Mr. Garth Drever reports

FRONTIER LITHIUM CONFIRMS HIGH-GRADE LITHIUM OXIDES AT SPODUMENE-BEARING PENNOCK PEGMATITE, AND ANNOUNCES OPTION GRANT AND REPRICING

Frontier Lithium Inc. has released the results of a summer 2023 regional prospecting and channel sampling program at Pennock, located 22 kilometres northwest of the Spark deposit. The spodumene-bearing Pennock pegmatite is a 1.5 km long pegmatitic dike trend that was first channelled in 2019 with 16 metres averaging 1.96 per cent Li2O (lithium oxide).

Highlights:

• Channel 56: 700 m east-southeast of the main blowout along the Pennock dike system, crossed three m of pegmatite averaging 1.8 per cent Li2O;
• Channel 55: 55 m to the east of Channel 56, crossed 5.8 m averaging 1 per cent Li2O.

"This was our first opportunity to validate the spodumene-bearing Pennock dike beyond the blowout area with continuous channelling across the dikes. They tend to be extensive, continuous and contain high grades of lithium oxide," says Garth Drever, vice-president, exploration, of the company. "Despite being narrow at surface with widths less than six metres and requiring additional channelling and mapping prior to any drill testing, we are excited about the potential discovery upside outside of the project's mining lease area."

As part of the 2023 summer drill program at PAK, exploration crews were mobilized to the Pennock area for follow-up to the 2022 mapping and prospecting to complete sampling along three channel cuts. This resulted in the discovery of several additional pegmatite/aplite dykes, many of which were channelled. The pegmatite dikes near channels 55 and 56 had been chip sampled in the past when spodumene had been identified. The channelling has now confirmed the presence of both spodumene and high grades of lithium oxide. Although spodumene was not visibly identified in the lepidolite-bearing aplite at channel 54, it was channelled to determine the Li2O content and for further study.

Only channels reported here, and in the Sept. 7 and 25 press releases, contained significant values of lithium oxide.

Other matters

The company also announces that pursuant to its stock option plan it has granted a total 1.5 million stock options to certain employees, officers, directors and strategic advisers. The new options have a term of five years from the date of grant and upon exercise entitles the holder to purchase one common share per new option at an exercise price of 74 cents per common share. Additionally, the company announces the repricing of up to 575,000 outstanding stock options. The repricing excludes existing options held by directors and officers of the company and applies to existing options previously granted to certain employees of the company pursuant to the company's stock option plan. The existing options will be repriced from an exercise price of $2.10 and $2.30 per common share to 74 cents per common share and the repricing does not affect the existing options' current vesting schedules, if applicable, and does not extend the term of the existing options. The repricing is being taken in response to the current market challenges impacting the lithium sector, a reduction in the ensuing company's stock price, and to better align with the new options granted to certain officers and directors. The repricing and grant of the new options are subject to TSX Venture Exchange approval.

Due diligence

All scientific and technical information in this release has been reviewed and approved by Mr. Drever, PGeo, the qualified person under the definitions established by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Under Frontier's quality assurance/quality control procedures, the channels were marked perpendicular to the main strike of the pegmatite dikes with bio-degradable paint prior to cutting using a portable rock saw. Each sample, at least one metre in length, was geologically logged prior to sampling. 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 Red Lake, Ont., by float plane and then shipped to Agat Laboratories Ltd. in Thunder Bay, Ont., for sample preparation and to Mississauga, Ont., for processing and quantitative multielement analysis. Agat is an ISO accredited laboratory.

About Frontier Lithium Inc.

Frontier Lithium is an exploration and development mining company with headquarters and assets in Northern Ontario, a Tier 1 mining jurisdiction. The company's PAK project represents the largest proven land position in a new, premium lithium mineral district, with a high-grade, large-tonnage and pure lithium resource. Strategically located in Ontario's Great Lakes region near the United States border, Frontier is developing the first fully integrated lithium mining-and-processing operation in Ontario with an aim to become a significant supplier of spodumene concentrates and battery-grade lithium hydroxide to the growing electric vehicle and energy storage markets across North America.

We seek Safe Harbor.