, the
words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or
“should” and the negative of these words or such variations thereon or comparable t erminology
are intended to identify forward -looking statements and information. The forward -looking
statements and information in this press release include information relating to the mineralization
and prospectivity of the Company’s mineral properties, t he economic viability of Bandeira, the
financing of the Project, the development of the Bandeira project , the price of lithium the
Company’s engineering, ESG and permitting activities at Bandeira , the Company’s ability to
obtain the requisite permitting and approvals and the timing thereof , changes to the Company’s
leadership team, RTEK’s services to the Company, the Company’s ability to increase the mineral
resource estimates at its projects, the Company’s ability to obtain financing including entering into
offtake agreements and Project financing, the impact of the Company’s ESG and other initiatives
and the Company’s future plans. Such statements and information reflect the current view of the
Company. Risks and uncertainties that may cause actual results to differ materially from those
contemplated in those forward -looking statements and information . By their nature, forward -
looking statements involve known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or other future events, t o be materially
different from any future results, performance or achievements expressed or implied by such
forward-looking statements. The forward -looking information contained in this news release
represents the expectations of the Company as of the date of this news release and, accordingly,
is subject to change after such date. Readers should not place undue importance on forward -
looking information and should not rely upon this information as of any other date. The Company
undertakes no obligation to u pdate these forward -looking statements in the event that
management’s beliefs, estimates or opinions, or other factors, should change.
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