FORTUNA METALS LTD — Capital/Financing Update 2008

May 15, 2008

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ABN 96 095 684 389 ADDRESS PHONE EMAIL PO Box 35 +61 (08) 6468 0388 info@frontierresources.com.au NORTH PERTH WA 6906 FAX WEBSITE Australia +61 (08) 9228 0704 www.frontierresources.com.au

16 May 2008 ASX ANNOUNCEMENT

SHARE PURCHASE PLAN OFFER CLOSURE AND SHORTFALL NOTIFICATION

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Frontier Resources Limited (ASX Code FNT) advises that the recent Share Purchase Plan Offer closed on 16 May 2008. The results of the SPP Offer are as follows:

Total number of Shares on offer:	40,074,565
Total number of options validly applied	11,667,399
for:
Number of applications received	258
Funds raised under SPP	$991,728
Pro-rata shortfall:	1,727,271

The issue is not underwritten and the Shortfall may be distributed according to the Share Purchase Plan.

JAY STEPHENSON COMPANY SECRETARY