Slides
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BUILDING CANADA’S INTEGRATED LITHIUM FUTURE
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Disclaimers Forward Looking Statements Certain statements in this presentation may contain “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company or industry to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. It is uncertain if further work will in fact lead to production of a mineral resource and of lithium compounds. Frontier has filed on SEDAR a NI-43-101 compliant Technical Report, 2025 Mine and Mill Feasibility Study (FS), effective as of May 28, 2025. All technical information should be reviewed according to these sources. 2
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3 Frontier’s Vision: Driving a Priority Canadian Project that Advances Economic & Defense Goals Global Energy Transition Lithium production is an important component to decarbonization and contributes to the global transition to cleaner energy sources. As the world moves to electrify transportation, infrastructure, and industrial systems, national defense is also adopting advanced lithium-ion batteries to power critical equipment, vehicles, and communication systems. Strategic Provincial and National Alignment Supports provincial and national goals with regards to electric vehicles, energy independence, sustainable development and national defense. Economic and Community Growth We are a proud Northern Ontario company and believe in the importance of using our project as a catalyst to contribute to local economies and local communities, including Indigenous communities.
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Frontier Developing The PAK Lithium Project Two Components • Lithium Mine and Mill, Treaty 5 in Northwest Ontario • Lithium Conversion Facility, Thunder Bay, Ontario • Mine Resource – High Grade, Large Reserves • 31.1 Mt (Proven & Probable) of 1.51% Li2O Reserves; 35.2 Mt (M&I) of 1.53% Li2O Resource • Low-cost concentrate production profile over 30 years • Late-stage project with Definitive Feasibility Study complete (2025) • Near term production – permitting ongoing • Lithium Conversion Facility • Strong Economics based on PFS analysis, DFS begun • Only project that can self-supply lithium concentrate • Purchased brownfield property in early 2025 • Both governments have shown support with letters of intent that aim to cover a portion of the expected capex • Offtake discussions underway with downstream OEMs Strategic Project Partnership with Mitsubishi Corporation • Together developing the first fully-integrated lithium mining and processing operation in Ontario to support reliable battery supply chain across North America. 4 On March 2, 2024, Frontier Lithium entered a JV with Mitsubishi Corporation for the PAK Lithium Project. MC acquired 7.5% of NewCo for C$25M (Tranche 1), with an option to increase to 25% based on DFS valuation (Tranche 2).
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5 P AK Lithium Project Resource Anchor Resource - Within 2 km of each other, PAK and SPARK together contain 31.1 million tonnes averaging 1.51% Li₂O of Proven and Probable reserves. These two deposits are the drivers of the Feasibility Study and form the foundation of Frontier’s path to production. High Quality High-grade ore with low impurities and a low strip ratio (3.7:1), supporting efficient and cost -effective concentrate production. Growing Bolt Pegmatite, discovered along the same trend and located between the Spark and PAK deposits, hosts an Inferred resource of 5.5 Mt averaging 1.23% Li ₂O. Upside The recent discovery of the Ember Pegmatite, located 1 km west of Spark, returned channel results of 2.16% Li ₂O over 18 m. 2024 drilling extended mineralization to 40 m depth, underscoring strong exploration potential along the trend and across the broader claims.
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Mine and Mill Feasibility Study Results 6 • $932 million in Net Present Value • $285 million in Average Annual Earnings • 17.9% of After-tax Internal Rate of Return • 31 Years of Life of Mine producing: • 200,000 tonnes/yr of 6% spodumene concentrate at $624 cost per tonne. • Project within the 1st Quartile vs Peers cost. The Study includes Proven & Probable reserves to produce 6 million tonnes of 6% Li2O concentrate. Conventional open pit minin g only.
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7 Mine and Mill Site Layout • 2 open pits and waste piles • Centralized Mill Complex • Centralized and naturally contained TMF (Tailings)
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Ontario’s “One Project, One Process”: Aligning Government and First Nations to Advance the Project Key Highlights • Whole of government approach to achieve provincial permitting within 2 years • Brings together First Nations with government and Frontier to advance the project with additional capacity support already provided to communities for studies and permitting reviews • A commitment to strengthen electrical infrastructure into the region to support the mine (double circuit 230 kV transmission line to Red Lake) Next Steps • Government to provide additional funding capacity to First Nations to support studies, permit reviews and consultation • Government to provide a draft permitting schedule to Frontier and First Nations for permitting in coming weeks • Government and First Nations to advance talks on community priorities (i.e. funding for all-season road connectivity and Favorable Lake, and sharing of provincial mine taxes with the communities) in exchange for speeding up the process Photo: 8
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Energy Infrastructure Completed Mine and Mill • Watay Power Project: Now delivering low -GHG power to 17 First Nation communities; transmission line crosses Frontier’s lease. Frontier is advancing substation connection engineering through the Critical Minerals Infrastructure Fund (CMIF). • New 230 kV Line (IESO): Announced with 1P1P on October 30, 2025 — an estimated $820M Dryden –Ear Falls–Red Lake transmission line to expand grid capacity, enable electrification of new mining projects like the PAK Lithium Project, and enhance clean energy access and community growth across the North. 9 Frontier’s 150 - person Construction Camp 8km from PAK Project 4km from PAK Deposit, towers up and lines strung at sub station
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Road Infrastructure Government of Ontario advancing public all-season road in partnership with Canadian Government & First Nations Key Highlights Beren’s Bridge – Early construction works have begun on the 194-meter bridge crossing and road • Ontario government with the Federal government have funded the construction of the Berens River Bridge and a portion of the all-season road. • A temporary bailey bridge will go in Q3 2026 to enable access to the region Branchwood Road – Permitted 84 km section through Sustainable Forest • Permits have been secured by Whitefeather Forest Community Resource Management Authority (subsidiary of Pikangikum First Nation) • Ontario expected to accelerate funding for clearing (Q1 2026) and road construction Junction Road – 56 km road under permitting • Environmental Study Report has been completed and submitted to government and shared with First Nations; consultations ongoing • Frontier secured $2.9 M from the Critical Minerals Infrastructure Fund (CMIF) to support engineered & shovel ready road construction Next Steps • Work with Ontario government to accelerate road progress through funding, collaboration with First Nations, and public updates • Continue advocacy with the federal government for road support • Engage with area First Nations to maintain strong partnerships and support for the road and the project 10
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Project of National Importance & Significance Frontier has received significant support from the Government of Canada, but would benefit from explicit whole of project support 11 The PAK Lithium Project: Designated as a Project of National Significance by Ontario Clear Signal of Support - Public designation sends a strong message to investors and financial markets of federal and provincial backing. Enhanced Collaboration - Streamlined permitting, faster response times, and joint funding initiatives (e.g., all-season road, Indigenous loan guarantees). Building on Existing Provincial Support - Investments to date: Berens Bridge & road (~$40M), Junction Road engineering & consultation ($2.9M), electricity infrastructure studies ($3.2M), and LOI for lithium processing facility. Advancing National Economic & Defense Goals - Strengthening critical mineral supply chains with Canadian-based extraction and processing. In March 2025, the Government of Canada and the Province of Ontario jointly announced their support for the Lithium Conversion Facility in Thunder Bay, Ontario. In September, Frontier joined Minister Hodgson and Canada’s mission to Germany as a new cooperation on critical minerals was announced
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North America Establishing Supply Chains Policy Considerations for Canada and Ontario • Price support mechanisms (floors, offtake guarantees) for lithium concentrate and chemicals to anchor downstream investment • Strategic grants and provincial investment such as the pending federal support to build a lithium chemicals conversion facility in Thunder Bay and Ontario’s $3.1 billion commitment to Indigenous partnerships in critical mineral development and economic participation • Streamline permitting through Ontario’s new ‘One Project, One Process’ framework, which replaces fragmented approvals with a coordinated system led by a dedicated Mine Authorization and Permitting Delivery T eam. • Position Canada as a secure, G7 -aligned supplier through initiatives like the Canada –Japan and Canada –German Memorandum of Cooperation on Battery Supply Chains 12
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Lithium Conversion Facility • Initially aims to produce 20,000 tonnes of battery -grade lithium (LCE) annually • Anchors Canada’s mine -to-battery supply chain within 1,200 km radius • Attracts and retains EV and Battery investment by enabling production capacity for up to 500,000 EVs per year • Located on 183-acre brownfield land at Mission Island, Thunder Bay with multimodal access – One-day transport to Windsor and Michigan auto corridor 13
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Site Acquisition and Announcement Project started with site purchase followed by a public announcement to stakeholders. Permitting and IBA Permitting and benefit agreements are planned for 26 & 27 to prepare for construction decision Feasibility Study Phase The Feasibility Study is awarded to Fluor to be conducted over 12 –18 months. Permitting and Funding Permitting and funding finalization are planned for 2026–2027 to prepare for construction decision. Final Investment Decision Construction Both Stages of the Project is expected occur from 2029–2031February & March 2025 Project Timeline 2026 - 2027 Mine and MillConversion Facility July 25 – December 2026 Detailed Engineering Award detail engineering post JV Tranche 2 December 2025 – December 2027 Final Investment Decision 2025 – 2028 2028 2028 Bridge & Roads Construction 2027
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15 TSX.V: FL– Historical Share Price Frontier's share price has mirrored lithium market trends. Demand driven price surges boosted valuation, while recent corrections reflect commodity market shifts. The chart highlights FL’s sensitivity to lithium fundamentals. Corporate Snapshot Research Coverage Market Facts 30/09/2025 Ticker – TSX Venture FL Price CAD $.87 52 Week High and Low $1.18 - $.44 Shares Outstanding 230M Options Outstanding 18M avg $1.39 Cash CAD $14M Market Cap CAD $200M
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16 Lithium Leadership TrevorR. Walker,Presidentand CEO 20+ years in the mining industry,Trevor joined the company in 2010, and since has played a key strategic role in focusing and developing the company’s PAK Lithium Project in NorthwesternOntario. Dr. NaizhenCao, VPTechnology Dr. Cao is an industry veteran having worked both in China and Canada as senior technical leader with expertise in lithium and battery materials. Garth Drever, VPExploration 40+ years of mineral explorationexperience. He has worked with Frontier Lithium since 2011 andwas fundamental in the exploration process that led to new discoverieson the PAK Lithium Project. Mike Tamlin 25+ years of expertise in lithium and tantalum concentrates and chemicals. His lithium experience covers the developmentof the Chinese chemical and global technical spodumene markets for the GreenbushesMine in Western Australia, the ZhangjiagangLithium CarbonateProjectand the Rincon Brine Project. Peter Vanstone,P.Geo Peter Vanstonemaintains specializedexperience in rare metals with over 30 years of lithium, tantalum, and cesium explorationand mine production in the Canadian Shield. GordonMacKay Most recently Director of Mineral Development and Lands Branch at the Ministry of Northern Development and Mines. Rick Walker,Chairman 45+ years Mining/Constructionexperience JohnDidoneCPA,CA,CMA,AuditCommittee +35 yearsAccounting BOARDOF DIRECTORS EXECUTIVETEAM StephenJ.J. Letwin,AuditCommittee Former President and CEO of IAMGOLD Corporation Bart Meekis Member, resident and former Chief of Sandy Lake First Nation Marc Boissonneault,P.Eng, MBA Most recently Head of Global Nickel Operations, Glencore Mike Koziol P.Geo, P.Eng.,AuditCommittee +35 years ExplorationExperience, Greg Mills 35+ years experience in capital markets former Managing Director of RBC Capital Markets Graeme Goodall, VP Operations 20+ years of experience focused on metallurgy, pyrometallurgy and extractive operations for multi -national mining and metals producers. TessLofsky LLB,Director General Counsel & Corporate Secretary at Canada Development Investment Corporation (CDEV) Greg Da Re, VP Corporate Development Experienced investment executive 20+ years of track record on growing and transforming organizations, recently led for Ontario’s efforts to build an EV battery supply chain within the province. Erick Underwood, CFO 25+ years of experience in finance and project development within the mining industry with a track record of driving financial and operational excellence. CPA, CMA NOTABLE ADVISORS
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Next Steps to Final Investment Decision (2028) 17 Deliverables in 2026 - Commencement of the Beren’s Bridge and Road Construction - Finalize Conversion Facility related Government funding LOI’s - Announce senior debt letters of intent - Announce first offtake letter of intent - Advance Mine and Mill Permitting with Community Process Agreements Deliverables in 2027 - Mine and Mill Permitting with Community Impact Benefit Agreements - Deliver Conversion Facility Feasibility Study - Unlock conditions for MC JV Tranche 2
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Frontier Highlights Ontario-based, fully integrated critical minerals project - Anchored by high-grade, hard rock resources and low-cost concentrate production - Designated for “One Project, One Process” by Ontario for fast permitting - Boosted by a downstream lithium conversion facility planned in Thunder Bay - Supports North America's clean energy transition by providing a secure, domestic supply of lithium
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Additional Slides
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PAK Lithium Project 20 Ownership Structure On March 4, 2024, Frontier Lithium and Mitsubishi Corporation formed a joint venture to advance the fully integrated PAK Lithium Project. 20 Pro Forma Asset Ownership (Post-DFS) Resources 100% 100% Refinery 25% Ownership1 75% Ownership 25% of Off-Take NewCo 1 25% ownership based on exercise of Tranche 2 Option to acquire additional 17.5% interest. • Mitsubishi will initially acquire 7.5% interest for C$25M • Post DFS and permits Mitsubishi can increase its interest to 25% • Frontier will be operator and responsible for development and subsequent operations • The JV is structured to cover the equity funding for the planned mine and mill while Frontier maintaining at least 75% of future off-take • This long-term partnership supports the initial development of mining at the PAK Lithium Project, and future expansions downstream with chemical processing.
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21 Mine and Mill Feasibility Study Results
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22 Mine and Mill Feasibility Study Results
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23 Reserves Resource Mine and Mill Feasibility Study Results