FRONTIER LITHIUM ANNOUNCES FILING OF THIRD QUARTER FINANCIAL STATEMENTS AND MD&A
Q3 2023 Highlights:
- Strong financial position with a cash balance of approximately
$15.5 million - Received
$2 million government funding via a grant from theNorthern Ontario Heritage Fund Corporation to advance lithium chemicals research. - Awarded contract to commence and complete a Definitive Feasibility Study (Phase I) that will advance development of the mine and mill at the
PAK Project - Exploration drilling further extended and proved the potential of the Bolt pegmatite, Pennock dyke and Spark deposit.
"We remain in a strong financial position to further explore and develop our
Recent Developments and Highlights for the
Exploration:
- Phase XIII drill program:
- The drill program, which commenced in
February 2023 , has yielded promising results, delineating the Bolt pegmatite and extending the Spark deposit. - In
September 2023 , results from 4 holes drilled on the western portion of Spark were released indicating the southwest and northwest lobes remain open with high-grade intersections. - Pennock:
- In
December 2023 , the Company announced results from three channels cut in 2023 across the Pennock dyke approximately 700 meters to the east of the main blow-out area. - Although narrow, these intercepts of spodumene-bearing pegmatite substantially upgrade the potential at Pennock.
Development:
- Definitive Feasibility Study:
- In
November 2023 , the Company awarded the mine and mill portion of the Definitive Feasibility Study ("DFS") toDRA Americas Inc. , which continues to advance the project toward development. - The DFS will capture the development and financial metrics for an integrated project, positioning Frontier as a potential producer of lithium products in the future.
- The DFS may also indicate the potential for Frontier to become a large and low-cost producer of lithium hydroxide in
North America .
Financial Performance: Frontier maintains a strong financial position with a cash balance of approximately $15.5 million as of
Outlook: Frontier remains committed to its phased development approach outlined in its Pre-Feasibility Study ("PFS") and advanced through the DFS. The Company's focus on becoming a strategic supplier of premium lithium products aligns with the growing demand in electric vehicle and energy storage markets. The ongoing DFS will provide detailed insights into the project's next stages.
For further details, please review the financial statements and the management's discussion and analysis for the nine months ended
About
About the
The PAK lithium project contains
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the prospectivity of the Company's mineral properties, the mineralization and development of the Company's mineral properties, the Company's exploration program and other mining projects and prospects thereof. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Readers are cautioned that any such forward-looking 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, please review the Company's public filings available on SEDAR+ at www.sedarplus.ca.
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