FORTUNA METALS LTD — Capital/Financing Update 2012

Apr 18, 2012

CONTACTS PHONE EMAIL PO Box 52 +61 (08) 9295 0388 info@frontierresources.com.au West Perth FAX W EBSITE WA 6872 Australia +61 (08) 9295 3480 www.frontierresources.com.au

ABN 96 095 684 389

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ASX : FNT

ASX Limited

Company Announcements Office

19th April 2012

Ok Tedi Mining Ltd Joint Venture Exploration Update

Frontier Resources Ltd is pleased to announce an update in relation to the Ok Tedi Joint Venture exploration.

• EL 1595 - Bulago

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• Suguma High Grade Gold Zone Drilling

• Drill pad one has been geotechnically inspected and declared to be safe. The drill rig is scheduled to move from Bulalo (where it has been drilling) this Monday. This may take a week to accomplish due to weather conditions.

• Pad two is under construction and the second rig will move there once it is ready. Expected completion time is approximately 2 weeks.

• The Suguma gold surface sample results are pending from Australian Laboratory Services (ALS).

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• Drill Results

• BUL001 assay results are presently being compiled.

• BUL002 sample analysis is in progress at ALS

• BUL003 was dispatched from Tabubil on Friday the 13[th] of April.

• EL 1351 - Likuruanga

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• Esis Drilling

• Hole NBE002 results are being compiled and will be released forthwith.

• More than 1200 samples from holes NBE003 and NBE004 are being processed at ALS.

• Hole NBE005 has been completed and samples in transit from Kokopo to OTML sample prep facility.

• EL 1597 - Leonard Schultz

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• All samples have been dispatched to ALS and some interesting trench and soil results are being demonstrated, however it will be an additional 5 or 6 weeks for the remaining batches to be analysed and reported as a group.

• EL 1598 - Central New Britain

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• Data has been received from the aeromagnetic /radiometric survey and is being analysed for targets.

• EL 1592 - East New Britain

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• Quotations have been received for an aeromagnetic survey with a view to start ASAP.

For additional information relating to Frontier Resources, please visit the Company’s website at www.frontierresources.com.au or feel free to contact me.

FRONTIER RESOURCES LTD

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P.A.McNeil, M.Sc. CHAIRMAN / MANAGING DIRECTOR