New Risk • Aug 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 116% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (116% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (AU$550k net loss in 3 years). New Risk • Aug 04
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$5.2m Forecast net loss in 3 years: AU$2.0m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$2.0m net loss in 3 years). Market cap is less than US$100m (AU$104.1m market cap, or US$73.1m). Announcement • Jul 22
Sharon AI Reportedly In Talks To Buy Stake In Frontier Energy SharonAI Holdings Inc. (NasdaqCM:SHAZ) (Sharon AI) has been in talks to buy a stake in ASX-listed Frontier Energy Limited (ASX:FHE), say sources. It comes as the global push into artificial intelligence forces the industry to solve a problem that no amount of graphics processing unit (GPU) procurement can fix, and that is where the power comes from. Frontier sources say it is being approached by data centre operators on a regular basis, and conversations have been running for some time. Sources suggest Sharon AI has been among those in discussions. There have been suggestions about it acquiring a stake of around 4.9% in the company, though it is not clear whether those talks are ongoing or whether other data-centre operators have since moved to the front of the queue. Sharon AI told DataRoom that Sharon AI has not bought a 4.9% stake in Frontier Energy. It was continually assessing opportunities to partner with renewable energy projects and infrastructure providers where co-location could improve efficiency, accelerate deployment and support regional economic development. New Risk • Jun 12
New major risk - Revenue and earnings growth Earnings have declined by 37% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 37% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$126.6m market cap, or US$89.2m). Announcement • Jun 05
Frontier Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 113.3 million. Frontier Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 113.3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 550,000,000
Price\Range: AUD 0.2
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,500,000
Price\Range: AUD 0.2
Transaction Features: Subsequent Direct Listing New Risk • Jun 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$126.6m (US$90.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$126.6m market cap, or US$90.3m). Recent Insider Transactions • May 12
Executive Chairman recently bought AU$81k worth of stock On the 5th of May, Jamie Cullen bought around 300k shares on-market at roughly AU$0.27 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth AU$430k. Jamie has been a buyer over the last 12 months, purchasing a net total of AU$296k worth in shares. Announcement • Apr 13
Frontier Energy Limited, Annual General Meeting, May 15, 2026 Frontier Energy Limited, Annual General Meeting, May 15, 2026. Location: level 20, 140 st georges terrace, perth wa, Australia Recent Insider Transactions • Apr 07
Non-Executive Director recently bought AU$114k worth of stock On the 1st of April, Grant Burnaford Davey bought around 539k shares on-market at roughly AU$0.21 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$430k. Insiders have collectively bought AU$925k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 19
Non-Executive Director recently bought AU$430k worth of stock On the 17th of March, Grant Burnaford Davey bought around 2m shares on-market at roughly AU$0.21 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$811k more in shares than they have sold in the last 12 months. New Risk • Feb 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$12m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$12m free cash flow). Revenue is less than US$1m (AU$667k revenue, or US$475k). Minor Risk Market cap is less than US$100m (AU$126.6m market cap, or US$90.1m). Recent Insider Transactions Derivative • Dec 31
Executive Director exercised options to buy AU$115k worth of stock. On the 30th of December, Grant Burnaford Davey exercised options to buy 478k shares at a strike price of around AU$0.24, costing a total of AU$115k. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. Since December 2024, Grant's direct individual holding has increased from 51.13m shares to 52.07m. Company insiders have collectively bought AU$471k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Dec 10
Frontier Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 11.5 million. Frontier Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 11.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 30,000,000
Price\Range: AUD 0.25
Discount Per Security: AUD 0.015
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,000,000
Price\Range: AUD 0.25
Discount Per Security: AUD 0.015
Transaction Features: Subsequent Direct Listing Recent Insider Transactions • Oct 30
Executive Director recently bought AU$116k worth of stock On the 28th of October, Grant Burnaford Davey bought around 404k shares on-market at roughly AU$0.29 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$502k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 19
Executive Director recently bought AU$114k worth of stock On the 16th of October, Grant Burnaford Davey bought around 419k shares on-market at roughly AU$0.27 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$623k more in shares than they have sold in the last 12 months. Announcement • Apr 02
Frontier Energy Limited, Annual General Meeting, May 28, 2025 Frontier Energy Limited, Annual General Meeting, May 28, 2025. New Risk • Mar 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$13m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$13m free cash flow). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m (AU$797k revenue, or US$495k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (AU$56.7m market cap, or US$35.2m). Board Change • Feb 19
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Amanda Reid was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Nov 08
Executive Director recently bought AU$125k worth of stock On the 5th of November, Grant Burnaford Davey bought around 858k shares on-market at roughly AU$0.15 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$350k. Despite this recent purchase, insiders have collectively sold AU$1.0m more in shares than they bought in the last 12 months. Recent Insider Transactions • Oct 25
Executive Director recently bought AU$90k worth of stock On the 22nd of October, Grant Burnaford Davey bought around 642k shares on-market at roughly AU$0.14 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$350k. Despite this recent purchase, insiders have collectively sold AU$1.3m more in shares than they bought in the last 12 months. Recent Insider Transactions • Oct 08
Insider recently sold AU$2.3m worth of stock On the 3rd of October, Brian Flannery sold around 23m shares on-market at roughly AU$0.10 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$1.7m more than they bought in the last 12 months. New Risk • Oct 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$64.2m market cap, or US$44.3m). Board Change • Sep 10
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Executive Director Grant Burnaford Davey is the most experienced director on the board, commencing their role in 2018. Independent Non-Executive Director Amanda Reid was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Sep 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 72% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Revenue is less than US$1m (AU$419k revenue, or US$282k). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$115.6m market cap, or US$77.8m). Announcement • Aug 29
Frontier Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 40 million. Frontier Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 40 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 67,000,000
Price\Range: AUD 0.25
Discount Per Security: AUD 0.015
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 77,000,000
Price\Range: AUD 0.25
Discount Per Security: AUD 0.015
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,000,000
Price\Range: AUD 0.25
Discount Per Security: AUD 0.015
Transaction Features: Subsequent Direct Listing New Risk • Aug 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (28% accrual ratio). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (49% increase in shares outstanding). Market cap is less than US$100m (AU$127.3m market cap, or US$86.4m). Announcement • Aug 22
Frontier Energy Limited Appoints Mark McGowan AC as a Non-Executive Chairman, Effective 2 September 2024 Frontier Energy Limited announced the appointment of former Western Australian Premier, Mark McGowan AC, the 30th Premier of Western Australia (WA), as Non-Executive Chairman. As Western Australia's Premier from 2017 to 2023, Mr. McGowan played a leading role in the commencement of WA's transition from fossil fuelled electricity generation towards renewables. Mr. McGowan's Government drove the decision for WA state-owned electricity generator Synergy to transition out of coal-fired power generation by 2030 At the same time, Mr. McGowan's Government oversaw ~$3.8 billion investment in new green power infrastructure, including large-scale battery storage and renewable energy generation projects. Mr. McGowan was the Member for Rockingham from December 1996 until June 2023, when he stepped down as WA's Premier. Mr. McGowan became Premier in March 2017 and during his term as Premier, he held various other portfolios, including Treasurer and Minister for Public Sector Management. Most notably as Premier, he led the state through the COVID-19 pandemic and oversaw strong economic growth. In relation to energy policy, under the leadership of Mr. McGowan, the Government introduced an ambitious emissions reduction target, committing to a whole-of-government target to reduce emissions to 80% below 2020 levels by 2030. Mr. McGowan's Government was also responsible for the decision that will see the WA state- owned electricity generator and retailer, Synergy, transition out of coal-fired power generation by 2030, and commitment to an estimated $3.8 billion investment in new green power infrastructure in the South West Interconnected System. In addition to his position with Frontier, Mr. McGowan currently has advisory roles with BHP Limited, Mineral Resources Limited, APM Services International Ltd. and Bondi Partners. Mr. McGowan holds a Bachelor of Arts and a Bachelor of Laws from the University of Queensland. Mr. McGowan's appointment as Non-Executive Chairman will be effective as of 2 September 2024 or such other date as agreed between the Company and Mr. McGowan. Announcement • Jul 22
Capacity Investment Scheme Potentially Guarantees Revenue for 15 Years, Underpinning Future Expansion At Frontier's Waroona Project Frontier Energy Limited welcomes the release of the final design of the Federal Government's Capacity Investment Scheme (CIS) in Western Australia, which provides an extra level of financial certainty for leading clean energy projects such as Frontier's Waroona Renewable Energy Project (the Project). Stage One of the Project comprises a 120MWdc solar facility with an integrated 80MW/320MWh battery. The Project has secured all key approvals and has begun early works with the procurement of critical long-lead items Working in parallel with existing Western Australian electricity market mechanisms, the CIS will underwrite 1.1GW/4.4GWh of new, clean dispatchable energy in the State, with 500MW/2GWh of projects being sought via the first tender to be released this month. Highlights: Final design criteria for the WA CIS tender amended to allow solar and battery projects: Original design of the WA CIS contemplated a battery-only tender process, Final design criteria recognises that a co-located solar and battery project can provide genuine clean dispatchable renewable energy as opposed to a plain grid- connected battery, Projects must be greater than 30MW in size to be eligible to bid into the CIS and be operational by between 1 October 2026 and 1 October 2027. CIS has the potential to underpin Stage Two and future expansion stages, by providing revenue certainty for 15 years: CIS will provide annual revenue underwriting based on the units of $per MW of capacity credits held by the project in that year, for up to 15 years. Capacity shortfalls in Western Australia are forecast to grow from 2027, reinforcing the need for firm dispatchable renewable energy: Frontier aims to have Stage One of the Project operational by 1 October 2026, in time for the CIS/Capacity Market cycle, The Project has significant potential to expand to help meet the forecast supply shortage, including freehold land (Stage One utilises only 303ha of Frontier's 868ha) and potential for more than 1GW of network connections. Tight capacity driving high market prices, further boosting expected Project returns: Average peak prices in the WA electricity market (WEM) have continued to surge, as capacity constraints and higher than expected demand for energy bite Peak period prices for the first six months of 2024 averaged $164/MWh, a jump of ~24% on 2023 levels - and double in the past 2.5 years. Announcement • Apr 23
Frontier Energy Limited, Annual General Meeting, May 24, 2024 Frontier Energy Limited, Annual General Meeting, May 24, 2024, at 09:00 W. Australia Standard Time. Location: Level 20, 140 St Georges Terrace, Perth Western Australia Australia Agenda: To receive and consider the Annual Report of the Company and its controlled entities for the financial year ended 31 December 2023, which includes the declaration of the Directors, the Financial Report, the Directors' Report and the Auditors Report; to consider Adoption of Remuneration Report; to consider Re-election of Director - Chris Bath; to consider Issue of Options to Director Chris Bath; to consider Issue of Options to Director Grant Davey; and to consider Additional 10% placement capacity. Recent Insider Transactions • Mar 08
Executive Chairman recently bought AU$81k worth of stock On the 6th of March, Grant Burnaford Davey bought around 277k shares on-market at roughly AU$0.29 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Grant has been a buyer over the last 12 months, purchasing a net total of AU$1.4m worth in shares. Recent Insider Transactions • Feb 09
Executive Chairman recently bought AU$81k worth of stock On the 6th of February, Grant Burnaford Davey bought around 270k shares on-market at roughly AU$0.30 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Grant has been a buyer over the last 12 months, purchasing a net total of AU$1.3m worth in shares. Announcement • Oct 16
Frontier Energy Limited Announces Cessation of Amanda Reid as Alternate Director Frontier Energy Limited announced that Mr. David Wheeler's appointment as the alternate director for Ms Amanda Reid has now ceased and the Company thanks him for his contribution during Ms Reid's absence. Announcement • Sep 21
Frontier Energy Limited Announces Board Changes Frontier Energy Limited announced that Mr. David Wheeler has been appointed as the alternate director for Ms. Amanda Reid, due to a period of absence by her. Mr. Wheeler has more than 30 years of senior executive management, directorships, and corporate advisory experience both in Australia and foreign countries and regions including the USA, UK, Europe and Asia. He is a foundation director and partner of Pathways Corporate, a boutique corporate advisory firm that undertakes assignments on behalf of a range of clients including ASX listed companies. Mr. Wheeler is a Fellow of the Australian Institute of Company Directors and has experience on both public and private boards and currently holds a number of directorships and advisory positions in Australian companies. He is currently a director of listed companies PVW Resources Limited (previously Thred Limited), Avira Resources Limited, Protean Energy Ltd, Ragnar Metals Limited, Tyranna Resources Limited, Cycliq Group Limited, Cradle Resources Limited, ColorTV Limited and OZZ Resources Limited. Mr. Wheeler is considered to be independent. New Risk • Aug 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (AU$109.1m market cap, or US$70.0m). Recent Insider Transactions • Jul 28
Executive Chairman recently bought AU$99k worth of stock On the 26th of July, Grant Burnaford Davey bought around 270k shares on-market at roughly AU$0.36 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$1m. Grant has been a buyer over the last 12 months, purchasing a net total of AU$1.1m worth in shares. Recent Insider Transactions • May 27
Executive Chairman recently bought AU$1.0m worth of stock On the 26th of May, Grant Burnaford Davey bought around 2m shares on-market at roughly AU$0.42 per share. This transaction amounted to 9.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Grant's only on-market trade for the last 12 months. Announcement • Jan 10
Frontier Energy Limited Announces Company Secretary Changes Frontier Energy Limited advised that Ms. Catherine Anderson (B Juris (Hons) LLB (UWA)) has been appointed Company Secretary of the Company with immediate effect, replacing Mr. Chris Bath. Mr. Bath remains the CFO and an executive director of Frontier. Board Change • Nov 16
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Executive Chairman Grant Burnaford Davey is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Sep 15
Frontier Energy Limited Announces Agreement with Water Corporation as Water Access Confirmed for Green Hydrogen Production Frontier Energy Limited announced the Company, in consultation with Water Corporation, has agreed on the preferred pathway to deliver water to the Bristol Springs Renewable Energy Project to enable green hydrogen production. The preferred pathway is through the existing Stirling Trunk Main pipeline (scheme water). Accessing an existing water solution is a major milestone for the Company to progress green hydrogen strategy. The Company expects to finalise the terms and conditions with Water Corporation in the coming months. Water is an essential element for green hydrogen production with around nine litres of water required for every one kilogram of hydrogen produced. Without access to suitable water, a desalination facility would be required, which would add significant capital, additional environmental studies and regulatory approvals. Agreement with Water Corporation for water access: The Project is located in the South West region of Western Australia and is approximately 120km from Perth and 8km from the town of Waroona. The Company’s Stage One strategy is to develop a 114MW solar farm to power a 36.6MW alkaline electrolyser. This will produce approximately 4.4 million kilograms of green hydrogen per annum. The Company’s long- term target is to generate renewable energy in excess of 1GW. Water is one of two key elements required to produce green hydrogen, with the other being renewable energy (solar energy). Given the Project’s location, the Company had four options to source water, with three from existing networks/solutions. These included: Accessing scheme water via the Stirling Trunk Main pipeline; Yarragadee freshwater aquifer – one of the largest aquifers in Australia; Bunbury Wastewater Treatment Plant, and Developing a stand-alone desalination facility. The Yarragadee freshwater aquifer and Bunbury Wastewater Treatment Plant are feasible options and superior to the alternative of developing a stand-alone desalination facility (the only option available to remotely located hydrogen projects). However, accessing the existing pipeline was the clear standout given its minimal cost (capital and operating), simplicity and timing as well as environmental and regulatory considerations. Announcement • Sep 08
Frontier Energy Limited Announces Pre-FEED Study Commences for Green Hydrogen Facility Frontier Energy Limited announced the appointment of highly experienced, global engineering firm, GHD, to complete the Pre-Front End Engineering Design ("Pre-FEED" or the "Study") relating to the proposed hydrogen facility to be built at the Company's Bristol Springs Renewable Energy Project (the "BSS Project") in Western Australia. In August 2022, the Company completed a Pre-Feasibility Study for Stage One of its Bristol Springs Renewable Energy Project. The Study examined a 114MW solar farm to power a 36.6MW alkaline electrolyser for annual production of approximately 4.4 million kilograms of green hydrogen. The company is now accelerating the Project's development with the commencement of a Pre-FEED focused on the 36.6MW alkaline electrolyser (hydrogen facility). In simple terms, electrolysis is the process of using electricity (solar energy) to split water into hydrogen and oxygen. The company has engaged global engineering firm, GHD, to complete this work. GHD was selected due to its excellent reputation, specifically its vast experience in the Australian hydrogen industry. The scope of work will be to assess the hydrogen production case for a 36 MW NEL electrolyser. GHD will perform engineering for input to a Class 3 CAPEX and OPEX estimate, including: a) Electrolyser integration and assessment of utility requirements; b) Cooling plant selection and high-level sizing; c)Water supply/storage system design; d) Power system design; e) Hydrogen compression, storage and delivery to users including pipeline to nearby blending point and tube trailer loading; f) Balance of Plant assessment including buildings, control systems, vent, safety and utility systems. Reported Earnings • Sep 07
First half 2022 earnings released: AU$0.014 loss per share (vs AU$0.031 loss in 1H 2021) First half 2022 results: AU$0.014 loss per share (improved from AU$0.031 loss in 1H 2021). Net loss: AU$2.80m (loss narrowed 38% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Aug 17
Frontier Energy Limited Announces Results from Its Renewable Expansion Technical Assessment for Bristol Springs Project Located 120Km from Perth in the South West Region of Western Australia Frontier Energy Limited announced results from its Renewable Expansion Technical Assessment completed by Xodus Group for the Company's 100% owned Bristol Springs Project located 120km from Perth in the South West region of Western Australia. The Expansion Study incorporated the total land under the Company's control (846ha) and assessed the various renewable energy solutions available. It concluded the optimal outcome was a solar-only solution that would produce at least 438MW. The Company's long-term ambition is to generate in excess of 1GW of renewable energy as part of its green hydrogen strategy. Discussions regarding additional land opportunities in the region are ongoing. The Expansion Study followed the Stage One Hydrogen Pre-Feasibility Study1 that estimated production of approximately 4.4 million kilograms of green hydrogen per annum at a low-cost estimate (inclusive of capital) of $2.83 per kilogram of hydrogen produced. This is expected to place the Project as one of the lowest cost producers of green hydrogen in Australia Future expansion (past Stage One) will likely see a further reduction in costs given economies of scale and shared associated infrastructure. The Project is located in the South West region of Western Australia approximately 120km from Perth and 8km from the town of Waroona. Frontier controls 846ha of ground in this region. The Company engaged Xodus Group (Xodus) to undertake the following studies on the Project. Hydrogen Study to assess the opportunity to develop a green hydrogen production facility based on an initial 114MW solar farm (Stage One); and Expansion Study to assess the long-term growth potential of the Project based on the land under the Company's control and to consider the optimal mix of renewable energy solutions (wind and solar) for the Project. The Expansion Study assessed both solar and wind-power solutions. It concluded that, whilst wind could be viable given its potential to produce energy in periods when solar is restricted (ie: night and winter) a number of factors made it a less competitive, including: the relatively low wind resource (capacity factor 33%) relatively high cost of infrastructure. potential approval complexities due to nearby wetlands; and the ability for the Project to be able to draw power from the SWIS via Landwehr Terminal. Based on the land under the Company's control (846ha), the total power generation possible from solar energy was estimated at 438MW. The Hydrogen Study found that the Project would produce approximately 4.4 million kilograms of hydrogen per annum. Based on the key inputs this would result in a total cost3 of approximately $2.83 per kilogram of hydrogen produced. The key highlight of the Hydrogen Study is the low cost for hydrogen production. This low cost is due to the Project's location being surrounded by existing infrastructure, which lowers the capital cost, whilst also allowing for additional income to be generated (through excess energy sales and Reserve Capacity Credits via connection to the SWIS at the Landwehr Terminal). The Expansion Study concluded that the Project site is relatively well-suited to solar expansion given the land is flat. The expansion plan proposes to use bifacial solar cells to collect sunlight on both the front and rear side of the solar panels. The Project's expansion is estimated to generate total energy yield of 945 GWh/yr from an aggregated nominal power of 438MW installed giving a performance ratio of 86%. This relatively high solar efficiency has been enabled by strategic application of the following: Optimisation of tracker operation. Implementation of backtracking. Implementation of bifacial panels (with correct Albedo5). Increased inverter efficiencies from Maximum Power Point Tracking (MPPT) parameter optimisation. Xodus developed a number of wind farm concepts over a number of land parcels and carried out early energy yields assessments for each. The proposed wind farm configurations were aimed to supplement solar farm concepts developed across the site, before optimising the split of the overall development between wind and solar for the optimal energy yield and lowest levelised cost of hydrogen (LCOH). As part of the Expansion Study, Xodus undertook a wind resource analysis, performed wind flow modelling, generated proposed layouts, undertook energy yield modelling and CAPEX and OPEX modelling. Xodus concluded that the low wind resource, relatively high cost of infrastructure and potential approval complexities associated with a nearby RAMSAR wetland area in addition to having the option of drawing energy from the grid, meant wind was not a competitive proposition. On this basis, Xodus recommended that the Project pursue a solar-only development for all planned expansion. Battery storage has been deemed uneconomic due to the high capital cost against limited duration. The duration of battery storage is up to around 4 hours. Matching battery capacity to the maximum solar capacity results in storage of approximately 2,330MWh (4 hours at 582MW), which would involve capex of ~$1.1bn. As the Project has the alternative of power from the grid when needed, use of battery storage is not economic. Announcement • Aug 09
Frontier Energy Limited Appoints Amanda Reid as Non-Executive Director Frontier Energy Limited announced the appointment of Amanda Reid as Non-Executive Director. Ms Reid has a significant background in government relations providing advice to a wide cross section of companies and organizations for more than 15 years for two national government relations and corporate communications firms. This included five years as a Partner at GRA Partners. She was also a senior adviser in previous West Australian State Governments with responsibility for managing a strategic communications unit. Ms Reid has held non-executive board positions across both private companies and not-for- profit organizations and is a member of the Australian Institute of Company Directors. Announcement • Aug 05
Frontier Energy Limited Announces Results from its Hydrogen Pre-Feasibility Study Completed by Xodus Group for its 100% Owned Bristol Springs Project Frontier Energy Limited (Frontier or the Company) announced results from its Hydrogen Pre-Feasibility Study (the 'Study') completed by Xodus Group for the Company's 100% owned Bristol Springs Project (the 'Project') located 120km from Perth in the South West of Western Australia. The Study assessed green hydrogen production powered by the Company's Stage One 114MW solar farm which is expected to produce approximately 4.4 million kilograms of green hydrogen per annum. The highlight of the Study is the low estimated cost (inclusive of capital)1 of $2.83 per kilogram of hydrogen produced. Based on publicly available data, this is expected to place the Project as one of the lowest cost producers of green hydrogen in Australia. The low cost is largely driven by the Project's location, which utilises major existing infrastructure surrounding the Project. This infrastructure includes connection to the existing Landwehr Terminal, allowing for excess solar renewable energy to be sold via the South West Interconnected System ("SWIS" - Western Australia's main energy grid) as well as multiple existing water sources meaning there is no requirement for capital intensive infrastructure such as desalination. The Project is located in the South West region of Western Australia approximately 120km from Perth and 8km from the town of Waroona. The Company engaged Xodus Group (Xodus) to undertake the Study to assess the opportunity to develop a green hydrogen production facility based on a 114MW solar farm (Stage One). As part of this process, Xodus and consultants EPC Technologies, investigated maximum energy yield from solar and costs for the Project. From the Study, it was found that the Project would produce approximately 4.4 million kilograms of hydrogen per annum. Based on the key inputs this would result in a total cost of approximately $2.83 per kilogram of hydrogen produced. The key highlight of the Study is the low cost for hydrogen production. This low cost is due to the Project's location being surrounded by existing infrastructure, which lowers the capital cost, whilst also allowing for additional income to be generated (through excess energy sales and Reserve Capacity Credits through the connection to the SWIS at the Landwehr Terminal. Whilst there is limited publicly available information regarding other green hydrogen projects in Australia, due to the infancy of the sector as well as the majority of other projects being owned privately, numerous industry experts have commented on costs for the industry. This includes the Australian Renewable Energy Agency (ARENA) which has forecast the cost of producing green hydrogen in Australia to be between $6 to $9 per kg based on current electrolyser and renewable energy costs. In addition to the strong result of the Study, several areas have been identified that have the potential to improve the Project's returns and that will be addressed in future studies. These include: Expansion Study - A number of the key costs for the hydrogen plant are based on the scalability of the plant, therefore achieving a lower overall unit cost through scale economies. Behind-the-meter (BTM) - Sales of power via a power purchase agreement (PPA) enables the Project to retail excess power cheaper than the grid by avoiding transmission, distribution, and market operator charges. The Company has commenced discussions with various parties regarding this possibility. Reduction in water costs - The availability of multiple, existing water sources will enable the Company to continue to assess the optimal solution from either existing water schemes or new bore(s) to extract water from the existing aquifer. BTM power supply - Similar to BTM sales of power, BTM supply of power will be cheaper due to the avoidance of transmission, distribution, and market operator charges. The Company has commenced assessing these options. Oxygen Offtake - The current hydrogen plant design assumes that all oxygen produced in the process will be vented to atmosphere. The volume of oxygen production is significant. Oxygen can provide an additional revenue stream for the hydrogen plant given there is local demand for oxygen offtake. The Company will continue to assess this in the future. Stage One generates approximately 43Mkg of oxygen per annum. Announcement • Jun 14
Frontier Energy Limited Announces Green Hydrogen Pathway Through Stage One Solar Production Frontier Energy Limited announced preliminary results from the Green Hydrogen Study indicate green hydrogen production could be achieved significantly earlier than originally anticipated at the Bristol Springs Solar Project (BSS Project). This opportunity is only possible due to the BSS Project's unique location near Waroona, Western Australia. The location on free-hold land, proximal to existing grid (SWIS), gas and water infrastructure, reduces overall costs when compared to projects in more remote areas. Furthermore, the proximity to an existing and emerging green hydrogen domestic market provides a pathway to hydrogen sales. Bristol Springs Solar Project - Stage 1: The BSS Project is a large, utility-scale solar energy project located in the southwest of Western Australia. Development is well advanced and is designed to produce 114MWdc of renewable electricity in Stage One with land acquisition opportunities to expand beyond this. The BSS Project will utilise well-established solar panel and tracking technology to deliver clean energy. It is strategically located to connect to the backbone of the Southwest Interconnected System (SWIS), and is close to road, water, and port infrastructure. Development approval has been granted by the Regional Joint Development Assessment Panel, and an electricity transfer access contract (ETAC) is in progress with Western Power and is expected to be completed by the end of 2022. A summary of the key metrics of the BSS Project is provided below: These assumptions were provided by EPC Technologies. Installed solar panels: 114MWp. Capacity Factor: 25%. Expected energy production: 247GWac. Generation technology: Single axis tracking, bifacial solar panels. Operating life: 30 years. Renewable Electricity Sales: The BSS Project is located approximately 3.5km from the Landwehr Terminal, a major connection point into the SWIS, the electricity grid covering the southwest of Western Australia. The SWIS provides power to over 2.3 million customers over an area 1,000km north to south and more than 600km east to west. The Landwehr terminal is on a major 330kV power line which provides the BSS Project with connection to many large industrial customers in the Southwest from Bunbury and Collie in the south, to Kwinana to the north. Almost all of the companies in this region have committed to decarbonisation of their operations providing an ideal pool of potential Once on the grid the power can either be sold via: Bilateral agreements with industrial users connected to the grid under Power Purchase Agreements (PPA), or Traditional sales into the balancing market onto the grid through the Market Operator. Other revenue mechanisms include: Reserve Capacity Credits; and Large-Scale Generation Certificates (i.e. "Carbon Offset Credits"); and Essential System Services. Expressions of interest for PPAs have been sent to a number of major companies in the region with a view to developing term sheets for power offtake agreements. The Company is also investigating the possibility of green hydrogen offtake agreements. As the BSS Project progresses, these term sheets could provide the basis of binding offtake agreements which will form the foundation of funding mechanisms and a final investment decision. Furthermore, the Australian government has allocated A$1.3 billion in its 2022-23 budget1 for energy security funding, including funding specifically for the development of hydrogen projects. Green hydrogen as an alternative to solar energy sales As an alternative to selling solar power into the SWIS, the Company is assessing green hydrogen production using clean energy produced from the Stage One 114MWp solar farm. Given the Company's unique location, surrounded by existing world class infrastructure, the initial capital required for this development is lower. This includes from the following: Multiple fresh water sources exist in the region avoiding the need for a desalination facility. The requirement for desalination materially increases capital and operating costs and involves significantly more complex approvals extending timelines to production. Connection to the SWIS - access to this power grid, only 3.5km from the Stage One site, allows the Company to sell power in excess of requirements for green hydrogen into the SWIS. Importantly, it also provides the opportunity for the Company to purchase renewable energy from other providers (eg. wind energy) during low or no-sun periods when the solar plant is not generating power. Using other sources of clean energy and power arbitrage or swaps, the SWIS may be able to provide a virtual battery for the project. Announcement • May 13
Frontier Energy Ltd Announces Preliminary Results from the Green Hydrogen Study Frontier Energy Ltd. announced preliminary results from the Green Hydrogen Study have identified numerous existing water sources suitable for green hydrogen production near the Company's Bristol Springs Solar Project. Accessing an existing water solution means the development of a desalination plant is not required. This significantly reduces both the capital and operating costs as well as the development timeline. As part of the Green Hydrogen Study, preliminary results have identified multiple existing solutions for water sources suitable for use in the Southwest of Western Australia. The Company is in discussions with key stakeholders from each of the above water sources regarding access for future green hydrogen productionThe Company remains on track to release both the Renewable Expansion and Green Hydrogen Study by mid-2022. Announcement • May 02
Frontier Energy Limited, Annual General Meeting, May 31, 2022 Frontier Energy Limited, Annual General Meeting, May 31, 2022, at 11:00 W. Australia Standard Time. Location: Level 20, 140 St Georges Terrace Perth Australia Agenda: To consider the financial statements and reports; to consider the adoption of Remuneration Report; to consider the Re-election of Director Mr. Grant Davey; to consider the Appointment of Auditor; to consider the Approval of Employee Share Option Plan; to consider the Grant of Options to Mr. Mike Young; to consider the Grant of Options to Mr. Chris Bath; and to consider the Approval of 10% Placement Capacity. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. MD, CEO & Director Mike Young was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 06
Frontier Energy Limited Targets Vertical Integration in Green Hydrogen Frontier Energy Limited announced the Company has placed an order with ENGV to deliver a hydrogen refuelling station in Perth, Western Australia. This refuelling station is due to be completed by 2023, making it one of the first of its kind in Western Australia. This strategy aligns with the Company's long-term ambition to become vertically integrated across the green hydrogen industry. The Company remains on track to commence construction of the Bristol Springs Solar Project by 2023 and is currently conducting a renewable energy expansion study as well as a hydrogen study due to be completed mid-year The Company is currently considering additional locations across Western Australia, with a strategy to roll out a hydrogen highway across the State The Western Australian Government's focus on renewable hydrogen in WA will see hydrogen play an important role in diesel replacement helping to reduce reliance on imports. WA currently imports 6.7billion litres of diesel per annum1. The development of hydrogen refuelling stations aligns with the Company's long-term ambition to become vertically integrated across the green hydrogen sector, from clean energy producer through to hydrogen sales and exportation The Company remains on track to commence construction of the Bristol Springs Solar Project by early 2023 The development of this project will be the first of its kind in Western Australia, with targeted completion by 2023. The Company is close to finalising the location of the refuelling station with a number of high- profile locations in Perth being considered. In addition, the Company is identifying additional locations for refuelling stations, with the plan to roll out a hydrogen highway across Western Australia. Further information regarding this will be released as locations are finalised. Powered from renewable energy, the hydrogen will be produced on demand via PEM- based water electrolysis, purified to SAE J2719/ISO 14687 fuel cell quality, and compressed via a contaminant-free diaphragm compressor into on-board buffer storage tanks. The system is designed to be fully automated, generating and storing hydrogen as necessary to support full pressure refuelling at acceptable flow rates in the compact, distributed fuelling solution The unique design will enable the installation of the system in a safe, practical and efficient way, providing the flexibility to adjust the infrastructure footprint for future growth whilst minimising congestion. The hydrogen station will also connect to external storage equipment which will enable higher utilisation of the system's hydrogen generation capacity (e.g. during periods of low demand), enabling an increase in supported fuel cell electric vehicle fleet sizes. Reported Earnings • Apr 03
Full year 2021 earnings released: AU$0.015 loss per share (vs AU$0.019 loss in FY 2020) Full year 2021 results: AU$0.015 loss per share (up from AU$0.019 loss in FY 2020). Net loss: AU$2.49m (loss narrowed 4.7% from FY 2020). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Mar 04
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. MD & Director Mike Young was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.