Mr. Bora Ugurgel reports

FRONTIER LITHIUM REPORTS FIRST QUARTER RESULTS

Frontier Lithium Inc. has released financial results for the first quarter ended June 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 SEDAR+ and on the company's website.

The company continues to advance its PAK lithium project and assess the viability of constructing and operating a fully integrated lithium mine and chemical processing facility to deliver battery-grade lithium carbonate and lithium hydroxide for the burgeoning lithium-ion-battery market in North America.

On June 30, 2024, the company had cash and cash equivalents of $30.36-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, 2024

Exploration

The company's completed phase 13 drill program included four holes at the Spark deposit, extending this deposit and delineating the Bolt pegmatite. As of March 2024, a total of 11,364 metres were drilled across 46 holes by the company. At the PAK deposit, 2,033 metres of geomechanical and hydrogeological drilling were completed in preparation for the company's proposed definitive feasibility study.

Definitive feasibility study

On Nov. 1, 2023, DRA Americas Inc., an international multidisciplinary engineering, project delivery and operations management company, was selected by the company for assistance and preparation of the mine and mill portion of the DFS. Environmental baseline studies are continuing to support project permitting, and infrastructure works are being completed to continue to support the DFS in relation to stockpiles, tailing management, the mill and related facilities.

Mitsubishi joint venture partnership

On April 25, 2024, the company announced the successful closing of tranche 1 of the joint venture partnership with Mitsubishi Corp. This joint venture for the project marks a significant milestone in advancing the construction of the first fully integrated lithium mining and processing operation in Ontario, Canada. Through the joint venture partnership, as initially announced on March 4, 2024, Mitsubishi has acquired an initial 7.5-per-cent interest in the project for $25-million. This strategic investment underscores the confidence in the size, quality and strategic importance of the project to the North American electric vehicle supply chain. Frontier Lithium plans to utilize the financing from Mitsubishi to progress the project toward a vertically integrated DFS, which is expected to be completed in 2025.

Other matters

Annual general meeting

The annual general meeting of the shareholders of the company will be held on Monday, Sept. 30, 2024, at 11 a.m. Toronto time, in person at 2614 Belisle Dr., Val Caron, Ont. A virtual meeting link will be set up for the meeting for viewing and listening purposes only. No voting will be conducted or carried out on the virtual meeting platform. Shareholders can visit this link to register for the event and to submit questions.

Due diligence

All scientific and technical information in this release has been reviewed and approved by Garth Drever, PGeo, the qualified person under the definitions established by National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Under Frontier Lithium's quality assurance/quality control procedures, all drilling was completed by Chenier Drilling Ltd. of Val Caron, Ont., using NQ drill rods for the geotechnical drill holes, thin walled BTW drill rods (4.2-centimetre 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 azimuth pointing system unit was utilized to complete accurate positioning and orientation of the drill collar upon set-up. The core was boxed and delivered to the Frontier Lithium 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 were 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. in Thunder Bay, Ont., for sample preparation and to Calgary, Alta., for processing and quantitative multielement analysis. Agat is an ISO accredited laboratory. The core is stored on site at the company's Knox exploration camp.

About Frontier Lithium Inc.

Frontier Lithium is a preproduction business with an objective to become a strategic and integrated 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 PAK lithium project maintains the largest land position and resource in a premium lithium mineral district located in Ontario's Great Lakes region.

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