Frontier Lithium Inc. announced that it has entered into a non-binding memorandum of understanding with Hanwha Corporation and Hanwha Ocean Co., Ltd. to establish a framework for evaluating potential cooperation across the lithium value chain. Under the memorandum of understanding, the parties will evaluate opportunities related to the potential supply and purchase of lithium products, including battery-grade lithium products from Frontier Lithium Inc.'s proposed integrated lithium operations in Ontario. The parties will also explore broader strategic, technical, and commercial cooperation opportunities, including potential strategic investment and project-level financing, in support of developing secure and regionally integrated critical mineral supply chains.

The memorandum of understanding contemplates further discussions regarding potential long-term commercial arrangements, including possible offtake by Hanwha Corporation and Hanwha Ocean Co., Ltd. and/or its affiliates, subject to due diligence, internal approvals, and the negotiation of definitive agreements. The engagement reflects Hanwha Corporation and Hanwha Ocean Co., Ltd.'s broader interest in Canadian industrial partnerships, including its participation in the Canadian Patrol Submarine Project procurement process. In this context, and in support of broader Canadian industrial engagement, strategic critical mineral collaboration, and long-term supply chain participation associated with the Canadian Patrol Submarine Project, Hanwha Corporation and Hanwha Ocean Co., Ltd. is reviewing potential cooperation opportunities with Canadian counterparties, including Frontier Lithium Inc. whose strategy is aligned with these objectives.

The memorandum of understanding is non-binding and provides a framework for further discussions between the parties. Any future commercial arrangements, investment commitments, financing support, or offtake agreements would be subject to satisfactory due diligence, negotiation of definitive agreements, and applicable corporate and regulatory approvals.