Frontier Lithium Inc. Highlights Successful Progress and Key Developments for the Six
Frontier Lithium Inc. Highlights Successful
Progress and Key Developments for the Six
Months Ended September 30, 2023
SUDBURY, ON
,
Nov. 28, 2023
/CNW/ - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX:
LITOF) ("Frontier" or the "Company") has reported financial results for the second quarter ended
September 30, 2023
. The financial statements and the related management's discussion and
analysis have been filed on SEDAR+ (
www.sedarplus.ca
).and can be viewed under the company's
profile on SEDAR+.
Highlights For the Current Quarter And Recent Developments:
Financial Highlights:
The Company maintains a strong financial position with a cash balance of
$18.6 million
as of
September 30, 2023
. The Company remains vigilant in managing its capital,
ensuring continued exploration and development activities.
Exploration and Development:
Frontier Lithium has been actively engaged in the exploration and
development of the PAK Lithium Project, located in the
Red Lake
mining jurisdiction of northwestern
Ontario
since
February 2013
. The recent Phase XIII drill program, which commenced in
February
2023
, has yielded promising results, delineating the Bolt pegmatite and extending the Spark deposit.
In conclusion of this reporting period, the drilling program has come to an end. The Company's
commitment to exploration includes a comprehensive regional mapping program, uncovering new
spodumene-bearing pegmatite zones.
In
July 2023
, Frontier Lithium published a Pre-Feasibility Study ("PFS"), outlining a fully-integrated
lithium operation. The PFS indicates the potential for the continent's largest and lowest-cost
producer of lithium hydroxide, catering to the growing electric vehicle industry in
North America
.
Business Objectives:
Frontier Lithium's primary objective is to become a strategic domestic
supplier of spodumene concentrates for industrial users and battery-grade lithium hydroxide for the
electric vehicle and energy storage markets in
North America
. With the largest proven land position
and resource in the new premium lithium mineral district, the Company aims to play a pivotal role in
Ontario's
Great Lakes region.
Leadership Team:
Frontier Lithium boasts a leadership team with a multi-decade track record in
funding, partnering, constructing, and operating mining and refining companies across multiple
commodities, including lithium, on a global scale.The Company has undertaken leadership team
additions, including the appointment of Mr.
Gregory Da Re
as Vice President of Corporate
Development, and Mr.
Erick Underwood
as Chief Financial Officer.
Outlook:
Frontier Lithium remains committed to its phased development approach outlined in the
PFS. The Company's focus on becoming a strategic supplier of premium spodumene concentrates
and lithium chemicals aligns with the growing demand in
North America's
electric vehicle and energy
storage markets. The Definitive Feasibility Study, currently in progress, will provide detailed insights
into the next stages of the project.
Frontier Lithium looks forward to advancing its position as a key player in the lithium sector,
contributing to the sustainable growth of the electric vehicle and energy storage industries in
North
America
.
For further details, refer to the Management Discussion and Analysis for the Six Months Ended
September 30, 2023
, available on SEDAR+ (
www.sedarplus.ca
).
About Frontier Lithium
Frontier Lithium Inc. (TSX-V: FL) (FRA: HL2) (OTCQX: LITOF) is an exploration and development
mining company with headquarters and assets in
Northern Ontario
, a tier-one mining jurisdiction. The
Company's PAK Project represents the largest proven land position in a new, premium lithium
mineral district, with a high-grade, large tonnage and pure lithium resource. Strategically located in
Ontario's
Great Lakes region near the United States Border, Frontier is developing the first fully
integrated lithium mining-and-processing operation in
Ontario
with an aim is to become a significant
supplier of spodumene concentrates and battery-grade lithium hydroxide to the growing electric
vehicle and energy storage markets across
North America
.
About the PAK Lithium Project
The PAK lithium project contains
North America's
highest-grade lithium resource 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 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"" authored by BBA E&C Inc., delivered a 24- year project life, at a post-tax
NPV(8%) of US$1.74 billion and internal rate of return of 24.1% as per the press release
disseminated on May 31, 2023 , and was filed on
www.SedarPlus.com
.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-statements." Such forward looking
statements involve known and unknown risks, uncertainties and other factors that may cause the
Company's actual results, performance or achievements, or developments to differ materially from
the anticipated results, performance or achievements expressed or implied by such forward-looking
statements. Although the Company believes, in light of the experience of its officers and directors,
current conditions and expected future developments and other factors that have been considered
appropriate that the expectations reflected in this forward-looking information are reasonable, undue
reliance should not be placed on them because the Company can give no assurance that they will
prove to be correct. When used in this press release, the words "estimate", "project", "belief",
"anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words
or such variations thereon or comparable terminology are intended to identify forward-looking
statements and information. The forward-looking statements and information in this press release
include information relating to the prospectivity of the Company's mineral properties, the
mineralization and development of the Company's mineral properties, the Company's exploration
program and other mining projects and prospects thereof. Such statements and information reflect
the current view of the Company. Risks and uncertainties that may cause actual results to differ
materially from those contemplated in those forward-looking statements and information. By their
nature, forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or other future events, to be
materially different from any future results, performance or achievements expressed or implied by
such forward-looking statements. The forward-looking information contained in this news release
represents the expectations of the Company as of the date of this news release and, accordingly, is
subject to change after such date. Readers should not place undue importance on forward-looking
information and should not rely upon this information as of any other date. The Company undertakes
no obligation to update these forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
Readers are cautioned that any such forward-looking 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 on SEDAR+ at
www.sedarplus.com
.
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.
SOURCE
Frontier Lithium Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/November2023/28/c7647.html
%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 17:17e 28-NOV-23