FORTUNA METALS LTD — Capital/Financing Update 2019

May 28, 2019

ADDRESS Level 8, 99 St Georges Tce Perth WA 6000

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

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ASX: FNT

Market Announcements Platform

29[th] May 2019

Significant Near Mine Tolukuma Gold Targets Defined

Frontier Resources Limited ( Frontier or the Company ) is pleased to announce that its ongoing review of historical reports and data within its 100% owned EL2531 Tolukuma tenement has identified significant gold targets from trench, soil and stream sampling that require additional follow‐up drilling and fieldwork.

EL2531 covers 441.72 sq.km (Figure 1) located 70km North of the Capital Port Moresby and accessible by air or walking trail. The nearest all weather road is to Kubuna, 20km west of the tenement which runs along the south coast to the National capital Port Moresby. Fane and Woitape airstrips have proven useful for heavier cargoes.

Frontier’s tenement totally surrounds, but excludes, the Tolukuma gold Mining Lease ML104 and the start‐up and development infrastructure at the mine makes Frontier’s tenement highly prospective for gold deposits. The Tolukuma gold mine contains high grade, narrow epithermal veins with a long history of having its gold reserves continuously extended.

Airborne geophysical magnetic data has now been remodelled in three dimensions and will be interpreted in a second data review phase to better define the sub‐surface geology and gold target areas.

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Figure 1: Location Map of Tolukuma Project

In 1989 Newmont Pty Ltd explored outside the then known Tolukuma resource further to the east of the current mining lease ML104 and within the now Frontier owned EL2531. Their rationale was to define additional resources and the subsequent favourable effect on the economics of the Tolukuma resource. Trenching and outcrop rock sampling was conducted over newly located veins at Saki, Kimono and Soju‐ Sindove (Figure 2).

The most significant results were:

1. Saki Vein: 5.4m at 8.7 g/t Au , 8.5m at 1.5 g/t Au , 3.15m at 4.4 g/t Au and 1m at 32.5 g/t Au ;

2. Soju‐Sindove: 2m at 5.3 g/t Au , 2.5m at 4.35 g/t Au and 1,750 g/t Au in rock float including 1m at 22.3 g/t Au in the nearby Salat Vein 500m to the north; and

3. Kimono Vein: 6.1m at 3.14 g/t Au and 2m at 12.3 g/t Au .

Stream sediment anomalies Auga Stream and Angu (Figure 2) will require additional follow‐up soil sampling.

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Figure 2: EL 2531 Near Mine Prospects and Location of 3DIP Survey

1. Saki Prospect

The high priority Saki epithermal gold‐silver deposit occurs two kilometres east of the Tolukuma mining lease (within Frontiers EL2531) and has been extensively drilled with 47 historical diamond core holes completed totalling 5398m. Golder and Associates commenced a resource estimate in year 2011 (See ASX Announcement dated 17[th] August 2017). The Company is in the process of acquiring the drill hole database to determine a JORC‐code compliant resource estimate. Historical three dimensional IP ground geophysics was completed in 2010 (Figure 2) and the Company is also in the process of acquiring this data

from the MRA so it can be re‐modelled and re‐interpreted to better plan for the next stage of exploration fieldwork.

Newmont completed a programme of B Horizon soil sampling in 1989 indicating an anomalous gold in soils footprint of 1000m NW by 400m NE at Skai (Figure 3). The soil samples confirmed the geochemical association of Au, As and Sb with gold values peaked at 1.85 ppm Au and exhibiting northwest trending anomalies.

Subsequent historical trench and outcrop sampling carried out along strike of know veins trenching showed highly anomalous gold results and highly anomalous gold in surface rock chips of 8.8 g/t and 11.2 g/t associated with the Saki Vein system (Figure 3). Best trench values were Tr8: 5m at 14.1 g/t Au and Tr11: 5.4m at 8.7 g/t Au (Refer to Table 1 and Figure 3).

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Figure 3: Saki Prospect Historical Gold in Trench Results

Table 1: Saki Trench Results

Table 1: Saki Trench Results	Table 1: Saki Trench Results	Table 1: Saki Trench Results	Table 1: Saki Trench Results
Name	easting	northing	Grade
Saki Float1	518032	9054419	Float1: 8.8g/t Au
Saki Float2	518004	9054300	Float 2: 11.2g/t Au
Saki Tr01	518262	9054199	Tr01: 0.5m at 9.2g/t Au
Saki Tr02	518138	9054031	Tr02: 6.5m at 3.2g/t Au
Saki Tr03	518154	9053976	Tr03: 1.2m at 4.5g/t Au
Saki Tr04	518174	9053917	Tr04: 7m at 1.8g/t Au
Saki Tr05	518478	9053678	Tr05: 0.6m at 8g/t Au
Saki Tr06	518514	9053511	Tr06: 0.6m at 3.15g/t Au
Saki Tr07	518292	9053429	Tr07: 2.5m at 2.7g/t Au
Saki Tr08	518290	9053381	Tr08: 5m at 14.1g/t Au
Saki Tr09	518300	9053325	Tr09: 2.85m at 2.1g/t Au
Saki Tr10	518300	9053292	Tr10: 3m at 1.8g/t Au
Saki Tr11	518206	9053245	Tr11: 5.4m at 8.7g/t Au
Saki Tr12	518205	9053267	Tr12: 8.5m at 1.5g/t Au
Saki Tr13	518186	9053320	Tr13: 3.15m at 4.4g/t Au
Saki Tr14	518134	9053524	Tr14: 5m at 4.5g/t Au
Saki Tr15	518115	9053641	Tr15: 2m at 1.9g/t Au
Saki Tr16	518256	9053704	Tr16: 1.4m at 5.2g/t Au
Saki Tr17	518288	9053720	Tr17: 1.2m at 7.8g/t Au
Saki Tr18	518252	9053762	Tr18: 1m at 3.5g/t Au
Saki Tr19	518256	9053805	Tr19: 1m at 1.5g/t Au
Saki Tr20	518049	9053863	Tr20: 3m at 1.77g/t Au
Saki Tr21	518040	9053909	Tr21: 2m at 7.5g/t Au
Saki Tr22	518017	9053978	Tr22: 1m at 32.5g/t Au
Saki Tr23	517996	9054064	Tr23: 3m at 2.7g/t Au
Saki Tr24	517998	9054090	Tr24: 2m at 1.4g/t Au
Saki Tr25	517982	9054121	Tr25: 3.4m at 1.8g/t Au

2. Soju‐Sindove Prospect (includes the Salat, Kamikaze, Tevuna, Rhong and Aida Veins)

The Soju‐Sindove prospect area, located 4km ENE of the Tolukuma mine hosts a number of epithermal quartz veins discovered through stream sampling and includes the gold mineralised veins of Salat, Tevuna, Rhong, Kamikaze and Aida (Figure 4). Best results include the discovery of the Kamikaze Vein with 0.9m at 38.5g/t Au and the Rhong Vein with 0.7m at 62.2g/t Au . Rock float samples in the Auga River assayed 183g/t Au, near the Kamikaze vein and 162g/t Au next to the Aida Vein. The best float rock sample was 1750g/t Au between the Salat and Tevuna veins. Refer to Table 2 for summary of trench results and locations.

Grade and continuity of the gold bearing veins in this area needs to be established through additional drilling, the aim of which to delineate additional gold resources for the area.

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Figure 4: Soju‐Sindove Prospect Historical Gold in Trench Results

Table 2: Soju‐Sindove Trench Results

Table 2: Soju‐Sindove Trench Results	Table 2: Soju‐Sindove Trench Results	Table 2: Soju‐Sindove Trench Results	Table 2: Soju‐Sindove Trench Results
Name	easting	northing	Grade
Salat Tr1	519416	9056147	Salat Tr1: 1m at 22.3g/t Au
Salat Tr2:	519439	9056141	Salat Tr2: 2m at 1.9g/t Au
Salat Tr3	519453	9056136	Salat Tr3: 1m at 1.38g/t Au
Soju Float2	519476	9055776	Soju Float 2: 1750g/t Au float
Tevuna Tr1	519128	9055618	Tevuna Tr1: < 1g/t Au
Tevuna Tr2	519134	9055600	Tevuna Tr2: 1.5m at 4.4g/t Au
Tevuna Tr4	519091	9055553	Tevuna Tr4: 4.3m at 3.07g/t Au
Tevuna Tr3	519142	9055536	Tevuna Tr3: 0.16m at 1.15g/t Au
Tevuna Tr5	519118	9055526	Tevuna Tr5: 2.5m at 4.35g/t Au
Soju Tr1	519397	9055502	Soju Tr1: 2m at 5.3g/t Au
Tevuna Tr6	519185	9055478	Tevuna Tr6: 0.9m at 5.0g/t Au
Tevuna Tr7	519216	9055449	Tevuna Tr7: 0.7m at 3.4g/t Au
Kamikaze Tr1	519124	9055406	Kamikaze Tr1: 0.9m at 38.5g/t Au
Kamikaze tr2	519149	9055373	Kamikaze Tr2: 0.6m at 6.9g/t Au
Kamikaze Tr3	519171	9055351	Kamikaze Tr3: 5.4m at 3.07g/t Au
Kamikaze Tr5	519180	9055330	Kamikaze Tr5: 3m at 1.6g/t Au
Kamikaze Tr6	519185	9055313	Kamikaze Tr6: 0.6m at 7.8g/t Au
Soju Foat1	519159	9055224	Soju Float 1: 183g/t Au
Tevuna Tr8	519456	9055171	Tevuna Tr8: 1m at 8.55g/t Au
Tevuna Tr9	519475	9055147	Tevuna Tr9: 2m at 3.28g/t Au
RhongTr1	519500	9054944	RhongTr1: 0.2m at 1.2g/t Au

Table 2: Soju‐Sindove Trench Results

Table 2: Soju‐Sindove Trench Results	Table 2: Soju‐Sindove Trench Results	Table 2: Soju‐Sindove Trench Results	Table 2: Soju‐Sindove Trench Results
Name	easting	northing	Grade
RhongTr2	519510	9054925	RhongTr2: 0.8m at 18.9g/t Au
RhongTr3	519522	9054890	RhongTr3: 0.2m at 11.6g/t Au
Soju Float3	519836	9054864	Soju Float3: 162g/t Au
RhongTr4	519549	9054802	RhongTr4: 0.15m at 2.8g/t Au
RhongTr5	519551	9054792	RhongTr5: 0.55m at 31g/t Au
RhongTr8	519678	9054781	RhongTr8: 0.7m at 62.2g/t Au
RhongTr9	519718	9054777	RhongTr9: 0.7m at 28g/t Au
RhongTr6	519559	9054767	RhongTr6: 2.55m at 10.3g/t Au
Aida Tr1	519854	9054753	Aida Tr1: 1.25m at 15.7g/t Au
RhongTr7	519571	9054742	RhongTr7: 0.25m at 3.55g/t Au
Aida Tr2	519869	9054724	Aida Tr2: 1m at 6.28g/t Au
Aida Tr3	519888	9054694	Aida Tr3: 1m at 2.6g/t Au

3. Kimono Prospect

The Kimono Vein discovery outcrop is located on the eastern boundary of the Mining Lease 104 within Frontier’s tenement (Figure 2). It has an exposed 6m wide, steeply dipping zone of silicification. A 400m x 300m soil grid was established over the area prior to trenching along the structure which returned best results of Tr2: 6.1m at 3.14 g/t Au and Tr5: 2m at 12.3 g/t Au (Refer to Figure 5 and Table 3). A number of additional veins including 120 and Dudu extend into Frontier’s EL2531 and will need to be investigated as a priority for extending mining resources. A number of trench results from the Tolukuma mine vein system within ML104 are shown in Figure 5 for comparison.

Best mineralisation appears to occur at the intersection of the Kimono Vein and cross‐structures, which results in ‘poddy’ style mineralisation at surface. Further investigation of the structure along strike is required through analysis of geophysical data and additional trenching.

Table 3: Kimono Trench Results (includes Tolukuma and 120 Veins)

Table 3: Kimono Trench Results(includes Tolukuma and 120 Veins)	Table 3: Kimono Trench Results(includes Tolukuma and 120 Veins)	Table 3: Kimono Trench Results(includes Tolukuma and 120 Veins)	Table 3: Kimono Trench Results(includes Tolukuma and 120 Veins)
Name	easting	northing	Grade
120 Tr1	516341	9052199	120 Tr1: 3.25m at 4.8g/t Au
120 Tr2	516432	9052110	120 Tr2:2m at 12.6g/t Au
120 Tr3	516562	9052000	120 Tr3: 1m at 11.5g/t Au
120 Tr3	516496	9052056	120 Tr3: 2m at 12.6g/t Au
120 Tr4	516619	9051936	120 Tr4: 13m at 49g/t Au
120 Tr5	516673	9051877	120 Tr5: 0.3m at 107g/t Au
120 Tr6	516791	9051783	120 Tr6: 2m at 3.4g/t Au
Kimono Tr1	516261	9053083	Kimono Tr1: < 1g/t Au
Kimono Tr2	516276	9053044	Kimono Tr2: 6.1m at 3.14g/t Au
Kimono Tr3	516297	9052996	Kimono Tr3: 7m at 3g/t Au
Kimono Tr4	516326	9052898	Kimono Tr4: 1.6m at 7.84g/t Au
Kimono Tr5	516353	9052815	Kimono Tr5: 2m at 12.3g/t Au
Tolukuma Tr1	515927	9053545	Tolukuma Tr1: 2m at 4.2g/t Au
Tolukuma Tr10	515690	9050968	Tolukuma Tr10: 5m at 17.7g/t Au
Tolukuma Tr2	515605	9053426	Tolukuma Tr2: 0.45m at 10.45g/t Au
Tolukuma Tr3	515638	9053190	Tolukuma Tr3: 0.35m at 3g/t AU

Table 3: Kimono Trench Results (includes Tolukuma and 120 Veins)

Table 3: Kimono Trench Results(includes Tolukuma and 120 Veins)	Table 3: Kimono Trench Results(includes Tolukuma and 120 Veins)	Table 3: Kimono Trench Results(includes Tolukuma and 120 Veins)	Table 3: Kimono Trench Results(includes Tolukuma and 120 Veins)
Name	easting	northing	Grade
Tolukuma Tr4	515167	9052656	Tolukuma Tr4: 4m at 8.1g/t Au
Tolukuma Tr5	515294	9052226	Tolukuma Tr5: 2m at 26.4g/t Au
Tolukuma Tr6	515525	9051721	Tolukuma Tr6: 5.9m at 20.8g/t Au
Tolukuma Tr7	515547	9051616	Tolukuma Tr7: 4m at 17.6g/t Au
Tolukuma Tr8	515589	9051493	Tolukuma Tr8: 4m at 9.2g/t Au
Tolukuma Tr9	515604	9051336	Tolukuma Tr9: 4m at 32.8g/t Au

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Figure 5: Kimono Prospect Historical Gold in Trench Results

4. Structure

Structural interpretation of satellite imagery by Greg Corbett (1995) generated additional target areas of interest for Tolukuma‐style mineralisation. Greg described the Tolukuma gold deposit is an intrusive‐ related epithermal Au/Ag quartz vein system hosted within rocks of the Pliocene Mt Cameron Volcanic Complex. A major graben of the Mt Davidson volcanics separates metamorphic basement rocks to the west from volcanic rock to the east. An interpreted collapsed caldera structure lies to the north of Tolukuma centred on Mt. Olom (Figure 6). The Tolukuma, Kimono, Saki and Salat vein systems are localised about the southern margin of this circular feature.

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Figure 5: Tolukuma Model of Mineralisation

Gold content at Tolukuma is inferred to be of magmatic origin. Felsic dykes may reflect an intrusive source at depth as well as diatreme breccias where fluids are vented into dilational structures (Figure 5).

From satellite imagery, topographic and airborne geophysical data, structural interpretation (Figure 6) helps locate intrusives which may have formed on the margins of the collapsed larger buried intrusive body.

Frontier’s recently 3D modelled airborne geophysical magnetic data will be interpreted in the coming weeks with a view to building a better structural model and define sub‐surface gold targets.

Structural elements that are host to the Tolukuma gold mineralisation include:

• NNW trending accretionary structures.

• WNW trending structures which are inferred to exhibit an extensional character and so host vein mineralisation extending from the southeastern end of ML104 at the Miliahamba vein and into adjoining EL2531 tenement and Seri‐Seri Au‐Ag prospect. This area was surveyed with ground geophysical 3DIP in 2010 (Figure 2) and Frontier is in the process of collecting this data for re‐ modelling and interpretation.

• NS structures which parallel the graben structure that localises the Tolukuma vein system.

• Ring fractures formed in relation to the caldera collapse such as that centred at Mt Olom.

• Additional circular features in the SW of EL2531. Arc parallel structures are deflected around this feature that may represent a collapsed volcanic complex similar to the Mt.Cameron Volcanic complex or the collapsed caldera north of Tolukuma.

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Figure 6: Tolukuma Project Geological Structure

Further Information

Frontier is focussing on the exploration of its near mine Tolukuma gold project. It is currently seeking joint venture funding for its two additional 100% owned porphyry copper‐gold‐molybdenum and epithermal gold projects in the Highlands of PNG at EL1595 (Bulago) and EL2356 (Muller Range).

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

FRONTIER RESOURCES LTD Fenix Dong Executive Director

Competent Person Statement :

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by or compiled under the supervision of Peter Swiridiuk ‐ Member of the Aust. Inst. of Geoscientists. Peter Swiridiuk is a Technical Consultant and Non‐Executive Director for Frontier Resources. Peter Swiridiuk has sufficient experience which is relevant to the type of mineralisation and type of deposit under consideration to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code of Reporting Exploration Results, Mineral Resources and Ore Resources. Peter Swiridiuk consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. Additionally, Mr Swiridiuk confirms that the entity is not aware of any new information or data that materially affects the information contained in the ASX releases referred to in this report.

	Frontier Resources Ltd Exploration Licence Information	Frontier Resources Ltd Exploration Licence Information	Frontier Resources Ltd Exploration Licence Information	Frontier Resources Ltd Exploration Licence Information	Frontier Resources Ltd Exploration Licence Information
Exploration Licence Number and Name	Ownership	sub‐ blocks	AREA (sq.km)*	Grant Date	Expiry Date
EL 1595 ‐ Bulago EL2356 ‐ Muller Range EL2351 ‐ Tolukuma ELA2529 ‐ Gazelle	100% Frontier Gold PNG Ltd 100% Frontier Copper PNG Ltd 100% Frontier Copper PNG Ltd 100% Frontier Copper PNG Ltd	22 56 130 211	75.02 190.46 441.72 719.51	07‐Jul‐08 31‐Dec‐15 25‐Feb‐19 N/A	06‐Jul‐20 30‐Dec‐19 24‐Feb‐21 N/A
	Total of Granted EL's	208	707.20
	*1 sub‐block approx. 3.41 sq.km

NB: The PNG Mining Act‐1992 stipulates that EL's are granted for a renewable 2 year term (subject to satisfying work and expenditure commitments) and the PNG Government maintains the right to purchase up to 30% project equity at "Sunk Cost" if/when a Mining Lease if granted.

JORC Code, 2012 Edition – Table 1 Report of Exploration Results for MMP IGR

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation		Commentary
Sampling		Nature and quality of sampling (eg cut channels, random		Soil sampling was undertaken in the “B” Horizon and where
techniques		chips, or specific specialised industry standard		the soil cover was extensive and outcrop is poor, soil
		measurement tools appropriate to the minerals under		samples returned low order gold anomalies. Trench samples
		investigation, such as down hole gamma sondes, or		were undertaken by conventional trenches dug to bedrock
		handheld XRF instruments, etc). These examples should		and outcrop samples along the veins. Float rock samples
		not be taken as limiting the broad meaning of sampling.		were recovered from creeks and not from in-situ bedrock.
		Include reference to measures taken to ensure sample		No drillholes are quoted.
		representivity and the appropriate calibration of any		All rock samples were logged in a rock-chip sample ledger
		measurement tools or systems used.		and assayed using standard laboratory techniques. All
		Aspects of the determination of mineralisation that are		sampling was supervised and reported by on-site geologists.
		Material to the Public Report.		Material aspects of the mineralisation are noted in the text of
		In cases where ‘industry standard’ work has been done this		the document.
		would be relatively simple (eg ‘reverse circulation drilling
		was used to obtain 1 m samples from which 3 kg was
		pulverised to produce a 30 g charge for fire assay’). In other
		cases more explanation may be required, such as where
		there is coarse gold that has inherent sampling problems.
		Unusual commodities or mineralisation types (eg submarine
		nodules) may warrant disclosure of detailed information.
Drilling		Drill type (eg core, reverse circulation, open-hole hammer,		No drilling results have been quoted.
techniques		rotary air blast, auger, Bangka, sonic, etc) and details (eg
		core diameter, triple or standard tube, depth of diamond
		tails, face-sampling bit or other type, whether core is
		oriented and if so, by what method, etc).
Drill sample		Method of recording and assessing core and chip sample		No drilling results have been quoted.
recovery		recoveries and results assessed.
		Measures taken to maximise sample recovery and ensure
		representative nature of the samples.
		Whether a relationship exists between sample recovery and
		grade and whether sample bias may have occurred due to
		preferential loss/gain of fine/coarse material.
Logging		Whether core and chip samples have been geologically and		Rock chip samples from trenches were geologically logged
		geotechnically logged to a level of detail to support		to a level of detail to support appropriate Mineral Resource
		appropriate Mineral Resource estimation, mining studies		estimation, mining studies and metallurgical studies.
		and metallurgical studies.		Costean/trench logging is qualitative in nature and based on
		Whether logging is qualitative or quantitative in nature. Core		geological observations. Detailed geological descriptions
		(or costean, channel, etc) photography.		are hand written into a ledger for each rock sample and
		The total length and percentage of the relevant intersections		marked up for sampling.
		logged.		All rock samples were logged and assayed.
Sub-sampling		If core, whether cut or sawn and whether quarter, half or all		Standard laboratory procedures of drying, crushing, splitting
techniques and		core taken.		and pulverizing is practiced by certified labs including those
sample		If non-core, whether riffled, tube sampled, rotary split, etc		of Astrolabe Analytical and Pilbara Laboratories (Niugini )
preparation		and whether sampled wet or dry.		Pty Ltd.
		For all sample types, the nature, quality and		Sampling has been supervised by Senior Geologist and
		appropriateness of the sample preparation technique.		sample sized are appropriate for the quartz vein material
		Quality control procedures adopted for all sub-sampling		being sampled.
		stages to maximise representivity of samples.
		Measures taken to ensure that the sampling is
		representative of the in situ material collected, including for
		instance results for field duplicate/second-half sampling.
		Whether sample sizes are appropriate to the grain size of
		the material being sampled.
Quality of assay		The nature, quality and appropriateness of the assaying and		Historical procedures undertaken were appropriate.
data and		laboratory procedures used and whether the technique is		Trench/costeans samples were fire assayed for total gold
laboratory tests		considered partial or total.		and cyanide extractable Ag, Cu by Pilbara Laboratories
		For geophysical tools, spectrometers, handheld XRF		(Niugini) Pty Ltd. Soil samples were assayed by (FA2) Fire
		instruments, etc, the parameters used in determining the		assay for gold and AS-H for As and SB-H for Sb by
		analysis including instrument make and model, reading		Astrolabe Analytical laboratories. Acceptable accuracy and
		times, calibrations factors applied and their derivation, etc.		precision levels were established and reported by the lab.
		Nature of quality control procedures adopted (eg standards,		No geophysical data has been quoted.
		blanks, duplicates, external laboratory checks) and whether		Detection limits: Au 0.01 ppm, Cu 1 ppb, Ag 0.01 ppb.
		acceptable levels of accuracy (ie lack of bias) and precision have been established.		Duplicates were used at Astrolabe Analytical laboratories. Acceptable levels of accuracywere established.
Verification of		The verification of significant intersections by either		Verified by senior geologist and other geologists onsite at
sampling and		independent or alternative company personnel.		the time.
assaying		The use of twinned holes.		No drilling has been quoted.
		Documentation of primary data, data entry procedures, data		All assay data is stored on printed laboratory paper and
		verification, data storage (physical and electronic) protocols.		stored in reports submitted to the MRA library as paper
		Discuss any adjustment to assay data.		copies which were later scanned to digital format.
Location of data		Accuracy andquality of surveys used to locate drill holes		Trenches/costeans located initiallyby published 1:100,000

Criteria	JORC Code explanation	JORC Code explanation		Commentary
points		(collar and down-hole surveys), trenches, mine workings		topographic maps and tape and compass surveying of
		and other locations used in Mineral Resource estimation.		creeks.
		Specification of the grid system used.		Map Datum is AGD66.
		Quality and adequacy of topographic control.		Topographic control is low with 40m contours from
				1:100,000 plans and 10m contours from airborne DTM
				contours.
Data spacing and		Data spacing for reporting of Exploration Results.		Refer to any attached plans for rock float, soil and costean
distribution		Whether the data spacing and distribution is sufficient to		spacing.
		establish the degree of geological and grade continuity		Trench locations and hence data spacing and distribution is
		appropriate for the Mineral Resource and Ore Reserve		not yet sufficient to establish the degree of geological and
		estimation procedure(s) and classifications applied.		grade continuity appropriate for the Mineral Resource and
		Whether sample compositing has been applied.		Ore Reserve estimation procedures. Additional location of
				trenches and historical drillhole locations is required.
				Sample compositingwas not applied.
Orientation of		Whether the orientation of sampling achieves unbiased		Trench samples are designed to intersect known
data in relation to		sampling of possible structures and the extent to which this		mineralisation features in a nominally perpendicular
geological		is known, considering the deposit type.		orientation as much as is practicable.. Sample intervals are
structure		If the relationship between the drilling orientation and the		selected based upon observed geological features and the
		orientation of key mineralised structures is considered to		strike of the narrow quartz veins.
		have introduced a sampling bias, this should be assessed		No drilling results have been quoted. Trench/costean
		and reported if material.		samples have been taken perpendicular to known
				structures to reduce anysamplingbias.
Sample security		The measures taken to ensure sample security.		Access to site is controlled and rock and soil samples stores
				on-site in a remote location. Site employees transport
				samples to the analytical lab. The laboratory compound is
				secured.
Audits or reviews		The results of any audits or reviews of sampling techniques		No audits or reviews of sampling techniques and data have
		and data.		beenperformed.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation	Commentary
Mineral tenement and land tenure status  Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	 Frontier Resources Ltd have a 100% ownership of Frontier Copper (PNG) Limited, which hold 100% title to Exploration Licences EL 2531-Tolukuma and EL2356- Muler Range. There are no joint ventures or partnerships in place with these two projects. Frontier Copper PNG Ltd IPA Certification Number: 91414 was re-issued on 26th April 2019 and originally Certified 8thNovember 2005.  There are no known impediments to operate in the Tolukuma and Muller Range EL’s. Tenements are granted by the Minister of Mines for a period of two years and security is governed by the PNG Mining Act 1992 and Regulation. EL applications require landowner meetings and review by the Mining Advisory Council who make their recommendations to the Minister of Mines.
Exploration done by other parties  Acknowledgment and appraisal of exploration by other parties.	 EL2531 Tolukuma was initially stream sampled by Kenecott in the 1960’s afterwards by CRAE who completed both steam sediment sampling and rock chip sampling. Newmont 1985-1989 discovered the Tolukuma vein and completed costean and soil sampling and diamond drill holes testing the NW-SE Taula Vein. Newmont completed resource drilling and mine feasibility studies. Dome Resources completed feasibility studies in the ML104 with production commencing in 1995. Petromin PNG Holdings acquired 100% of the Tolukuma projects from Emperor Mines in 2008. Asidokona purchased Tolukuma Gold Mines Ltd from Petromin (PNG Government)in 2015.
Geology  Deposit type, geological setting and style of mineralisation.	 The Tolukuma group of vein systems are intrusive related epithermal Au-Ag quartz veins hosted within rocks of the Pliocene Mt Cameron Volcanic Complex.
Drill hole Information  A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	 No drilling results have been quoted. Frontier is in the process of acquiring additional historical reports which have drillhole information as well as acquiring the digital drillhole database.
Data aggregation  In reporting Exploration Results, weighting averaging	 Exploration results are reported typicallywithin veins. The

Criteria JORC Code explanation	Commentary
methods techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	grades are compiled using length weighting.  No metal equivalent values are stated.
Relationship between mineralisation widths and intercept lengths  These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole _length, true width not known’). _	 The relationship between mineralisation widths & intercept lengths from trench/costeans is moderately well understood  No drilling results have been reported.
Diagrams  Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	 Appropriate maps, sections and tabulations of trench/costean intercepts are included.
Balanced reporting  Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 Comprehensive reporting of Exploration Results has occurred in historical reports.
Other substantive exploration data  Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	 All meaningful exploration data has been included to date in this and previous ASX announcements.  3D magnetic modelling results are currently being interpreted and will be announced when completed.  Frontier is in the process of acquiring additional historical reports, the drillhole database and ground geophysical 3DIP data which will require re-modelling.
Further work  The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	 Future work compiling existing historical reports, drillhole data and geophysical data is required before considering resource estimation, pre-feasibility studies ahead of further trenching and drilling.  Appropriate plans are included where possible.  The nature of planned further work is provided in the body of text.