DRAFT

Zandkopsdrift - Africa’s leading Rare Earth project

February 2014

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 PEA (as defined below). The PEA is preliminary in nature, includes inferred mineral

resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and

there is no certainty that the PEA will be realized. A mineral reserve has not been estimated for the project as part of the PEA. 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).

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

Instrument 43-101 technical report entitled "Amended Independent Technical Report on the Results Of A Preliminary Economic Assessment of Frontier Rare Earths Limited's

Zandkopsdrift Rare Earths Project, located in the Northern Cape Province of South Africa" (the "PEA"), date March 30, 2012, and is available on SEDAR under the Company's

profile. 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.

2 │

Contents

Rare Earths –An Introduction

Frontier Rare Earths - Overview

Frontier’s Zandkopsdrift Rare Earth Project

Preliminary Economic Assessment

Zandkopsdrift - Project Development Plans

Kores Joint Venture

Peer Benchmarking

Summary and Management Bios

Appendices

3 │

Rare Earths - Overview

Series of 15 chemically similar elements that occur and are recovered together

Distribution of elements varies from deposit to deposit

Two distinct categories based on atomic weight: Light Rare Earths and Heavy Rare Earths

Each element has a range of distinctive physical properties which allow them to be used in a

variety of technological applications.

Magnetic, optical, electrical, catalytic and metallurgical

Rare Earths underpin the “green” technology economy

Hybrid motor and battery technology

Energy efficiency

Wind power

Consumer electronics

Defence

Transport

Most have no substitutes and are indispensable in many applications

4 │

Rare Earth Application Structure

Rare Earths – Usage by Application Rare earth consumption can be divided into traditional field and new material field

Traditional field - metallurgy / machinery, petroleum / chemicals, glass / ceramics, agriculture / light industry /

textile, etc.,

New material field - permanent magnet materials, luminescent materials, polishing materials and hydrogen

storage materials.

In recent years, driven by downstream demand, the new material field has witnessed rising consumption of rare earths

Source: ResearchInChina– China Rare Earth Industry Report

5 │

In 2015, the forecast

demand for rare earths

from new materials will

account for circa 80% of

the total application

demand, of which,

magnetic materials will

comprise the largest

component at over 61%.

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% griculture / Light Industry / Textile, 3.5%

Rare Earths – Key Applications

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

6 │

Catalysts

Defence

Glass & Polishing

Metal Alloys

Phosphors

Magnetics

Ceramics

NimH Batteries

Fuel Cells

Steel

Super Alloys

Aluminium / Magnesium

Petroleum Refining

Catalytic Converter

Fuel Additives

Chemical Processing

Air Pollution Controls

Satellite Communications

Guidance Systems

Aircraft Structures

Fly-by-Wire

Smart Missiles

Polishing Compounds

Pigments & Coatings

UV Resistant Glass

Photo-Optical Glass

X-Ray Imaging

Display phosphors - CRT, LPD, LCD

Fluorescent Lighting

Medical Imaging

Lasers

Fibre Optics

Capacitors

Sensors

Colorants

Scintillators

Refractories

CREOs

HREOs

LREOs

Nd Pr La, Ce, Pr Ce, Pr La, Ce, Pr Nd, Y Tb, Dy

La, Ce, Pr Nd Gd, Er, Ho

Nd

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

Nd, Eu, Tb, Y Er, Gd

Rare Earth Supply and Demand to 2020

Source: IMCOA

Note: Frontier assumes 2017-2020 straight line growth to mid-point 2020 IMCOA estimate and China maintains current stated supply cap

7 │

Widening

supply gap to

be met by new

non-Chinese

supply?

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

220,000

240,000

2005 2006 2007 2008 2009 2010 2011 2012 2013f 2014f 2015f 2016f 2017f 2018f 2019f 2020f

China Supply Global Demand

Tonnes

Benchmarking Rare Earth Projects

Rare earths are comprised of light and heavy elements, however

the use of “light vs. heavy” ratios is very misleading and should

not be the metric to rank/rate RE projects

Ratios do not reflect grade or value and is a flawed metric

Not all LREOs are “bad” (low value & in oversupply)

There are 4 LREOs - 2 are critical for magnets (Nd & Pr)

Not all HREOs are “good” (high value & in undersupply)

There are 11 HREOs - 4 are critical for magnets (Nd, Pr, Dy & Tb)

and 3 for phosphors (Tb, Eu & Y)

5 - negligible value as they are produced and used in limited

quantities (Ho, Er, Tm, Yb & Lu)

2 - non-critical and have relatively low values (Sm & Gd)

A better metric than a HREO/LREO ratio is needed

8 │

Rare Earth Oxide REO price *

($/kg)

LR

EO

Lanthanum $6

Cerium $6

Praseodymium $118

Neodymium $68

Samarium $9

HR

EO

Europium $975

Gadolinium $47

Terbium $825

Dysprosium $465

Holmium $0

Erbium $0

Thulium $0

Ytterbium $0

Lutetium $0

Yttrium $22

* Metal-Pages 1 January 2013

A better benchmark - Critical Rare Earth Oxides (CREOs) Of the 15 elements there are 5 CREOs - Neodymium, Europium, Terbium, Dysprosium and Yttrium (Nd, Eu, Tb, Dy & Y)

Neodymium (Nd) is the largest of the CREOs by value and volume

A deposit with a high proportion of CREOs could have a very low grade, and as a result be less attractive and produce less

CREOs than a deposit that has a lower proportion of CREO but a higher overall TREO grade

Some “LREO projects” will produce more CREOs/t ore processed than certain high profile, so called “HREO projects”

Absolute CREO grade and projected CREO production levels ($m) provide more meaningful metrics to compare Rare Earth

projects and a better benchmark with which to rate these projects

Source: US Dept. of Energy

9 │

Criticality of CREOs is

based on their importance

to sustainable clean

energy and the supply

risk of such elements over

the short (0-5yrs) and

medium term (5-15yrs)

Frontier Rare Earths - Overview

Flagship asset is the Zandkopsdrift Rare Earth project in South Africa

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

Preliminary Economic Assessment

confirms Zandkopsdrift’s potential to become a major producer of separated rare earth oxides

NPV11% of $3.7bn generating a post-tax IRR of 53% and 2 year payback

Pre-feasibility Study well advanced stage with Definitive Feasibility Study scheduled to commence

later in 2014

Strategic Partnership signed with Korea Resources Corporation

Frontier is the only rare earth junior advancing a major rare earth resource with a definitive strategic

partnership agreement in place

Initial Kores investment of $23.8m for 10% interest (December 2012)

Kores option to acquire up to a total 50% interest in Zandkopsdrift if arranges project finance for

development and provides 50% of equity required

Strong financial position: c.$36m cash and fully funded through completion of PFS and DFS

Listed on the Toronto Stock Exchange

Experienced Board, management and technical teams

10 │

Corporate Information

TSX: FRO / US: FREFF

Shares Outstanding: 89.6m

Market Cap c.$34m

Recent Share Price $0.40

(52 week hi/low $0.96 - $0.28)

Working Capital c.$36m(no debt)

Research Coverage:

Euro Pacific Capital

Cormark Securities

11 │

Frontier Relative Share Price (rebased)

The Zandkopsdrift Rare Earth Project Well-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 development in local communities

Frontier controls mineral rights over c.60,000ha in the

Zandkopsdrift area

12 │

Cape Town – a first world destination

Satellite Image of Zandkopsdrift Carbonatite

13 │

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)

Zandkopsdrift Deposit

14 │

The Zandkopsdrift Deposit

The biggest intrusion in a complex of carbonatite intrusions

One of the largest known rare earth deposits, containing approx. 950k tonnes TREO

Contains significant high grade zones extending from surface that will allow preferential mining

The majority of rare earths in Zandkopsdrift (~ 97%) are contained in monazite

Proven commercial extraction processes exist

Metallurgical test work optimisation on going in Canada, Australia, South Africa, Korea and China

Rare earth minerals in many other new RE projects by contrast have never had commercial processes

developed, which will increase their development time, cost, and process risk

Attractive distribution of CREOs and very low radioactivity

Potential for rapid development and production start-up

Good regional infrastructure available (road, rail, power and water) will also facilitate development

Targeting annual production of 20,000 tonnes of separated rare earth oxides (at full production utilizing

two lines of 10,000 tpa to be developed on a phased basis)

15 │

Geological Interpretation

16 │

The Zandkopsdrift deposit is a REE enriched carbonatitic breccia pipe

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

Extensive drilling in excess of 20,000 meters completed

313 boreholes drilled for a total of 21,037 meters

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

Very good understanding of geology and controls on mineralisation

Series of vertical to sub vertical RE-enriched dykes (“REDs”) intruded into a RE bearing carbonatitic

phlogopite breccia phase (“CPB”)

The CPB and REDs have undergone several stages of alteration and deep weathering resulting in

the development of supergene enriched high grade REE-bearing horizons from surface to 80-100m

depth

Geologically similar to Lynas’ Mount Weld deposit in Australia

Geological and Resource risk removed

No additional drilling planned or required before completion of Definitive Feasibility Study

Zandkopsdrift Geological Map and Drill Locations

17 │

Assay results from final

phase of resource drilling

(14,200 meters drilling) to

be incorporated into a

revised resource estimate

for PFS, and will upgrade

the majority of the

resource into the

Measured and Indicated

resource categories

Zandkopsdrift Resource Estimate

Large, high confidence resource estimate (c.950k tonnes TREO) with c.80% of the contained TREO at

the Indicated Resource level

Final phase of resource drilling (14,200 meters) at Zandkopsdrift completed and will advance majority of

the resource into the Measured and Indicated categories and PFS will convert such resources to Proven

and Probable reserves

Relative distribution of REOs in Zandkopsdrift is shown on page 46.The resource estimate is NI 43-101 compliant and presented in accordance with CIM definitions The mineral resource

estimates reflect 100% of the estimated resources at Zandkopsdrift. Frontier’s 64% owned subsidiary, Sedex, has complied with the BEE equity ownership requirements as laid down by the

Mining Charter and MPRDA, through shareholder agreements with historically disadvantaged South African individuals and entities that together hold the remaining 26% of the issued share

capital of Sedex. In addition to Frontier’s direct interest in the Zandkopsdrift Project through its 64% shareholding in Sedex, Frontier shall also be entitled to, in consideration for Frontier’s

funding of the BEE Shareholders’ share of Sedex’s expenditure on the Zandkopsdrift Project up to bankable feasibility stage, a payment from certain of the BEE Shareholders following the

completion of the bankable feasibility study equal to 21% of the then valuation of the Zandkopsdrift Project. This gives Frontier an effective 85% interest in the Zandkopsdrift Project until

such payment has been received.

18 │

Resource Estimate

Zandkopsdrift PEA Resource Block Model

19 │

Zandkopsdrift Sample Geological Section

20 │

7.98% TREO over 16 meters

with 17.98% TREO over 1 meter

Weathered CPB intruded by weathered RE enriched REDs

21 │

Weathered CPB

1-3% TREO

Weathered REDs

6-8% TREO

Contact Between REDs and CPB in Bulk Sample Trench

22 │

Weathered REDs

4-5% TREO

Weathered CPB

1-3% TREO

Bulk Sample Trench for Pilot Testwork (2012)

23 │

Average XRF TREO grade of 3% for 174 metre trench

Preliminary Economic Assessment – Financial Highlights*

24 │

Post-Tax NPV & IRR

Post-Tax Net Present Value @ 11% discount rate $3.65bn

NPV attributable to Frontier Rare Earths $3.60bn

Post -Tax Internal Rate of Return 52.5%

Pre -Tax NPV & IRR Pre-Tax Net Present Value @ 11% discount rate $4.3bn

Pre-Tax Internal Rate of Return 57.6%

Revenue and Cashflow Average annual revenue $1.1bn

Annual after-tax free cashflow in full production $711m

Capital Expenditure

Total construction Capex excluding contingencies $910m

Start-up costs excluding contingency $27m

Project payback from commencement of full production 2 years

Revenue/kg and cost/kg

xSeparated REO

“Basket price” per kg of separated REO from Zandkopsdrift $58.23

Total cash operating cost/kg separated REO incl contingency $15.04

* The PEA is preliminary in nature. Please refer to safe-harbour statement at beginning of this presentation

Location of Zandkopsdrift Project Components

25│

Saldanha Bay Rare Earth

Separation Plant-20,000 tonnes

TREO p.a. target full production

Mixed rare earth carbonate

transported 300kms by road (N7)

to Saldanha Bay

Mining, flotation and cracking

plants to produce mixed rare

earth carbonate

Zandkopsdrift Preliminary Mine Pit Design (looking southwest)

26 │

- Life of mine increased to 30+ years in current mine design

- A low average stripping ratio of 1:1

- Three stage pit development: pit 1 for first 9 years, push

back (pit 2) for the next 8 years and push back (pit 3) for

the following 17years

Pit Dimensions (approx.)

East -West extent 830m

North-South extent 900m

Maximum no. benches planned 12

Zandkopsdrift Mine Detailed Layout (PEA)

27 │

Zandkopsdrift Mine Acid Cracking Plant –

Metallurgical flow sheet (PEA)

28 │

Saldanha Bay- Separation Plant Location

29 │

Sichen to Saldanha iron ore export rail line

Exxaro ilmenite smelter-Saldanha Bay Arcelor Mittal Saldanha Steel Works

Saldanha Port

Saldanha Bay Industrial Development Zone

30 │

Rare Earth Separation Plant Location and Layout (PEA)

31 │

Saldanha Separation Plant-Metallurgical Flow Sheet (PEA)

32 │

Environmental Impact Assessments

Preliminary Environmental Assessments completed

Botany

Archaeology

Air and water quality

Human health risk and radiology impact

Uranium and Thorium are at very low levels

Although the rare earths at Zandkopsdrift are contained (97%) in monazite the grades of

both uranium (60-70ppm) and thorium (215-235ppm) are unusually low

Uranium and thorium removed by precipitation and disposed to double-lined tailings

disposal facility at Zandkopsdrift

Environmental studies concluded that “the environmental impact of the radionuclides will

be negligible”

33 │

5,083

8,833

910

3,154

462 118 288 34 154

814

4,274

-

2,000

4,000

6,000

8,000

10,000

To

nn

es p

er

An

nu

m

Projected Output of Separated Rare Earths

34│

Based on 20ktpa TREO target output at full production

*Revenue contributions are calculated using FOB China prices from Metal Pages as at 1 January 2014

No value is attributed to the five heavy rare earths from Holmium to Lutetium

CREOs comprise

22% of projected

output by volume,

but would contribute

circa 70% of project

revenue*

Ce and La would

contribute only 13%

of potential project

revenue, so the

Zandkopsdrift overall

economics are not

greatly sensitive to

their prices

Production – tonnes per annum

Relative contribution to revenue

4.5% 8.1%

14.6%

35.2%

0.6%

17.1%

1.9% 4.4%

11.2%

2.5%

70.4%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

Co

ntr

ibu

tio

n t

o v

alu

e

Zandkopsdrift Current Estimated Project Timeline

35 │

PEA Resource

2011 2012 2013 2014 2015

PFS/DFS Resource

PEA

Pre Feasibility

Study

Definitive

Feasibility Study

Financing

Construction

Production

Start-up

2016 2017

Korea Resources Corporation

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

Objective of becoming a global top 20 mining company by 2020, principally through international

investments and joint ventures

Policy mandate to further Korea's access to strategically important mineral resources

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 source of their future rare earth supply

“In order to support Korea’s high technology, automotive and other industries, the development of

Zandkopsdrift will be a strategic priority project for the KORES Consortium and a critical element of

KORES’ efforts to secure a long term, stable source of rare earth supply for Korean industry.”

Shin-Jong Kim, Kores President and CEO

36 │

Frontier - KORES Joint Venture Summary

KORES acquired initial 10% interest in Zandkopsdrift for $23.8m in cash - December 2012

On completion of a positive Definitive Feasibility Study on Zandkopsdrift:

Kores may increase participation up to a 50% interest* in Zandkopsdrift, together with an

off-take right and obligation for up to 50% of production from Zandkopsdrift (the “50% Option”)

Kores required to arrange project finance for entire Zandkopsdrift development on best

available market terms and, provide its pro rata equity funding for the portion of

Zandkopsdrift development costs not covered by the project finance

Kores will provide technical and operating support for the design, construction and

operation of the Zandkopsdrift facilities

Frontier and Kores will cooperate in relation to downstream opportunities in the area of

rare earth metals, alloys and magnets

Frontier may introduce an Alternative Strategic Partner into

Frontier/Zandkopsdrift prior to the exercise of the option by Kores

and in such event the 50% Option will be cancelled

Zandkopsdrift is Kores’ only investment in a rare earth mine

development worldwide *Full details of the Frontier Kores JV are in the news release dated 23 Oct 2012

37 │

Benchmarking RE Projects - Absolute CREO Grade is Key

The use of relative grades (% HREO or % LREO or % CREOs) can be misleading

Absolute grade is more important than relative distribution

A deposit with a high proportion of CREOs could have a very low grade, and as a result be less

attractive and produce less CREOs than a deposit that has a lower proportion of CREO but a higher

overall TREO grade

Some “LREO projects” will produce more CREOs/t ore processed than certain high profile, so called

“HREO projects”

Absolute CREO grade and projected CREO production levels ($m) provide more meaningful

metrics to compare Rare Earth projects and a better benchmark with which to rate these projects

It is also useful to further break down CREOs into:

Magnet CREOs (MCREOs) – Nd, Tb, Dy

Phosphor CREOs (PCREOs) – Eu, Tb, Y

38 │

Rare Earth Oxide REO price

($/kg)**

Frontier Rare

Element Arafura Avalon Quest Tasman Matamec

Zandkopsdrift Bear Lodge Nolans Bore Nechalacho Strange

Lake Norra Karr Kipawa

LR

EO

Lanthanum $6 0.70% 0.80% 0.50% 0.20% 0.13% 0.06% 0.06%

Cerium $6 1.22% 1.31% 1.28% 0.46% 0.27% 0.14% 0.13%

Praseodymium $118 0.13% 0.15% 0.16% 0.06% 0.03% 0.02% 0.02%

Neodymium $68 0.44% 0.54% 0.54% 0.23% 0.11% 0.07% 0.06%

Samarium $9 0.06% 0.08% 0.06% 0.04% 0.02% 0.02% 0.01%

HR

EO

Europium $975 0.02% 0.02% 0.01% 0.00% 0.00% 0.00% 0.00%

Gadolinium $47 0.04% 0.04% 0.03% 0.03% 0.02% 0.02% 0.01%

Terbium $825 0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00%

Dysprosium $465 0.02% 0.01% 0.01% 0.02% 0.03% 0.03% 0.02%

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

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

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

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

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

Yttrium $22 0.11% 0.03% 0.04% 0.08% 0.23% 0.21% 0.09% Total – TREO 2.77% 3.00% 2.63% 1.15% 0.90% 0.60% 0.42%

Total – HREO 0.28% 0.20% 0.15% 0.20% 0.36% 0.32% 0.15%

Total – CREO 0.59% 0.60% 0.60% 0.33% 0.38% 0.31% 0.17%

Total – MCREO 0.46% 0.55% 0.55% 0.25% 0.15% 0.10% 0.08%

Total – PCREO 0.13% 0.05% 0.05% 0.08% 0.24% 0.21% 0.09%

In Situ REO Grade of Advanced Western Deposits

39 │

* No value attributed to Holmium, Erbium, Thulium, Ytterbium and Lutetium as these elements have small markets, are typically produced to order and do

not have regularly published prices.

** REO prices from Metal Pages 1 January 2014.

*** Data for peers is sourced from various documents. Please refer to safe harbour statement at beginning of this presentation.

Potential Western CREO Production

40│

- Based on REO prices from Metal Pages in 1 January 2014

- Assumes all project’s production distribution equals their in-situ distribution except Avalon where c.50% of HREO are not extracted under current flowsheet

- Data for peers is sourced from various documents. Please refer to safe harbour statement at beginning of this presentation

- At full production

- Quest, Tasman, Rare Element and Matamec will produce an intermediate rare earth product and not separated rare earth oxides

Frontier would be the second

largest producer of CREOs by

value of any of the current or

leading prospective RE

producers outside China,

including Lynas and Molycorp

Note: Columns with solid

colours indicate projects

where the contained RE

minerals have a commercially

proven extraction process

0

20

40

60

80

100

120

Quest Frontier Lynas Arafura Tasman Avalon RareElement

Matamec Molycorp

Relative CREO value per annum

Potential Western MCREO and PCREO Production

41│

- Based on REO prices from Metal Pages in 1 January 2014

- Assumes all projects production distribution equals their in-situ distribution except Avalon where c.50% of its HREO will not be extracted under current flowsheet

- Data for peers is sourced from various documents. Please refer to safe harbour statement at beginning of this presentation

- At full production

Frontier would be the third

largest producer of MCREO and

second largest producer of

PCREO by value of any of the

current or prospective RE

producers outside China,

including Lynas and Molycorp

0

20

40

60

80

100

120

140

160

Quest Arafura Frontier Lynas Tasman Avalon Matamec Molycorp RareElement

Relative MCREO value per annum

0

20

40

60

80

100

120

Quest Frontier Lynas Tasman Arafura RareElement

Avalon Matamec Molycorp

Relative PCREO value per annum

Frontier Peer Comparison - Summary

42 │

Company Lynas Molycorp Frontier Avalon Arafura Rare Element Quest Tasman Matamec

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

Lake Norra Karr Kipawa

Location Australia California South Africa NW Territories Australia Wyoming Quebec Sweden Quebec

Est. Tonnes p.a. 22kt 19kt 20kt 10kt 20kt 10kt 12kt 6kt 5kt

Rare Earth Product Separated

REO

Separated

REO

Separated

REO

Separated

REO

Separated

REO Concentrate Concentrate Concentrate Concentrate

Stage in process Production Production PFS DFS PFS PFS PFS PFS DFS

Primary RE Mineral Monazite Bastnaesite Monazite Fergusonite Fluorapatite &

Cheralite

Ancylite &

Bastnaesite Kainosite Eudialyte

Eudialyte &

Mosandrite

Industry Partner Yes No Yes No No No No No Yes

Start-up year (est.) 2012/13 2012/13 2017 2018 Unknown 2018 2018 Unknown 2017

Cash/(Net Debt) est. ($317m) ($1182m) $36m $10m $22m $30m $11m $4m $1m

Market Cap (Jan 2014) $647m $1261m $34m $62m $32m $81m $35m $97m $14m

Enterprise Value ($m) $964m $2443m $-2m $52m $10m $51m $24m $93m $13m

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

Summary

Zandkopsdrift is a high quality rare earth deposit

high grade, attractive REE and CREO distribution, large tonnage, on surface, low radioactivity

Well positioned to become the next major western producer of separated rare earth oxides

Only advanced RE junior with proven metallurgy

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

One of the largest potential producers of CREOs outside of China

Experienced management and technical teams

Strong financial position ($36m in cash) and fully funded to complete PFS and DFS

Share price trading at significant discount to peers and share buyback in progress

For further information visit www.frontierrareearths.com

43 │

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 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 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.

44 │

Appendices

45│

Zandkopsdrift Relative Rare Earth Distribution

Element

Tonnes

Relative Distribution

Lanthanum 240,833 25.37%

Cerium 418,225 44.06%

Praseodymium 43,870 4.62%

Neodymium 150,723 15.88%

Samarium 21,538 2.27%

Europium 5,597 0.59%

Gadolinium 13,441 1.42%

Terbium 1,570 0.17%

Dysprosium 7,364 0.78%

Holmium 1,230 0.13%

Erbium 3,015 0.32%

Thulium 377 0.04%

Ytterbium 2,090 0.22%

Lutetium 283 0.03%

Yttrium 39,145 4.12%

TTt 949,301 100.00%

46│

47│

Planned Rare Earth Product Specifications and Quantities*

Note:

* Based on recovery in line with in situ distribution and 20,000 tpa production

** Didymium tonnage includes respective percentages of praseodymium and neodymium

*** To be sold together or separated to order

Product Purity Proportion of output Tonnes per annum *

Lanthanum 2N-3N 75% 3812

5N 25% 1271

Cerium

2N 30% 2650

3N 30% 2650

3N5 40% 3533

Praseodymium 3N 50% 455

to Didymium 50% 455

Neodymium 3N 55% 1735

to Didymium 45% 1419

Didymium ** 2N 100% 1874

Samarium 2N-3N 100% 462

Europium 4N 100% 118

Gadolinium 2N-3N 100% 288

Terbium 4N 100% 34

Dysprosium 3N 100% 154

Yttrium 5N 100% 814

Holmium, Erbium, Thulium, Ytterbium & Lutetium *** 100% 150

Potential Western CREO Production (tonnes/annum)

48 │

Notes:

No value attributed to Holmium, Erbium, Thulium, Ytterbium and Lutetium as these elements have small markets, are typically produced to order and do not have regularly published prices.

* Assumes all projects production distribution equals their in-situ distribution except Avalon which has recently announced that 50% of its HREO cannot be extracted using their current process.

Molycorp is currently not separating its HREO, however analysis above assumes it does so.

Data for peers is sourced from various documents. Please refer to safe harbour statement at beginning of this presentation

Rare Element, Quest,Tasman and Matamec do not currently plan to produce separated rare earth oxides

Rare Earth Oxide

Lynas Molycorp Frontier Rare

Element Arafura Avalon Quest Tasman Matamec

Mt Weld Mtn Pass Zandkopsdrift Bear Lodge Nolans Bore Nechalacho Strange

Lake Norra Karr Kipawa

Lanthanum 5,245 6,310 5,083 2,775 3,807 1,896 1,350 668 541

Cerium 10,468 9,320 8,833 4,544 9,747 4,371 3,850 1,503 1,049

Praseodymium 1,130 810 910 520 1,218 544 460 191 131

Neodymium 3,979 2,286 3,154 1,873 4,112 2,125 1,400 755 482

Samarium 543 145 (1) 462 277 457 209 * 200 199 113

Europium 113 26 (1) 118 69 76 25 * 13 25 15

Gadolinium 249 43 (1) 288 139 213 172 * 360 211 115

Terbium 23 3 (1) 34 0 17 23 * 80 42 22

Dysprosium 45 10 (1) 154 35 70 100 * 600 283 144

Other 589 162 (1) 612 341 0 310 * 1,060 652 233

Yttrium 158 29 (1) 814 104 281 433 * 4,250 2,307 913

Total – TREO 22,000 19,000 20,000 10,400 20,000 10,000 13,623 6,637 3,758

Total – HREO 1,177 274 2,020 688 1,115 1,064 6,563 3,520 1,555

Total – CREO 4,318 2,356 4,274 2,081 4,557 2,706 6,343 3,412 1,576

Total – MCREO 4,047 2,300 3,342 1,908 4,199 2,248 2,080 1,080 648

Total – PCREO 294 59 966 173 375 481 4,343 2,374 950