Frontier Energy (FHE) H2 2024 earnings summary

Executive summary

• Focused on developing the Waroona Renewable Energy Project in Western Australia, targeting commercial operation in late 2027, with a 120MWdc solar facility and 80MW battery.

• Completed an updated Definitive Feasibility Study (DFS) in December 2024, confirming project profitability, reducing capital expenditure by $21 million (7%), and targeting $65 million average annual revenue and $57 million EBITDA over the first decade.

• Impaired the Superior Lake Zinc and Copper Project by $14.9 million due to a shift in focus to renewables.

Financial highlights

• Net loss for the year ended 31 December 2024 was $18,122,872, including $14,899,169 impairment of exploration and evaluation assets and $380,692 impairment of property, plant and equipment.

• Cash and cash equivalents at year-end were $14,334,978, up from $11,573,748 in 2023.

• Net assets at year-end were $81,271,776, down from $83,441,151 in 2023.

• Issued 67,016,538 shares at $0.25 per share for gross proceeds of $16,754,134 to fund project development.

Outlook and guidance

• Advancing multiple financing options for the Waroona Project, including power purchase agreements and government schemes, after loss of Reserve Capacity Credits and termination of a major debt mandate.

• Continuing to pursue strategy to become a vertically integrated renewable energy company in Western Australia.