Frontier Resources : Drill Plan Targeting Gascoyne Rare Earth Elements

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Level 8, 99 St Georges Terrace	96 095 684 389
Perth WA 6000
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[phone]	www.frontierresources.net.au

26 April 2022

Drill Plan Targeting Gascoyne REE Bearing Ironstones and Carbonatites

• • Geological review provides multiple high priority carbonatite and REE bearing ironstone drill targets for upcoming maiden drill program

• • DMIRS approval received for Program of Works (PoW) Reverse Circulation (RC) drill program

• • Heritage surveys planned to commence shortly to allow site works to begin

• • Drilling to follow up exceptional high-grade rare earth results from rock chips across multiple targets at the Gascoyne Rare Earths Project, including1:

  • • 8.01% TREO (2.8% Nd2O3+Pr6O11) Lyon_11 (GPR012)

  • • 6.44% TREO (2.3% Nd2O3+Pr6O11) Lyon_11 (GPR019)

  • • 5.27% TREO (1.9% Nd2O3+Pr6O11) Lyon_11 (GPR020)

  • • 4.32% TREO (1.53% Nd2O3+Pr6O11) Lyon_11 (GPR013)

  • • 4.17% TREO (1.69% Nd2O3+Pr6O11) Lyon_11 (GPR013)

  • • 3.38% TREO (1.3% Nd2O3+Pr6O11) Lyon_11 (GPR035)

  • • 2.53% TREO (1.15% Nd2O3+Pr6O11) Lyon_13 (GPR082)

  • • 1.23% TREO (0.55% Nd2O3+Pr6O11) Lyon_12 (GPR069)

  • • 1.77% TREO (0.79% Nd2O3+Pr6O11) Lyon_27 (GPR108)

• • Priority drill targets on interpreted circular carbonatite bodies identified in magnetics imagery showing similarities to Hastings Yangibana rare earth deposits adjacent to Frontier's Lyons and Edmund Projects

• • Metallurgical test work in progress with results expected by end of April to determine the amenability of the ironstones to produce a commercially treatable monazite concentrate

1 Refer ASX release 21 March 2022 1

personal use only

Figure 1. Map showing the location of interpreted ironstones and carbonatite intrusives at the Lyons and Edmund Projects

2

Mr Brian Thomas, Frontier Technical Director commented "The geological team are really excited by the number of targets identified to date from the ongoing detailed geophysical review and are looking forward to getting our maiden drill program underway as soon as possible. We anticipate drilling to commence in May pending the final heritage survey approvals and completion of siteworks."

"It is also encouraging to see the continued involvement of the Federal government in stepping up its support for rare earth and critical minerals projects with its commitment to

Australia's 2022 Critical Minerals Strategy to grow the Australian critical minerals sector, expand downstream processing and help meet future global demand. The Lyons and

Edmunds Projects are still very underexplored and with our rapidly evolving geological understanding I'm looking forward to a busy exploration schedule throughout 2022."

Frontier Resources Ltd (ASX: FNT) (Frontier or the Company) is pleased to announce the drill targeting plan and rationale for the upcoming maiden drill program at the Gascoyne Rare Earths Project in Western Australia (Gascoyne Project). The drill program will target high-grade rare earth mineralisation discovered at outcropping ironstones and additional interpretated carbonatite intrusives and ironstones under cover (Figure 1 and 2). The drill program will investigate high priority targets located within the Gifford Creek Carbonatite

Complex, host to Hastings Technology Metals'(ASX:HAS) world-class Yangibana Mineral Resource¹ of 27.42Mt @ 0.97% TREO with 0.33% Nd2O3+Pr6O11, and Dreadnought Resources multiple discoveries².

Initial metallurgical test work is progressing with results expected end of April, to determine the amenability of the ironstones to produce a commercially treatable monazite concentrate. Heritage surveys are scheduled to commence shortly, following the approval received by the Department of Mines, Industry Regulation and Safety (DMIRS) to allow for a maiden drill program to commence in Q2, 2022. Drilling will be critical to understanding the resource potential of the mineralised ironstones, to determine width, grade, and continuity at depth and along strike of interpreted ironstone trends.

Further rock chip sampling, ground based geophysics and drilling programs are planned to investigate additional targets not yet followed up, including thorium and magnetic anomalies throughout the Lyons Project and the high priority structural target along the major Bald Hill lineament which transects both the Edmund and Lyons Project Areas (Figures 1, 4 and 5). Potential remains for further discoveries of ironstones and carbonatites where no historical REE exploration has occurred.

Figure 2. Interpreted intrusives with RTPVD1 filtered magnetics imagery, highlighting relationship with rare earth mineralisation at Hastings, and target areas on Frontier's Lyons Project

Figure 3. Lyons Proposed Drill Sites on Magnetic (RTPVD1) Image