Can you provide an update on the key developments at Frontier Lithium over the past year?

The past year has been transformative for Frontier Lithium, highlighted by our JV with Mitsubishi Corporation, which aligns with Ontario and Canada's critical mineral strategies and strengthens our role in advancing the PAK lithium project. We have made significant strides in Phase One of the Definitive Feasibility Study (DFS), focusing on mine and mill development through infill drilling and site work, with the DFS on track for delivery in Q1 2025. Additionally, we secured C$6.1 million from the CMIF for pre-construction activities, including engineering, consultations with First Nation communities, and developing a 56 km access road. How are Canada and Ontario’s critical mineral strategies progressing and how can they be improved?

The strong alignment with both provincial and federal governments has been crucial to our success, with Ontario’s critical minerals strategy providing a clear framework for projects like ours. Our JV partner reflects international confidence in the PAK lithium project and the region, while the government demonstrated a long-term commitment to northern Ontario's economic and social development. These efforts are laying a solid foundation for the project, strengthening relationships with First Nation communities, and advancing exploration and development. Government initiatives, especially through the CMIF, have fostered a supportive ecosystem for growth in the critical minerals sector, though most subsidies have focused on downstream manufacturing. We are confident that upstream investments will follow, and infrastructure investments are already benefiting our project by securing feedstock for lithium chemical production and de-risking the project. For upstream mining and refining, there is room for more targeted funding. Closing the supply chain loop requires addressing market failures by ensuring support for mining operations, and I am optimistic that this will be realized as the strategy evolves. How do you see the Canadian government’s restrictions on Chinese investment in critical minerals affecting partnerships and supply chains?

This shift has opened doors for partnerships with countries like Japan and South Korea, which possess deep expertise in battery supply chains, as exemplified by our recent JV with Mitsubishi. The Canadian government is actively supporting these relationships under objectives of achieving carbon neutrality and economic security. It intends to strengthen coordination between Canada and Japan to build sustainable and reliable global battery supply chains from upstream to downstream. While Chinese partnerships have historically been significant, we are confident that growing support from other global leaders will strengthen the foundation for a secure and sustainable supply chain in Canada and the US. Government support is crucial, as mining and manufacturing face challenges in attracting capital for high-risk projects. By addressing market failures, the government can stimulate local industries, creating a ripple effect across the supply chain. Ontario’s investments in infrastructure and subsidies for downstream manufacturing are already showing positive results, attracting global partnerships. However, to maintain this momentum, upstream projects require more financial support and incentives. This alignment of public policies with industrial strategies ensures long-term economic benefits and positions Ontario as a leader in the global energy transition. Partnerships with global players bring both financial investment and expertise, helping scale operations and integrate into global supply chains. These collaborations validate Canada’s strategy of reducing dependency on traditional markets like China, advancing toward a robust and competitive critical minerals ecosystem. What are the main priorities for Frontier Lithium in 2025?

Frontier Lithium is focused on completing the DFS by Q1 2025, progressing permitting, and building partnerships with northern Indigenous communities and government stakeholders to secure a social license. In parallel with environmental studies and consultations, we are advancing mine and mill development while conducting trade-off studies to optimize project decisions. Plans for a provincial lithium refinery are underway, with efforts on scoping costs and timelines for the second DFS phase to establish a full value chain from mining to refining.

Indigenous engagement remains a priority, with ongoing consultations to build meaningful relationships and ensure local communities benefit from the project. We are committed to securing a social license through long-term collaboration. Frontier Lithium is positioning itself as the Canadian lithium champion in the sector by developing a sustainable mining and milling operation, completing the DFS, and advancing plans for a downstream lithium refinery.