FRONTIER LITHIUM HIRES INVESTMENT EXECUTIVE TO LEAD CORPORATE DEVELOPMENT ACROSS THE CANADIAN EV BATTERY SUPPLY CHAIN
SUDBURY, ON, June 27, 2023 /CNW/ - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) ("Frontier" or "the Company") Frontier Lithium, Ontario's leading lithium developer, is pleased to announce the appointment of Gregory Da Re as Vice President of Corporate Development effective June 28, 2023. Mr. Da Re brings a deep understanding of electric vehicle battery supply chains and brings two decades of experience as an accomplished investment executive. During his time at Invest in Canada, the Government of Canada's global investment attraction agency, Mr. Da Re managed a pipeline of over CAD $20 billion as the federal client-focused lead for Ontario's efforts to attract and build an EV supply chain within the province, including investments to create Canada's first EV battery gigafactory in Windsor (JV between LG Energy Solution and Stellantis), Umicore's first North American cathode active materials production facility near Kingston, and VW/PowerCo's firs t gigafactory in North America in St. Thomas.
"We are thrilled to welcome Greg to our team and add his extensive experience in investment strategy and deep knowledge of EV battery supply chains to our bench strength," stated Trevor Walker, President & CEO of Frontier Lithium. "Greg's leadership and expertise will play a vital role in our mission to become an integrated local battery materials supplier for the North American electric vehicle industry. Key to this is bridging our large and high-grade lithium resources in Northern Ontario with Greg's extensive OEM relationships both in Canada and abroad."
Through the appointment of Mr. Da Re, Frontier continues to attract top talent to drive its ambitious growth plans, including demonstrating exceptional value to investment partners and future downstream customers. Known for his collaborative and forward-thinking approach, Mr. Da Re possesses the ability to quickly build trust and respect with multiple stakeholders. His strong leadership qualities and commitment to innovation make him the ideal executive to lead Frontier's role in building the EV battery supply chain in Ontario.
"I am thrilled to join this dynamic and visionary lithium mining company at such an exciting time in the industry. The global transition towards electric vehicles and renewable energy has created unprecedented demand for lithium, making it a critical component for a sustainable future. I am eager to contribute my expertise and work alongside the talented team here to advance the company a step closer to production through further integration across the EV supply chain. Together, we will play a pivotal role in shaping the future of clean energy and making a positive impact on the world," expressed Mr. Da Re.
Mr. Da Re is an accomplished executive leader with 20+ years of diverse experience growing and transforming organizations with a strong track record of consistently delivering on ambitious mandates. As the Regional Director at Invest in Canada, the Government of Canada's global investment attraction agency, Mr. Da Re played a key role in fostering economic growth and attracting strategic investments to the region. His experience overseeing the Ontario market has provided him with both an extensive network and valuable insights across the investment landscape.
Prior to his tenure at Invest in Canada, Mr. Da Re served as Senior Director of Business Ventures at RBC Ventures, the corporate venture arm of the Royal Bank of Canada. His strategic leadership and innovative mindset contributed to expanding RBC's market share and driving business growth. In a previous role, Mr. Da Re held the position of VP/Division Chief at the Inter-American Investment Corporation (now IDBInvest), where he spearheaded the Strategy and Innovation Division. He holds a Ph.D. in Civil & Environmental Engineering from the prestigious Massachusetts Institute of Technology (MIT), a Master of Science in Civil & Environmental Engineering from the University of California (UCLA), and a Bachelor of Applied Science in Civil Engineering from the University of Waterloo in Ontario, Canada.
The Company would also like to announce at this time that is has granted 500,000 stock options under the New Stock Option Plan (the "Options"). The Options have been issued to certain directors, officers, or employees of the Company. The Options are exercisable at a price of $1.86 per common share and will have a term of 5 years from the date of issuance. 50% of these Options vest on the grant date, and the remaining 50% vest on the date that is the first anniversary date of the grant date. These Options are subject to approval by the TSXV.
The Company further announces that it has engaged Ptolemy Capital Limited ("PCL"), trading as Crux Investor ("Crux"), to provide distribution and dissemination of video content for the Company, as defined in accordance with the policies of the TSX Venture exchange ("TSXV") and applicable securities laws.
Frontier Lithium is a preproduction business with an objective to become a 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 maintains the largest land position and resource in a premium lithium mineral district located in Ontario's Great Lakes region.
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 Pre-Feasibility Study PAK Lithium Project" by BBA E&C Inc., delivered post-tax NPV(8) of US$1.74 billion and IRR of 24.1% as per the press release disseminated on with an effective date of May 31, 2023, and was filed on Sedar.com.
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.
Company Contact Information, Bora Ugurgel, Senior Manager, Investor Relations, 2736 Belisle Drive Val Caron, ON. P3N 1B3 CANADA, T. +001 705.897.7622, F. +001 705.897.7618
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