Mr. Bora Ugurgel reports

FRONTIER LITHIUM FINALIZES THE CONTRIBUTION AGREEMENTS FOR THE CRITICAL MINERALS INFRASTRUCTURE FUND

Further to Frontier Lithium Inc.'s press release dated Oct. 27, 2024, regarding federal funding of up to $6-million, the accompanying contribution agreements with the government of Canada have recently been executed for this funding. With conditions now met in the contribution agreements, Frontier has successfully secured up to $6-million in non-repayable funding under the Federal Critical Minerals Infrastructure Fund. This funding will support the advancement of essential mine access road and electricity infrastructure projects critical to the development of the company's PAK lithium project in Northwestern Ontario.

Pursuant to the contribution agreements, Frontier will be entitled to receive the following amounts, which shall be reimbursed at 50 per cent of eligible expenditures for two key infrastructure projects, over the course of four years:

• Mine access road development, total grant funding of $2.8-million -- Preconstruction activities, including environmental studies, for an all-season, 56-kilometre, two-lane access road linking the PAK lithium project to the Ontario highway system.
• Power transmission infrastructure, total grant funding of $3.2-million -- Engineering, design and permitting studies for a substation and transmission line to enable grid connection from the PAK lithium project to the Wataynikaneyap (Watay) power transmission line.

Frontier remains committed to continuing engagement and consultation with local and indigenous communities as these projects progress.

This federal support underscores the importance of collaboration in developing Northwestern Ontario's critical minerals sector while strengthening Canada's position in the global electric vehicle and energy storage markets.

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 Inc. (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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