FRONTIER LITHIUM ANNOUNCES FILING OF THIRD QUARTER FINANCIAL STATEMENTS AND MD&A

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SUDBURY, ON, Feb. 22, 2024 /CNW/ – Frontier Lithium Inc. (TSXV:FL) (FRA: HL2) (OTCQX:LITOF) (“Frontier” or the “Company”) has reported financial results for the third quarter ended December 31, 2023. The financial statements and accompanying management’s discussion and analysis for the period ended December 31, 2023 have been filed on SEDAR+ (www.sedarplus.ca) and can be viewed under the company’s website or its profile on SEDAR+.

Q3 2023 Highlights:

Strong financial position with a cash balance of approximately $15.5 million
Received $2 million government funding via a grant from the Northern Ontario Heritage Fund Corporation to advance lithium chemicals research.
Awarded contract to commence and complete a Definitive Feasibility Study (Phase I) that will advance development of the mine and mill at the PAK Project
Exploration drilling further extended and proved the potential of the Bolt pegmatite, Pennock dyke and Spark deposit.

“We remain in a strong financial position to further explore and develop our PAK Project, a high-grade, large tonnage and pure lithium resource strategically located in Northwestern Ontario. 2024 will be focused on phase one (mine and mill) of our Definitive Feasibility Study, advancing environmental baseline studies while communicating with First Nations communities and advancing project permitting and mine and mill engineering design support work. While markets can be turbulent, we have a long-term strategy to bring the PAK Project into production. The downstream market is there – EV sales have recently grown 31% year-over-year; EV battery demand accounted for over 70% of total battery demand globally; and battery energy storage became the fastest growing battery market, increasing 80% over the course of 2023. These numbers only underscore the need for battery materials like lithium to be locally and responsibly sourced in North America.” comments Trevor Walker, President and CEO of Frontier Lithium. 

Recent Developments and Highlights for the Current Quarter:

Exploration:

Phase XIII drill program:

The drill program, which commenced in February 2023, has yielded promising results, delineating the Bolt pegmatite and extending the Spark deposit.
In September 2023, results from 4 holes drilled on the western portion of Spark were released indicating the southwest and northwest lobes remain open with high-grade intersections.
Pennock:

In December 2023, the Company announced results from three channels cut in 2023 across the Pennock dyke approximately 700 meters to the east of the main blow-out area.
Although narrow, …

Full story available on Benzinga.com


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