Frontier Energy

$FHE @EurozHartleys Institutional Conference Presentation: loom.ly/C1YHMhU

Frontier Energy $FHE is pleased to announce a change in directors’ interest for Executive Chairman, Mr Jamie Cullen and Non-Executive Director, Mr Grant Davey. Mr Cullen and Mr Davey combined to acquire a total of 3 million shares in Frontier through on-market purchases, as follows: ✔️ Executive Chairman Mr Cullen, who became a director on 2 March 2026, acquired 1,000,000 Frontier shares on market; and ✔️ Non-Executive Director and major shareholder, Mr Davey acquired 2,000,000 Frontier shares and now holds 71,104,214 Frontier shares. The details of the changes are set out in the Appendices 3Y released to ASX today.

Frontier Energy (@FrontierASX) is another step closer to securing funding for its Waroona renewable energy project in WA after receiving indicative senior debt terms from leading tier one financial institutions. #ASX $FHE buff.ly/1978ioi

Indicative senior debt terms received for our Waroona Renewable Energy Project in WA: loom.ly/ng-bJJw $FHE Executive Chairman Jamie Cullen commented: “The debt financing process is progressing well, with strong interest received from multiple tier one global financial institutions looking to assist with funding the development of Stage One. "All terms were largely in-line with expectations, including gearing of up to 70%, which delivers around $220 million of senior debt funding. We will now work closely with banks through their final due diligence, towards credit approved terms in the next quarter. "In addition to the senior debt proposals, the Company also received indicative offers to provide alternative financing solutions, including mezzanine finance. The Company will assess these proposals, together with the indicative senior debt terms, to ensure an optimal funding package for development of the Project.”

Frontier Energy $FHE is discussed in the @Australian by Precision Funds Management Executive Directors Dermot Woods and Andy Clayton. The two highlight the market ‘dislocation’ they are seeing at the moment and sell-offs in healthy stocks presenting buying opportunities, and discuss Frontier's recent appointment of former Pacific Energy CEO Jamie Cullen as Executive Chairman. “He’s the real deal, so it would increase the confidence that they’ll get everything done there,” Woods said. “Because if they do half of what they say they’re going to do, it should be pretty bloody interesting.” Read the full article — Precision Points: Market ‘dislocation’ provides cashed up investors the opportunity to pick winners: theaustralian.com.au/business/stock…

$FHE 2025 Annual Report: loom.ly/a_uTv5M

Frontier has appointed highly experienced energy executive Jamie Cullen as Executive Chairman. Jamie was previously CEO of Pacific Energy, a position he held for a decade. Under his leadership, Pacific Energy became Australia’s largest remote energy specialist with approximately 1GW of contracted power generation under long-term power purchase agreements. He brings vast experience across all aspects of the energy development landscape, including equity and debt financings, project development and execution and commercialisation. Incoming $FHE Executive Chairman Jamie Cullen commented: “With ageing coal generation facilities expected to close this decade, the urgent requirement for new energy generation and storage in Western Australia is clear. With its proposed Stage One development and expansion opportunities, Frontier’s Waroona Project stands out as a leading project that can help drive this transition. "The Company is advancing its funding strategy for Stage One of the Project, and I look forward to leading the team in finalising this process through to final investment decision in the very near term and into Stage One construction.” Read more: loom.ly/3P299P8

Our CEO Adam Kiley @Soph_Investor is interviewed in the @Australian, discussing Western Australia's plans to retire coal plants by 2030, the State requiring ~10TWh of additional annual generation by 2031 to fill the gap and meet increased demand; wholesale electricity prices reaching a record $88/MWh in 2025, up by 10% from the previous year; and our Waroona Renewable Energy Project being well positioned to help WA meet its growing electricity needs. “We are one of the most advanced development asset in the State in terms of having secured all permits, approvals, environmental, heritage and connections, which is possibly the most important thing,” Adam tells journalist Bevis Yeo. “Following receipt of reserve capacity in late 2025, which is providing the guaranteed revenue required for financing, we’ll be looking to finalise debt as quickly as possible to allow for the start of major construction. “Some of the early works construction is already underway and some of the long lead work commenced some time ago as well.” Read the full article: theaustralian.com.au/business/stock…

📄 Frontier Energy $FHE December 2025 Quarterly Report: loom.ly/S6U2e5U

Frontier Energy (@FrontierASX) has reported an independent revenue forecast for Stage One of its Waroona #renewableenergy project has significantly increased projected revenue, compared to the 2024 definitive feasibility study. #ASX $FHE buff.ly/rb9Cs5S

An updated independent revenue forecast for Stage One of the Waroona Renewable Energy Project has significantly increased projected revenue, compared to the 2024 Definitive Feasibility Study. Our CEO Adam Kiley commented: “The work programs for debt financing are advancing, including appointment of the independent technical engineer for the banks, independent energy forecaster and finalising equipment and EPC contracts. This has all been possible through the Project being assigned a fixed 5-year Reserve Capacity, which ensures revenue certainty of circa $160 million for the Project. "Further to this, given the sector is typically valued on EBITDA multiples, higher forecast revenue for the Project, not only support’s the Project’s ability to enhance debt financing terms but will also further strengthen long-term returns for shareholders.” Read more: loom.ly/qh-Zwx4 $FHE

Speaking with @StockheadAU host @TylahTully, our CEO Adam Kiley @Soph_Investor outlines Frontier’s $FHE near-term priorities, including project financing for our Waroona Renewable Energy Project, Stage 1 development, and the accelerated Stage 2 expansion study to position the project as a future renewable energy hub for Western Australia. Average wholesale electricity prices and the reserve capacity price, the two main revenue sources for Waroona, reached record highs in 2025, which Adam also discusses in the interview below. Watch: loom.ly/2ty34R4 📺

Average wholesale electricity prices and the reserve capacity price — the two main revenue sources for our Waroona Renewable Energy Project — reached record highs in 2025 📈 These high prices support not only the development of Stage One for Waroona, which continues to advance through financing following receipt of fixed price reserve capacity in late 2025, but also our decision to accelerate a study for a Stage Two expansion. This strategy is further strengthened when considering the impending closure of gas and coalfired generation facilities on the SWIS before 2030, that is forecast to cause a major generation gap in the market. Hear our CEO Adam Kiley @Soph_Investor discuss on @StockheadAU 📺 $FHE

Record West Aussie electricity prices highlights the urgent need for new generation projects such as @FrontierASX's Waroona. #ASX #energy #renewables $FHE stockhead.com.au/energy/frontie…

We're pleased to provide an update on the Western Australian electricity market for 2025, that saw wholesale electricity prices and reserve capacity prices, the two major revenue drivers for Stage One of our Waroona Renewable Energy Project, reach record highs. In response to these higher prices and the forecast shortfall in electricity generation, Frontier is accelerating the Stage Two study. Read more: loom.ly/Ig91psA $FHE

Yesterday we announced we have received firm commitments to raise $11.5 million under a placement to professional and sophisticated investors. Funds will allow $FHE to complete the debt financing process, and fund the security deposit required under the Reserve Capacity Mechanism for the Stage One development of the Waroona Renewable Energy Project. Hear presenter Tylah Tully discuss on @StockheadAU's Break It Down segment 📺

We have received binding commitments from professional and sophisticated investors to raise $11.5 million under a placement of 46 million new fully paid ordinary shares at a price of $0.25 per New Share. Funds from the Placement allow for Frontier to complete the debt financing process, and fund the security deposit required under the Reserve Capacity Mechanism for the Stage One development of the Waroona Renewable Energy Project. Read more: loom.ly/hIU6iLw $FHE

We are hosting an investor webinar/conference call today to discuss a planned capital raising. 🗓️ Monday 8 December, 2025 ⏰ 12:00noon AEDT / 9:00am AWST $FHE CEO Adam Kiley will discuss the capital raising before providing an opportunity for investors to ask questions. Join the webinar here: loom.ly/xghzONU

Frontier @FrontierASX Executive Director and substantial holder Grant Davey has moved to ~10% holding in $FHE following latest on market purchases. Over 2024 and 2025 to date, Grant has continued to back the company, buying ~$1.854m worth of shares on market (detailed here): loom.ly/l14lLJw

Following @FrontierASX's $FHE announcement that AEMO had assigned 88.06 MW of peak capacity credits to Stage One of its Waroona Renewable Energy Project in WA — providing guaranteed revenue to the project, and which will be in addition to revenue from energy sales — Bell Potter and Euroz Hartleys have initiated on the company. Bell Potter – $0.50/share target – "We initiate coverage with a BUY recommendation and a $0.50/ price target, seeing upside from: 1/ The company owns a strategically important site with approvals, access to the grid and land for later expansion. 2/ WA sees a structural shortage of energy supply at peak demand, as coal is retired. 3/ Average and peak prices have been rising. 4/ FHE has secured RCM credits worth $32m/yr, underpinning the project. 5/ There is considerable scope for more grid batteries to meet peak demand," analyst Marcus Barnard wrote. "Once operational, we expect that FHE’s Stage 1 project will generate $55m/yr of EBITDA from October 2027, with a long life of assets, low operating costs and a low cost of equity." Euroz Hartleys – $0.39/share target – "We initiate coverage with a Speculative Buy recommendation, given the outstanding financing and development risks, and a Price Target of $0.39/sh based on a risked, blended, fully-diluted/fully-funded Sum-of-the-Parts valuation," analyst Declan Bonnick wrote. "Post-financing and construction, we see the potential for FHE to trade on an attractive EV/EBITDA multiple, in-line with ASX renewables focussed peers; i.e. 20x steady state EBITDA ($55m p.a.), underwriting the current valuation upside. Currently trading at ~8x fully diluted Stage 1 EBITDA (incl. debt). Stage 2 to double EBITDA (~$100m) potentially 1-2yrs behind." ⬇️