Correction - Frontier Lithium Announces Federal and Provincial Government's Intent to Support a Lithium Conversion Facility in
Correction - Frontier Lithium Announces
Federal and Provincial Government's Intent to
Support a Lithium Conversion Facility in
Thunder Bay, Ontario
TORONTO
,
March 5, 2025
/CNW/ - Frontier Lithium ("Frontier" or "the Company") wishes to clarify,
at the request of The Canadian Investment Regulatory Organization, the recently announced
disclosure regarding proposed Federal and Provincial government funding for the Company's
proposed lithium conversion facility in
Thunder Bay, Ontario
. Letters of Intent ("LOI") for the
proposed funding were provided to the Company by each of the Federal and Provincial
Government's. The LOI's are non-binding and serve as an initial step in ongoing discussions with the
respective government agencies. The LOI's express an interest and intent by the parties to work
towards completing a final term sheet but do not constitute a legally binding agreement. While
discussions between the parties are ongoing, there is no guarantee or assurance that final
agreements will be reached and/or funding will be provided to the Company be either level of
government.
About Frontier Lithium
Frontier Lithium Inc. is a pre-production mining company with an objective to become a strategic and
integrated supplier of premium spodumene concentrates as well as battery-grade lithium salts to the
growing electric vehicle and energy storage markets in North America. The Company's PAK Lithium
project maintains the largest land position and resource in a premium lithium mineral district located
in
Ontario's
Great Lakes region.
About the PAK Lithium Project
The PAK Lithium Project is a fully integrated lithium development initiative, developing
North
America's
highest-grade lithium reserves. A joint venture between Frontier Lithium Inc. (92.5%) and
Mitsubishi Corporation (7.5%), the project involves the extraction of lithium ore, advanced processing
to produce high-purity lithium concentrates, and downstream refining facility to manufacture battery-
grade lithium salts. A 2023 Pre-Feasibility Study by BBA E&C Inc., titled
"National Instrument 43-
101 Technical Report PFS PAK Lithium Project"
, estimates a 24-year project life with a post-tax
NPV (8%) of
US$1.74
billion and an IRR of 24.1%. These results were disclosed in a May 31,
2023, press release and filed on SEDAR+ (
www.sedarplus.ca
).
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain statements that may be deemed "forward-looking statements".
All statements in this release, other than statements of historical fact constitute forward-looking
statements. Forward looking statements contained in this news release may include, but are not
limited to, statements with respect to: proposed and possible Federal and Provincial funding,
estimated capital costs and timelines to construct a mine and processing facility, exploration and
constructions activities and events or developments that the Company expects.
Although the Company believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future performance and
actual results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. Risk factors that could cause
actual results to differ materially from those in forward looking statements include: elected and
constituted government's in
Canada
at both the Federal and Provincial level, changes to Federal
and/or Provincial funding mandates, market prices for commodities, increases in capital or operating
costs, construction risks, availability of infrastructure including roads, regulatory and permitting risks,
exploitation and exploration successes, continued availability of capital and financing, financing costs,
and general economic, market or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and those actual results or developments may
differ materially from those projected in the forward-looking statements. For more information on the
Company, please review the Company's public filings available at
www.sedarplus.ca
.
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.
SOURCE
Frontier Lithium Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/March2025/05/c4506.html
%SEDAR: 00008434E
For further information:
For further information, please contact: Trevor Walker, President and
CEO, Frontier Lithium, 705 897 7622, [email protected]
CO: Frontier Lithium Inc.
CNW 08:39e 05-MAR-25