SUDBURY, ON, July 28, 2023 /CNW/ - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) ("Frontier" or the "Company") today announced the filing of its audited financial statements for the year ended March 31, 2023 (the "2023 Annual Financial Statements"). 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 at www.sedarplus.ca.

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 C$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 and11,310 meters during Phase XIII drilling programs;
• In May 2023 the Company delivered strong results in a Pre-Feasibility 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 pre-tax net present value at an 8 percent discount rate of US$2.59 billion with a pre-tax internal rate of return of 28.6 percent and a post-tax NPV at an 8 percent discount rate of US$1.74 billion with a post-tax IRR of 24.1 percent;
• 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 Inc. recorded a net loss of C$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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Frontier Lithium (TSX-V: FL) (FRA: HL2) (OTCQX: LITOF)  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. 

The PAK lithium project contains North America's highest-grade lithium resource and is the second largest in North America 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 Pre-Feasbility Study "National Instrument 43-101 Technical Report PFS PAK Lithium Project" by BBA E&C Inc., delivered a 24- year project life, delivering a post-tax NPV(8) of US$1.74 billion and IRR of 24.1% as per the press release disseminated on May 31, 2023, and was filed on sedarplus.ca. 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact constitute forward-looking statements. Forward looking statements contained in this news release include, but are not limited to, statements with respect to: estimated mineral resources, estimated capital costs to construct mine facilities, estimated operating costs, the duration of payback periods, estimated amounts of future production, estimated cash flows, net present value (NPV) , and statements that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects. 

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those expressed in the forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties. Risk factors that could cause actual results to differ materially from those in forward looking statements include: market prices for commodities, increases in capital or operating costs, construction risks, availability of infrastructure including roads, regulatory and permitting risks, exploitation and exploration successes, continued availability of capital and financing, financing costs, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings available at sedarplus.ca.