Mr. Bora Ugurgel reports
FRONTIER LITHIUM FILES YEAR-END MARCH 31, 2023 FINANCIAL RESULTS
Frontier Lithium Inc. has filed its audited financial statements for the year ended March 31, 2023. The financial statements, the related management's discussion and analysis (MD&A), and annual information form (AIF) have been filed on SEDAR and can be viewed under the company's profile.
The company continues to advance its PAK lithium project by assessing the viability of constructing and operating a fully integrated lithium mining and chemicals company to deliver battery-grade lithium carbonate and lithium hydroxide for the burgeoning lithium-ion battery market in North America.
Highlights for the year ended March 31, 2023, and recent developments:
At March 31, 2023, the company had cash and cash equivalents of $27.4-million;
- Successfully completed a bought deal prospectus offering for $23-million in November, 2022;
Completed 14,461 metres of drilling during phase XII and 11,310 metres during phase XIII drilling programs;
In May, 2023, the company delivered strong results in a prefeasibility study (PFS) for a proposed mine-to-lithium chemical/refining plant facility (integrated project) in the Great Lakes region of North America. The results of the PFS include a pretax net present value at an 8-per-cent discount rate of $2.59-billion (U.S.) with a pretax internal rate of return of 28.6 per cent and a posttax NPV at an 8-per-cent discount rate of $1.74-billion (U.S.) with a posttax IRR of 24.1 per cent;
- Strengthened the company's management team with the appointment of Dr. Graeme Goodall as vice-president of operations and Dr. Greg Da Re as vice-president of corporate development.
Frontier Lithium recorded a net loss of $24,232,381.24 for the year ending March 31, 2023. The company deems this figure as a manageable and transient outcome in light of its long-term growth and market position.
The company also announces that the comparative figures in the 2023 annual financial statements have been restated. The restated comparative figures in the 2023 annual financial statements replace and supersede the corresponding information contained in the previously filed financial statements and management's discussion and analysis of the company which should no longer be relied upon.
About Frontier Lithium
Frontier Lithium is a preproduction business with an objective to become an integrated strategic domestic supplier of spodumene concentrates for industrial users as well as battery-grade lithium hydroxide and other chemicals to the growing electric vehicle and energy storage markets in North America. The company's sole project maintains the largest land position and resource in a premium lithium mineral district located in Ontario's Great Lakes region.
We seek Safe Harbor.
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