Frontier Lithium Announces Closing of C$15 Million Bought Deal

About this update from Frontier Lithium Inc.

GREATER SUDBURY, ON, April 30, 2026 /CNW/ - Frontier Lithium Inc. (TSXV: FL) ("Frontier" or the "Company") is pleased to announce that it has closed its previously announced bought deal offering (the "Offering") of units of the Company (the "Units") with a syndicate of underwriters led by BMO Capital Markets (collectively the "Underwriters"). An aggregate of 20,000,000 Units were sold at a price of C$0.75 per Unit (the "Offering Price") for gross proceeds to the Company of C$15 million. Each unit is comprised of one common share of the Company (a "Common Share") and half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall be exercisable to acquire one Common Share (a "Warrant Share") at a price of C$1.00 per Warrant Share for a period of two years from the closing of the Offering (the "Expiry Date"). The net proceeds of the Offering will be used for advancing the PAK Lithium Project. These funds will support the completion of an updated mine and mill technical report, facilitate activities related to government-funded or cost-shared infrastructure initiatives, permitting, advancement of Lithium Conversion Study and cover general administrative as well as corporate expenses. "This financing marks an important step in advancing the PAK Lithium Project, supporting key engineering, permitting and downstream initiatives that will continue to de-risk the asset and support the Company's efforts toward future project financing", said Trevor Walker, President and CEO of the Company. He added, "We were pleased to see continued support from long-term shareholders, new institutional investors and insiders, reinforcing our belief that Frontier is well positioned for the next phase of the market—supporting a secure North American lithium supply, advancing a phased de-risking strategy, and positioning the project as a strategic asset within the emerging domestic critical minerals supply chain." In connection with the Offering, the Company paid the Underwriters a cash commission equal to 6.0% of the gross proceeds realized by the Company in respect of the sale of the Units. In addition, the Company issued to the Underwriters broker warrants of the Company (the "Broker Warrants"), exercisable any at time prior to the Expiry Date, to acquire in aggregate that number of units of the Company (the "Broker Units") which is equal to 6...

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