FORTUNA METALS LTD — Capital/Financing Update 2013

Mar 26, 2013

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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

ASX : FNT

ASX Limited

Company Announcements Office

27th March 2013

Torque Mining Ltd - Initial Public Offering Withdrawn

Frontier Resources Ltd wishes to advise that Initial Public Offering for Torque Mining Ltd (Torque) was withdrawn today.

Torque noted:

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• The minimum required subscription for the Initial Public Offering of $3 million has not been met and it seemed unlikely to be achieved in the near term given the present stock market and economic conditions.

• The Board of Directors of Torque Mining have therefore decided to close the Company’s IPO effective 27th March 2013 and all application monies will be returned to subscribers as soon as possible.

• Frontier shareholders and Torque directors are thanked for their support of the attempted IPO.

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• Torque will remain an unlisted public company (at this stage) and directors will determine and implement the best strategy for it going forward.

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• At this stage we cannot reliably forecast earnings from the Stormont Joint Venture, however, BCD’s Feasibility Study is due to be released to Torque in the near future and it is anticipated that a gold mining and processing operation on the Stormont Deposit will produce significant cash flow later this year.

Torque is a “spin off” from Frontier Resources Ltd of its former Tasmanian properties. Frontier holds 10,001,679 shares in Torque and recently distributed its other 29,998,323 shares via an in-species distribution to Frontier shareholders.

Additional information is available from www.torquemining.com.au

FRONTIER RESOURCES LTD

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