Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) and Mitsubishi Corporation (Tokyo Stock Exchange: 8058:JP) have closed Tranche 1 of their joint venture for the PAK Lithium Project, marking a significant step towards Ontario’s first fully integrated lithium mining and processing operation.

Joint Venture Partnership Enhances EV Supply Chain

Mitsubishi has secured an initial 7.5% interest in the Project with a CAD $25 million investment, demonstrating strong confidence in the project’s potential impact on the North American EV supply chain. Frontier intends to use Mitsubishi’s investment to further advance the Project towards a comprehensive Definitive Feasibility Study (DFS) slated for completion in 2025.

Strategic Milestones and Future Plans

Trevor Walker, President and CEO of Frontier Lithium, expressed pride in this achievement, highlighting the partnership’s alignment with national efforts to fortify sustainable and reliable battery supply chains. The joint venture aims to distribute development costs effectively, allowing Frontier to retain significant future off-take optionality.

About Mitsubishi Corporation

Mitsubishi Corporation operates a diverse range of businesses globally, contributing to the development of industries worldwide. With operations spanning from environmental energy to smart-life creation, Mitsubishi’s cooperative efforts with Frontier are set to bolster the lithium supply essential for evolving mobility solutions and energy storage.

Frontier Lithium’s Strategic Vision

Located in a prime Tier1 mining jurisdiction, Frontier Lithium’s PAK Lithium Project stands out with North America’s highest-grade lithium resource. Positioned near the US border, the company is on track to become a significant player in North American lithium production, specializing in both spodumene concentrates and battery-grade lithium chemicals.

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