SUDBURY,
ON, June 29, 2022 /CNW/ - Frontier Lithium
Inc. (TSX-V: FL) (FRA: HL2) (OTCQX: LITOF) ("Frontier" or the
"Company") today announced the filing of its audited financial
statements for the year ended March 31,
2022 (the "2022 Annual Financial Statements").
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 at www.sedar.com.
The Company continues to advance its plans to develop a Lithium
salts refinery plant in North
America's Great Lakes region. Frontier targeting the
delivery of a Preliminary Feasibility Study ("PFS") in 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 Year Ended March 31,
2022 and Recent Developments
- At March 31, 2022 the Company had
cash and cash equivalents of C$17.7
million, leaving it well positioned to execute on its plan
to complete the PFS and planned 15,000 metre drill program which
commenced in May 2022;
- Successfully completed two financing activities: $2.4 million from April
2021 and $12.0 million from
December 2021;
- Completed 3,325 metres during Phase X and XI drilling programs;
and
- Bolstered the Company's leadership with the appointment of Mr.
Marc Boissonneault and Ms.
Tess Lofsky to the Board of
Directors, bringing extensive mining experience in leading mining
production, metallurgical operations and capital projects globally
and corporate and securities law, governance and compliance,
respectively.
- Strengthened the Company's management team with the appointment
of Mr. David Ewing as Vice President
of Sustainability and External Affairs and Mr. Tony Zheng as Chief Financial Officer of the
Company, bringing extensive experience in environmental matters and
finance matters, respectively.
The Company also announces that the comparative figures in the
2022 Annual Financial Statements have been restated. The restated
comparative figures in the 2022 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.
For further information regarding the restatement of the
comparative figures in the 2022 Annual Financial Statements, please
refer to the details in Note 15 of the 2022 Annual Financial
Statements which are summarized as follows:
- Change in Accounting Policy – During the year ended
March 31, 2022, the Company changed
its accounting policy for exploration and evaluation expenditures
to expense them as incurred. Management considered that this change
in accounting policy would result in clearer, more relevant and
reliable financial information to reduce financial reporting
complexity. Under the previous accounting policy, exploration and
evaluation expenditures had been capitalized.
- Related Party Disclosures – In addition to the matter noted
above, it was determined that there were additional related party
transactions in the prior year financial statements which had not
been disclosed. The comparative disclosures in Note 12 have been
revised accordingly.
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.
About Frontier Lithium
Frontier Lithium is a preproduction business that is targeting
to become a manufacturer of battery-quality lithium materials to
support electric vehicle and battery supply chains in North America. Frontier is developing the PAK
Lithium Project which contains one of North America's highest-grade, large-tonnage
hard-rock lithium resources in the form of a rare low-iron
spodumene. The project continues to have significant exploration
upside with potential to increase the lithium resource. The Company
is a pure-play lithium development opportunity with the largest
land position in a premium lithium mineral district located in
Northern Ontario.
On behalf of Frontier Lithium.
Trevor R. Walker
President & Chief Executive Officer
Forward-looking
statements
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 release includes certain statements
that may be deemed "forward-looking statements". All statements in
this release, other than statements of historical facts, that
address future production, reserve potential, exploration drilling,
exploitation activities and events or developments that the Company
expects are forward-looking statements. 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 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. 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 sedar.com.
SOURCE Frontier Lithium Inc.