Frontier Lithium Highlights Key Developments FOR the Six Months
FRONTIER LITHIUM HIGHLIGHTS KEY
DEVELOPMENTS FOR THE SIX MONTHS
ENDED SEPTEMBER 30, 2024
SUDBURY, ON
,
Nov. 28, 2024
/CNW/ - Frontier Lithium Inc. (TSX-V: FL) (FRA: HL2) (OTCQX:
LITOF) ("Frontier" or the "Company") has reported financial results for the six months ended
September 30, 2024
. 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.sedarplus.ca
) and on the Company's website at
www.frontierlithium.com
The Company continues to advance its PAK Lithium Project and assess the viability of constructing
and operating a fully-integrated lithium mine and chemicals processing facility to deliver battery-
grade lithium carbonate and lithium hydroxide for the burgeoning lithium-ion battery market in North
America.
Highlights for the Quarter Ended September 30, 2024, and Recent Developments
Financial
On
September 30, 2024
, the company had cash and cash equivalents of
$25.5 million
, leaving it well
positioned to meet corporate and administrative expenses and to further execute on its core
business objectives.
Exploration and Development
The Company's Phase XIV drilling program included three condemnation diamond drill holes on
proposed stockpile sites for the definitive feasibility study ("DFS") and an inaugural drill hole on the
Ember Lithium-Cesium-Tantalum ("LCT") pegmatite, located 1 kilometre west-northwest of the
Spark deposit. As disclosed on the
November 19
th
press release
,the Ember drill hole intersected
18.8 metres of pegmatite between 42.7 and 61.4 metres, with an average grade of 1.43% lithium
oxide (Li
O), extending the surface LCT pegmatite zone to at least 40 metres in depth.
In addition to drilling, a small-scale regional exploration program was completed. Field mapping and
prospecting on claim blocks north of the mining leases identified target areas requiring further
investigation, including detailed mapping and channel sampling.
Phase 1 of the DFS for the mine and mill commenced in
November 2023
and is expected to be
completed within 12-18 months. The DFS team has finalized the resource update, site layout, and
mine and mill design.
Infrastructure
Frontier is collaborating with the Government of
Canada
, the Government of
Ontario
, and local
Indigenous partners to upgrade and construct northern all-season road infrastructure, ensuring the
Company can efficiently bring its lithium products to market.
In
April 2024
, the Federal government allocated
$89 million
in its budget for road construction in
remote First Nations communities, including allocating funding for the Berens River Bridge and Road
Project in
Ontario
. This initiative was further supported by an
August 2024
announcement from the
Ontario
government, which formalized its partnership with the Federal government and the
Pikangikum First Nation to fund the construction of the Berens River Bridge, with an anticipated start
date in 2025.
In
October 2024
, Frontier secured
$6.1 million
in conditional Federal funding under the Critical
Minerals Infrastructure Fund (see
October 7, 2024
press release)
. This funding will play a pivotal
role in advancing progress on the all-season road and electricity infrastructure to the PAK Lithium
Project, including engineering, engagement and consultation and environmental activities.
Environment and Permitting
Multi-year environmental baseline studies focused on the Company's mine and mill were concluded in
November 2024
with final reports set for release by the end of 2024. These baseline studies support
permitting efforts which are under way and ramping up in the coming months as we work with First
Nations communities to create a stronger understanding about the project through engagement and
consultation efforts.
Seasonal environmental baseline data collection continued throughout the remainder of the year.
Information collected to date is currently being used for different modeling scenarios which will
influence design and permitting. Over the reporting period, Stage 2 Archaeology field investigation
were completed by a licenced archaeologist with local First Nation community participation.
Due Diligence
All scientific and technical information in this release has been reviewed and approved by
Garth Drever, P.Geo., the qualified person ("QP") under the definitions established by National
Instrument 43-101 -
Standards of Disclosure for Mineral Projects
. Under Frontier's QA/QC
procedures, all drilling was completed by Chenier Drilling Ltd. of
Val Caron, Ontario
using NQ drill
rods for the geotechnical drill holes; thin walled BTW drill rods (4.2 cm core diameter) for all other
holes and a Reflex ACT III oriented core system. Using the Reflex system, the drill core was
oriented and marked as it was retrieved at the drill. A Reflex GYRO Sprint-IQ survey instrument
was used every 50 metres downhole and again at the end of each hole when rods were pulled
out. A Reflex North Finder APS unit was utilized to complete accurate positioning and orientation of
the drill collar upon setup. The core was boxed and delivered to the Frontier core shack where it
was examined, geologically logged, and marked for sampling. The core was photographed prior to
sampling. Using a rock saw, the marked sample intervals were halved with one-half bagged for
analysis. Sample blanks along with lithium certified reference material was routinely inserted into the
sample stream in accordance with industry recommended practices. Field duplicate samples were
also taken in accordance with industry recommended practices. The samples were placed in poly
sample bags and transported to AGAT Laboratories Ltd. (AGAT) in
Thunder Bay, Ontario
for
sample preparation and to
Calgary, Alberta
for processing and quantitative multi-element analysis.
AGAT is an ISO accredited laboratory. The core is stored on site at the Company's Knox exploration
camp.
About Frontier Lithium
Frontier Lithium Inc. is a pre-production business with an objective to become a strategic and
integrated domestic supplier of premium spodumene concentrates 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. 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-Feasibility Study titled "National Instrument 43-101 Technical
Report PFS PAK Lithium Project" prepared by BBA E&C Inc., delivered a 24-year project life,
delivering a post-tax net present value (8%) of
US$1.74 billion
and an internal rate of return of
24.1% as per the Company's press release disseminated on
May 31, 2023
, and which 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, 2614 Belisle Drive Val Caron, Ontario. P3N 1B3 Canada, T. +001 705.897.7622, F. +001
705.897.7618
CO: Frontier Lithium Inc.
CNW 17:45e 28-NOV-24