Frontier Lithium (FL) investor relations material

Strategic vision and project overview

• Aims to build an integrated lithium supply chain in Canada, supporting economic and community growth in northern Ontario and aligning with national critical mineral strategies.

• The PAK Lithium Project features 30 million tons of high-grade reserves (1.5% Li2O), among the highest in North America, with low impurities.

• Project includes multiple deposits (PAK, Spark, Bolt, Amber) along a 65 km trend, with ongoing exploration and resource expansion.

• Holds 92.5% project interest, with Mitsubishi Corporation holding 7.5% and an option to increase to 25% post-permitting.

• Designated as Ontario’s first One Project, One Process candidate, streamlining permitting and advancing collaboration with First Nations.

Project economics and infrastructure

• Feasibility study (May 2025) shows $932 million NPV, $285 million annual earnings, 18% IRR, and 31-year mine life.

• Plans to produce 200,000 tons of SC6 spodumene concentrate annually at CAD 624/ton, placing it in the first cost quartile.

• Infrastructure improvements include completed hydropower line, planned substation, and government-backed all-season road construction, with Berens Bridge completion expected in 2028.

• Project recognized as nationally significant, receiving grant funding and enhanced federal-provincial collaboration.

• Letters of intent signed with federal and Ontario governments for financial support of a Thunder Bay lithium chemical facility.

Downstream integration and timeline

• Acquired Mission Island site in Thunder Bay for a lithium conversion facility, targeting 20,000 tons of lithium chemical output (enough for 500,000 EVs/year).

• Feasibility study for the refinery awarded to Fluor Canada; facility to serve both internal and third-party spodumene concentrate.

• Permitting and Impact Benefit Agreement process underway, with permits expected in 24 months and Final Investment Decision (FID) targeted for 2028.

• Construction planned to begin two years post-FID, with conversion facility FID aligned with mine and mill.

• Key deliverables for 2026–2027 include advancing road construction, finalizing government funding, securing senior debt and offtake agreements, and progressing community agreements.