Frontier Energy (FHE) H2 2025 earnings summary

Executive summary

• Operates large-scale renewable energy projects in Western Australia, notably the Waroona Renewable Energy Project, and retains a zinc and copper project in Canada.

• Completed updated feasibility studies, secured key permits, and advanced grid connection and capacity credit processes for Waroona.

• Raised $11.5 million in December 2025 via share placement to fund ongoing development.

• Fully impaired the Superior Lake Zinc Project in Canada due to market conditions and lack of exercised option.

Financial highlights

• Net loss for the year ended 31 December 2025 was $5,167,709, including a $1,355,358 impairment of exploration and evaluation assets.

• Cash and cash equivalents at year-end were $5,587,807, down from $14,334,978 in 2024.

• Net assets increased to $84,795,932 from $81,271,776 year-over-year.

• No dividends declared or paid for 2025.

Outlook and guidance

• Expects to generate approximately $32 million annually from capacity credits for Waroona Stage One over five years, subject to meeting obligations.

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