FORTUNA METALS LTD — Director's Dealing 2007

Nov 22, 2007

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ABN 96 095 684 389
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ADDRESS PHONE EMAIL PO Box 7996 +61 (07) 5592 2274 info@frontierresources.com.au Gold Coast Mail Centre FAX WEBSITE Qld 9726 Australia +61 (07) 5592 2275 www.frontierresources.com.au

23 November 2007

ASX Limited Company Announcements Office

Announcement

ALLOTMENT OF SECURITIES AND DIRECTORS’ OPTIONS ISSUED AS APPROVED BY AGM

The Directors advise that the Company has issued a total of 242,966 fully paid ordinary shares at $0.20 per share pursuant to the exercise of FNTO options.

The Company has also issued a total of 3,200,000 unlisted options to Directors exercisable at 20 cents each between 30 November 2008 and 30 November 2010, as approved by Shareholders at the Annual General Meeting held on 20 November 2007.

An Appendix 3B form (New issue announcement, application for quotation of additional securities and agreement) detailing the issues and Appendix 3Y forms noting the change in Directors’ interests in options are attached.

Yours faithfully,

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Garry Edwards

Company Secretary

kc/ge125.07

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

FRONTIER RESOURCES LTD

ABN

96 095 684 389

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of +securities issued or to be (1) ORDINARY SHARES issued (2) OPTIONS 2 Number of[+] securities issued or to (1) 242,966 be issued (if known) or maximum (2) 3,200,000 number which may be issued 3 Principal terms of the[+] securities (1) ORDINARY SHARES (eg, if options, exercise price and (2) OPTIONS TO PURCHASE ONE expiry date; if partly paid ORDINARY SHARE PER OPTION +securities, the amount outstanding AT AN EXERCISE PRICE OF 20 and due dates for payment; if CENTS BETWEEN 30 NOVEMBER +convertible securities, the 2008 AND 30 NOVEMBER 2010 conversion price and dates for conversion)

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 1

Appendix 3B New issue announcement

4 Do the[+] securities rank equally in all (1) YES respects from the date of allotment (2) NO, THE SECURITIES WILL RANK with an existing[+] class of quoted EQUALLY ONLY UPON +securities? CONVERSION TO ORDINARY SHARES If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

• 5 Issue price or consideration (1) $0.20 PER SHARE (2) NIL

6 Purpose of the issue (1) EXERCISE OF FNTO OPTIONS (If issued as consideration for the (20 CENT, EXPIRY 30/11/2007) acquisition of assets, clearly identify those assets) (2) OPTIONS ISSUED TO DIRECTORS/NOMINEES AS APPROVED BY ANNUAL GENERAL MEETING 20 NOVEMBER 2007

• 7 Dates of entering[+] securities into 23 NOVEMBER 2007 uncertificated holdings or despatch of certificates

8 Number and[+] class of all[+] securities quoted on ASX ( including the securities in clause 2 if applicable)

Number +Class 133,451,195 FPO 82,759,537 OPTIONS, 20 CENTS, 30.11.07

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 2

Appendix 3B New issue announcement

9 Number and +class of all +securities not quoted on ASX (_including_the securities in clause 2 if applicable) 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)	Number	+Class
	1,330,000 NON-TRANSFERABLE EMPLOYEE OPTIONS 10 CENTS, 1.12.08 1,600,000 NON-TRANSFERABLE DIRECTOR OPTIONS 20 CENTS 31.12.07 1,560,000 NON-TRANSFERABLE EMPLOYEE OPTIONS 14 CENTS 20.10.11 2,830,000 NON-TRANSFERABLE EMPLOYEE OPTIONS 16 CENTS 19.10.10 3,200,000 NON-TRANSFERABLE DIRECTOR OPTIONS 20 CENTS 30.11.10
	NO DIVIDEND DISTRIBUTION IS ENVISAGED IN THE NEAR FUTURE.

Part 2 - Bonus issue or pro rata issue

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11 Is security holder approval
required?
12 Is the issue renounceable or non-
renounceable?
13 Ratio in which the [+] securities will
be offered
14 +Class of +securities to which the
offer relates
15 +Record date to determine
entitlements
16 Will holdings on different registers
(or subregisters) be aggregated for
calculating entitlements?
17 Policy for deciding entitlements in
relation to fractions
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• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 3

Appendix 3B New issue announcement

18 Names of countries in which the entity has+security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt of acceptances or renunciations 20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of+security holders 25 If the issue is contingent on +security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable) 29 Date rights trading will end (if applicable) 30 How do+security holders sell their entitlements_in full_through a broker?

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 4

Appendix 3B New issue announcement

31 How do[+] security holders sell part of their entitlements through a broker and accept for the balance?

32 How do[+] security holders dispose of their entitlements (except by sale through a broker)?

33 +Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of securities ( tick one )

(a) � Securities described in Part 1

(b)[All other securities ]

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35 If the[+] securities are[+] equity securities, the names of the 20 largest holders of the additional[+] securities, and the number and percentage of additional[+] securities held by those holders

36 If the[+] securities are[+] equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

37 A copy of any trust deed for the additional[+] securities

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 5

Appendix 3B New issue announcement

Entities that have ticked box 34(b)

38 Number of securities for which +quotation is sought 39 Class of +securities for which quotation is sought 40 Do the[+] securities rank equally in all respects from the date of allotment with an existing[+] class of quoted +securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 41 Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security) Number +Class 42 Number and[+] class of all[+] securities quoted on ASX ( including the securities in clause 38)

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 6

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the +securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted[+] quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the[+] securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before[+] quotation of the[+] securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

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Sign here: ............................................................ Date: 23 November 2007 ( ~~Director/~~ Company secretary)

GARRY M. EDWARDS

Print name: .........................................................

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Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity FRONTIER RESOURCES LTD ABN 96 095 684 389

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	PETER ANDREW MCNEIL
Date of last notice	4 APRIL 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	DIRECT	DIRECT	DIRECT	DIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	23 NOVEMBER 2007
No. of securities held prior to change	8,179,869	1,879,578	400,000	-
Class	ORDINARY	LISTED OPTIONS 2007	UNLISTED OPTIONS 2007	UNLISTED OPTIONS 2010
Number acquired	-	-	-	800,000
Number disposed	-	-	-	-
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	-	-	-	-
No. of securities held after change	8,179,869	1,879,578	400,000	800,000
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	ISSUE OF DIRECTORS OPTIONS AS APPROVED BY SHAREHOLDERS AT THE AGM 20 NOVEMBER 2007 – UNLISTED 20 CENT OPTIONS EXERCISABLE BETWEEN 30 NOVEMBER 2008 AND 30 NOVEMBER 2010

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 8

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 9

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity FRONTIER RESOURCES LTD ABN 96 095 684 389

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	ROBERT DONALD MCNEIL
Date of last notice	24 FEBRUARY 2005

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	DIRECT	DIRECT	DIRECT	DIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	23 NOVEMBER 2007
No. of securities held prior to change	4,477,083	1,181,000	400,000	-
Class	ORDINARY	LISTED OPTIONS 2007	UNLISTED OPTIONS 2007	UNLISTED OPTIONS 2010
Number acquired	-	-	-	800,000
Number disposed	-	-	-	-
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	-	-	-	-
No. of securities held after change	4,477,083	1,181,000	400,000	800,000
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	ISSUE OF DIRECTORS OPTIONS AS APPROVED BY SHAREHOLDERS AT THE AGM 20 NOVEMBER 2007 – UNLISTED 20 CENT OPTIONS EXERCISABLE BETWEEN 30 NOVEMBER 2008 AND 30 NOVEMBER 2010

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 10

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 11

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity FRONTIER RESOURCES LTD ABN 96 095 684 389

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	WARREN JOHN STAUDE
Date of last notice	3 DECEMBER 2003

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	DIRECT	DIRECT	DIRECT	DIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	23 NOVEMBER 2007
No. of securities held prior to change	50,000	50,000	400,000	-
Class	ORDINARY	LISTED OPTIONS 2007	UNLISTED OPTIONS 2007	UNLISTED OPTIONS 2010
Number acquired	-	-	-	800,000
Number disposed	-	-	-	-
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	-	-	-	-
No. of securities held after change	50,000	50,000	400,000	800,000
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	ISSUE OF DIRECTORS OPTIONS AS APPROVED BY SHAREHOLDERS AT THE AGM 20 NOVEMBER 2007 – UNLISTED 20 CENT OPTIONS EXERCISABLE BETWEEN 30NOVEMBER 2008AND30NOVEMBER 2010

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 12

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 13

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity FRONTIER RESOURCES LTD ABN 96 095 684 389

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	GRAHAM JOHN FISH
Date of last notice	4 APRIL 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	DIRECT	DIRECT	DIRECT	DIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	23 NOVEMBER 2007
No. of securities held prior to change	25,071	20,829	400,000	-
Class	ORDINARY	LISTED OPTIONS 2007	UNLISTED OPTIONS 2007	UNLISTED OPTIONS 2010
Number acquired	-	-	-	800,000
Number disposed	-	-	-	-
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	-	-	-	-
No. of securities held after change	25,071	20,829	400,000	800,000
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	ISSUE OF DIRECTORS OPTIONS AS APPROVED BY SHAREHOLDERS AT THE AGM 20 NOVEMBER 2007 – UNLISTED 20 CENT OPTIONS EXERCISABLE BETWEEN 30 NOVEMBER 2008 AND 30 NOVEMBER 2010

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 14

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 15