DRAFT

Zandkopsdrift – The World’s Next Major Rare Earth Producer

June 2015

Frontier Rare Earths Limited TSX:FRO US:FREFF

Safe Harbour Statement Forward Looking Statements :Certain information set forth in this presentation may contain forward-looking statements that involve substantial known and unknown risks and

uncertainties. Readers can identify many of these statements by looking for words such as "will", "intends", "projects", "anticipates", "estimates", "achieving", or similar words or

the negative thereof. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Frontier, including, but not

limited to, the impact of general economic conditions, industry conditions, commodity prices, availability of financing , Frontier's ability to raise additional capital, results of

feasibility studies, dependence upon regulatory approvals, the estimation of mineral resources and the realization of mineral reserves based on mineral resource estimates and

estimated future development, if any, and possible expectations regarding competition from other producers globally, possible customer and supplier relationships, anticipated

trends and challenges in Frontier regarding competition; mineral resource estimates and supply outlook and growth opportunities, the future price of and future demand for rare

earth elements, title disputes or claims including Black Economic Empowerment initiatives, and the timing and possible outcome of pending regulatory and permitting matters.

Readers are cautioned that the assumptions used in the preparations of such information, although considered reasonable at the time of preparation, may prove to be imprecise

and, as such, undue reliance should not be placed on forward-looking statements. There can be no assurance that the plans, intentions or expectations upon which these forward-

looking statements are based will occur. The forward-looking statements contained herein are made as of the date of this presentation and are expressly qualified in their entirety

by this cautionary statement. Actual results may differ materially from those anticipated. Readers are cautioned not to put undue reliance on forward-looking statements due to the

inherent uncertainty therein. Frontier disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or

results or otherwise, except as required by applicable law.

Data used in the Presentation : Frontier's data in this presentation is primarily based on the PFS (as defined below).Mineral resources that are not mineral reserves do not have

demonstrated economic viability. Data used in peer comparisons comes from various reports and sources with different levels of confidence attaching to them which may mean

that data is not directly comparable and actual production is likely to be different from that shown. The data sources for peer information used in the presentation are as follows:

Molycorp - Quarterly Report Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 for the quarterly period ended March 31, 2013 (9 May 2013); Lynas H2

2012 Consolidated Financial Report (22 Feb 2013); Avalon Announces Results of Positive Feasibility Study for the Nechalacho Rare Earth Elements Project (17 Apr 2013); Quest

- Preliminary Economic Assessment on the Strange Lake B Zone, Quebec (24 Sept 2010); Arafura Delivers Nolans Project Update - incl. feasibility study update (7 Aug 2012);

Tasman - Preliminary Economic Assessment NI 43-101 Technical Report for the Norra Karr (REE-Y-Zr) Deposit Granna, Sweden (11 May 2012); Matamec - Preliminary

Economic Assessment Study for Kipawa Project (14 Mar 2012). All output calculations use prices from Metal-Pages (www.metal-pages.com) and REE distributions from

Technology Metals Research (www.technologymetalsresearch.com) unless otherwise specified.

Technical Information – Details with respect to the scientific and technical information contained in this presentation as it relates to Frontier can be found in the report entitled

“National Instrument 43-101 Independent Technical Report on the Results of a Preliminary Feasibility Study on the Zandkopsdrift Rare Earth Element and Manganese By-product

Project in the Northern Cape Province of South Africa for Frontier Rare Earths Limited” (the “PFS”) and is available on SEDAR under the Company's profile and on Frontier’s

website . This report has an effective date of June 2, 2015 and was prepared by Venmyn Deloitte (Pty) under the supervision of the following persons: F. Harper B Sc (Hons), Pr

Sci Nat., MGSSA (Qualified Person) and G Njowa B Sc (Hons), Pr Sci Nat., MGSSA B Sc Hons (Min Eng) Grad CIS, M Sc MRM (Min Eng), Pr Eng, M.Sc MRM (Min Eng),

(Qualified Valuator. Dr Stuart Smith, Frontier's VP Exploration is a "Qualified Person“, as defined by NI 43-101, and has reviewed and approved the scientific and technical

information in this presentation.

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3

TOPICS

Rare Earths Overview and Supply Outlook

Frontier Rare Earths

The Zandkopsdrift Rare Earths Deposit

Prefeasibility Study Overview

Prefeasibility Study Conclusions and Highlights

Western RE Competitor Benchmarking

Kores Joint Venture

Graphite

Frontier Market Profile and Corporate Summary

Appendices

RARE EARTHS - OVERVIEW

16 Rare earth elements (REEs), 15 within the chemical group called Lanthanides Two distinct categories based on atomic weight:

Light Rare Earths (LREEs) Heavy Rare Earths (HREEs)

Distribution of elements vary from deposit to deposit Distribution of elements vary from deposit. Most have no substitutes and are indispensable in many applications China currently accounts for circa 90% of production of rare earth minerals, although it has only about 30% of the deposits of rare earths in the Earth's crust

4

Periodic Table of the Elements

Rare Earths underpin the “green” tech economy:

Hybrid motors and Battery Technology

Consumer Electronics

Transportation

Aerospace and Defense

Energy Efficiency

Wind and Solar Power

RARE EARTHS – USAGE BY APPLICATION

5

Rare earth consumption divided into traditional and new material applications

Traditional – metallurgy, machinery, petroleum, chemicals, glass, ceramics, agriculture, light industry and textiles

New material - permanent magnet materials, luminescent materials, polishing materials and hydrogen storage materials.

Usage in new material applications has driven the growth in consumption of rare earths

Magnetic Materials, 61.3%

Luminescent Materials 6.3%

Polishing Materials4.5%

Hydrogen Storage Materials 4.1%

Other New Materials 3.7%

Metallurgy Machinery 7.2%

Petroleum / Chemical Industry

4.8%

Glass / Ceramics 4.7%

Agriculture / Light Industry / Textile,

3.5%

Demand for rare earths from new material applications in 2015 is estimated to

account for ~80% of the total demand, of which magnetic materials will comprise the largest component, estimated over

61%

RARE EARTH – KEY APPLICATIONS

6

CREOs

HREOs

LREOs

Petroleum Refining

Catalytic Converter

Fuel Additives

Chemical Processing

Air Pollution Controls

Catalysts

Nd La, Ce, Pr

Capacitors

Sensors

Colorants

Scintillators

Refractories

Ceramics

Nd, Y, Eu Gd, Lu, Dy La, Ce, Pr

Satellite Communications

Guidance Systems

Aircraft Structures

Fly-by-Wire

Smart Missiles

Defence

Nd, Eu, Tb, Dy, Y Lu, Sm Pr, La

Polishing Compounds

Pigments & Coatings

UV Resistant Glass

Photo-Optical Glass

X-Ray Imaging

Glass & Polishings

Nd, Gd, Er, Ho La, Ce, Pr

Display phosphors – CRT, LPD, LCD

Fluorescent Lighting

Medical Imaging

Lasers

Fibre Optics

Phosphors

Nd, Eu, Tb, Y

Er, Gd Ce, Pr

NimH Batteries

Fuel Cells

Steel

Super Alloys

Aluminium / Magnesium

Metal Alloys

Nd, Eu, Tb, Y

Er, Gd Ce, Pr

Computer Hard Drives

Disk Drive Motors

Anti-Lock Brakes

Automotive Parts

Frictionless Bearings

Magnetic Refrigeration

Microwave Power Tubes

Power Generation

Microphones & Speakers

Communication Systems

MRI

Magnetics

Nd Tb, Dy Pr

The rare earths for which there is likely to be the greatest demand growth and potential shortage, and which are of the greatest importance for a technologically advanced, clean energy economy, are the so called “Critical Rare Earth Oxides” (“CREOs”) - Neodymium, Europium, Terbium, Dysprosium and Yttrium

The importance of rare earths, and CREOs in particular, has been highlighted by both the US Government and the European Commission and security of supply of these scarce commodities is now a strategic imperative for many countries and corporations

Demand for CREOs is forecast to double over next 7 years and supply shortages are therefore very likely

This growing demand and rising political tensions in many areas of the world are forcing Governments to take decisive action to ensure security of critical raw material supplies over the long term.

UNDERSTANDING THE ‘CRITICAL RARE EARTH OXIDES’

7

Source: US Department of Energy, Critical Materials Strategy Report (2011)

The CREOs typically have much higher prices than the other REOs

UNDERSTANDING THE CRITICAL RARE EARTH OXIDES

8

Rare Earth Oxide REO price *

($/kg)

LREO

Lanthanum $4

Cerium $3

Praseodymium $91

Neodymium $58

HR

EO

Samarium $5

Europium $373

Gadolinium $47

Terbium $763

Dysprosium $363

Holmium n/a

Erbium n/a

Thulium n/a

Ytterbium n/a

Lutetium n/a

Yttrium $11

* Metal-Pages 1 May 2015

ANOTHER RARE EARTH SUPPLY CRISIS IS COMING

Rare earth demand will continue to grow

Magnet based applications forecast to grow at highest rate (c. 10%+ per annum), which implies a doubling in demand for magnet REOs over the next 7 years

China domestic production may be insufficient to satisfy domestic demand by 2020 unless there is a major increase in production

Molycorp (US) and Lynas (Australia) may not survive in their current form. Molycorp is expected to declare bankruptcy in Q3 2015 with debt of more than $1.6bn.

9

Forecast Rare Earth Supply and Demand to 2020 tpa

Widening rare earth supply gap to be met by new non-

Chinese supply?

0

20000

40000

60000

80000

100000

120000

140000

160000

2014 2015 2016 2017 2018 2019 2020

China Production Quotas Global DemandSource: Adamas Inteligence and China flat at 2014 production level

Frontier is listed on the Toronto Stock Exchange. Headquartered in Luxembourg

Experienced Board, management and technical teams

Frontier’s main asset is the Zandkopsdrift Rare Earth project in South Africa

Very high quality deposit in terms of size, rare earth grade, distribution and value

Through Zandkopsdrift ,Frontier is positioned to be potentially one of the lowest cost and highest margin producers of high purity separated rare earth oxides outside of China

Pre-feasibility Study (June 2015) confirmed Zandkopsdrift’s significant economic potential

800,000 tonnes of Rare Earth Reserves in place sufficient for 45+ year mine life

10

FRONTIER RARE EARTHS - OVERVIEW

11

THE ZANDKOPSDRIFT RARE EARTHS DEPOSIT

ZANDKOPSDRIFT RARE EARTH DEPOSIT - BACKGROUND

Situated in the Northern Cape Province, South Africa’s oldest mining region

Mining / related infrastructure available locally and regionally

450km from Cape Town on N7 highway

35km to nearest railhead (Bitterfontein)

300km north of deep water port of Saldanha Bay

Strong support for the mine development in local communities

All land required for the mine development already acquired by Frontier

12

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CAPE TOWN – A ‘FIRST WORLD’ DESTINATION

Potential for rapid development and production start-up Good regional infrastructure available - road, rail, power and water

Well located on surface in South Africa’s oldest mining province

THE ZANDKOPSDRIFT DEPOSIT

14

Zandkopsdrift carbonatite

complex

Gravel road to N7

N7 tarred road to Cape Town

Bitterfontein rail head (c.35 km)

Exxaro Resources Namakwa Sands Mine

(c.45 km)

The Zandkopsdrift deposit is a REE-enriched carbonatitic breccia pipe

Occurs as a 1 km diameter circular intrusive rising 40 meters above the surrounding plain

Rare earths (97%) contained in monazite, for which proven commercial extraction processes exist

Attractive distribution of CREOs and very low levels of radioactivity present

THE ZANDKOPSDRIFT DEPOSIT

15

16

CHINESE INDUSTRY DELEGATION VISIT TO ZANDKOPSDRIFT (2014)

GEOLOGICAL MODEL OF THE ZANDKOPSDRIFT DEPOSIT

17

Very good understanding of geology and controls on rare earth mineralisation RE-enriched dykes (“REDs”) intruded into a RE bearing carbonatitic phlogopite breccia phase (“CPB”)

Enriched high grade REE-bearing horizons from surface to 80-100m depth

RESOURCE DELINEATION DRILLING

18

Extensive drilling completed at Zandkopsdrift 313 holes drilled for a total of 21,037 meters, with hole spacing from 20-40m

19,166 meters assayed at 1 meter intervals for resource estimation purposes

WEATHERED CPB INTRUDED BY HIGHLY RE ENRICHED DYKES

19

Weathered CPB 1-3% TREO

Weathered REDs 6-8% TREO

CPB-carbonatitic phlogopite breccia REDs-rare earth enriched dykes

ZANDKOPSDRIFT RESOURCE MODELLING

20

ZANDKOPSDRIFT SAMPLE GEOLOGICAL SECTION

21

BULK SAMPLE TRENCH FOR METALLURGICAL TESTWORK

22

Average grade of 2.64% TREO over 174 metre trench

RARE EARTH INDUSTRY DELEGATION VISIT TO ZANDKOPSDRIFT

23

CONTACT BETWEEN REDS AND CPB IN BULK SAMPLE TRENCH

24

Weathered CPB 1-3% TREO

Weathered REDs 4-5% TREO

RARE EARTH RESERVE BLOCK MODEL

25

ZANDKOPSDRIFT RARE EARTH RESERVE ESTIMATE

26

Proven and Probable Rare Earth Reserves of approximately 800k tonnes TREO, sufficient to support a 45+ year mine life

2015 TREO Reserve Estimate Cut-off Grade

(TREO) Tonnes

(Millions) Average Grade

(TREO)* Contained TREO

(Tonnes)

Proven TREO Reserves 1% 14.93 2.21% 331k

Probable TREO Reserves 1% 26.19 1.75% 458k

Total TREO Reserves 1% 41.12 1.92% 789k

*For breakdown of TREO Grade relative distribution by element see page 27

Zandkopsdrift Relative RE Distribution and Tonnage

Element

Tonnes

Frontier Relative Distribution

Baotou ‘Standard Distribution’

Lanthanum 200,100 25.36% 25.00%

Cerium 347,300 44.02% 50.00%

Praseodymium 36,500 4.63% 5.00%

Neodymium 125,400 15.89% 15.00%

Samarium 17,900 2.27% 1.50%

Europium 4,700 0.60% 0.175%

Gadolinium 11,200 1.42% 0.70%

Terbium 1,400 0.18% <0.1%

Dysprosium 6,200 0.79% <0.1%

Holmium 1,000 0.13% <0.1%

Erbium 2,600 0.33% <0.1%

Thulium 300 0.04% <0.1%

Ytterbium 1,700 0.22% <0.1%

Lutetium 200 0.03% <0.1%

Yttrium 32,500 4.12% <0.1%

T 789,000 100

27

28

PRE-FEASIBILITY STUDY OVERVIEW

29

LOCATION OF ZANDKOPSDRIFT PROJECT COMPONENTS

Mixed rare earth hydroxide produced at Zandkopsdrift

Mixed rare earth hydroxide transported 300kms by road to Saldanha Bay

Rare Earth Separation Plant Phase 1: 8,000 tonnes TREO

Phase 2: 16,000 tonnes TREO

The Saldanha Bay Industrial Development Zone, where Frontier proposes to construct

a rare earth separation facility, was established by South African Government in

October 2013

PRINCIPALKEY PFS CONSULTANTS

30

Consultant Scope of Work Project Status

SGS Lakefield / Mintek / ANSTO / Outotec Metallurgical Testwork Zandkopsdrift Complete

MSA Geological and Resource Report Complete

Sound Mining Solution Mine Design Complete

Outotec Acid Contacting, Fluidised Bed and Acid Plant Design Complete

WorleyParsons Hydrometallurgical Plant Design Complete

Veolia Manganese Recovery Plant Design Complete

Epoch Resources Tailing Disposal Facility Design Complete

AGES / SRK / CSIR Appointed Environmental Consultants Complete

Venmyn Deloitte Overall Qualified Person for NI 43-101 Report Complete

Royal HaskoningDHV Roads Upgrade Project and Volwaterbaai Desalination Plant Complete

Benchmark RA Risk Assessment Facilitator Complete

SNC-Lavalin Engineering & Design of the REE Separation Plant Complete

WorleyParsons / RHDHV Design of Treated Effluent Marine Disposal Pipe Infrastructure Complete

ESKOM Bulk Power Supply to Zandkopsdrift Mine and Separation Plant Complete

Significant improvements made by Frontier to the proven monazite sulphuric acid cracking process principally through

Outotec (Frankfurt) - fluidized bed roasters to replace kilns

Eirich – high shear mixers for acid contacting

Process improvements eliminate major operational problems of the conventional acid cracking process

Produces dry, free flowing feed instead of wet paste

Eliminates acid condensation, which prevents corrosion

Allows 80% recovery of sulphur (typically zero recovery e.g. Lynas, Molycorp)

Allows approx. 99% stabilisation of impurities, resulting in lower impurity removal costs

Reduces residence time from circa.1 hour to circa.10 minutes

Operational stability and significantly improved process control

Lower operating cost

Process improvements substantially eliminate the need for beneficiation before cracking in addition to benefits achieved by the manganese pre-leach

PFS FLOWSHEET

31

32

PROPOSED METALLURGICAL FLOWSHEET

Uses rotary kilns, which results in:

Poor temperature and residence time control, resulting in inefficient cracking

Corrosion in areas where temperature is below acid dew point

Material build up and blockage

Inefficient heat transfer

Limited/no heat recovery

No sulphur recovery

CONVENTIONAL ACID CRACKING PROCESS

33

Does not use kilns but uses fluidised bed reactors, which results in

More precise temperature and residence time control for effective cracking

No corrosion, as temperature maintained above acid dew point

No material build up or blockage

Very efficient heat transfer

Approx. 80% lower residence time

Approx. 50% heat recovery

Approx. 80% sulphur recovery

FRONTIER’S PLANNED ACID CRACKING PROCESS

34

35

OUTOTEC ROASTING TECHNOLOGY-THE MARKET LEADER

Calcining in a rotary kiln has never been possible due to technical limitations

Calcining in a fluidised bed reactor allows precise control of both temperature and residence time providing:

Stabilisation of 99% of impurities

Recovery of 80% of sulphur

Waste heat provides all of the energy input required for the cracking stage

FRONTIER’S PROPOSED CALCINING PROCESS

36

Outotec to provide a fully integrated process package

Acid mixing, low temperature cracking, high temperature calcining, off-gas treatment, sulphur recovery and sulphuric acid plant

Design and build on ‘Lump Sum Turn Key’ (fixed price) contract

Commission and operate for first 2-3 years before client handover

Process guarantee – unique among Western RE projects

Outotec are world leaders in the key technologies being applied

fluidized bed roasters

Off-gas treatment

sulphuric acid plants

Potentially allows access to German finance and export credit guarantees

Patent application process under way by Frontier

PFS FLOWSHEET

37

38

ZANDKOPSDRIFT MINE LAYOUT

39

ZANDKOPSDRIFT MINE PIT DESIGN – PUSHBACKS 1-4

1 2

3 4

40

ZANDKOPSDRIFT OPTIMISED MINE PIT SHELL

41

ZANDKOPSDRIFT MINING SCHEDULE

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

K t

Years

Pushbacks Feed

Pushback 1 Pushback 2 Pushback 3 Pushback 4

42

ZANDKOPSDRIFT PROCESSING PLANT LAYOUT

43

PLANT COMPONENTS

44

INFRASTRUCTURE - ACCESS ROADS & DESALINATION PLANT

45

INFRASTRUCTURE - GRID ELECTRICITY SUPPLY

46

SALDANHA BAY - OVERVIEW

Sichen to Saldanha iron ore export rail line

Exxaro ilmenite smelter-Saldanha Bay Arcelor Mittal Saldanha Steel Works

Saldanha Port

47

SALDANHA BAY – PROPOSED SEPARATION PLANT LOCATION

48

PROJECT ENVIRONMENTAL PERMITTING PROCESS IS WELL ADVANCED

Stages Completed

49

PREFEASIBILITY STUDY CONCLUSIONS AND HIGHLIGHTS

All of the specialist PFS studies were reviewed by Venmyn Deloitte, a wholly owned subsidiary of Deloitte (www.deloitte.com), specialising in the technical and economic evaluation of mineral projects.

It is concluded that:

the studies undertaken comprehensively examined at a PFS level of accuracy all the necessary significant components of the Zandkopsdrift Project

the capital and operating cost and price estimates are conservative

the overall PFS can be considered to be an ‘advanced study’ of sufficient accuracy and confidence level that potential investors can make reasonable decisions based on the outcomes of the study

A technically feasible and economically robust open pit mining and beneficiation operation can be undertaken at Zandkopsdrift at production capacity of 8,000tpa TREO for four years and thereafter, up to 16,000tpa TREO for a total life of mine of 45.5 years, together with the production and sale of a feed grade manganese sulphate by-product.

Environmental authorisation and mine permitting are well advanced and no significant environmental or legal permitting issues or risks were identified that cannot be managed or mitigated.

The required infrastructure in terms of power and water both to the Zandkopsdrift Mine and the Saldanha Separation Plant can be adequately provided

With net opex projected at $11.9/kg separated TREO ( excl. contingency) Frontier wiould be amongst the lowest cost, highest margin producers of high purity, separated rare earth oxides outside China

Frontier also likely to be amongst the lowest cost producers of manganese sulphate globally as feedstock is ,in effect, free

PFS CONCLUSIONS

50

PFS FINANCIAL HIGHLIGHTS*

51

Post-Tax Net Present Value @ 10% discount rate $2.1bn

Post -Tax Internal Rate of Return 30.0%

Average annual revenue phase 1 (8kt) $440m

Average annual revenue phase 2 (16kt) $880m

Average operating margin years 1 to 20 70%+

Phase 1 Zandkopsdrift Mine ex contingencies $523m

Phase 1 Manganese Sulphate Plant ex contingencies $38m

Phase 1 Separation Plant ex contingencies $248m

Total Phase 1 construction Capex ex contingencies $809m

Total Phase 2 construction Capex ex contingencies** $645m

Operating (cost/kg)

Separated REO*

Post-Tax NPV & IRR

Revenue and Cashflow

Capital Expenditure*

Total cash net operating cost/kg separated REO ex contingency (years 1 - 20) $11.9

*A contingency of 12% of capex and 7% of opex has been added to these estimates in the PFS financial model ** Phase 2 capex to be funded out of operating cash flow

Zandkopsdrift to be developed in 2 phases of 8,000 tpa capacity each

Capex for Phase 1 is estimated to be c.$790m.

Capex for Phase 2, which is expected to be funded from phase 1 cash flow, is estimated to be lower, at c.$630m, due to the bulk of infrastructure related spending being incurred in Phase 1

Approximately 65% of the capex relates to the mine site, with an additional 5% related to the manganese sulphate by product

The remaining 30% relates to the Saldanha Bay separation plant and associated infrastructure

CAPITAL EXPENDITURE (PFS)

52

$502m

$413m

$38m

$38m

$248m

$177m

$0m

$100m

$200m

$300m

$400m

$500m

$600m

$700m

$800m

$900m

Phase 1 Phase2

Zandkopsdrift Capex

Saldanha Separation Plant

Manganese Sulphate Plant

Zandkopsdrift Mine Site (ex MnS)

Overall opex projected to be $11.9/kg of separated TREO ( excl. contingency).

Mine site opex to produce mixed REO is estimated to be $8.20/kg (net of a manganese sulphate by-product credit of $3.70/kg)

Separation plant opex is estimated to be $3.70/kg

At PFS opex project can make >50% margin at May 2015 China FOB prices, and >30% margin at May 2015 China domestic prices

This financial profile makes Zandkopsdrift very competitive compared with any integrated producing or prospective western rare earth producer outside of China

OPERATIONAL EXPENDITURE (PFS)

53

11.9 (3.7)

8.2

3.7 11.9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

ZandkopsdriftMine Site (ex

MnS)

ManganeseSulphate by-

productcredit

Opex per kgof Mixed REO

SeparationPlant Opex

Opex per kgof Separated

REO

Opex US$/ kg of Separated REO (yrs 1-20)*

* Excluding contingency

PROJECTED ANNUAL TREO OUTPUT

54│

* Revenue contributions are calculated using FOB China prices from Metal Pages as at 1 May 2015 - Based on 16ktpa TREO target output at full production - No value is attributed to the five heavy rare earths from Holmium to Lutetium

CREOs (highlighted in red)

comprise 23% of projected output by volume, but ~69% by revenue

Magnet REEs (Pr, Nd, Tb and Dy) would represent ~23% of the output by volume but ~76% by revenue

The percentages are predicted to increase as the relative value of the CREO materials and magnet materials is expected to increase

Ce and La contribute only ~9% of project revenue at current FOB China prices

Contribution to revenue

Production – tonnes per annum

0

1000

2000

3000

4000

5000

6000

7000

8000

La Ce Pr Nd Sm Eu Gd Tb Dy Other Y

Ton

nes

PA

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

La Ce Pr Nd Sm Eu Gd Tb Dy Other Y

US$

m a

t Sp

ot

Pri

ces

54

55

ZANDKOPSDRIFT PFS KEY OPERATIONAL METRICS

Zandkopsdrift Project Summary: Key PFS Operational Metrics

Life of Mine 45.5 years

Waste mined 24.3Mt

Ore mined 43.5Mt

Stripping ratio 0.56

TREO feed grade(average LoM) 1.9%

Manganese feed grade (as MnO) 4.7%

Zandkopsdrift plant recovery - TREO 71%

Zandkopsdrift plant recovery - manganese 68%

Saldanha separation plant recovery – TREO 94%

Total saleable separated TREO 558Kt

Total saleable manganese sulphate 3.3Mt

ZANDKOPSDRIFT ESTIMATED PROJECT TIMELINE

56

2013 2014 2015

PFS/DFS Resource

PEA

Pre Feasibility Study

Definitive Feasibility Study

Financing

Construction

Est. Production Start-up

2016 2017 2012 2018

57

WESTERN RARE EARTH COMPETITOR BENCHMARKING

FRONTIER PEER COMPARISON - OVERVIEW

Data sources for peers include the documents listed in the safe harbour statement, financial statements, publicly available market data and Frontier’s analysis.

Company Lynas Molycorp Frontier Avalon Arafura

Rare

Element Quest Tasman Peak Namibia Northern

Deposit Mt Weld Mtn Pass Zandkopsdrift Nechalacho Nolan's Bore Bear Lodge

Strange

Lake

Norra

Karr Ngulla Lofdal

Browns

Range

Location Australia California South Africa NW

Territories Australia Wyoming Quebec Sweden Tanzania Namibia Australia

Tonnes per

annum 22kt 19kt 16kt 10kt 20kt 7.5kt 10kt 5kt 10kt 1.5kt 3kt

Separated REOs Yes Yes Yes Yes Yes No No No No No No

Stage in process Production

ramp up

Production

ramp up PFS DFS DFS PFS PEA PFS PFS PEA DFS

Primary RE

Mineral Monazite Bastnaesite Monazite Fergusonite

Fluorapatite

& Cheralite

Ancylite &

Bastnaesite Kainosite Eudialyte Bastnaesite Xenotime Xenotime

Commercial

Process Yes Yes Yes No No ? No No Yes Yes Yes

Industry Partner Yes No Yes No No No No No Yes No Yes

Start-up year

(est.) 2012/13 2012/13 2018/9 Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown

58

POTENTIAL CREO REVENUE AT FULL PRODUCTION

Frontier would be the third largest producer of CREOs by value of any of the current or prospective RE producers outside China, including Lynas and Molycorp

Notes: 1. Bars in solid colours represent projects for which there is a commercially proven metallurgical process for extracting the rare earth minerals in the

deposit. 2. Bars with cross hatched colours represent projects for which no commercially proven metallurgical process exists for extracting the rare earth

minerals in the deposit. 3. Based on FOB China REO prices from Metal Pages 1 May 2015

59

-

50

100

150

200

250

300

350

400

450

CREO US$m

POTENTIAL MAGNET CREO AND PHOSPHOR CREO REVENUE

Frontier would be the third largest producer of CREO(m) and second largest producer of CREO(p) by value of any of the current or prospective RE producers outside China, including Lynas and Molycorp

Notes: 1. Bars in solid colours represent projects for which there is a commercially proven metallurgical process for extracting the rare earth minerals in the deposit. 2. Bars with cross hatched colours represent projects for which no commercially proven metallurgical process exists for extracting the rare earth minerals in the deposit. 3. Based on FOB REO prices from Metal Pages on 1 May 2015

60

- 50

100 150 200 250 300 350 400

CREO(magnet) US$m

-

20

40

60

80

100

CREO(phosphor) US$m

Korea Resources Corporation (“KORES”) is owned by the Korean government

Works with major Korean industry groups and assembles consortia of Korean companies to participate with KORES in commercial ventures

Korean government has designated rare earths as a strategic raw material for Korea’s future economic growth and selected Zandkopsdrift as a key source of their future rare earth supply

KOREA RESOURCES CORPORATION JOINT VENTURE

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KORES acquired a 10% interest in Zandkopsdrift for $23.8m in Dec 2012.

Kores has no shareholding in Frontier. KORES pays 10% of capital and operating costs and will purchase 10% of rare earth production at open market prices

Frontier has an interest in two graphite deposits in Mozambique the most advance is the Lurio Project which is located near Pemba

Geological mapping, ground geophysical surveys, sampling, trenching, metallurgical test work and conceptual engineering studies were undertaken in 2014 The results of the 2014 program confirmed the presence of high grade, large flake graphite mineralisation, identified the potential for the production of a high purity large flake graphite concentrate and indicated that the project had sufficient economic potential for further work to be undertaken The grade of samples taken in the Lurio project area ranges from 5% to 15% total graphitic carbon although the representivity of the material analysed has yet to be verified. Initial bench scale metallurgical test results indicate that the graphite can be easily liberated, with approximately 60% of the flake being classified as +80 Mesh Frontier is commencing resource drilling on the property with the intention of doing sufficient drilling in 2015 to allow for the definition of a maiden graphite resource

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GRAPHITE

TSX: FRO / US: FREFF

Shares Outstanding: 89.6m

Market Cap c.$22m

Recent Share Price $0.24 (52 week hi/low $0.45 - $0.15)

Working Capital c.$20m (no debt)

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FRONTIER MARKET PROFILE

0

20

40

60

80

100

120

140

Frontier vs. Peers LTM

Frontier Share Price

Peer Average (RER, Tasman, Quest, Arafura, Avalon)

Industry Leader Average (Molycorp + Lynas)

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SUMMARY

Zandkopsdrift is a high quality rare earth deposit with a valuable manganese by-product potential High grade monazite deposit, attractive CREO distribution, large tonnage, on surface, low radioactivity and near infrastructure

One of the largest potential producers of CREOs and Magnet REEs outside of China

Completed PFS independently confirming the economic potential of the project and the robustness of the metallurgical process

Sufficient Proven and Probable TREO reserves for a 45 year+ mine life PFS financial model indicates a 30% IRR (post-tax) and an NPV10% of $2.2bn Well positioned to become the next major western producer of separated rare earth oxides with plan to produce 14 separated rare earth oxides in purities up to 99.999%

Only RE junior with strategic industry partner and off-take agreement

Experienced management and technical teams Strong financial position with $20m in cash and no debt For further information visit www.frontierrareearths.com

APPENDICES

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INTRODUCTION TO FRONTIER’S SENIOR MANAGEMENT TEAM

Frontier’s team have extensive experience of exploration and development of mineral projects in Southern Africa, rare earths, financing and corporate development

Philip Kenny B Eng, MBA Co-founder and Chairman 25+ years experience in natural resource sector. Founder and former Executive Chairman and CEO of Firestone Diamonds plc, an AIM-listed diamond mining company focused which built and operated diamond mines in South Africa, Botswana and Lesotho.

Derick de Wit B Tech, Chem. Eng. Vice President, Project Development

15+ years experience in minerals industry. Has managed or prepared more than 30 independent reviews, scoping, pre-feasibility and definitive feasibility studies in Africa and Canada.

Ms Vivian Wu B Sc, EMBA Business Development Director- Greater China

20+ years experience in rare earth industry in senior roles with China Minmetals Corporation, Rhodia (China) Investment Co and Treibacher Industrie AG.

James Kenny B Comm, MBS Co-founder and Chief Executive Officer

25 years experience in natural resources sector as an executive, adviser and broker. Co-founder of Frontier and centrally involved in all aspects of Frontier's development, corporate, strategic and financing activities since incorporation.

Paul McGuinness B Comm, ACA Chief Financial Officer

15+ years experience in investment banking and financial control with Arthur Anderson, Salomon Brothers, Schroders, Collins Stewart and MG Capital.

Dr. Stuart Smith B Sc, PhD Vice President, Exploration

30+ years experience in mineral exploration with particular experience in rare earths, uranium, base metals and diamonds.

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Zandkopsdrift Production Profile

Rare Earth Oxide Product purity Proportion of element output

Lanthanum 2N-3N 75%

5N 25%

Cerium

2N 30%

3N 30%

3N5 40%

Praseodymium 3N 50%

to Didymium 50%

Neodymium 3N 55%

to Didymium 45%

Samarium 2N-3N 100%

Europium 4N 100%

Gadolinium 2N-3N 100%

Terbium 4N 100%

Dysprosium 3N 100%

Yttrium 5N 100%

Holmium to Lutetium Mixed 100%

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Zandkopsdrift production profile

ZANDKOPSDRIFT PEER COMPARISON - GRADE

Rare Earth Oxide

REO price Lynas Molycorp Frontier**

Rare

Element Arafura Avalon Quest Tasman Peak Namibia Northern

($/kg)2

Mt Weld Mtn Pass Zandkopsd

rift

Bear

Lodge

Nolans

Bore

Nechalach

o

Strange

Lake

Norra

Karr Ngulla Lofdal

Browns

Range

LR

EO

Lanthanum $5 1.88% 2.18% 0.487% 0.78% 0.50% 0.24% 0.11% 0.06% 1.35% 0.00% 0.01%

Cerium $5 3.76% 3.22% 0.845% 1.14% 1.28% 0.51% 0.26% 0.13% 2.02% 0.00% 0.02%

Praseodymium $117 0.41% 0.28% 0.089% 0.14% 0.16% 0.06% 0.03% 0.02% 0.22% 0.00% 0.00%

Neodymium $58 1.43% 0.79% 0.305% 0.50% 0.54% 0.24% 0.10% 0.07% 0.78% 0.00% 0.01%

Samarium $5 0.19% 0.05% 0.044% 0.08% 0.05% 0.04% 0.02% 0.02% 0.06% 0.00% 0.01%

HR

EO

Europium $705 0.04% 0.01% 0.011% 0.02% 0.01% 0.01% 0.00% 0.00% 0.01% 0.00% 0.00%

Gadolinium $47 0.09% 0.01% 0.027% 0.04% 0.02% 0.05% 0.02% 0.02% 0.02% 0.01% 0.04%

Terbium $615 0.01% 0.00% 0.003% 0.00% 0.00% 0.01% 0.01% 0.00% 0.00% 0.00% 0.01%

Dysprosium $340 0.02% 0.00% 0.015% 0.01% 0.00% 0.04% 0.04% 0.03% 0.00% 0.03% 0.06%

Holmium* $0 0.00% 0.00% 0.002% 0.00% 0.00% 0.01% 0.01% 0.01% 0.00% 0.01% 0.01%

Erbium* $0 0.01% 0.00% 0.006% 0.00% 0.00% 0.01% 0.02% 0.02% 0.00% 0.02% 0.04%

Thulium* $0 0.00% 0.00% 0.001% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Ytterbium* $0 0.01% 0.00% 0.004% 0.00% 0.00% 0.01% 0.02% 0.02% 0.00% 0.02% 0.03%

Lutetium* $0 0.00% 0.00% 0.000% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Yttrium $13 0.06% 0.01% 0.079% 0.03% 0.01% 0.15% 0.25% 0.20% 0.01% 0.20% 0.39%

Total – TREO 7.90% 6.57% 1.92% 2.75% 2.57% 1.36% 0.90% 0.59% 4.47% 0.29% 0.63%

Total – HREO

0.42% 0.09% 0.20% 0.19% 0.10% 0.32% 0.40% 0.33% 0.11% 0.29% 0.59%

Total – CREO 1.96% 1.10% 0.53% 0.70% 0.71% 0.50% 0.42% 0.32% 1.02% 0.23% 0.48%

Total – CREO (m)

1.86% 1.08% 0.43% 0.65% 0.70% 0.35% 0.17% 0.12% 1.00% 0.03% 0.08%

Total – CREO (p) 0.11% 0.02% 0.10% 0.05% 0.02% 0.16% 0.26% 0.21% 0.02% 0.20% 0.40%

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South Africa is the largest economy in Africa, generating approx. 25% of African GDP 40% of African industrial output 50% of African electrical supply

Ranked as an upper-middle income economy by the World Bank

Population of 52 million Multi-ethnic society with diverse culture and

religions (Christian, Hindu, Islam, Judaism) 11 Official languages but English used for business

and legislation Area is 1,219,090 sq. km (5 times larger than UK)

SOUTH AFRICA – IN BRIEF

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South Africa has 9 Provinces 3 Capital cities

-Pretoria (administrative) -Cape Town (legislative) -Bloemfontein (Judicial)

Climates range from semi-tropical on the North East

Cost to a Mediterranean type climate on the South Cape Coast

Very popular tourist destination. Cape Town was rated as the world’s #1 travel destination in 2014

Racial Mix of South African population -79% African -9% White -9% Coloured -3% Asian and Indian

Political System: South Africa operates a multi-party democracy. The President is limited to 2 five year terms of office. The current ruling party is the African National Congress (ANC), of which Jacob Zuma is President.

SOUTH AFRICA – IN BRIEF

71

South Africa welcomes foreign investment and virtually all business activities are open to foreign investors.

Foreign investors are generally treated the same as local South African investors.

The South African Government exercises control over the transfer of money into and out of the country and a foreign investor must obtain permission to transfer money, however the process is very routine.

The Government has developed five industrial development zones (‘IDZ’) in South Africa (including at Saldanha Bay) which offers several advantages and

incentives for companies locating there.

SOUTH AFRICAN INVESTMENT CLIMATE

The Saldanha Bay IDZ, where Frontier proposes to construct a rare earth separation

facility was launched in Oct 2013

"Our strategy [at Saldanha] is aimed at strengthening the maritime support capacity to create economic opportunities from the gas and oil mining activities along the African west coast, as well as the expansion of iron ore mining production and beneficiation in the Northern Cape.“

Jacob Zuma – President of South Africa

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All mineral rights in South Africa are held by the State Applications may be made to the Department of Mineral Resources (“DMR”) for a reconnaissance permit, prospecting right and mining right

The DMR applies a “first in line” approach to the processing of applications Prospecting rights may be granted for an initial period of 5 years and renewed for an additional 3 years. The holder of a prospecting right has the right to apply for a mining right which may be granted for a maximum period of 30 years.

Mining rights can be renewed for up to a further 30 years The holder of a mining right is entitled to enter land, build, construct and lay down infrastructure which may be required for mining, to mine, use water, drill boreholes and any other activity related to mining and processing

Prospecting and mining rights can be transferred with the consent of the Minister (DMR)

SOUTH AFRICA – MINING AND MINERALS

SOUTH AFRICA – ENVIRONMENTAL LAW

The right to an environment that is not harmful to one’s health or well-being is set out as a fundamental right in the South African constitution

The environmental right in the Constitution is supported by other environmental legislation that aims to protect the environment while pursuing sustainable economic growth on terms applicable to a developing nation

There is no integrated environmental permitting system in South Africa.

It is the responsibility of the project developer to determine which environmental permits are necessary and to ensure that all such permits are obtained. Separate permits are often required from separate environmental authorities and from different levels of government.

Regulatory Regime for Water

The use of any water source requires the consent of the authorities. Permission to use water for large developments is granted in the form of a water use licence

Regulatory Regime for Air Pollution

Air pollution is regulated by the National Environmental Management Air Quality Act The Act provides that no person may, without a provisional atmospheric emission licence or an atmospheric emission licence,

conduct an activity listed on the national list With regard to polluters’ liabilities to pay compensation for air pollution, the internationally accepted principle that “the polluter

pays” applies and along with any common law remedies that a party may have, a party may be able to claim compensation from a polluter

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SOUTH AFRICA – ENVIRONMENTAL LAW

Environmental Impact Assessments (EIA)

Legislation provides that certain listed activities cannot be initiated unless an EIA or basic assessment (depending on the size and nature of the activity) is carried out and approval obtained from the relevant authority

If the activity is a listed activity under EIA regulations, then a permit is required before the activity can begin. Other permits from authorities may also be required as there is no integrated permitting system

Regulatory Regime for Waste

The National Environmental Management: Waste Act provides for national standards for the storage, collection, transportation, treatment, disposal, re-use and recycling of waste in general as well as hazardous waste

The Act provides that no person may commence, undertake or conduct a waste management activity without a waste management licence if that activity is listed as an activity for which a waste management licence is required

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SOUTH AFRICA – TAXATION

Standard corporation tax rate is 28% however accelerated capital allowances are available for mining companies allowing all capital costs to be offset against profits immediately

There is a royalty payable by mining companies based on the value of the first sale of the product. For Frontier this will be the sale of a Mixed Rare Earth product before separation. The royalty is from 0.5% to 7% of sales depending on Gross Profit margins. Due to capital allowances Frontier is unlikely to any significant royalties for a number of years after production commences

Personal income tax ranges from 25% - 40%

Value Added Tax (VAT) is 14%

Capital Gains Tax is 18.6% but non-residents are not liable for this tax

South Africa has double tax agreements with more than 60 countries.

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