FORTUNA METALS LTD — Capital/Financing Update 2010

May 30, 2010

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ADDRESS PHONE EMAIL PO Box 35 +61 (8) 9295 0388 info@frontierresources.com.au North Perth FAX WEBSITE WA 6906 Australia +61 (8) 9295 3480 www.frontierresources.com.au

ABN 96 095 684 389

ASX : FNT

ASX Limited Company Announcements Office Announcement

31 May 2010

FRONTIER RESOURCES LIMITED PLACEMENT – NOTICE PURSUANT TO CHAPTER 6D.2 AND 6D.3 OF THE CORPORATIONS ACT

On 31 May 2010, Frontier Resources Limited ( Company ) placed 15,232,872 new fully paid ordinary shares ( Shares ) at 7.5 cents per Share to raise $1,142,465.40.

Notice under section 708A(6) of the Corporations Act

The Company hereby notifies that:

• (a) the Company has issued the shares without disclosure to investors under Part 6D.2 of the Corporations Act 2001 ( the Act );

• (b) the Company is providing this notice in accordance with this exemption;

• (c) as at today’s date, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company;

• (d) as at today’s date, the Company has complied with section 674 of the Act;

• (e) as at today’s date, there is no information:

  • (i) that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

  • (ii) that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

    • (A) the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

    • (B) the rights and liabilities attaching to the Shares.

The following table shows the number of Shares on issue as at the date of this notice and the total number of Shares on issue after the placement.

Shares on issue prior to PlacementPlacement Shares issued on 26 May 2010Total Shares on issue at 31 May 2010	188,034,25015,232,872
	203,267,122

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Paige McNeil Company Secretary FRONTIER RESOURCES LIMITED