GREATER SUDBURY, ON, March 2, 2026 /CNW/ - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) OTC: LITOF) ("Frontier" or the "Company") is pleased to announce the execution of a Memorandum of Understanding ("MoU") between the Company, Panasonic Energy Co., Ltd. ("Panasonic Energy") and Mitsubishi Corporation ("Mitsubishi") regarding the potential procurement of lithium salts and a broader strategic collaboration in support of developing a secure, localized North American battery supply chain.
Frontier and Mitsubishi have previously established a joint venture company advancing the integrated PAK Lithium Project (the "PAK Lithium Project" or "Project") in Ontario, Canada. The Project is designed to support the North American automotive industry's transition to electrification by developing both:
- An upstream lithium mine and mill; and
- A downstream lithium conversion facility targeting initial production of approximately 20,000 tonnes per annum of battery-grade lithium salts commencing in 2030
The PAK Lithium Project hosts one of the largest high-grade lithium reserves in North America, positioning it as a strategically important source of critical minerals for domestic battery manufacturing.
Panasonic Energy, a principal subsidiary of Panasonic Holdings Corporation, is a leading global manufacturer of lithium-ion batteries for automotive and energy storage applications. Headquartered in Japan, Panasonic Energy operates major battery production facilities in Nevada and Kansas, which supply the North American market.
Under the MoU, Panasonic Energy has expressed interest in procuring lithium hydroxide from the PAK Lithium Project. The parties also intend to explore broader collaboration opportunities to advance a resilient and sustainable battery supply chain in North America, including potential technical cooperation.
The parties to the MoU have confirmed their willingness to negotiate a definitive offtake agreement at an appropriate stage of the Project, which may include competitive pricing mechanisms subject to further discussions and technical support.
"This Memorandum of Understanding with Panasonic Energy and Mitsubishi represents an important step forward in advancing a fully integrated, made-in-North America lithium supply chain," said Trevor Walker, President and Chief Executive Officer of Frontier Lithium. "The PAK Lithium Project is designed to deliver secure, high-quality lithium chemicals to support the region's growing battery manufacturing capacity. We are pleased to be aligning with globally recognized partners who share our commitment to supply chain resilience, sustainability, and long-term collaboration."
"Canada is building the secure and reliable critical mineral supply chains that our economies and defence industries rely on," said the Honourable Tim Hodgson, Minister of Energy and Natural Resources. "By working with companies like Frontier Lithium, we are helping deliver the minerals the world needs and the prosperity and security Canadians deserve."
This MoU reflects the parties' shared strategic objective of strengthening regional supply chains amid evolving demand for electric vehicles and increasing emphasis on supply chain resilience and sustainability. Except for certain customary provisions, the MoU is non-binding and does not create legal obligations with respect to supply or investment, and rather, it establishes a framework for continued negotiations and cooperation.
ON BEHALF OF THE BOARD OF DIRECTORS
Trevor Walker, President & CEO
About Frontier Lithium
Frontier Lithium Inc. is a pre-production mining company with an objective to become a strategic and integrated supplier of premium spodumene concentrates as well as battery-grade lithium salts 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 is a fully integrated critical minerals initiative in Ontario, developing a high-grade, large scale lithium resource. Operated as a joint venture between Frontier (92.5%) and Mitsubishi Corporation (7.5%), the project is advancing in parallel with a mine and mill, north of Red Lake, Ontario and a downstream lithium conversion facility in Thunder Bay, Ontario, which are both key to supporting a secure domestic lithium supply for the clean energy transition. A 2025 Mine and Mill Feasibility Study (FS), prepared by DRA Global Limited and entitled National Instrument 43-101 Technical Report FS PAK Lithium Project, Mine and Mill, outlines a 31-year Project life with an after-tax net present value of $932 million at an 8% discount rate and an after-tax internal rate of return of 17.9%.These results have been disclosed in the Company's press release dated May 28, 2025, and the accompanying technical report was filed on SEDAR+ (www.sedarplus.ca) on July 9, 2025.
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, the MoU and it's terms and the parties intentions thereto, the PAK Lithium Project and its estimated development and economics, and statements with respect to: capital requirements and private and/or public financing initiatives and completion of these financings (if any), estimated mineral resources, estimated capital costs to construct a mine and conversion facilities, estimated operating costs, estimated cash flows, net present value, the Feasibility Study and statements that address future production, resource and reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects, including but not limited to capital and operating costs, timelines, internal rates of return, and project development milestones.
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.
SOURCE Frontier Lithium Inc.
Company Contact Information: Bora Ugurgel, Senior Manager, Investor Relations, 2614 Belisle Drive, Val Caron, Greater Sudbury, Ontario, P3N 1B3 CANADA, T. +001 705.897.7622, F. +001 705.897.7618
