Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) ("Frontier" or the "Company") has reported financial results for the first quarter ended June 30, 2022.
The financial statements and the related management's discussion and analysis have been filed on SEDAR and can be viewed under the company's profile on SEDAR.
The company continues to advance its plans to develop a lithium salts refining plant in North America's Great Lakes region. Frontier is targeting the delivery of a preliminary feasibility study ("PFS") by the end of calendar 2022, 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 quarter ended June 30, 2022, and recent developments:
The comparative figures for three months ended June 30, 2021 have been restated. The restated comparative figures 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.
For further information regarding the restatement of the comparative figures contained in the June 30, 2022 Unaudited Condensed Interim Financial Statements, please refer to the details in Note 13 of the quarter ended June 30, 2022 Unaudited Condensed Interim Financial Statements which are summarized as follows:
Frontier Lithium is a preproduction business with an objective to become a 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 maintains the largest land position and resource in a new premium lithium mineral district located in Ontario's Great Lakes region.
The PAK Lithium Project is one of the highest quality known lithium mineral resource in North America due to its high-grade and low impurity properties in the pegmatite ore material and the spodumene mineral. The Company published a Preliminary Economic Assessment ("PEA") in April 2021 that indicated an after-tax Net Present Value ("NPV") at an 8% discount rate of US $974 million and a 21% after-tax Internal Rate of Return ("IRR") through a fully-integrated lithium operation utilizing spodumene concentrate generated from the PAK Lithium Project to achieve downstream conversion for production of battery-quality lithium chemicals and concentrate for the glass and glass-ceramics market. For details, please refer to the NI 43-101 Technical report by BBA Engineering Ltd. issued on April 9, 2021 and filed under the Company's profile on SEDAR on April 14, 2021.
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. This news release includes certain statements that constitute "forward-looking information" or "forward-looking statements". All statements in this release, other than statements of historical fact, including but not limited to statements that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Forward-looking statements are based upon the expectations and assumptions that, while considered reasonable by the Company are subject to uncertainties and contingencies. As such, the statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. The Company does not undertake any obligation to update or revise any forward-looking information, except as required by law. For more information on the risk factors that could cause actual results to differ materially from the forward-looking statements readers should review the risk factors contained in the Company's most recent Annual Information Form available at www.sedar.com.
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December 28, 2023 November 28, 2023 November 09, 2023 |
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