Arctic Fox Lithium Completes Shipshaw Property Acquisition and Announces Private Placement Closure
TORONTO, ONTARIO — February 19, 2026 — Leads & Copy — Arctic Fox Lithium Corp. has finalized its acquisition of the Shipshaw property in Quebec’s Saguenay region, according to a recent announcement. The acquisition, initially disclosed on January 21, 2026, was completed under the terms of an asset purchase agreement between the company, the mineral claim holder, and other vendors.
The Shipshaw Property is located approximately 9 kilometers northwest of the City of Saguenay, Québec within the Saguenay Graben of the Grenville Geological Province. Situated near the Niobec Mine, a commercially producing underground niobium mine since 1976, the Shipshaw Property is being explored for rare earth elements (REE) and niobium.
Geologically, the property lies within the Grenville province in the Canadian Shield, an area known for high-grade metamorphic terranes and thrust stacks. The geology includes a swarm of lamprophyre dykes linked to the Saint-Honore alkaline Saguenay Graben, which intersects limestone, anorthosite, and monzonite lithologies.
Historical drilling in the vicinity has revealed carbonatite and lamprophyre dykes, with samples grading up to 3.7% TREE oxides (including 0.99 % La2O3, 1.67 % Ce2O3 et 0.59 % Nd2O3) over 0.24 metre, with associated elements including 0.251% Nb2O5 over 0.75 metre, 0.071% ThO2 over 1.70 metre, 1.172% ZrO2 over 1.10 metre and 9.65% P2O5 over 0.78 m.
Arctic Fox Lithium Corp. has filed a NI 43-101 report on the Property titled Technical (N.I. 43-101) Report on the Shipshaw Property Saguenay Region Quebec, Canada, which can be found on the Arctic Fox SEDAR+ profile at www.sedarplus.ca and on the Company’s website (the “Technical Report”).
Under the terms of the acquisition, Arctic Fox Lithium Corp. paid the Claim Holder $60,000 and issued 10,000,000 common shares to the Vendors. These Payment Shares are subject to a 12-month voluntary escrow period.
Upon the Company conducting a secondary equity financing in excess of $1,000,000, the Company will pay an additional $40,000 to the Claim Holder.
The company also announced the closing of a non-brokered private placement, issuing 7,900,000 units at $0.11 per Unit, raising gross proceeds of $869,000. Each unit includes one common share and one common share purchase warrant. Each Warrant entitles the holder to acquire one additional Share at a price of $0.15 per Share for a period of 24 months from the date of issuance.
The net proceeds from the private placement will be used for general working and administrative capital, closing costs related to the Transaction and Offering and exploration expenditures in connection with the Shipshaw Property and its other mineral properties. A cash finder’s fee of $60,830.00 was paid in connection with the Offering.
The Transaction constitutes a Major Acquisition (as defined in the CSE Policies) which has been accompanied by a Change of Control (as defined in the CSE Policies), and accordingly, the Transaction is classified as a “Fundamental Change”, however, due to the Escrow Period imposed on the Payment Shares and the publishing of the Technical Report, as confirmed by the CSE, a new listing statement on CSE Form 2A is not required at this time. No control person or insider has been created as a result of the Transaction or Offering.
In addition, Rick Mah has been appointed to the Board of Directors, replacing Mr. Chew. Mr. Mah brings over 25 years of corporate finance experience in technology, finance, and hospitality, and has supported numerous financing activities, helping raise over $700 million of capital.
Mr. Babak V. Azar, P.Geo., géo (OGQ#10876), an independent consultant and a qualified person as defined by NI 43-101, has reviewed and approved the technical content of this release.
Arctic Fox Lithium Corp. is focused on advancing its Shipshaw Property, located near the producing Niobec Mine, and its Pontax North Lithium Project. The company continues to assess opportunities in the rare earth element and critical-minerals sectors.
Source: Arctic Fox Lithium Corp.
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