Lisbon, Portugal--(Newsfile Corp. - March 18, 2026) - Lithium Africa Corp. (TSXV: LAF) (formerly named Lombard Street Capital Corp.) (the "Company") is pleased to announce that it has closed its previously announced upsized private placement of 4,411,565 units of the Company (the "Units") at a price of C$2.00 per Unit for gross proceeds of C$8,823,130 (the "Offering").

In connection with the Offering, the Company is pleased to welcome Purpose Global Resource Fund as a new significant shareholder, having subscribed for approximately C$3.3 million, representing 6.7% of the Company's issued and outstanding shares following closing, on an undiluted basis.

Each Unit consisted of one share in the capital of the Company (a "Unit Share") and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Unit Share (a "Warrant Share") at an exercise price of C$2.80 per Warrant Share for a period of 3 years following the closing of the Offering.

ATB Cormark Capital Markets acted as the agent in connection with the Offering (the "Agent").

The net proceeds from the sale of the Units will be used as partial consideration in connection with the acquisition of the Springbok Project and for working capital and general corporate purposes. An overview of the Springbok Project and the transaction terms are provided in the Company's news release dated February 25, 2026.

Pursuant to an agency agreement among the Company and the Agent dated March 18, 2026, the Company: (i) paid a cash fee of approximately C$587,708 to the Agent; and (ii) issued 293,854 broker warrants (the "Broker Warrants") to the Agent. Each Broker Warrant is exercisable into one common share of the Company at the Offering Price for a term of two years expiring on March 18, 2028.

The Offering was completed pursuant to applicable exemptions from prospectus requirements under applicable securities laws. The Units were also offered for sale in the United States pursuant to available exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The Units, Unit Shares and Warrants issued pursuant to the Offering are subject to a statutory hold period in Canada expiring four months and one day expiring on July 19, 2026. The Offering remains subject to the final acceptance of the TSX Venture Exchange ("TSXV").

Two insiders of the Company have subscribed for 20,000 Units ($40,000) of the Offering. The participation by the two insiders constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units acquired by the insider, nor the consideration for the Units paid by such insider, exceed 25% of the Company's market capitalization.

The securities referred to in this news release have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the Company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S. Securities Act.

About Lithium Africa Corp.

The Company has an established 50/50 joint venture partnership with GFL International Co., Ltd. to jointly advance exploration in Africa (the "LAR-GFL JV") and, through the LAR-GFL JV, the Company has an indirect 50% interest in a portfolio of exploration assets in hardrock pegmatite districts across a number of prospective African regions covering South Africa, Ivory Coast, Guinea, Mali and Zimbabwe. For more information, please visit www.li-africa.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF LITHIUM AFRICA CORP.

Tyron Breytenbach, CEO & Director

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical facts may be forward-looking statements, including statements in respect of the use of proceeds of the Offering, the acquisition of Springbok Project and TSXV final approval. These forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: the ability to raise funds through private or public equity financings; general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; risks inherent in exploration activities; the impact of exploration competition; unexpected geological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by applicable securities laws and regulation, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288979

Source: Lithium Africa Corp.