Frontier Lithium Files Year-End
FRONTIER LITHIUM FILES YEAR-END MARCH
31, 2023 FINANCIAL RESULTS
SUDBURY, ON
,
July 28, 2023
/CNW/ -
Frontier Lithium Inc.
(TSXV: FL) (FRA: HL2) (OTCQX:
LITOF) ("Frontier" or the "Company") today announced the filing of its audited financial statements
for the year ended March 31, 2023 (the "2023 Annual Financial Statements"). The financial
statements, the related management's discussion and analysis ("MD&A) and Annual Information
Form ("AIF") have been filed on SEDAR and can be viewed under the Company's profile at
www.sedarplus.ca
.
The Company continues to advance its PAK Lithium Project by 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, 2023 and Recent Developments
At March 31, 2023 the Company had cash and cash equivalents of C$27.4 million;
Successfully completed a bought deal prospectus offering for
$23
million in
November 2022
;
Completed 14,461 metres of drilling during Phase XII and11,310 meters during Phase XIII
drilling programs;
In
May 2023
the Company delivered strong results in a Pre-Feasibility Study ("PFS") for a
proposed mine-to lithium chemical/refining plant facility ("Integrated Project") in the great Lakes
Region of
North America
. The results of the PFS include a pre-tax net present value at an 8
percent discount rate of
US$2.59 billion
with a pre-tax internal rate of return of 28.6 percent and
a post-tax NPV at an 8 percent discount rate of
US$1.74 billion
with a post-tax IRR of 24.1
percent;
Strengthened the Company's management team with the appointment of Dr. Graeme Goodall
as Vice President of Operations and Dr. Greg Da Re as Vice President of Corporate
Development.
Frontier Lithium Inc. recorded a net loss of
C$24,232,381.24
for the year ending
March 31, 2023
.
The Company deems this figure as a manageable and transient outcome in light of its long-term
growth and market position.
The Company also announces that the comparative figures in the 2023 Annual Financial Statements
have been restated. The restated comparative figures in the 2023 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.
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 (TSX-V: FL) (FRA: HL2) (OTCQX: LITOF) is a preproduction business with an
objective to become an integrated strategic 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 sole 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 resource and is the second
largest in
North America
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 kilometres 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 kilometres northwest of PAK
deposit within the project claims). A 2023 Pre-Feasbility 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 sedarplus.ca.
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 news release. 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 (NPV) , and statements that
address future production, 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, Investors should review the
Company's registered filings available at sedarplus.ca.
SOURCE
Frontier Lithium Inc.
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%SEDAR: 00008434E
For further 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 16:30e 28-JUL-23