Mr. Trevor Walker reports

FRONTIER LITHIUM ANNOUNCES FILING OF THIRD QUARTER FINANCIAL STATEMENTS AND MD&A

Frontier Lithium Inc. has released its financial results for the third quarter ended Dec. 31, 2023. The financial statements and accompanying management's discussion and analysis for the period ended Dec. 31, 2023, have been filed on SEDAR+ and can be viewed under the company's website or its profile on SEDAR+.

Q3 2023 highlights:

• Strong financial position with a cash balance of approximately $15.5-million;
• Received $2-million government funding via a grant from the Northern 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 dike and Spark deposit.

"We remain in a strong financial position to further explore and develop our PAK project, a high-grade, large-tonnage and pure lithium resource strategically located in Northwestern Ontario. Two thousand twenty-four will be focused on phase 1 (mine and mill) of our definitive feasibility study, advancing environmental baseline studies while communicating with first nations communities, and advancing project permitting and mine and mill engineering design support work. While markets can be turbulent, we have a long-term strategy to bring the PAK project into production. The downstream market is there; EV sales have recently grown 31 per cent year over year; EV battery demand accounted for over 70 per cent of total battery demand globally; and battery energy storage became the fastest-growing battery market, increasing 80 per cent over the course of 2023. These numbers only underscore the need for battery materials like lithium to be locally and responsibly sourced in North America," comments Trevor Walker, president and chief executive officer of Frontier Lithium.

Recent developments and highlights for the current quarter

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 four 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 dike approximately 700 metres to the east of the main blowout 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) to DRA 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 Dec. 31, 2023. The company remains vigilant in managing its capital to support exploration and development activities. Capital management objectives focus on ensuring operational continuity and monitoring liquidity risk. As announced on Nov. 9, 2023, Frontier also received a $2-million government grant from the Northern Ontario Heritage Fund Corporation to advance testing processes for converting lithium processing byproducts into value-added products.

Outlook

Frontier remains committed to its phased development approach outlined in its prefeasibility 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 continuing DFS will provide detailed insights into the project's next stages.

Frontier Lithium looks forward to advancing its position as a key player in the lithium sector, contributing to the sustainable growth of North America's electric vehicle and energy storage industries.

For further details, please review the financial statements and the management's discussion and analysis for the nine months ended Dec. 31, 2023, available and filed on SEDAR+.

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 is 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.

About the PAK lithium project

The PAK lithium project contains North America's highest-grade lithium resource and is the largest in Ontario by size. The project encompasses close to 27,000 hectares and remains largely unexplored; however, since 2013, the company has delineated two premium spodumene-bearing lithium deposits (PAK and Spark), located 2.3 kilometres apart. Exploration is continuing on the project through two other spodumene-bearing discoveries: the Bolt pegmatite (located between the PAK and Spark deposits), as well as the Pennock pegmatite (25 kilometres northwest of PAK deposit within the project claims). A 2023 prefeasibility study, titled, "National Instrument 43-101 Technical Report PFS PAK Lithium Project," written by BBA E&C Inc., delivered a 24-year project life, at a posttax net present value (NPV) (8 per cent) of $1.74-billion (U.S.) and internal rate of return of 24.1 per cent as per the news release disseminated on May 31, 2023, and was filed on SEDAR+.

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