FORTUNA METALS LTD — Share Issue/Capital Change 2021

Dec 20, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

FRONTIER RESOURCES LIMITED

Date of this announcement

Tuesday December 21, 2021

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Options exercisable at $0.03 expiring 31	25,500,000	21/12/2021
to be confirmed	December 2024

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

FRONTIER RESOURCES LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ACN

Registration number

095684389

1.3 ASX issuer code

FNT

1.4 The announcement is

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New announcement

1.5 Date of this announcement

21/12/2021

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 2 - Issue details

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2.1 The +securities the subject of this notification are:

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Other

Please specify

Refer "Proposed Issue of Securities" lodged on 1 November 2021 - Options Issue

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

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----- Start of picture text ----- New +securitiesASX +security code +Security descriptionNew class - code to be confirmed Options exercisable at $0.03 expiring 31 December 2024+Security type ISIN codeOptionsDate the +securities the subject of this notification were issued21/12/2021Will all the +securities issued in this class rank equally in all respects from their issue date?YesHave you received confirmation from ASX that the terms of the +securities are appropriate and equitable underlisting rule 6.1?YesPlease provide a URL link for a document lodged with ASX setting out the material terms of the +securities beingissued.https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02452919Options Details+Security currency Exercise price Expiry dateAUD - Australian Dollar AUD 0.03000000 31/12/2024Details of the existing class of +security that will be issued upon exercise or conversion of this new class ofcompany optionOtherDescriptionOne Fully Paid Ordinary Share (FNT)Any other information the entity wishes to provide about the +securities the subject of this notification----- End of picture text -----

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Refer "Proposed Issue of Securities" lodged on 1 November 2021. Issue of Options to Directors and Management following shareholder approval obtained on 17 December 2021.

Issue details

Number of +securities

25,500,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Issue of Options to Directors and Management for nil consideration following shareholder approval obtained on 17 December 2021.

Purpose of the issue

Other

Additional Details

Issue of Options to Directors and Management following shareholder approval.

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
FNT : ORDINARY FULLY PAID	725,001,988

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
FNTAK : OPTION EXPIRING 13-AUG-2024 EX $0.02	20,000,000
FNTAM : PERFORMANCE SHARES CLASS A	13,461,538
FNTAN : PERFORMANCE SHARES CLASS B	13,461,538
New class - code to be confirmed : Options exercisable at $0.03 expiring 31 December 2024	25,500,000

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

17/12/2021

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