Frontier Lithium PFS Demonstrates Pre-Tax NPV US$ 2.59 Billion
FRONTIER LITHIUM PFS DEMONSTRATES
PRE-TAX NPV US$ 2.59 BILLION
SUDBURY, ON
,
May 31, 2023
/CNW/ - Frontier Lithium Inc. (TSXV: FL) ("Frontier" or "the
Company") is pleased to release the strong results of a Pre-Feasibility Study ("PFS") for a proposed
mine-to-lithium hydroxide chemical/hydromet plant facility ("Integrated Project") in the Great Lakes
Region of North America. The PFS assumes a hydromet plant that would convert spodumene
concentrate feedstock sourced from a vertically integrated spodumene open-pit mining and milling
facility at the Company's PAK Lithium Project, located north of
Red Lake, Ontario
. The PFS
demonstrates pre-tax NPV of US
$2.59 billion
discounted at 8%. The PFS confirms that the 100%
owned Project could be the continent's largest and lowest-cost producer of lithium hydroxide able to
supply the rapidly growing electric vehicle industry in
North America
.
PFS Highlights:
Life of Project Cash Flow (unlevered) of
US$8.07 billion
over 24-year total project life;
Total initial capital expenditure estimate of
US$468 million
for the technical grade concentrator
and expansion capital of
US$576 million
for the chemical grade concentrator and chemical plant
with a contingency of 20% included.
Sustaining Capital of
US$90 million
;
Pre-tax Net Present Value at an 8% base case discount rate ("NPV
8
") of
US$2.588 billion
and
Pre-Tax Internal Rate of Return ("IRR") of 28.6%;
Post-tax NPV
8
of
US$1,739 million
and IRR of 24.1%;
Post-tax net "undiscounted" Cash Flow (before initial capital expenditures) of
US$5.98 billion
;
Annual Average EBITDA of
US$251.3 million
;
Chemical plant producing 12,520 tonnes of battery-quality Lithium Hydroxide Monohydrate
(LiOH-H
2
O) per year with an average selling price of
US$22,000
per tonne and a 7,360 tonnes
of battery-quality Lithium Carbonate per year with an average selling price of
US$20,500
per
tonne;
PAK and Spark deposits are open along strike and to depth;
All-in cash costs of
US$7,433
per tonne of Lithium Carbonate Equivalent; and
After-Tax Pay Back of Capital Expenditures is 4.9 years after the start of commercial
operations.
"Surging global demand for unique premium low-iron spodumene concentrates and high-margin,
low-cost lithium chemicals presents an opportunity for Frontier Lithium to establish itself as a
leading producer. The outstanding PFS results further emphasize this, underscoring the project's
ability to meet the market's needs. The project's phased approach, highlighted in the study,
ensures efficient resource utilization and minimizes upfront capital expenditure, positioning us for
long-term success in the North American electric vehicle market."
comments
Trevor Walker
,
President and CEO of Frontier Lithium. "
Building upon the PFS results, we are committed to further
optimizing the project through definitive feasibility level work. This crucial step allows us to unlock
additional value and fine-tune our operational plan to maximize efficiency and profitability. We are
confident that this milestone paves the way for strategic resource development and facilitates
deeper discussions with potential offtake partners. We are dedicated to establishing mutually
beneficial collaborations and supporting infrastructure upgrades in close cooperation with our First
Nation community partners. This commitment to sustainable and inclusive development reflects
our respect for the environment, local communities, and our shared goal of creating a prosperous
future together
."
EXECUTIVE SUMMARY
Frontier's Project is uniquely positioned to benefit from its highly favorable location in the Great
Lakes Region of
North America
.
Northern Ontario
is endowed with exceptional infrastructure, a deep
local talent pool, low-cost and low carbon energy, and proximity to an emerging local Electric Vehicle
manufacturing market. The PFS reflects more conservative costing assumptions than prior studies,
with recent inflationary pressures having a substantial impact on both capital expenditures and
operating costs. These cost impacts are partially offset using lithium pricing assumptions based on
the more positive outlook incorporated in the consensus estimates described herein. Summary
results of the PFS are shown below.
The results of the PFS (see tables 1-5 below) 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
$1.74 billion
with a post-tax IRR of 24.1 percent.
The PFS is based on an updated mineral resource estimate completed by
Todd McCracken
, P.Geo,
outlined in the National Instrument 43-101 technical report update as reported in Table 6.
Commodity Price Assumptions from the PFS are, base-case premium technical grade lithium
concentrate of 7.2% Li2O (TG_SC7.2) price of
US$3,000
per tonne, chemical grade lithium
concentrate of 6.6% Li2O (CG_SC6.0) price of
US$1,350
per tonne; lithium hydroxide price of
US$22
,000 per tonne; lithium carbonate
US$20
,500 per tonne and an exchange rate of
$1.30
USD
/CAD.
Table 1: Project Economics Summary
ITEM
VALUE
UNITS
Physicals
Total Tonnes Mined
103.4
Mt
Total Mill Feed Processed
22.1
Mt
Average Mill Feed Grade
1.55
% Li
2
O
Technical Grade @ 7.2% Concentrate Tonnes
765,000
tonnes
BG Lithium Hydroxide Tonnes Produced
313,000
tonnes
BG Lithium Carbonate Tonnes Produced
184,000
tonnes
LCE
459,000
tonnes
Financial Analysis
Commodity Price Assumptions:
Technical Grade Concentrate (TG) 7.2%
3,000
US$/tonne
Chemical Grade Concentrate (CG) 6%
1,350
US$/tonne
Battery Grade Lithium Hydroxide
22,000
US$/tonne
Lithium Carbonate
20,500
US$/tonne
Exchange Rate
1.3
CAD$ : 1 US$
Pre-Tax NPV 8%
2,588
US$M
Pre-Tax IRR
28.6 %
%
Pre-Tax Payback, from start of mill production
4.9
years
Life of Mine
24
years
After-Tax NPV 8%
1,739
US$M
After-Tax IRR
24.1 %
%
After-Tax Payback
4.91
years
Pre-Tax Unlevered Free Cash Flow
8,078
US$M
After-Tax Unlevered Free Cash Flow
5,982
US$M
LOM Direct Income and Mining Taxes
2,560
US$M
Capital Costs
Initial Capital, Direct Cost Estimate
301
US$M
Initial Capital Indirect Costs and Contingency
167
US$M
Total Initial Capital Costs
468
US$M
Expansion Capital, Direct Cost Estimate
363
US$M
Expansion Capital Indirect Costs and Contingency
214
US$M
Total Expansion Capital Costs
576
US$M
LOM Sustaining Capital
73
US$M
LOM Sustaining Capital, Indirect Costs and Contingency
17
US$M
Total LOM Sustaining Capital
90
US$M
Reclamation and Closure Costs (included Salvage Value)
16
US$M
LOM Total Capital
1,151
US$M
Operating Costs
LOM Operating Costs
3,392
US$M
Open Pit Mining
5.60
US$/t mined
Site Processing
21.29
US$/t milled
Site Support Costs
20.17
US$/t milled
Chemical Plant Processing
85.99
US$/t milled
Subtotal Operating Cost
153.71
US$/t milled
Concentrate Transport & Losses
15.03
US$/t milled
Total Operating Cost
168.74
US$/t milled
PFS Overview
1. LITHIUM CHEMICALS FOR THE NORTH AMERICAN ELECTRIC VEHICLE MARKET
The PFS demonstrates the ability to annually produce 7,360 metric tonnes (m.t.) of lithium
carbonate (Li
2
CO
3
) and
12,520 m
.t. of lithium hydroxide (LiOH), meeting the specific
requirements of original equipment manufacturers (OEMs) operating in the North American
electric vehicle market. This ensures that the lithium chemicals produced will be tailored to the
needs of the industry, supporting the growth of electric vehicles manufacturing in the region.
By satisfying the OEMs' requirements for the region, the project provides optionality for future
demand profiles. As the electric vehicle market continues to evolve and expand, the ability to
adapt and meet changing demands becomes crucial. The flexibility offered by this project allows
for adjustments in production capacity and product mix to align with future market trends and
customer preferences.
2. A PHASED APPROACH
The PFS emphasizes a phased approach, starting with the production of spodumene
concentrate before establishing a lithium chemical refinery. This phased approach allows for
efficient resource allocation and minimizes upfront capital expenditure and project execution risk.
By initially focusing on spodumene concentrate production, the project can generate revenue
while concurrently developing the necessary infrastructure for the subsequent establishment of a
lithium chemical refinery.
Implementing a phased approach also enables a more streamlined and controlled project
development process. It allows for a thorough understanding of the resource base and an
optimization of the refining process in advance of refinery construction. This approach ensures
that the subsequent refinery build-up is well-informed, efficient, and aligned with market
demand.
3. GROWING REGIONAL DEMAND
The North American electric vehicle market is experiencing significant growth, as evidenced by
commitments of over
$25
CAD billion to build
Ontario
battery capacity by 2030. This strong
regional demand provides a favorable market environment for the project. By strategically
locating the operations in
North America
, the project can capitalize on the growing demand for
electric vehicles and the need for lithium chemicals to support battery production.
The commitments to build
Ontario
battery capacity indicate a long-term commitment to
sustainable transportation and the development of the electric vehicle ecosystem. By supplying
locally produced lithium chemicals, the project can contribute to the regional supply chain,
reduce dependence on imports, and strengthen the overall resilience and competitiveness of the
North American electric vehicle market.
4. OPPORTUNITIES FOR FURTHER UPSIDE
The project offers opportunities for further upside through the potential conversion of additional
mineral resource to mineral reserves. The PFS reserve calculation includes only one-third of the
identified resources. None of the 32.4 million tonne of inferred mineral resources were included
in the PFS mineral reserves. This indicates significant exploration potential and the possibility of
scaling the project.
Frontier has a strong track record in resource exploration and development, suggesting that
continued exploration efforts within the PAK Lithium Project could uncover additional mineral
resources. The potential to tap into additional resources ensures the project will be responsive
to future market demands and supports long-term sustainability.
Figure 1 – Mill Feed and grade (CNW Group/Frontier Lithium Inc.)
Table 2 – Economic Assumptions and Parameters
Parameters
Unit
Value
Physicals
Convert to wet conc.
%
1.09
Li Hydroxide Conc. Yield from SC 6%
%
60 %
Li Carbonate Conc. Yield from SC 6%
%
40 %
Exchange Rate
Exchange
US$/CA$
0.77
Exchange
CA$/ US$
1.30
Discount Rate
Discount Rate
8 %
Commodity Prices
Technical Grade (TG) 7.2%
US$/tonne
3,000
Chemical Grade (CG) 6%
US$/tonne
1,350
BG LiOH
US$/tonne
22,000
BG Li2CO3
US$/tonne
20,500
Recovery
TG Plant recovery
%
76 %
CG Plant recovery
%
78 %
Factor for Chem Conc to Li Hydroxide
%
16.86 %
Lithium Hydroxide Recovery
%
88 %
Factor for Chem Conc to Li Carbonate
%
14.84 %
Lithium Carbonate Recovery
%
88 %
Operating Costs
TG Concentrate transport
US$/t conc
69
CG Concentrate transport
US$/t conc
69
Chemical Plant Processing Costs
US$/t conc
539
Table 3 – Project Economics
Pre-Tax NPV
Discount Rate
CA$M
US$M
0 %
10,501
8,078
5 %
5,057
3,890
8 %
3,365
2,588
10 %
2,582
1,986
15 %
1,326
1,020
PRE-TAX IRR
28.6 %
Payback Period (yrs.)
4.9
Post-Tax NPV
Discount Rate
CA$M
US$M
0 %
7,776
5,982
5 %
3,438
2,645
8 %
2,261
1,739
10 %
1,712
1,317
15 %
821
632
POST-TAX IRR
24.1 %
Payback Period (yrs.)
4.9
Table 4 – Capital Requirement Summary
Capital Costs
CA$M
US$M
Initial Capital, Direct Cost Estimate
392
301
Initial Capital Indirect Costs and Contingency
217
167
Total Initial Capital Costs
608
468
Expansion Capital, Direct Cost Estimate
472
363
Expansion Capital Indirect Costs and Contingency
278
214
Total Expansion Capital Costs
749
576
LOM Sustaining Capital
95
73
LOM Sustaining Capital, Indirect Costs and Contingency
23
17
Total LOM Sustaining Capital
117
90
Reclamation and Closure Costs
21
16
LOM Total Capital
1,496
1,151
Capital Requirements
Initial Capital
(CA$M)
Expansion
Capital (CA$M)
Initial Capital
(US$M)
Expansion Capital
(US$M)
PAK - Infrastructure
0.38
-
0.29
-
PAK - Mobile Fleet
18.58
-
14.29
-
Spark - Infrastructure
-
0.34
-
0.26
SC 7.2 Concentrator
157.92
-
121.48
-
SC 6.0 Concentrator
-
74.27
-
57.13
Tailings Material Handling Pipeline
1.20
-
0.92
-
Tailings Management Facility
21.97
-
16.90
-
Site Preparation - Civil Work Mine & Mill
34.90
-
26.85
-
Site Roads and Permanent Access Road
33.83
-
26.02
-
Water Treatment Plant
21.52
-
16.56
-
Utilities
22.47
-
17.29
-
Electrical Power - Substation & Distribution
22.22
-
17.09
-
Building Facilities
48.24
17.82
37.10
13.71
Airstrip
0.28
-
0.22
-
Site - Mobile Fleet
0.61
-
0.47
-
Industrial Control Systems
2.13
-
1.64
-
Insurance
5.45
-
4.19
-
Chemical Plant/Erection/Commissioning
-
379.23
-
291.72
Mine and Site Indirect Costs
-
-
-
-
Owners Costs
18.27
-
14.05
-
EPCM
27.40
-
21.08
-
Other associated indirect costs
17.22
-
13.24
-
Mill Indirect Costs
-
-
SC 7.2 Concentrator
53.17
-
40.90
-
SC 6.0 Concentrator
-
30.38
-
23.37
Chemical Plant
-
125.37
-
96.44
SUB-TOTAL CAPITAL COSTS
507.74
627.42
390.57
482.63
Contingency
-
-
-
-
Mine and Site
58.24
-
44.80
-
SC 7.2 Concentrator
42.22
-
32.48
-
SC 6.0 Concentrator
-
20.93
-
16.10
Chemical Plant
-
100.92
-
77.63
TOTAL CAPITAL COSTS
608.20
749.27
467.85
576.36
Table 5 –Operating Costs/Tonne LCE
Operating Costs
CA$/LCE
US$/LCE
Total Chemical Operating Cost
9,663
7,433
Table 6 - 2023 PAK Mineral Resource Statement (Open Pit)
Cut- off
Resource Category
Commodity
Geologic Zone
Tonnes (t)
Li
2
O (%)
Ta
2
O
5
(ppm)
Cs
2
O (%)
Rb
2
O (%)
0.6% Li
2
O
Measured
Lithium
Upper Intermediate Zone (UIZ)
325,200
3.43
59
0.03
0.14
Lithium
Lower Intermediate Zone (LIZ)
1,019,400
1.73
105
0.04
0.29
Lithium
Total Lithium Zone
1,344,600
2.14
94
0.04
0.25
Lithium / Tantalum / Rubidium
Bulk Pegmatite
1,344,600
2.14
94
0.04
0.25
0.6% Li
2
O
Indicated
Lithium
Upper Intermediate Zone (UIZ)
255,400
2.91
75
0.04
0.21
Lithium
Lower Intermediate Zone (LIZ)
3,819,900
1.88
99
0.04
0.30
Lithium
Total Lithium Zone
4,075,300
1.94
97
0.04
0.29
Tantalum / Rubidium
Central Intermediate Zone (CIZ)
544,100
1.11
113
0.08
0.63
Lithium / Tantalum / Rubidium
Bulk Pegmatite
4,619,400
1.72
99
0.04
0.33
0.6% Li
2
O
Measured + Indicated
Lithium
Upper Intermediate Zone (UIZ)
580,600
3.20
65
0.03
0.17
Lithium
Lower Intermediate Zone (LIZ)
4,839,300
1.85
100
0.04
0.30
Lithium
Total Lithium Zone
5,419,900
1.99
96
0.04
0.29
Tantalum / Rubidium
Central Intermediate Zone (CIZ)
544,100
1.11
113
0.08
0.63
Lithium / Tantalum / Rubidium
Bulk Pegmatite
5,964,000
1.81
98
0.04
0.32
0.6% Li
2
O
Inferred
Lithium
Upper Intermediate Zone (UIZ)
74,200
2.77
96
0.04
0.25
Lithium
Lower Intermediate Zone (LIZ)
528,900
1.86
79
0.02
0.23
Lithium
Total Lithium Zone
603,100
1.97
81
0.02
0.23
Tantalum /Rubidium
Central Intermediate Zone (CIZ)
77,400
1.21
153
0.08
0.51
Lithium / Tantalum / Rubidium
Bulk Pegmatite
680,500
1.75
89
0.03
0.26
Table 7 - 2023 Spark Mineral Resource Statement (Open Pit)
Cut-Off
Resource
Tonnes (t)
Li
2
O
(%)
Ta
2
O
5
(ppm)
Cs
2
O
(%)
Rb
2
O
(%)
Nb
2
O
5
(ppm)
SnO
2
(ppm)
Classification
0.65%
Li
2
O
Indicated
18,828,000
1.52
112
0.02
0.26
84
61
Inferred
29,746,000
1.34
116
0.03
0.26
77
74
Mineral Resource Estimate Notes
1.
Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards (2014). Mineral resources that are not mineral reserves do not have
demonstrated economic viability. This estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing,
or other relevant issues.
2.
Mineral Resources are reported at various cut-off grades based on mining method and a 6.0% spodumene concentrate prices of US$1,350 /tonne and an exchange rate of
1.3.
3.
Appropriate mining costs, processing costs, metal recoveries, and inter ramp pit slope angles were used by BBA to generate the pit shell.
4.
Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
5.
Tonnage and grade measurements are in metric units.
6.
A bulk density factor of 2.74 was applied to the pegmatite and 2.70 was applied to the aplite.
Table 8 – Mineral Reserve Summary
Category
Area
Li
2
O
Cut-off Grade
%
Diluted
Tonnage
(t)
Diluted
Li
2
O Grade
%
Probable Mineral Reserve
PAK
0.65
4,041,000
1.79
Probable Mineral Reserve
Spark
0.65
18,028,000
1.50
Probable Mineral Reserve
Overall Total
0.65
22,069,000
1.55
The effective date of the mineral reserves estimate is
February 28, 2023
.
The mineral reserve estimate is based on constant metallurgical recovery assumptions: 76% for
technical grade concentrate, 78% for chemical grade concentrate, 88% for Li Hydroxide
The mineral reserve estimate is based on commodity prices assumptions of
3,000 US$
/t for
7.2% Li
2
O technical grade concentrate,
1,350 US$
/t for 6.0% Li
2
O chemical grade concentrate,
and
22,000 US$
/t produced of battery grade lithium hydroxide.
The mineral reserve was derived from a pit limit analysis and detailed pit design using measured
and indicated resources and a cut-off grade of 0.65% Li
2
O.
For PAK, the mineral reserve estimate incorporates mining dilution and mining loss assumptions
through reblocking to a block size of
3 m
x
3 m
x
5 m
. Approximately 6.3% dilution at 0.24%
Li
2
O and 5.9% mining loss were incorporated.
For Spark, the mineral reserve estimate incorporates mining dilution and mining loss
assumptions through regularizing to a block size of
5 m
x
5 m
x
5 m
. Approximately 2.4%
dilution at 0.35% Li
2
O and 3.1% mining loss were incorporated.
PAK mineral reserves are based on a pit design with a 6.1 stripping ratio
Spark mineral reserves are based on a pit design with a 3.2 stripping ratio
Conclusions and Next Steps
The PFS results demonstrate the potential for Frontier Lithium to become a major North American
lithium chemicals producer on a fully integrated spodumene mine to lithium hydroxide and carbonate
chemical plant basis. The Company will now concentrate on the following initiatives to drive the
Project forward:
Complete a Definitive Feasibility Study Phase 1.
Continue environmental baseline studies to enable and advance permitting.
Selection of a site for commercial chemical plant.
Complete and finalize community partnership agreements.
Complete formal submission of announced federal and provincial critical minerals grants and tax
breaks.
Continue to evaluate opportunities to increase the Company's resources for the scaling of future
operations.
Evaluate strategic partnership options and offtake agreements.
Due Diligence
All scientific and technical information in this release has been reviewed and approved by
Todd
McCracken
, P.Geo., Director – Mining & Geology –
Central Canada
, BBA E&C Inc., the qualified
person (QP) and
Garth Drever
, P.Geo., VP Exploration for Frontier Lithium Inc. the qualified person
(QP) under the definitions established by National Instrument 43-101. Under Frontier's QA/QC
procedures, all drilling was completed by Chenier Drilling Ltd. of
Val Caron, ON
using thin-walled
BTW drill rods (4.2 cm core diameter) 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. 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 halve bagged for analysis. Sample blanks along with lithium, rubidium
and cesium 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
Red Lake
by Frontier employees and then shipped to AGAT Laboratories Ltd. (AGAT) in
Mississauga, ON
for quantitative multi-element analysis. AGAT is an ISO accredited laboratory. The
core is stored on site at the Pakeagama Lake exploration camp.
Qualified Persons and 43-101 Disclosure
The following Qualified Persons as defined by NI 43-101 have been involved in the preparation of the
study and have approved this press release:
Garth Drever
,
Graeme Goodall
for Frontier Lithium Inc.
Todd McCracken
, P. Geo.,
Shane Ghouralal
, P. Eng.,
Joanne Robinson
, P. Eng.,
David Willock
, P.
Eng., and
Bahareh Asi
, P. Eng. for BBA E&C
Andy Holloway
, P. Eng. for Halyard Engineering Inc.,
Ian Ward
, P. Eng. for
Ian Ward
consulting Services Inc.,
Ron DeGagne
, P. Geo. for Environmental Application Group.,
Darlene Nelson
, P. Eng. for WSP Canada Inc.
About Frontier Lithium Inc.
Frontier Lithium is a preproduction business with an objective to become a 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 maintains the largest land position and resource in a premium lithium mineral district
located in
Ontario's
Great Lakes region.
About 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 Mineral Resource Estimate titled "National Instrument 43-
101 Technical Report for the PAK Lithium Project" by BBA E&C Inc., with an effective date of
February 28, 2023
, was filed on Sedar.com.
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 sedar.com.
SOURCE
Frontier Lithium Inc.
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