SUDBURY,
ON, Oct. 7, 2024 /CNW/ - Frontier Lithium Inc.
(TSXV: FL) (FRA: HL2) (OTCQX: LITOF) ("Frontier" or the
"Company") is pleased to announce that it has been awarded up
to $6.1 million in funding from the
Government of Canada for mine
access road and power transmission line infrastructure projects.
This funding has been secured through the Critical Minerals
Infrastructure Fund (CMIF), a federal initiative aimed at advancing
clean energy and transportation infrastructure in Canada's critical minerals sector.
Pending final due diligence, Natural Resources Canada has
conditionally approved two investments for a total of up to
$6.1 million under the CMIF for two
projects that will support the development of Frontier's PAK
Lithium Project in Northwestern
Ontario.
One project is the preconstruction activities, including
environmental studies, for an all-seasons, 56-kilometer, two-lane
mine access road that would link the PAK lithium project to the
Ontario highway system.
The second project will conduct engineering, design and
permitting studies for a substation and transmission line to enable
grid connection from the PAK Lithum project to the Wataynikaneyap
(Watay) Power transmission line.
As both infrastructure projects advance, Frontier Lithium is
committed to continued engagement and consultation with local and
Indigenous communities.
Trevor Walker, President and CEO
of Frontier Lithium, expressed his excitement about the award:
"We are thrilled to receive this funding for the advancement of
an all-season road and electricity infrastructure in the region of
our PAK Lithium Project. As we move forward on our path to
building the first fully integrated lithium mining-and-processing
operation in Ontario, we know our
objectives align nicely with that of the Critical Mineral
Infrastructure fund – to address infrastructure gaps, reduce
emissions, and advance reconciliation with Indigenous
Peoples."
This Government of Canada
support reflects the importance of Indigenous engagement and
collaboration in developing key infrastructure in Northwestern Ontario. It also recognizes the
role these infrastructure projects will play in supporting our
vision to become a significant supplier of lithium chemicals to the
growing EV and energy storage markets across North America.
About Frontier Lithium
Frontier Lithium Inc. is a pre-production business with an
objective to become a strategic and integrated 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 PAK Lithium Project maintains the largest 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 contains North
America's highest-grade lithium reserves 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 Pre-Feasibility 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 SEDAR+
(www.sedarplus.ca)
Cautionary Note Regarding Forward-Looking Statements
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 may 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, the DFS and statements
that address future production, resource and 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, please review the Company's public filings
available at www.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 release.
Opening Remarks:
- Good afternoon, everyone. Thank you to the Government of
Canada for their support and to
all our partners and stakeholders for their continued
collaboration.
Project Overview:
- This funding will support two critical infrastructure projects
for the PAK Lithium Project in Northwestern Ontario.
- These projects are pivotal in bridging the resources of the
north with demand for chemical production in Ontario, enhancing connectivity and
infrastructure.
- With the recent beren's bridge funding, these two projects
will play a crucial role in advancing clean energy and
transportation infrastructure, aligning with CMIF's core
objectives.
- Strong consultation and engagement with Indigenous communities
are at the heart of these projects.
- We are committed to ongoing dialogue and collaboration to
ensure that the development is sustainable and beneficial for all
stakeholders.
- This approach not only advances reconciliation but
also derisks the projects by addressing potential concerns
early on.
- The federal support underscores the importance of developing
robust infrastructure to support the critical minerals sector.
- By advancing these projects, we are not only enhancing our
capabilities but also positioning Ontario as a leader in the production of
essential chemicals for the electric vehicle and energy storage
markets.
Closing Remarks:
- We are excited about the future and the opportunities these
projects will unlock.
- Together, we are paving the way for a sustainable and
prosperous future for Ontario's
critical minerals sector.
SOURCE Frontier Lithium Inc.
