SUDBURY, ON, Feb. 28, 2025 /CNW/ – Frontier Lithium (“Frontier” or “the Company”) FL has successfully closed its previously reported unsecured convertible loan, yielding aggregate proceeds of $3,350,000 (“Convertible Loan”) (the “Financing”). The Company has also completed the acquisition of a vacant industrial site on Mission Island in Thunder Bay, Ontario (“Mission Island Lands”). This site, located at 1900 108th Street, was formerly a coal-fired electricity generation facility operated by Ontario Power Generation.

Overview of Mission Island Lands

The Mission Island Lands consist of 183 acres of heavy industrial property, including a 50-acre water lot, positioning it as an ideal location for Frontier’s proposed lithium conversion facility. The site already features high-voltage infrastructure and is proximate to utilities, rail, and water transportation networks, providing vital connectivity to provincial, national, and international markets.

Trevor Walker, Chief Executive Officer of Frontier Lithium, stated, “Securing land for Frontier Lithium’s future plans in City of Thunder Bay marks a pivotal moment for Northern Ontario. This investment reinforces Ontario’s strength as a critical hub for Canada’s battery materials sector and the global clean energy transition. Thunder Bay is ideally positioned to support the regional lithium supply chain as new resources become available.”

According to Ken Boshcoff, Mayor of Thunder Bay, “Thunder Bay has long been a hub for Ontario’s mining industry. With Frontier as an anchor, we believe Thunder Bay will become a center for critical mineral processing. We’re excited about the economic opportunities this project will create.”

In pursuit of sustainable resource development, Frontier Lithium aims to work synergistically with community partners, industry stakeholders, and government agencies to ensure successful execution of this transformative Thunder Bay project, bolstering Canada’s standing in global battery materials production.

Financing Details

The Financing has concluded according to the terms previously outlined in the press release dated February 25, 2025. This funding was extended by a related party lender under Multilateral Instrument 61-101 and TSXV Policies, linked to Mr. Reginald (Rick) F. Walker, Chairman of the Board of Directors.

Net proceeds from the Financing were allocated for the purchase of the Mission Island Lands. The Loan’s conversion into common shares of the Company is pending final approval from the TSX Venture Exchange.

About Frontier Lithium

Frontier Lithium Inc. operates as a pre-production mining entity aiming to become a strategic supplier of premium spodumene concentrates and battery-grade lithium salts for the expanding electric vehicle and energy storage markets in North America. The Company’s PAK Lithium project is noted for its substantial land position and resource in a premium lithium mineral district located in Ontario’s Great Lakes region.

About the PAK Lithium Project

The PAK Lithium Project represents a fully integrated lithium development initiative that focuses on North America’s highest-grade lithium reserves. The joint venture involves Frontier Lithium Inc. (92.5%) and Mitsubishi Corporation (7.5%) and encompasses the extraction of lithium ore, advanced processing to produce high-purity lithium concentrates, and the establishment of a downstream refining facility to manufacture battery-grade lithium salts. According to a 2023 Pre-Feasibility Study by BBA E&C Inc., titled “National Instrument 43-101 Technical Report PFS PAK Lithium Project”, the project supports a 24-year operational timeline with a post-tax NPV (8%) estimated at US$1.74 billion and an IRR of 24.1%. These results were disclosed on May 31, 2023, and filed on SEDAR+ (www.sedarplus.ca).

Cautionary Note on Forward-Looking Statements

This news release contains forward-looking statements as defined by Canadian securities laws. Such statements do not include historical information but are characterized by terms such as “anticipate,” “achieve,” “could,” “believe,” “plan,” “intend,” “objective,” “continuous,” “ongoing,” “estimate,” “outlook,” “expect,” “may,” “will,” “project,” “should,” or similar expressions, including their negatives, indicating future potential outcomes.

Understanding Frontier Lithium’s Forward-Looking Statements and Risks

Forward-looking statements from Frontier Lithium Inc. are influenced by both known and unknown risks, uncertainties, and other elements. Many of these factors lie outside the Company’s control and could lead to significant discrepancies between actual results and those suggested in these projections. Such statements are rooted in the plans, expectations, and management estimates at the time the information is disclosed, and they cover areas including financing, proceeds, use of proceeds, final approvals, the terms of the Convertible Loan, and updates regarding the Mission Island Lands and associated plans.

Investors are advised to closely monitor the information released by the Company through news announcements and filings on SEDAR+. While Frontier Lithium has made efforts to highlight critical factors that could result in actual results differing from forward-looking statements, unforeseen elements may still lead to outcomes that do not align with initial expectations or intentions.

It is essential to understand that forward-looking statements do not guarantee future performance. They carry various risks and uncertainties that might cause actual results and performance to diverge from the forecasts made. Unless required by law, the Company does not undertake to publicly update or revise these statements based on new information, whether that information arises from subsequent events or otherwise.

The TSX Venture Exchange and its Regulation Services Provider do not accept responsibility for the accuracy or adequacy of this release.

SOURCE Frontier Lithium Inc.

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