FORTUNA METALS LTD — Capital/Financing Update 2018

Apr 5, 2018

ADDRESS Unit 5, Ground Floor 1 Centro Ave, Subiaco WA, 6005 Australia

PHONE EMAIL +61 (8) 9486 4036 pmcneil@frontierresources.com.au ABN WEBSITE 96 095 684 389 www.frontierresources.com.au

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ASX: FNT

Market Announcements Platform

6 April 2018

Corporate and Exploration Update

Frontier Resources Limited ( Frontier ) is pleased to announce an update in relation to exploration and corporate activities.

The Muller (EL 2356) renewal Warden’s Court Hearing which was scheduled for 17 April 2018 has been deferred after discussions with the PNG Mineral Resource Authority, Chief Mining Warden. The postponement is due to the ongoing logistical and security issues in the Southern Highlands caused by the 7.5 magnitude earthquake and significant aftershocks. The Mineral Resources Authority will advise a revised date in due course.

The proposed Muller and Bulago exploration programs were also deferred after the earthquake and will be undertaken later in 2018, after the wet season.

The proposed $6 million Placement into Frontier at 1.6c per share by Forise Investment Sydney Pty Ltd is proceeding well. Forise is a subsidiary of one of the largest non-bank financial institutions in China. The Notice of Extraordinary General Meeting (EGM) containing the Independent Expert’s Report (IER) to obtain shareholder approval has been submitted to the regulators for approval. The meeting is anticipated to occur in mid-May.

For additional information relating Frontier and our projects, please visit the website at www.frontierresources.com.au.

FRONTIER RESOURCES LTD

Paige McNeil, B.Ed., Grad DipEd (Trng&Dev), Grad Dip ACG, AGIA, GAICD, FAIM Non-Executive Chairman