Frontier Energy (FHE) Investor Presentation summary

Project overview and market context

• Waroona Renewable Energy Project Stage One targets 120MW solar and 80MW/380MWh battery, development-ready with all key permits secured.

• Project is located in industrial Western Australia, with strong grid connection and major expansion potential.

• Market fundamentals for grid-connected electricity are robust, with record high energy prices and increasing demand.

• Electrification trends and government decarbonisation targets are driving further demand for renewables.

Financial highlights and feasibility

• Initial capex reduced by $21 million (7%) to $282 million due to lower equipment prices, not cost cutting.

• Project forecasts average annual EBITDA of $57 million over the first decade, with a six-year payback and 15.3% post-tax IRR.

• NPV (7%) estimated at $244 million, with conservative revenue assumptions providing upside potential.

• Life of operation is 30 years, with first-year energy production of 258 GWh.

Funding and capital structure

• Multiple funding options are being advanced, including traditional banks, equipment finance, private credit, bonds, strategic investors, and public equity.

• Capital structure includes 513 million shares on issue, $14.5 million cash (Nov 2024), and a market cap of $70 million at $0.135/share.

• Ownership is diversified: retail (25%), management (12%), institutions (15%), and high-net-worth individuals (48%).