Mr. Trevor Walker reports

FRONTIER LITHIUM CLOSES $3.35 MILLION CONVERTIBLE LOAN AND COMPLETES LAND ACQUISITION IN THUNDER BAY

Further to Frontier Lithium Inc.'s press release dated Feb. 25, 2025, the company has closed (i) the previously disclosed unsecured convertible loan for aggregate proceeds of $3.35-million and (ii) the acquisition of a vacant industrial site on Mission Island in Thunder Bay, Ont. The Mission Island lands, located at 1900 108th St. in Thunder Bay, Ont., were formerly home to a coal-fired electricity generating station operated by Ontario Power Generation.

Mission Island lands

The Mission Island lands comprise 183 acres of heavy industrial property, including a 50-acre water lot, making it an ideal site for the company's proposed lithium conversion facility. The site boasts existing high-voltage infrastructure, proximity to utilities, rail and access to water transportation networks, ensuring connectivity to provincial, national and international markets.

"Securing land for Frontier Lithium's future plans in the City of Thunder Bay marks a pivotal moment for Northern Ontario," said Trevor Walker, chief executive officer of Frontier Lithium. "This investment reinforces Ontario's strength as a critical hub for Canada's battery materials sector and the global clean energy transition. In addition to housing our planned lithium processing facility, regional office and innovation centre, Thunder Bay is ideally positioned to support the broader regional lithium supply chain as new resources come on line."

"Thunder Bay has long been a hub for Ontario's mining industry. With Frontier as an anchor, we believe Thunder Bay will become a centre for critical mineral processing," said Ken Boshcoff, Mayor of Thunder Bay. "We're excited about what Frontier is planning and for the economic opportunities they'll help create."

As part of its commitment to sustainable resource development, Frontier Lithium is working closely with community partners, industry stakeholders and government agencies to ensure the successful execution of this transformative project in Thunder Bay -- reinforcing Canada's position as a global leader in battery materials production.

Financing

The financing has closed on the terms disclosed in the press release dated Feb. 25, 2025. It was provided by a lender that is a related party to the company under Multilateral Instrument 61-101 and TSX Venture Exchange policies due to its affiliation with Reginald (Rick) F. Walker, chairman of the board of directors.

The net proceeds from the financing were used to purchase the Mission Island lands. The convertibility of the loan into common shares of the company remains subject to receipt of final approval from the TSX Venture Exchange.

About Frontier Lithium Inc.

Frontier Lithium is a preproduction mining company with an objective to become a strategic and integrated supplier of premium spodumene concentrates, as well as battery-grade lithium salts 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 is a fully integrated lithium development initiative, developing North America's highest-grade lithium reserves. A joint venture between Frontier Lithium (92.5 per cent) and Mitsubishi Corp. (7.5 per cent), the project involves the extraction of lithium ore, advanced processing to produce high-purity lithium concentrates and downstream refining facility to manufacture battery-grade lithium salts. A 2023 prefeasibility study by BBA E&C Inc., titled "National Instrument 43-101 Technical Report PFS PAK Lithium Project," estimates a 24-year project life with a posttax NPV (net present value) (8 per cent) of $1.74-billion (U.S.) and an IRR (internal rate of return) of 24.1 per cent. These results were disclosed in a May 31, 2023, press release and filed on SEDAR+.

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