FORTUNA METALS LTD — AGM Information 2011

Nov 20, 2011

Exploring New Frontiers In Papua New Guinea & Australia

Annual General Meeting Presentation - November, 2011

Highlights

Frontier Resources is an ASX listed company focused on exploring for/developing mineral deposits on the Pacific Rim of Fire in Papua New Guinea (PNG) and in Tasmania.

The Company has a carefully selected portfolio of 6 highly prospective Exploration Licenses (2,087 sq km) and 5 EL Applications (~8,063 sq km) in PNG and the exploration focus is a 10,000m drilling program at the 100% owned Andewa gold + porphyry copper Project in PNG (EL 1345), which has:

Three exceptionally voluminous and intense, chargeability anomalies covering 7 sq km total, indicating the presence of very large sulphide systems from on-surface to more than 800m deep.

Extensive gold in soil geochemistry that is >5km long E-W and 4 km wide N-S at a 20ppb cutoff, with peak soil assay grades of 18.9 g/t gold and 0.19% copper.

Drill results ADH001 with 93.2m of 0.78 g/t gold + 0.30% copper, including 48.5m grading 1.02 g/t gold + 0.38% copper. Hole ADH002 has five higher grade internal intercepts which sum to 114m averaging 0.74 g/t gold + 0.20% copper, including 19m of 1.86 g/t gold + 0.39% copper and prior to the 3D-IP included 7.9m of 10.01g/t gold, 10.8 m of 7.39 g/t gold and 2m of 5.43 g/t gold + 95 g/t silver + 11.1% zinc + 2.3% lead.

Trench results include 15.0m of 15.48 g/t gold + 21.9 g/t silver and 5.0m of 18.54 g/t gold.

5 ELs are subject to excellent earn-in Joint Ventures with Ok Tedi Mining Ltd, for USD\$12 million per project, USD\$60 million total, within ~6 years, to earn between 58% and 80.1% direct equity. 13,000m of drilling is planned for the next year, commencing forthwith.

Bulago	(EL1595)	High Grade Gold + Porphyry Copper – 27m of 66.8g/t gold in trench.
Leonard Schultz	(EL 1597)	Gold + Porphyry Copper – 16m of 18.60 g/t gold in trench.
Likuruanga	(EL 1351)	Gold + Porphyry Copper – 27m of 0.71% + 66m of 0.42% copper in drill
Central New Britain	(EL 1598)	3 separate Porphyry Copper +/- Gold occurrences, to 9,000m long.
East New Britain	(EL 1592)	Gold + Porphyry Copper – 10.9m of 26.9g/t gold in trench.

Highlights

Frontiers' tenement portfolio includes 5 highly prospective 100% or 90% owned Licenses (342 sq km) in Tasmania, plus four 100% owned EL applications (427 sq km).

• The Narrawa RL and Stormont EL contain modest on-surface gold / base metal and gold – bismuth deposits, that can probably be developed utilizing a central processing plant.

Narrawa's Indicated and Inferred Resource contains 14,125 ounces of gold plus 131,300 ounces of silver, 2,765 tonnes of lead and 2,335 tonnes of zinc (0.5g/t gold cut-off), within 209,300 tonnes of rock grading 2.10 g/t gold, 19.5 g/t silver, 1.32% lead and 1.12% zinc.

Stormont's Inferred Resource contains 14,250 ounces of gold plus 304 tonnes bismuth, within 112,500 tonnes of rock grading 3.94 g/t gold plus 0.27% bismuth (1.0g/t gold cut-off grade).

• The Cethana EL and Narrawa RL are ALSO highly prospective for tungsten – tin -molybdenum and World Class Intrusive Related Gold deposits.

Soil sampling has demonstrated extensive and cohesive multi-metal soil anomalies to 6km long.

Line cutting has commenced for an enormous (30 to 40 sq km) 3D-Induced Polarisation geophysical survey that should define high-quality drilling targets to be tested commencing early in 2012.

• A 1,200m drilling program was completed at the SMRV Project in May.

Drill results included 13.9m of 8.97% zinc + 4.47% lead + 37g/t silver + 1.11 g/t gold. Trench results included 3.0m of 21.9% zinc + 13.9% lead + 680g/t silver + 0.84g/t gold.

• None of the projects in Papua New Guinea or Tasmania have any known impediments to possible mine development.

Corporate Overview (ASX:FNT)

Initial Public Offering	April 2003
Shares on Issue (FNT)	294 million
Share Price (as at 31/10/11)	\$0.13
Market Capitalisation	\$38 million
Shareholders - Ok Tedi Mining Ltd	8.1%
- Interests of P.McNeil	3.8%
Cash at Bank	\$3.4 million
Top 20 Shareholders currently hold	~31%

Peter McNeil B.Sc., M.Sc, MAICD - Chairman & Managing Director, Geologist 30 years exploration experience in PNG (incl Lihir), Tasmania, WA, USA and Canada. Drilled discovery holes in 1992/1993 at Sunrise Dam (Delta) and Nimary (Eagle Mining) that contain >14M oz gold total.

Warren Staude B.Sc., M.Sc - Non Executive Director, Geologist (Mineral Economics) >40 years experience in funds management, mining and exploration.

Graham Fish B.Sc., M.Ed., - Non Executive Director, Geologist >40 years experience in management and geological administration.

David H Swain B.Sc, M.Sc. - Non Executive Director, Mining Engineer >40 years experience in mining, including Bougainville Copper Mine.

Jay Stephenson MBA., - Chief Financial Officer & Company Secretary, Certified Management Accountant >20 years accounting and Company Secretarial experience.

PNG Attributes and Gold & Copper Mines

The island of New Guinea is located on the Pacific 'Ring of Fire' and is host to numerous World Class porphyry copper- gold- molybdenum and epithermal gold mineral deposits. Positive attributes are:

• Westminster Style Government, with separate political and judicial powers.
• Well defined mining and taxation law (based on QLD).
• English language is spoken and Christianity is the main religion.
• Strong Australian influence since Independence in 1975.
• Frontier believes that Papua New Guinea is an excellent country in which to explore for and develop mines

licenses	have	geologic	and	mineralisation	potential	similar		to	these	mines/deposits.
	Lihir		>45M ozs Au				– Newcrest
	Porgera		>26M ozs Au			– Barrick Gold
	Misima		5M ozs Au			– Placer -closed
		Tolukuma		2M ozs Au			– Petromin
	Morobe			4M ozs Au + 80M ozs Ag			– Newcrest / Harmony
	Kainantu			2M ozs Au			– Barrick Gold
	Grasberg			>75M ozs Au + 26Mt Cu			– Freeport
	Ok Tedi			>16M ozs Au + 8Mt Cu			– Ok Tedi
	Panguna			>22M ozs Au + 6.5 Mt Cu			– Rio Tinto
	Frieda		>18M ozs Au + 11 Mt Cu			- Xstrata / Highlands
	Golpu/Wafi		>27M ozs Au + 9 Mt Cu			- Newcrest / Harmony

The Ramu lateritic nickel mine is under construction (220 Mt of 0.98% Ni + 0.1% Co)

Frontier PNG License Locations and Highlights

New Britain Tenement Locations (including OTML Joint Ventures)

Andewa Gold Project

Andewa is 100% owned by Frontier and is not part of the OTML JV. The EL is Frontier's sole exploration focus in PNG and work in 2010 substantially upgraded the project.

A three dimensional (3D) Induced Polarisation geophysical program in 2010 was highly encouraging, demonstrating 3 very large chargeability anomalies over 7 sq km in total area.

Precious and base metals are known to be present and they are being evaluated within this huge anomaly. Recent outcrops discovered include 15.0m of 15.48 g/t gold + 21.9 g/t silver The soil samples documented a 9 sq km area with gold, arsenic and copper soil anomalies.

Frontier have completed the only historic drilling at Andewa. The Komsen Prospect has 22 holes for 2,353.9m and gold in drill results include 7.9m of 10.01g/t, 10.8m of 7.4g/t and 3m of 10.97g/t, also 1m of 19.0 g/t gold + 119.0g/t silver+ 10.3% zinc.

One hole has confirmed the continuity of gold at Komsen to 320m below surface in the mineralised structure and over a strike length of 180m. Higher grade gold in trench results include 5.0m of 18.5g/t, 3.7m of 12.6g/t, 3m of 14.3g/t and 21.65m of 4.4g/t.

The conductivity, chargeability and soil anomalies are being hand trenched and a program of deep diamond drilling has commenced.

Management believe that Andewa has excellent mineralisation potential and are proceeding to unlock it.

Andewa Gold Project

• A 10,000m diamond core drilling program commenced July 1 at the Andewa gold - copper mineralised system. Six holes have been drilled for 2,275m and the 7th is underway.
• Drill hole ADH001 intersected 93.2m grading 0.78 g/t gold + 0.30% copper, including 48.5m grading 1.02 g/t gold + 0.38% copper. The entire interval in ADH001 is mineralised from surface and includes 190.1m grading 0.55 g/t gold + 0.24% copper. Peak assays include 2.46 g/t gold, 0.79% copper and 50 ppm molybdenum.
• Hole ADH002 contains five higher grade internal intercepts which equal 46% of the mineralised length from 5.1m to 252.0m downhole and cumulates to 114m averaging 0.74 g/t gold + 0.20% copper (ignoring the below cutoff grade internal zones less than 0.1 g/t gold + 0.1% copper).
• ADH 002 included 19m grading 1.86 g/t gold + 0.39% copper and the entire interval from surface to 372m is mineralised and grades 0.36 g/t gold + 0.10% copper. Peak assays were 1m of 1.63% copper with 7.12 g/t gold and 1m of 219 ppm molybdenum.
• DH002 is located 2.7 kilometres to the northeast of ADH001, but it is still within the same very large gold geochemical and 3D-IP geophysical anomalies, suggesting very large ultimate tonnage potential.
• Holes ADH 002, 003, 004 and 005 (1,520.9m total) were completed on the second drill pad and hole ADH006 was completed at 355m depth on drill pad 4 (located 700m to the north).
• The drill rig was rotated 180 degrees last week on the same pad (as hole ADH006) and hole ADH007 has now passed 140m depth drilling to the southeast.
• Five hand trenches were completed in the ADH002 area and all are mineralised with gold >0.1 g/t. The weighted assay average for all these trenches is 470.5m grading 0.54 g/t gold, which is comparable to the mineralisation noted in hole ADH002.

Andewa Gold Project

Resistivity Anomaly/ Field of view is approx. 4.5 km across

Highlands Area Tenement Location Plan (OTML Joint Ventures)

About Ok Tedi Mining Limited

OTML is a major producer of copper concentrate from the Ok Tedi mine, in PNG's Western Province. Headquarters are in Tabubil with the mine site on Mount Fubilan, 18 kilometres from the PNG/Indonesian border.

OTML operates milling facilities at the mine site and shipping facilities at the port of Kiunga on the Fly River, 750 kilometres upstream from the Gulf of Papua.

Operations commenced in 1984 and OTML has become the single largest business contributor to the economy of PNG, with 2009 export earnings of K4 billion (A\$1.7B), which is 33% of PNG's total export earnings.

OTML profit in 2009 was K1.6 billion (A\$640M).

Contributions are not simply economic, with employment in spin off business on-going, provision of education and training facilities and programs, establishment and on-going maintenance of infrastructure such as roads, airstrips, water and communications systems and health services.

Shareholders are PNG Sustainable Development Program Limited (PNGSDPL) (~62 per cent), and the Independent State of PNG (~38 per cent).

PNGSDPL accepted a transfer of BHP Billiton Limited's 52 per cent shareholding in OTML in 2002. Dividends paid to PNGSDPL are used to generate sustainable development projects for the benefit of the people of the Western Province and PNG.

OTML directly employs 2,000 people. 95 per cent of employees are PNG nationals and 36 per cent are from the Western Province. In addition, businesses that work under contract to OTML are substantial employers in the region.

OTML has strong mining operations and technical capability as well as strong, community and government relations and environmental management skills developed over 30 years of operations in PNG.

Expansion of the exploration program into the regions outside of the immediate mine area through joint venture with junior exploration companies is a key strategy to provide opportunities for development of new mining operations.

OTML aims to engage in exploration programs that are well resourced, efficient, safe and completed in a timely manner so that mine development opportunities are presented as quickly as practical.

See www.oktedi.com

Bulago – High Grade Gold Project

EL 1595 is subject to the Ok Tedi Mining Ltd JV, whereby OTML can earn a 58% direct equity by expending USD\$12 million in 6 years, with Frontier deferred carried to completion of Bankable Feasibility Study –repayable from 50% of future cash flow.

Frontier's exploration at the Suguma Prospect has demonstrated spectacular high grade gold trench assays and multiple very high-grade gold mineralised horizons have been defined including:

• 27m grading 66.8 g/t gold
• 18m grading 40.3 g/t gold
• 9m grading 64.0 g/t gold
• 7.5m grading 67.0 g/t gold
• 4m grading 135.6 g/t gold
• 9m grading 24.0 g/t gold and others

A 5,000m drilling program is underway at the Bulalo porphyry Prospect and 5 holes must be drilled at Suguma.

Very high grade silver was encountered at Bulalo Prospect in a 1.5m wide vein grading 5.59 g/t gold + 2,555 g/t silver + 2.17% copper + 3.16% zinc

Bulago – High Grade Gold Project (OTML JV)

Bulago – High Grade Gold Project

Bulago Prospect Locations (OTML JV)

Bulago Project

Upper Suguma Zone prior to sampling, but looking from near sample 192822 , upslope where the sampling was conducted . Senior National Consultant Geologists Charles Yobone for scale .

Bulago Project (OTML JV)

Photo of the central part of the Lower Suguma Zone (looking easterly) prior to sampling.

Bulago Project (OTML JV)

The Funutu Prospect is 4km SE of Suguma and also has very high grade precious and base metal intrusive / breccia rock samples (collected from outcrop by previous explorers), which have never been mapped, soil sampled, trenched or drilled.

Results include to:

197 g/t gold + 363 g/t silver + 0.55% copper + 5.72% zinc + 5.5% lead, 108 g/t gold + 200 g/t silver + 0.38% copper + 4.8% zinc + 2.63% lead and 43 g/t gold +120 g/t silver + 0.49% copper + 1.7 % zinc + 0.86% lead.

The Fornusu Prospect has historic rock float samples to 1.17% copper + 12.6 % zinc + 0.412 g/t gold + 31 g/t silver and also 10.0 g/t gold only, suggesting the existence of 3 different styles of mineralisation.

The Orolupe Prospect has an outcrop grab sample of 0.75% copper + >1% zinc + 0.524 g/t gold + 51 g/t silver and rock assays such as 2m of 3.78 g/t gold + 6 g/t silver + 0.141% copper.

There are several other highly areas that are highly prospective for intrusive and skarn related precious and base-metal mineralisation.

Leonard Schultz – Gold - Copper –Molybdenum Project (OTML JV)

The Kru Prospect consists of mesothermal base metal sulphide-gold veins and anomalous soils (to 51.1 g/t gold) over an area of approximately 2,500m x >100m, that is peripheral to the Wasi porphyry copper occurrence and has never been drilled.

• Extensive hand trenching was completed at Kru and soil sampling at Wasi earlier in 2010. Frontier re-located, joined, deepened, extended and channel chip sampled the historically excavated hand trenches in the Siaporufe Zone.
• Trench highlights include: 16m of 18.60 g/t gold and including 4m of 52 g/t gold, 22m of 2.71 g/t, 36m of 1.15 g/t and 10m of 1.33 g/t gold.
• The trenching wraps around a SE terminating ridgeline and gold assays demonstrate excellent continuity over an area of >200m x >200m.
• Mineralisation is open in all directions
• The noted vertical interval (RL) between gold mineralisation in creeks and trenches is about 80m, highlighting the high prospectivity of the system.

A 5,000m drilling program is scheduled to commence subsequent to the Bulago program.

Leonard Schultz – Gold - Copper –Molybdenum Project (OTML JV)

Leonard Schultz – Gold - Copper –Molybdenum Project

Kru Prospect – Siaporufe Zone looking northerly.

The arrow shows the trend of the mineralised zone, with the trenched ridgeline underneath it.

Note the small patch of brown dirt from a hand trench near the SE tip of the arrow.

Leonard Schultz – Gold - Copper –Molybdenum Project

Leonard Schultz – Gold - Copper –Molybdenum Project (OTML JV)

EL 1351 – Porphyry Copper, Gold and Zinc Skarns (OTML JV)

EL 1351 is subject to the OTML JV, whereby FNT is 19.9% (NON-DILUTABLE) deferred carried to completion of Bankable Feasibility Study (repayable from 50% of future cash flow), with OTML's earn in = USD\$12 million within 6 years.

Exploration Targets are:

• 1: Primary and supergene porphyry copper- gold- silver-molybdenum deposits at the Esis and Bukuam Prospects.
• 2: High grade silver -zinc –gold skarns and higher grade shear hosted gold at the Bukuam Prospect.
• 3: Epithermal or intrusive related gold at the Kamarere Prospect (located between Esis and Bukuam)

Note that the exploration targets are speculative and may not be achieved.

The Esis Prospect is a large primary & secondary mineralised porphyry copper system. The depth extent of the breccia hosted mineralisation has not been tested, but could be highly significant. A copper mineralised zone grading 0.4% was tracked in trenches/creeks for 1,400m (700m wide at >0.1% copper).

Historic drilling consisted of 15 very shallow 'Winkie' holes [DW7 (21.6m of 0.50% copper) and DW15 (30.3m of 0.41% copper)], plus 4 deeper diamond holes over an 'open' 1,000m strike.

Six of the shallow Winkie holes had weighted copper averages for entire length greater than 0.2% and terminated in mineralisation.

Four diamond holes were drilled for ~152.6m each and best results were 27m of supergene grading 0.71% copper (from 33m), plus 66m of primary mineralisation grading 0.42% copper (from 86.6m to end of hole), incl. 7.6m grading 0.49% copper at the end of the hole.

A 5,000m drilling program is underway with 2 holes completed for 1,416m, with masssive chalcopyrite veins noted at the end of hole 1.

Bukuam Porphyry Copper, Gold and Zinc Skarns (OTML JV)

EL 1592 is subject to the OTML JV, whereby FNT is 19.9% (NON-DILUTABLE) deferred carried to completion of Bankable Feasibility Study (repayable from 50% of future cash flow), with OTML's earn in = USD\$12 million within 6 years.

Doilene Prospect

• Undrilled coastal prospect with limited bulldozer trenching incl. 10.9m of 26.9 g/t Au (incl. 0.4m of 136.4 g/t Au + 1.0m of 147.8 g/t Au), 2.0m of 16.90g/t Au, 4.0m of 9.84g/t Au and 3.5m of 5.14 g/t Au & 3.0m of 4.65 g/t Au
• Visible gold + anomalous pan concentrate gold associated with an altered intrusive dyke
• Limited previous soil sampling.

Angbitki Creek Prospect

• Confirmed widespread platinoids (Pt, Pd) and gold in two adjacent tributaries, with no follow-up in the 3 km² target area.
• There is no obvious ultramafic source for the platinoids - unique to PNG and a relatively recent discovery.
• Panned concentrates include 29.44 g/t Au (385ug), 22.70 g/t Pt (282ug), 0.45 (5.5ug Pd), 1.49 g/t Au (23.5ug), 4.90 g/t Pt (78.8ug), 0.10 g/t Pd (1.5ug)

LK1 Breccia Prospect

• Outcrop to 2.5m of 9.6 g/t Au + 12 g/t Ag and grab samples to 17.8 g/t Au .

EL 1598 is subject to the OTML JV, whereby FNT is 19.9% (NON-DILUTABLE) deferred carried to completion of Bankable Feasibility Study (repayable from 50% of future cash flow), with OTML's earn in = USD\$12 million within 6 years.

Uasilau / Yau Yau Prospect

• Elongate 9,000 x 2,500m zone of anomalous copper and gold in a region with variable ash cover.
• Two deep (~305m each & 2.5km apart) and 9 shallow holes (~75m each) have been completed.
• There is a large associated area of advanced argillic alteration that could host high-sulphidation epithermal gold mineralisation.
• Gold analyses are relatively limited, but significant gold anomalous areas in soils and rock chips warrant follow up, in addition to the porphyry copper potential.

Pelepuna Prospect

• Porphyry copper- gold occurrence, located ~14km S of Uasilau, that has never been drilled.
• Proximal zinc +/-gold skarns have received very limited drilling with results to 16.7m of 6.9% zinc.
• Gold analyses are limited, but where sampled, significant gold anomalous areas in soils and rock chips warrant follow up in addition to the zinc skarns and porphyry copper occurrence.

Sudest Island Application – PNG Blue Sky

• The 469 km² application is 100% owned by Frontier and is not part of the OTML JV.
• The Sudest ELA has never been drilled and it contains the first known goldfield and mine in PNG (discovered in 1888).
• The application is located on the same mineralisation trend as the now closed Misima ~5M oz epithermal gold Mine.
• There is a 25km long zone of well defined, highly anomalous gold geochemistry in drainages that strongly warrants substantial exploration.
• There are high grade gold quartz veins in altered intrusives, with up to 2m of 104.5g/t Au in trench, 151.2g/t Au in outcrop and 260.0g/t Au in float rock.
• Less than 10% of the strike length of the mineralised zone in drainages has ever been cursorily evaluated by ridge and spur soil geochemistry or trenching.
• Good logistics and possible development potential, with a low population density primarily residing near the coast.

Sudest Island Application

Location Plan Tasmania

The Dolcoath Granite is highly fertile and intruded into a very favourable geological environment for the formation of mineral deposits; it has introduced gold, silver, tungsten, tin, bismuth, molybdenum, fluorine, lead and zinc into four known deposits with more than 70 historic shafts and adits in the immediate area (the excluded 2sq km sub-blocks within the Cethana EL hold the world's largest undeveloped fluorite deposit, plus a modest gold - zinc skarn).

Deeper seeking three dimensional induced polarisation (3D-IP) has never been undertaken in this region or on this scale before. Frontier's major geophysical survey is targeting World Class 'Intrusive Related' gold deposits and it will also assist drill target delineation in the recently defined and very extensive multi-metal soil anomalies near the Company's Narrawa Deposit.

Grid line cutting was completed in the region totalling 128 line kilometres in 2 months (by 3 pairs of grid cutters) covering an area of 24 sq km and the data collection phase of a very large electrical geophysical survey started mid-October. An excellent result in difficult circumstances.

Cethana Exploration License

Aeromagnetic data (1VD image). The Narrawa and Stormont Licenses are labeled within the Cethanna EL.

The Dolcoath granite is the sub-equant green blob starting on Narrawa's SE margin and extending to the SE.

Note the large number of historic tungsten, gold, silver, tin and molybdenum workings to the west, north and east of the granite. These metals are all targets associated with the granite.

A block of 2 sq km is excluded from the enclosing 119 sq km Cethana EL.

Cethana and Narrawa Tungsten in soil

Cethana and Narrawa Tin in Soil

Cethana and Narrawa Molybdenum in Soil

Cethana and Narrawa Gold in Soil

Narrawa Deposit

• Narrawa is a steeply dipping, stratabound/stratiform skarn deposit hosted within 4 on/near surface lodes which can be mined by open pit mining methods.
• The Indicated and Inferred resource is 220m long, 20m wide and 60m deep. It contains 23,550 ounces of gold equivalent grading 3.5 g/t gold equivalent (0.5g/t gold cut-off grade), consisting of 14,125 ounces of gold, plus 131,300 ounces of silver, 2,765 tonnes of lead and 2,335 tonnes of zinc, contained in 209,330 tonnes of rock grading 2.10 g/t gold, 19.5 g/t silver, 1.32% lead and 1.12% zinc.
• The Indicated Resource consists of 162,755 tonnes grading 3.61 g/t gold equiv. (2.11 g/t gold, 20.5 g/t silver, 1.42% lead and 1.2% zinc).
• Good scope exists to continue to increase the Narrawa Resource along strike in both directions, within the fault offset dip component and in other relatively untested sectors of the project area.
• Mineralisation potential along strike to the southeast is known through additional drillholes yielding 3.7m of 1.11 g/t gold (NC016) and 1.35m of 0.19g/t gold + 42 g/t silver+ 2.0% lead + 1.46% zinc + 0.25% copper (also NC016) and 2.2m of 0.12g/t gold + 15 g/t silver+ 0.79% lead + 3.26% zinc + 0.25% copper associated with a UTEM anomaly (NC017).
• Across strike is the 666 lode with mineralised holes returning 1.5m of 25.2 g/t gold (NC025), 2m of 14.98 g/t gold (NC035), 7m of 2.13 g/t gold and 4.5m of 3.26 g/t gold
• (NC036), that are not included in the resource estimation.

Stormont Deposit

• Maiden Inferred Resource contains 13,430 ounces gold, 27.7 tonnes bismuth and 10,340 ounces silver, within 91,400 tonnes of mineralised rock grading 4.57g/t gold, 0.30% bismuth and 3.52g/t silver (1.5g/t gold cut-off grade).
• The skarn-style stratiform deposit is located in the core and on the limbs of a shallowly southeasterly plunging syncline at its northwestern end. It is located on /very near surface and ranges in thickness between 10m and 15m. A consistently mineralised resource is modelled in the 150m long, NW part of the central syncline.
• Good scope exists to increase the resource with additional drilling in the SE of the central syncline, the untested western sector of the western syncline and proximal to the eastern thrust. Significant high grade gold+/-bismuth intersections occur over the 300m known length, with drillholes SD8, SD10, SD33 and SD44, returning up to 4m of 12.7 g/t gold, that is not included in the resource estimation.
• Excellent and good metallurgical recoveries were obtained for Narrawa and Stormont by flotation and normal Carbon in Pulp (CIP) processing, respectively.
• A Conceptual Mining Study (CMS) shows that the Narrawa and Stormont Deposits can be economically mined and concentrated or CIP processed at site, with toll smelting of the Narrawa concentrate at the Risdon refinery. However, the project has a short mine life and would be substantially more robust with a larger resource. Increasing the

total resources will be a priority with the next drilling program.

Stormont Deposit

A single shift diamond core drilling program is being undertaken at the Stormont gold/bismuth/silver Deposit to complete the infill holes necessary to upgrade the present Inferred Resource to Indicated Resource status. In addition, the drilling will also test for extensions to the Inferred Resource and later drill new proximal targets based on their magnetic and surface geochemical signatures for deposit repetitions.

Gold results from the initial six diamond core holes drilled in 2011 have intersected excellent grades including 17.6m grading 10.80 g/t gold (from surface), 15m of 7.67 g/t gold (from 3m) and 6.5m grading 6.56 g/t gold (from 8.5m downhole).

Very high grade gold has also been demonstrated within the above intercepts and include 4.5m grading 37.4 g/t gold, 4m of 19.4 g/t gold and 2m of 13.4 g/t gold, each in different holes within significant and wider lower grade mineralised envelopes. These are excellent results and the first we have drilled in the region in 3 years and effectively from surface as well.

45km total strike length of the highly prospective Mt Read Volcanics in SW Tasmania for Rosebery and Eskay Creek Deposit Styles, with existing high grade zinc – lead – silver- gold mineralisation.

There is excellent regional potential to locate additional volcanic hosted massive sulphide and high grade gold mineralisation.

SOUTHERN MOUNT READ VOLCANICS A current generation airborne electromagnetic survey will be conducted over the entire project area late in 2011.

(SMRV) PROJECT Trenches include : 3m of 21.9% zinc + 13.9% lead + 680g/t silver + 0.84g/t gold and 4m of 17.9% zinc + 10.2% lead + 138g/t silver + 0.60g/t gold Drill results include: 13.9m grading 9.0% zinc + 4.5% lead + 37g/t silver + 1.11 g/t gold 3.9m grading 12.1% zinc + 7.3% lead +124 g/t silver +0.60 g/t gold

5.7m grading 7.5 % zinc + 4.0 % lead +77 g/t silver + 0.35 g/t gold and

1.1m grading 23.6% zinc + 10.4% lead +123 g/t silver +0.60 g/t gold

Wart Hill VHMS Deposit

Drilling at Wart Hill Deposit SMRV Project - Tasmania

PNG Exploration:

• o Frontier has ramped up exploration and is systematically evaluating the 7 sq km of 3D-IP and gold geochemical anomalies at Andewa, with deep diamond core drilling, hand trenching, vein tracing /sampling and infill soil sampling.
• o Undertake reconnaissance, geological mapping and grid based soil geochemistry and 3D-IP surveys on Sudest Island and Mt Schrader applications (once granted) to define very high-grade gold trenching and drilling targets and an Andewa 'lookalike', respectively.

Joint Ventures:

o Progress the Ok Tedi Mining Ltd JV/ Alliance and 5 associated projects as appropriate to maximise their value to shareholders. Assess and add value to OTML's exploration programs.

Tasmanian Exploration:

• o Complete drilling at the Stormont and Narrawa Deposits for gold and base metals and complete revised resource estimations.
• o Update the Conceptual Mining Study for Stormont and Narrawa.
• o Advance the Cethana project with a 30 to 40 sq km 3D-IP program to attempt to define a World Class Intrusive Related Gold Deposit.
• o Test the extensive multi metal soil anomalies for high-grade or bulk-mineable tungsten, gold, silver and base metals.
• o Undertake extensive drilling commencing in early 2012.

Why Frontier?

Frontier have the ingredients for imminent success:

• The tenement portfolio is large, diverse and highly prospective for World Class precious and base metal mineralised systems, including gold-silver, copper-gold-molybdenum, lead-zinc-silver-gold and tungsten- tin-molybdenum.
• The enormous geophysical anomalies at the 100% owned Andewa Project are currently being drilled for the first time and a 'Company Maker' mineral deposit could be defined.
• The earn-in Joint Ventures with Ok Tedi Mining Ltd are truly excellent and they are the best partner in PNG at this time. OTML have flown detailed and extensive aeromagnetic and radiometric surveys on each tenement, generated targets, committed to advanced exploration and have commenced drilling an ~13,000m diamond core program on Bulago, Leonard Schultz and Likuruanga in the next year, plus fly aeromagnetics /radiometrics on the Central and East New Britain Els.
• Frontier has a very positive future and are proceeding to maximise the benefits for shareholders.
• The Company is an active and innovative, socially responsible explorer, with a dedicated, highly experienced team of effective mineral explorers that undertake cost effective drilling on our high quality targets with our own drilling rigs.
• If you would like more information on Frontier, please contact me or visit our website at www.frontierresources.com.au.

Disclaimer

This document is not a disclosure document nor does it constitute the provision of financial product advice. No representation or warranty is made as to the accuracy, completeness or reliability of the information.The information is provided expressly on the basis that recipients will carry out their own independent inquiries into the matters contained herein and make there own independent decisions about the affairs, financial position or prospects of the Company which reserves the right to update, amend or supplement any information at any time in its absolute discretion.

Competency Statement - The information in this presentation that relates to Exploration Results and Mineral Resources that are based on information compiled by Peter McNeil, who is a Member of the Australian Institute of Geoscientists and is the Chairman and Managing Director of Frontier Resources Ltd. Mr McNeil has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr McNeil consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Please consult www.frontierresources.com.au for more detailed information.

Metal Equivalents are used to allow interpretation of the possible theoretical 'value' of mineralised rock, without consideration of the ultimate extractability any of the metals. Gold Equivalent is the contained gold, zinc, lead, silver and /or bismuth that are converted to an equal amount of pure gold and summed (based on mineralised rock with assays above various cut off grades and actual metal prices).

The Narrawa gold equivalent formula used to calculate the gold equivalent values is as follows: gold Equivalent (g/t) = gold g/t + (lead% x 0.46269) + (zinc% x 0.4644) + (silver g/t x 0.01386). This formula is based on metal prices obtained on 7th April 2009, these being US\$884/oz gold, US\$0.5965/lb lead, US\$0.5987/lb zinc and US\$12.26/oz silver.

Skarn gold– silver -basemetal deposits such as the Narrawa Deposit typically recover contained gold, silver and basemetals if in sufficient quantities (subject to metallurgical characteristics and prevailing metal prices). The ASX requires metallurgical recovery be specified for each metal and they are: 96.7% for gold, 98.5% for zinc, 95.6% for lead and 92.4% for silver. It is the Company's opinion that each of the elements included in the Narrawa metal equivalent calculations have a reasonable potential to be recovered if the project proceeds to mining.