FRONTIER ENERGY LIMITED — Capital/Financing Update 2021

Apr 5, 2021

==> picture [595 x 76] intentionally omitted <==

ASX Announcement ASX: SUP 6 April 2021 superiorlake.com.au

Completion of Zinc asset divestment into Metallum Resources Inc.

Highlights

• Superior Lake has successfully completed the divestment of its interest in the Superior Lake Zinc Project to TSXV listed company, Metallum Resources Inc (TSXV: MZN)

  • Metallum commences trading on the TSXV on 6 April

• Superior Lake has been issued 128.9m Metallum shares, representing approximately 67% of the issued capital in Metallum. The Company also receive $0.75m cash

• Metallum shareholders include stakeholders affiliated with the Sprott Group, a leading global resource specialist, who are very familiar with the Superior Lake Zinc Project and are supportive of the Transaction

• Metallum has established a highly experienced board and management team based in Canada with a proven track record of developing mining projects globally

  • Metallum’s Chairman, Simon Ridgway, is also co-founder of Fortuna Silver Mines Inc. (NYSE: ~

  • FSM), a gold/silver producer with a market capitalisation of US$1.4 billion

• The Company has advanced discussions regarding project acquisition opportunities

Superior Lake Resources Limited (ASX: SUP) ( “Superior Lake” or the “Company” ) is pleased to announce that it has successfully completed the divestment of its Superior Lake Zinc Project (“ Project ”) to TSX Venture Exchange (“ TSXV ”) listed company Metallum Resources Inc (TSXV: MZN) ( “Metallum” ), previously known as CROPS Inc. (“the Transaction ”). Metallum shares commence trading on the TSXV on 6 April 2021. The Company has received 128,920,000 Metallum shares and $0.75 million cash.

Grant Davey, Executive Director, commented:

“We believe the Transaction is a great outcome for shareholders, as Superior Lake Resources retains significant exposure to a world class zinc asset under the control of a proven Canadian based management team which is essential in the current COVID 19 environment.

Since announcing the divestment last year, market conditions for zinc have improved signficantly, with the zinc price increasing whilst TC/RC pricing has fallen significantly. We are supportive of Metallum’s initial strategy which is to test a number of highly prospective exploration targets, that will hopefully see an increase in the mine life prior to a development decision being made.

With this Transaction now completed, the Company’s sole focus is on acquiring a new project, with the major criteria being an asset with company making potential.”

Emerald House 1202 Hay Street West Perth WA, 6005

T: +61 8 6117 0479

Page 1

==> picture [595 x 62] intentionally omitted <==

Consequences of the Transaction

As a consequence of completing the Transaction:

• Any subsequent transaction the Company enters into will attract the application of Listing Rule 11.1.3 and as a result will require the Company to re-comply with Chapters 1 and 2 of the Listing Rules; and

• Subject to ASX’s policy on immediately suspending an entity’s securities from quotation when a recompliance transaction is announced, ASX will afford the Company a period of six months from the date the disposal is announced to demonstrate to the ASX that it is compliant with Listing Rule 12.1 (the requirement that an entity’s operations are sufficient to continued quotation of the entity’s securities and continued listing). If the Company does not demonstrate compliance with this rule to ASX’s satisfaction by the 6 month anniversary, ASX will suspend trading in the Company’s securities. Compliance with Listing Rule 12.1 will be considered in the context of any proposed recompliance transaction.

To learn more about the Company, please visit www.superiorlake.com.au, or contact:

Grant Davey Executive Director +61 8 6117 0479

51251838.1

Page 2