SUDBURY,
ON, Aug. 28, 2023 /CNW/ - Frontier Lithium
Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) ("Frontier" or the
"Company") has reported financial results for the first quarter
ended June 30, 2023. 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 on SEDAR+.
The company continues to advance its plans to develop a lithium
salts refining plant in North
America's Great Lakes region. Frontier is advancing the
definitive feasibility study ("DFS"), 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.
On June 30, 2023, the company had
cash and cash equivalents of $22.34
million, leaving it well positioned to meet corporate and
administrative expenses and to further execute on its planned
business objectives.
Highlights for the quarter ended June
30, 2023, and recent developments:
EXPLORATION
Phase XIII drill program commenced in February 2023 with four additional holes drilled
at Spark testing the western extension of the deposit before
delineating the Bolt pegmatite. Since February, the Company
has completed 11,364m in 46 drill
holes, including geomechanical and hydrogeological test work at the
PAK deposit, delineating Bolt pegmatite as well as condemnation
drilling in areas of proposed infrastructure.
Since May 2023, follow-up to the
2022 reconnaissance program has been underway including more
detailed prospecting/mapping and channel sampling. In 2022, a
new spodumene-bearing pegmatite zone, 10 by 15m, was discovered approximately 1 km
west-northwest of the Spark pegmatite with grab samples averaging
3.1% Li2O. Prospecting and mapping in the Pennock
pegmatite area discovered additional pegmatite dykes up to
30m in length and 3 to 5 m in width, grab samples averaging 1.7%
Li2O.
RESULTS OF PRE-FEASIBILITY STUDY
In May 2023, the Company released
the results of PFS for a proposed mine-to lithium chemical/hydromet
plant facility. The PFS was published on July 14th, 2023. The results of the
PFS include a post-tax NPV at an 8 percent discount rate of
US$1.74 billion with a post-tax IRR
of 24.1 percent. 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.
CORPORATE LEADERSHIP TEAM CHANGES
In June 2023, the Company
appointed Mr. Gregory Da Re as Vice President of Corporate
Development. Mr. Da Re brings a deep understanding of electric
vehicle battery supply chains and two decades of experience as an
accomplished investment executive.
In August 2023, the Company
announced the appointment of Mr. Erick
Underwood as its new Chief Financial Officer. Mr. Underwood
brings with him over 25 years of extensive experience in the
finance and project development sectors within the mining
industry.
OTHER MATTERS
ANNUAL GENERAL MEETING
Annual General Meeting of the shareholders of Frontier Lithium
Inc. will be held on Wednesday, September
13, 2023, at 2:00 p.m.
(Toronto time) virtually via the
Zoom Meeting Platform. Shareholders can visit this link to register
for the event and this link to submit their questions.
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 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-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+.
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+.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE Frontier Lithium Inc.