Frontier Lithium Signs Memorandum of Understanding with Panasonic Energy to Advance North American Battery Supply Chain

Press Release

March 2, 2026

Frontier is pleased to announce the execution of a Memorandum of Understanding (“MoU”) between the Company, Panasonic Energy Co., Ltd. (“Panasonic Energy”) and Mitsubishi Corporation (“Mitsubishi”) regarding the potential procurement of lithium salts and a broader strategic collaboration in support of developing a secure, localized North American battery supply chain.

Frontier and Mitsubishi have previously established a joint venture company advancing the integrated PAK Lithium Project (the “PAK Lithium Project” or “Project”) in Ontario, Canada. The Project is designed to support the North American automotive industry’s transition to electrification by developing both:

• An upstream lithium mine and mill; and
• A downstream lithium conversion facility targeting initial production of approximately 20,000 tonnes per annum of battery-grade lithium salts commencing in 2030

The PAK Lithium Project hosts one of the largest high-grade lithium reserves in North America, positioning it as a strategically important source of critical minerals for domestic battery manufacturing.

Panasonic Energy, a principal subsidiary of Panasonic Holdings Corporation, is a leading global manufacturer of lithium-ion batteries for automotive and energy storage applications. Headquartered in Japan, Panasonic Energy operates major battery production facilities in Nevada and Kansas, which supply the North American market.

Under the MoU, Panasonic Energy has expressed interest in procuring lithium hydroxide from the PAK Lithium Project. The parties also intend to explore broader collaboration opportunities to advance a resilient and sustainable battery supply chain in North America, including potential technical cooperation.

The parties to the MoU have confirmed their willingness to negotiate a definitive offtake agreement at an appropriate stage of the Project, which may include competitive pricing mechanisms subject to further discussions and technical support.

“This Memorandum of Understanding with Panasonic Energy and Mitsubishi represents an important step forward in advancing a fully integrated, made-in-North America lithium supply chain,” said Trevor Walker, President and Chief Executive Officer of Frontier Lithium. “The PAK Lithium Project is designed to deliver secure, high-quality lithium chemicals to support the region’s growing battery manufacturing capacity. We are pleased to be aligning with globally recognized partners who share our commitment to supply chain resilience, sustainability, and long-term collaboration.”

“Canada is building the secure and reliable critical mineral supply chains that our economies and defence industries rely on,” said the Honourable Tim Hodgson, Minister of Energy and Natural Resources. “By working with companies like Frontier Lithium, we are helping deliver the minerals the world needs and the prosperity and security Canadians deserve.”

This MoU reflects the parties’ shared strategic objective of strengthening regional supply chains amid evolvingdemand for electric vehicles and increasing emphasis on supply chain resilience and sustainability. Except for certain customary provisions, the MoU is non-binding and does not create legal obligations with respect to supply or investment, and rather, it establishes a framework for continued negotiations and cooperation.

ON BEHALF OF THE BOARD OF DIRECTORS

Trevor Walker
President & Chief Executive Officer

Read the Globe and Mail Feature – Vertical integration key to North America’s lithium supply chain

About Frontier Lithium

Frontier Lithium Inc. is a pre-production mining company with an objective to become a strategic and integrated supplier of premium spodumene concentrates as well as battery-grade lithium salts to the growing electric vehicle, and energy storage markets in North America. The Company’s PAK Lithium Project maintains the largest land position and resource in a premium lithium mineral district located in Ontario’s Great Lakes region.

About the PAK Lithium ProjectThe PAK Lithium Project is a fully integrated critical minerals initiative in Ontario, developing a high-grade, large scale lithium resource. Operated as a joint venture between Frontier (92.5%) and Mitsubishi Corporation (7.5%), the project is advancing in parallel with a mine and mill, north of Red Lake, Ontario and a downstream lithium conversion facility in Thunder Bay, Ontario, which are both key to supporting a secure domestic lithium supply for the clean energy transition. A 2025 Mine and Mill Feasibility Study (FS), prepared by DRA Global Limited and entitled National Instrument 43-101 Technical Report FS PAK Lithium Project, Mine and Mill, outlines a 31-year Project life with an after-tax net present value of $932 million at an 8% discount rate and an after-tax internal rate of return of 17.9%. These results have been disclosed in the Company’s press release dated May 28, 2025, and the accompanying technical report was filed on SEDAR+ (www.sedarplus.ca) on July 9, 2025.

Company Contact Information
Bora Ugurgel
Senior Manager, Investor Relations
2614 Belisle Drive, Val Caron
Greater Sudbury, Ontario
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618

ILR4