FORTUNA METALS LTD — Board/Management Information 2015

May 24, 2015

ADDRESS PHONE EMAIL Office J, Level 2, 1139 Hay St. +61 (08) 9295 0388 pmcneil@frontierresources.com.au West Perth, WA, 6005, Australia ABN WEBSITE 96 095 684 389 www.frontierresources.com.au

ASX: FNT

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ASX Limited

Market Announcements Platform

25[th] May 2015

Modifications to Frontiers’ Board of Directors and Management Roles

Frontier Resources Ltd (ASX:FNT) is pleased to announce it has restructured its Board of Directors and Management roles, as a result of the Heads of Agreement that Frontier has signed with GoldRidge Community Investment Limited (GCIL) to acquire 80% of the Gold Ridge Mine/Project on Guadalcanal Island in the Solomon Islands (as announced to the ASX today).

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• Mr Peter A. McNeil has resigned as Managing Director, but will remain Chairman, become a NonExecutive Director with normal responsibilities and also assist with Chief Geologist oversight.

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• Ms Paige S. McNeil has been appointed Managing Director (previously Executive Director - Corporate).

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• Mr Peter Swiridiuk has been appointed Executive Director - Technical (previously a Non-Executive Director). Peter will work with the Executive Directors and Management and initially will be responsible all for technical aspects (except geology).

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• GCIL will appoint one Executive Director to the Board of FNT once the Joint Venture agreement has been executed and it is proposed that Mr Walton Naezon will fulfil this role. Mr Naezon is the Chairman of GCIL and the regional Paramount Chief of the Gold Ridge landowners.

Mr Naezon was Mining & Energy Minister (1997- 2001), Minister of State Government (2001 - 2003) and Minister for Commerce (2003 - 2005) in the Solomon Islands Government.

Walton successfully negotiated GCIL's purchase of the Gold Ridge Mine / Project from St Barbara Ltd and he will provide the local communities and landowner tribes with control and direct responsibility over the exploitation of and pro-rata profits from the mineral resources on their lands.

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• The size and scope of the Board will evolve as required with the development of the project.

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• Frontier will appoint additional Senior Management personnel as required.

Chairman Peter McNeil M.Sc. commented

It gives me great pride to lead the Board of Frontier through this next phase of development. I have resigned as Managing Director to allow greater focus on the role of Chairman and to oversee the geology of this highly prospective and exciting project.

The Company is in very capable hands with Paige McNeil appointed as Managing Director and Peter Swiridiuk as Executive Technical Director; both professionals having the experience and exposure to effectively manage operations in the South Pacific.

I would like to take this opportunity to thank the many long term shareholders of Frontier. Your support over the last 12 years has allowed the Company to survive some extremely challenging times and to finally arrive at a very exciting destination in the Solomon Islands.

Paige McNeil – Managing Director

Paige McNeil (Grad DipEd, ACIS, GAICD) is a Corporate Governance practitioner with 17 years operational and administrative experience in the mineral exploration industry in Papua New Guinea, Australia and Canada. Paige was a Founding Director and Company Secretary for Kanon Resources Ltd (2003) and Quintessential

Resources Ltd (2010) which were subsequently listed on the TSX-V and ASX respectively. She was responsible for the raising of $10M in capital for Quintessential’s exploration over 2 years. Paige was the former Administration Manager and Company Secretary for Frontier Resources (2006 and 2010).

Paige holds a Graduate Diploma in Corporate Governance from Governance Institute of Australia (2006) and is a Graduate of the Australian Institute of Company Directors (2008). She facilitates modules for the Governance Institute of Australia.

Peter Swiridiuk – Executive Technical Director

Peter Swiridiuk, BSc (Hons), DipEd, MAIG has 25 years’ experience exploring for copper, gold, base metals, diamonds and coal. Peter was previously a technical consultant working on exploration projects in the Solomon Islands. Between 1997 and 2012, he spent substantial amounts of time managing exploration, discovery and resource definition for projects in Papua New Guinea, including evaluation of data at Frieda River and as consultant geophysicist to Frontier Resources (2004-2013).

From 2007, he spent six years as Managing Director of ASX listed Coppermoly Limited where he attracted over $32 million through IPO, capital raisings and a joint venture partner Barrick Gold Corp. While leading Coppermoly, over 2 billion pounds of copper, were delineated in two separate JORC resources on New Britain Island, Papua New Guinea.

Peter has also been a technical consultant working on projects in Australia, Philippines, Cyprus, Mexico and in Oman, where his exploration led to the discovery of two copper mines. Peter has authored numerous independent technical reports for the purpose of capital raisings.

Peter McNeil – Non Executive Chairman

Peter McNeil B.Sc. M.Sc. (Geochemistry) has 32 years continuous professional post–graduate mineral exploration industry experience, with 30 of those in Papua New Guinea. He has also worked in Tasmania, WA's Kimberley /NE Goldfields, Arizona-USA and Newfoundland-Canada. Peter was consultant site supervisory geologist on the 'discovery' holes of both the Nimary and Sunrise Dam gold ore bodies in WA, which became the largest and second largest gold discoveries in Australia during the 1990's totalling about 14 million ounces combined. Peter has 23 years corporate and managerial experience as a Chairman, Managing Director, Director, and President associated with several ASX and TSX-V listed companies.

Company Secretarial and Chief Financial Officer functions will continue to be undertaken by Minerva Corporate Pty Ltd.

For additional information relating to Frontier please visit our website at www.frontierresources.com.au

FRONTIER RESOURCES LTD

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P.A.McNeil, M.Sc., MAIG Chairman