Financial Results
Frontier Lithium files Year-End March 31, 2022
Financial Results
SUDBURY, ON
,
June 29, 2022
/CNW/ -
Frontier Lithium Inc.
(TSX-V: FL) (FRA: HL2) (OTCQX:
LITOF) ("Frontier" or the "Company") today announced the filing of its audited financial statements
for the year ended
March 31, 2022
(the "2022 Annual Financial Statements").
The financial statements and the related management's discussion and analysis have been filed on
SEDAR and can be viewed under the Company's profile at
www.sedar.com
.
The Company continues to advance its plans to develop a Lithium salts refinery plant in
North
America's
Great Lakes region. Frontier targeting the delivery of a Preliminary Feasibility Study
("PFS") in 2022 assessing the viability of constructing and operating a fully-integrated lithium mining
and chemicals company to deliver battery -grade lithium carbonate and lithium hydroxide for the
burgeoning lithium-ion battery market in
North America
.
Highlights For The Year Ended
March 31, 2022
and Recent Developments
At
March 31, 2022
the Company had cash and cash equivalents of
C$17.7 million
, leaving it well
positioned to execute on its plan to complete the PFS and planned 15,000 metre drill program
which commenced in
May 2022
;
Successfully completed two financing activities:
$2.4 million
from
April 2021
and
$12.0 million
from
December 2021
;
Completed 3,325 metres during Phase X and XI drilling programs; and
Bolstered the Company's leadership with the appointment of Mr.
Marc Boissonneault
and Ms.
Tess Lofsky
to the Board of Directors, bringing extensive mining experience in leading mining
production, metallurgical operations and capital projects globally and corporate and securities
law, governance and compliance, respectively.
Strengthened the Company's management team with the appointment of Mr.
David Ewing
as
Vice President of Sustainability and External Affairs and Mr.
Tony Zheng
as Chief Financial
Officer of the Company, bringing extensive experience in environmental matters and finance
matters, respectively.
The Company also announces that the comparative figures in the 2022 Annual Financial Statements
have been restated. The restated comparative figures in the 2022 Annual Financial Statements
replace and supersede the corresponding information contained in the previously filed financial
statements and management's discussion and analysis of the Company which should no longer be
relied upon.
For further information regarding the restatement of the comparative figures in the 2022 Annual
Financial Statements, please refer to the details in Note 15 of the 2022 Annual Financial Statements
which are summarized as follows:
Change in Accounting Policy – During the year ended
March 31, 2022
, the Company changed its accounting policy for exploration and evaluation
expenditures to expense them as incurred. Management considered that this change in
accounting policy would result in clearer, more relevant and reliable financial information to
reduce financial reporting complexity. Under the previous accounting policy, exploration and
evaluation expenditures had been capitalized.
Related Party Disclosures – In addition to the matter noted above, it was determined that there
were additional related party transactions in the prior year financial statements which had not
been disclosed. The comparative disclosures in Note 12 have been revised accordingly.
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.
About Frontier Lithium
Frontier Lithium is a preproduction business that is targeting to become a manufacturer of battery-
quality lithium materials to support electric vehicle and battery supply chains in
North America
.
Frontier is developing the PAK Lithium Project which contains one of
North America's
highest-grade,
large-tonnage hard-rock lithium resources in the form of a rare low-iron spodumene. The project
continues to have significant exploration upside with potential to increase the lithium resource. The
Company is a pure-play lithium development opportunity with the largest land position in a premium
lithium mineral district located in
Northern Ontario
.
On behalf of Frontier Lithium.
Trevor R. Walker
President & Chief Executive Officer
Forward-looking statements
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 release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical facts, that address
future production, reserve potential, exploration drilling, exploitation activities and events or
developments that the Company expects are forward-looking statements. 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 or
developments may differ materially from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those in forward looking statements include market
prices, exploitation and exploration successes, continued availability of capital and financing, 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, Investors should review the Company's registered filings available at sedar.com.
SOURCE
Frontier Lithium Inc.
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%SEDAR: 00008434E
For further information:
visit www.frontierlithium.com or contact: Manager of Investor Relations
and Communications, Bora Ugurgel, [email protected], +1.705.897.7622
CO: Frontier Lithium Inc.
CNW 08:00e 29-JUN-22