Frontier Applauds Budget Allocation to Beren's Bridge and Road Project: A Major Advancement for Infrastructure in Northwestern Ontario
Frontier Applauds Budget Allocation to
Beren's Bridge and Road Project: A Major
Advancement for Infrastructure in
Northwestern Ontario
SUDBURY, ON
,
Aug. 22, 2024
/CNW/ -
Frontier Lithium Inc.
(TSXV: FL) (FRA: HL2) (OTCQX:
LITOF) ("Frontier" or the "Company") applauds the budget allocation from the federal and provincial
governments to the Beren's bridge and road project. This milestone was started over 30 years ago
by visionary First Nation's leaders who recognized the need for all season road infrastructure to their
communities. The initiative was supported by all the communities in the Treaty #5
Ontario
region and
was achieved through the funding and perseverance of Pikangikum First Nation and the Whitefeather
Forest Community Resource Management Authority.
Consistent with provincial and federal government commitments to reconciliation, this project
exemplifies the collaborative spirit between provincial, federal authorities and Indigenous Peoples
who have all contributed to the project. The construction funding shared between the provincial and
federal governments, will enable the creation of a two-lane, 196-meter bridge over the Berens River
and the upgrading and construction of over 30 kilometers of roads, including to Pikangikum First
Nation.
"This bridge and road will benefit both Pikangikum First Nation and the other First Nation
communities in the region increasing access to essential goods and services and providing future
economic opportunities. For
Pikangikum
, it will enhance the economic initiatives as planned for by the
community's elders of Whitefeather and past leadership. It also builds a better future for our children
and for the future generations to come", stated Shirley Keeper, Chief of Pikangikum First Nation.
Beyond an infrastructure undertaking, the Beren's Bridge and Road Project promises multi-
generational benefits throughout the region. The project's completion will herald a new era of
connectivity, increasing safety, economic opportunities and enhancing the quality of life for over
10,000 residents from 7 First Nation communities in northwestern
Ontario
.
"Frontier wishes to recognize the leadership of Pikangikum First Nation and the supporting Treaty #5
Ontario
communities and acknowledges the transformative potential of this project to catalyze the
region", said
Trevor Walker
, President and CEO of Frontier Lithium. He added, "The successful
completion of the all-season bridge and road infrastructure will pave the way for enhanced mobility,
foster economic growth and decrease costs by improving access to markets, healthcare, education,
and other critical services. Importantly, this infrastructure also represents a significant milestone that
will help unlock the potential of the PAK Lithium Project."
As Frontier applauds this
announcement
, the company is committed to working alongside Indigenous
communities and partners to ensure the successful completion of the Beren's Bridge and Road
Project.
About Frontier Lithium
Frontier Lithium Inc. is a pre-production business with an objective to become a strategic
and integrated domestic supplier of spodumene concentrates for industrial users as well as battery-
grade lithium hydroxide and other chemicals 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 contains North America's highest-grade lithium reserves and is the largest
in Ontario by size. The project encompasses close to 27,000 hectares and remains largely
unexplored; however, since 2013, the company has delineated two premium spodumene-bearing
lithium deposits (PAK and Spark), located 2.3 kilometers apart. Exploration is continuing on the
project through two other spodumene-bearing discoveries: the Bolt pegmatite (located between the
PAK and Spark deposits), as well as the Pennock pegmatite (25 kilometers northwest of PAK
deposit within the project claims). A 2023 Pre-Feasibility Study "National Instrument 43-101
Technical Report PFS PAK Lithium Project" by BBA E&C Inc., delivered a 24-year project life,
delivering a post-tax NPV(8%) of US$1.74 billion and IRR of 24.1% as per the press release
disseminated on May 31, 2023, and was filed on SEDAR+ (
www.sedarplus.ca
)
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 include, but are not limited
to, statements with respect to: estimated mineral resources, estimated capital costs to construct
mine facilities, estimated operating costs, the duration of payback periods, estimated amounts of
future production, estimated cash flows, net present value, the PFS and DFS and statements that
address future production, resource and reserve potential, exploration drilling, exploitation 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: 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.
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For further information:
Company Contact Information: Bora Ugurgel, Senior Manager, Investor
Relations, 2736 Belisle Drive Val Caron, ON. P3N 1B3 CANADA, T. +001 705.897.7622, F. +001
705.897.7618
CO: Frontier Lithium Inc.
CNW 06:30e 22-AUG-24