SUDBURY,
ON, Aug. 2, 2023 /CNW/ - Frontier Lithium Inc.
(TSXV: FL) (FRA: HL2) (OTCQX: LITOF) (the "Company" or
"Frontier"), Ontario's leading lithium developer, is
pleased to announce the appointment of Mr. Erick Underwood as its new Chief Financial
Officer. Mr. Underwood will assume his role today, bringing with
him over 25 years of extensive experience in the finance and
project development sectors within the mining industry.
"We are delighted to welcome Erick to the
Frontier's executive team," said Trevor
Walker, President and CEO of Frontier Lithium. "His
extensive experience and proven leadership in the mining industry
make him the perfect fit for this role. We believe Erick's
expertise will play a crucial role in our pursuit of sustainable
lithium mining and will be instrumental in driving the company's
financial and operational excellence."
Mr. Underwood is a highly accomplished executive
with a strong track record of success in major projects and assets,
having held key positions at esteemed companies such as Chesapeake
Gold Corp, Cia. Minera Zafranal (Teck Resources Ltd.), AQM
Copper Inc, and BHP Billiton.
"I am thrilled to join Frontier Lithium, a
Canadian champion that is developing a significant resource in the
transformative lithium mining industry," said Erick Underwood. "I am motivated by the
company's strong financial performance and strategic positioning in
the market. I look forward to contributing to Frontier Lithium's
continued growth and success while optimizing operational
efficiencies and maximizing shareholder value."
Throughout his career, Erick has been a trusted
partner to senior technical and operational decision-makers,
providing invaluable advice in asset development and operations. He
possesses an exceptional skill set, encompassing financial and
managerial reporting, strategic planning, change management, and
economic valuations. Moreover, his expertise in governance and
internal controls has led to the successful completion of various
significant projects and milestones. Mr. Underwood holds a Bachelor
of Commerce from McGill University, a
Master of Business Administration from the Rotman School of
Management at the University of
Toronto, and the CPA, CMA designation.
Other Matters
The Company also
announces that pursuant to its "Stock Option Plan" it has granted
750,000 stock options, to certain employees, officers, directors,
and strategic advisors. The options are set for a period of five
years, expiring on August 3, 2028.
The options are priced at $1.80 and
are subject to regulatory approval.
About Frontier Lithium
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.
About the PAK Lithium Project
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 Sedar.com.
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 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 sedar.com.
SOURCE Frontier Lithium Inc.