Frontier Lithium Announces %153 Oversubscribed Private Placement

SUDBURY, March 16, 2021 - Frontier Lithium Inc. (TSX.V: FL) (OTCQB: LITOF) (FSE: HL2) ("Frontier" or "the Company") is pleased to announce that it has increased the size of its previously announced private placement financing (see news release dated February 24, 2021). Due to oversubscribed demand, the private placement financing will increase from 3,000,000 units ("Units") to 7,611,371 Units at a price of $1.00 per Unit for gross proceeds of up to $7,611,371 (the "Offering") subject to TSX Venture Exchange ("TSX-V") approval.

Each Unit shall consist of one (1) Common Share of the Company and one-half (1/2) share purchase warrant (the "Warrant"). Each full Warrant shall entitle the holder thereof to purchase one additional common share of Frontier Lithium at an exercise price of $1.25 for a 24-month period from the closing (the "Offering").

Frontier Lithium reserves the opportunity to grant to eligible persons a finder's fee of a maximum 6% of the gross proceeds of the Offering and finder warrants of a maximum of 6% of the total number of Units sold under the Offering. Each finder warrant will be exercisable at an exercise price of $1.25 CDN into one common share for a period of 24 months from the date of issuance.

All of the Shares and Warrants issued pursuant to the private placement are subject to a minimum 4-month hold period. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange ("TSX-V") and applicable securities regulatory authorities. Proceeds from the financing will be used to advance Frontier's 100% owned PAK Lithium Project located in northwestern Ontario.

Other Matters

The Company also announces that pursuant to its "Stock Option Plan" it has granted 500,000 stock options, to certain employees, officers, directors and strategic advisors. The options are set for a period of five years, expiring on March 16, 2026. The options are priced at $1.05 and are subject to regulatory approval.

About Frontier Lithium

Frontier Lithium (TSX.V: FL) (OTCQB: LITOF) (FSE: HL2) is an emerging pure play lithium company with the largest land position in the Electric Avenue, an emerging premium lithium mineral district located in the Great Lakes region of northern Ontario. The company maintains 100% ownership in the PAK Lithium Project which contains one of North America's highest-grade, large tonnage hard-rock lithium resources in the form of a rare low-iron spodumene. The Project has significant upside exploration potential. Frontier is a pre-production business that is targeting the manufacturing of battery quality lithium hydroxide in the Great Lakes Region to support electric vehicle and battery supply chains in North America. Frontier maintains a tight share structure with management ownership approximately 30% of the Company.

About PAK Lithium Project

The PAK Lithium Project encompasses 26,774 hectares at the south end of Ontario's Electric Avenue, the largest land package hosting premium lithium bearing pegmatites in Ontario. The Project covers 65 km of the Avenue length and remains largely unexplored; however, since 2013 the company has delineated two premium spodumene bearing lithium deposits (Pak and Spark) located 2.3 km from each other. A 2021 Preliminary Economic Assessment (2021 Preliminary Economic Assessment, Fully Integrated PAK Lithium Project" by BBA Engineering Ltd. report to be released by April 5, 2021) resulted in a post-tax NPV8% of USD $974M with a 21% IRR. Considerable exploration upside is supported on the PAK Lithium Project through two other spodumene bearing discoveries; Bolt pegmatite located between PAK and Spark deposits, as well as Pennock pegmatite, a further 30 km northwest of PAK within the Project claims.

Forward-looking statements

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 release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, 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 what are available at https://www.sedar.com

SOURCE Frontier Lithium Inc.