Frontier Lithium Takes Major Step Forward on Definitive Feasibility Study for North America’s Highest-Grade Lithium Resource

• Frontier Lithium is focused on developing its PAK Lithium Project into a major producer of lithium concentrates and lithium hydroxide.
• The company is undertaking a Definitive Feasibility Study (DFS) on PAK to refine project parameters and economics.
• PAK development will be phased to accelerate production and revenue while reducing upfront capital needs.
• The lithium market is experiencing a dramatic supply/demand imbalance that PAK is well-positioned to help close.
• Successful completion of the DFS in 2024 could position Frontier for a near-term construction decision and production startup.

About Frontier Lithium

Frontier Lithium is a Canadian mining company focused on the exploration and development of lithium resources in Northern Ontario. With headquarters in Sudbury, Frontier has been advancing its flagship PAK Lithium Project since acquiring the property in 2013. The PAK deposit represents one of the highest grade and largest tonnage lithium resources in North America. Frontier aims to become a major supplier of lithium concentrates and lithium hydroxide to the growing electric vehicle and energy storage markets in North America.

Frontier Awards Contract for Definitive Feasibility Study on PAK Project

On November 1st, Frontier Lithium announced it has commenced the first phase of a Definitive Feasibility Study (DFS) on its PAK Lithium Project. The company awarded the mine and mill engineering scope to DRA Americas, a subsidiary of DRA Global, an international engineering and project management firm focused on the metals and mining industry.

This DFS will build on the robust economics demonstrated in Frontier's July 2023 Preliminary Feasibility Study (PFS) on PAK. The PFS outlined a 24-year operation producing 200,000 tonnes per year of lithium concentrates. The DFS will provide further engineering design, execution planning and cost refinement for PAK's mine, concentrator and infrastructure.

Phased Development Approach to De-Risk Project

The DFS will engineer PAK's development in two stages:

Stage 1 will leverage the existing winter road to construct the first half of the operation, targeting 100,000 tonnes per year of concentrates. This will allow rapid production and cash flow while minimizing upfront capital.

Stage 2 will see a doubling of production capacity to 200,000 tonnes per year. This expansion will be timed with completion of an all-season access road to optimize project logistics.

This phased approach will streamline permitting, financing and construction, while accelerating production and revenue. The winter road provides a ready transport solution to get first production to market rapidly. The all-season road will then maximize operational flexibility and supply chain reliability.

Positioned to Capitalize on Strong Lithium Market Fundamentals

This DFS comes at an opportune time for Frontier. Lithium demand is surging driven by accelerating electric vehicle adoption and battery manufacturing capacity globally. Lithium prices have tripled over the past two years with strong further growth expected.

Frontier is poised to become a major new supplier of battery-grade lithium products just as demand is set to outstrip supply. PAK can offer significant production within a 2-3 year timeframe to help close the lithium supply gap.

Its high purity spodumene concentrates are proven to produce lithium hydroxide suitable for EV batteries. Frontier plans to integrate downstream refining in the future to capture additional margin and become a fully integrated lithium producer.

Fully Financed for Successful DFS Completion

With its recent project financing, Frontier has the working capital to complete this definitive study over the next 12-18 months.

This will fully de-risk the project and position Frontier to make a construction decision on a shovel-ready project with all key permits and agreements in place. The phased development plan should also help streamline financing needs for the staged construction and startup.

Conclusion

With its PAK Lithium Project, Frontier controls a world-class resource capable of producing substantial volumes of high-purity lithium concentrates and supporting downstream lithium hydroxide production.

This DFS will refine economics and engineering for PAK's staged development, providing a clear path to near-term commercial production. Successful completion of the DFS in 2024 would position Frontier to make a construction decision just as lithium markets are poised for major growth from EV and battery demand.

The PAK deposit's scale, high purity and strategic location give Frontier the potential to become a leading lithium supplier to North America's battery industry. Lithium investors looking for near-term production exposure to ride the lithium supercycle should keep a close eye on Frontier's progress.