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Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
Frontier rare earths investor presentation june 2011
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Frontier rare earths investor presentation june 2011

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Frontier Rare Earths (TSX: FRO) is an exploration and development company that is exclusively focused on rare earth elements – minerals in high demand in the fast growing electronics and clean-tech …

Frontier Rare Earths (TSX: FRO) is an exploration and development company that is exclusively focused on rare earth elements – minerals in high demand in the fast growing electronics and clean-tech sectors.

Frontier is developing a portfolio of mineral exploration projects in South Africa. Extensive evaluation of its flagship project, Zandkopsdrift, has confirmed it as one of the largest known rare earth deposits in the world.

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  • 1. DRAFTDeveloping Zandkopsdrift- a world-class rare earth deposit James KennyJune 2011 Chief Executive Officer Frontier Rare Earths Limited TSX:FRO
  • 2. Safe Harbour StatementForward-looking informationCertain statements contained in or incorporated by reference into this presentation constitute “forward-looking statements”.Officers and representatives of Frontier Rare Earths Limited (the “Company”) may, in their remarks or in response toquestions regarding this presentation, make certain statements which are “forward-looking statements” and are prospective.Forward-looking statements are neither promises nor guarantees, but are subject to risks, uncertainties and assumptionsthat may cause the actual results, performance or achievements of the Company, or developments in the Company‟sbusiness or its industry, to differ materially from the anticipated results, performance, achievements or developmentsexpressed or implied by such forward-looking statements. Forward-looking statements are based on management‟s beliefsand opinions at the time the statements are made or presented, and undue reliance should not be placed on any of theseforward-looking statements. There should be no expectation that these forward-looking statements will be updated orsupplemented as a result of changing circumstances or otherwise, and the Company does not intend, and does not assumeany obligation, to update these forward-looking statements.June 2011 2│
  • 3. Company Overview Flagship asset is the Zandkopsdrift rare earth deposit  World-class deposit in terms of size, grade, rare earth distribution and value  B Zone has 3rd highest RE grade of major deposits worldwide (ex. China) after Lynas and Molycorp*  Significant resource expansion potential and regional exploration potential Potential for rapid development Straightforward metallurgy and rapid permitting Objective to become first major new producer after Lynas and Molycorp Strong financial position  $50m cash and Company fully funded through completion of DFS by end 2012 Experienced management team * See p11 3│
  • 4. Project Location ► Project well-situated in the Northern Cape Province of South Africa ► Excellent mining and related infrastructure available ► More than 150 years of mining locally ► Close to N7 highway from Cape Town (450 km) ► 30km to nearest railhead (Bitterfontein) ► 250km north of deep water port of Saldanha Bay ► Strong support in local communities for the development of the Zandkopsdrift 4│
  • 5. Project Area Zandkopsdrift Gravel road to N7 carbonatite complex N7 tarred road to Cape Town Exxaro Resources Namakwa Sands Mine (~45 km) Bitterfontein rail head (~44 km by road) 5│
  • 6. Zandkopsdrift Deposit 6│
  • 7. Project Overview A world-class rare earth deposit  Carbonatite complex similar to Lynas‟ Mount Weld deposit  Rare earth mineralization principally contained in monazite  One of the largest known rare earth deposits globally  NI 43-101 compliant resource declared in Oct 2010 (c.60% in the indicated resource category) High grade zones identified extending from surface  Significant high grade zones identified of which the Zandkopsdrift–B Zone ranks in top three deposits outside China measured on TREO grade basis*  The highest grade of high value HREO‟s of significant advanced deposits outside China after Molycorp‟s Mountain Pass and Lynas‟ Mount Weld projects* Potential for rapid development  Good regional infrastructure will also facilitate development  Aggressive drilling and met testing work programmes underway  Targeting production in 2015 making Frontier one of the early new producers after Lynas and Molycorp * See p11 7│
  • 8. Resource Estimate Large, high confidence resource (950k TREO) with 56% of the contained TREO resource at the Indicated Resource level The deposit contains large higher grade zones, and in particular, the Zandkopsdrift-B Zone (450k tonnes TREO), which could be exploited as a discrete unit Zandkopsdrift remains „open‟ laterally and at depth giving scope for significant upgrading of the estimated resource Cut-off grade Tonnes Average Grade Contained TREO (TREO) (Millions) (TREO) („000 tonnes)Indicated Resource 1% 22.9 2.32% 532Inferred Resource 1% 20.8 1.99% 4151. Relative distribution of individual REOs in Zandkopsdrift is shown on page 19.Resource is NI 43-101 compliant and presented in accordance with CIM definitions2. The mineral resource estimates reflect 100% of the estimated resources at Zandkopsdrift. Frontier‟s 74% 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 74% 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 95% interest in the Zandkopsdrift Project until such payment has been received. 8│
  • 9. Total Resource – Indicated @ 2.32% TREO 9│
  • 10. Zandkopsdrift-B Zone (450k tonnes TREO) – Indicated @ 3.67% TREO Focus for first 12-15 years of production 10 │
  • 11. Zandkopsdrift-B Zone:3rd highest grade rare earth deposit outside of China Lynas Molycorp Frontier R.E.R. Arafura Frontier Frontier Avalon Quest Current REO ($/kg)2 Zandkops- Zandkops- Zandkops- Mt Weld Mtn Pass Bear Lodge Nolans Bore Nechalacho Strange Lake drift B-Zone drift A-Zone drift RE Oxide Lanthanum $148 2.03% 2.39% 0.93% 1.08% 0.55% 0.67% 0.55% 0.21% 0.13% Cerium $149 3.63% 3.44% 1.61% 1.63% 1.33% 1.16% 0.96% 0.46% 0.27% Praseodymium $239 0.40% 0.30% 0.17% 0.14% 0.16% 0.12% 0.10% 0.06% 0.03% Neodymium $319 1.39% 0.82% 0.58% 0.41% 0.59% 0.41% 0.34% 0.23% 0.11% Samarium $129 0.20% 0.06% 0.08% 0.08% 0.07% 0.06% 0.05% 0.05% 0.02% Europium $2990 0.05% 0.01% 0.02% 0.02% 0.01% 0.02% 0.01% 0.01% 0.00% Gadolinium $175 0.12% 0.01% 0.05% 0.04% 0.03% 0.04% 0.03% 0.05% 0.02% Terbium $2910 0.01% 0.00% 0.01% 0.01% 0.00% 0.00% 0.00% 0.01% 0.01% Dysprosium $1485 0.05% 0.00% 0.03% 0.01% 0.01% 0.02% 0.02% 0.04% 0.03% Yttrium $175 0.17% 0.00% 0.15% 0.03% 0.04% 0.11% 0.09% 0.15% 0.23% 1Erbium to Lutetium $0 0.20% 0.01% 0.18% 0.03% 0.04% 0.13% 0.10% 0.19% 0.28% Total 8.08% 7.04% 3.65% 3.45% 2.79% 2.63% 2.16% 1.30% 0.90% “Big 5” Grade 1.89% 1.13% 0.80% 0.59% 0.78% 0.57% 0.47% 0.34% 0.18%1. No value is attributed to Holmium, Erbium, Thulium, Ytterbium and Lutetium as these elements have small markets, are typically produced to special order and do not have a regularly published price.2. Metal Pages June 9 20113. Peer group only includes advanced rare earth projects/deposits with >200k TREO calculated on a code-compliant basis 11 │
  • 12. Significant Resource Expansion Potential Primary target areas based on radiometrics 12 │
  • 13. Deeper Exploration Targets also identified 13 │
  • 14. Operational Update and Drilling Programme 2011►Four rigs currently on site►5700 meters completed in 2011 (end April)►9500 meters of RC and core drilling planned over the next 6 months to focus on: ►Geological controls ►Stratigraphic analysis ►Infill/resource conversion ►Step out / close out ►Satellite pipes►Metallurgical samples shipped to SGS Minerals Services for testing (April 2011) 14 │
  • 15. Metallurgical Sample Recovery (Feb 2011) Drill Sites for met sample recovery 15 │
  • 16. Key Project Milestones 2011-2012 Q3 2011: Target Preliminary Economic Assessment completion Q4 2011: Target Pre-feasibility study completion Q4 2012: Target Bankable feasibility study completionMetallurgy: Phase 1 bench-scale metallurgical studies (Q3 2011),phase 2 bench studies(Q4 2011) and initiate pilot plant metallurgical studies (Q1 2012)Exploration: Investigate the 30 satellite pipes around Zandkopsdrift and explore elsewhere in current 60,000 hectare permit Updated resource statement (Q4 2011) Secure new 75,000 hectare prospecting right in Namaqualand (application May 2010) Note : Frontier is fully funded for its Preliminary Economic Assessment, Pre-feasibility and Bankable Feasibility studies through 2012 16 │
  • 17. Project Development Plans 2013-2015 Conceptual development plan  Construction to commence in 2013  Rare earth production commencement in 2015  Target production of up to 20,000 tonnes separated Rare Earth Oxides per annum  Mining, flotation and potentially cracking plant on site at Zandkopsdrift  Rare earth separation plant to be sited at Saldanha Bay (250km south) Sichen to Saldanha Saldanha Port iron ore rail line Arcelor Mittal steel works Exxaro ilmenite smelter 17 │
  • 18. Rare Earth Metallurgy Metallurgy is key to development time, capex and opex for all RE projects RE minerals in many new projects have never had commercial processes developed for recovery of the contained rare earths Zandkopsdrift principally contains “conventional” RE minerals for which commercial extraction processes exist Very low levels of thorium (average 178ppm) and uranium (average 47ppm)  Will reduce environmental, permitting and related issues 18│
  • 19. Differing REO Prices and Distributions make Project Comparisons Difficult Rare Frontier Lynas Molycorp Element Arafura Avalon Quest Average Current price 1 price 2 Bear Nolans Strange RE Oxide ($/kg REO) ($/kg REO) Zandkops Mt Weld4 Mtn Pass Lodge Bore Nechalacho Lake Lanthanum $12 $148 25.42% 25.14% 34.00% 31.27% 19.78% 15.83% 14.44% Cerium $10 $149 44.17% 44.97% 48.80% 47.19% 47.63% 35.72% 30.00%LREO Praseodymium $29 $239 4.55% 4.90% 4.20% 4.05% 5.83% 4.51% 3.33% Neodymium $30 $318 15.77% 17.18% 11.70% 11.87% 21.24% 17.83% 12.22% Samarium $8 $129 2.31% 2.44% 0.79% 2.35% 2.37% 3.91% 2.22% Europium $494 $2990 0.59% 0.56% 0.13% 0.55% 0.40% 0.49% 0.00% Gadolinium $13 $175 1.44% 1.54% 0.21% 1.22% 1.00% 3.71% 2.22% Terbium $515 $2910 0.17% 0.17% 0.02% 0.17% 0.08% 0.54% 1.11% Dysprosium $148 $1485 0.77% 0.58% 0.05% 0.41% 0.33% 2.71% 3.33%HREO Holmium $0 $0 0.13% 0.08% 0.02% 0.03% 0.00% 0.48% 1.11% Erbium $0 $0 0.32% 0.22% 0.02% 0.06% 0.00% 1.26% 2.22% Thulium $0 $0 0.04% 0.02% 0.02% 0.00% 0.00% 0.17% 0.00% Ytterbium $0 $0 0.23% 0.09% 0.02% 0.03% 0.00% 1.01% 2.22% Lutetium $0 $0 0.03% 0.02% 0.02% 0.00% 0.00% 0.14% 0.00% Yttrium $18 $175 4.07% 2.08% 0.02% 0.81% 1.32% 11.69% 25.56% Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 1. Based on average FOB China prices for 2008-2010. Source: Roskill 2. Based on current FOB China prices. Source: Metal Pages June 9 2011 3. No value is attributed to Holmium, Erbium, Thulium, Ytterbium and Lutetium as they have small markets and are typically produced to special order and do not have regularly published prices. 4. Mount Weld distribution calculated as a weighted average of the Central and Duncan deposits 19 │
  • 20. Equivalent Grade-A Better Metric for Comparing Rare Earth Projects Simplistic LREO/HREO ratios or $/kg basket prices are misleading as they ignore absolute grade and also due to the wide range of individual rare earth prices Equivalent grade is a better metric  Allows standardised comparisons between multi-commodity deposits containing different distributions of minerals with different values.  Converts individual mineral grades into a single, dominant mineral grade  „Metal equivalent‟ grade commonly used in other multi-commodity deposit environments  Using three year historic average pricing data, neodymium is the largest or second largest revenue contributor in the majority of Frontier‟s peer group  Neodymium equivalent grade provides a direct proxy for in situ revenue per tonne and allows for a standardised relative ranking of rare earth projects  Approach endorsed by Ontario Securities Commission (October 2010) 20 │
  • 21. Project Comparison on an Equivalent Grade BasisNeodymium equivalent grade provides a relative ranking of deposits and is a proxy for In situ revenue/tonne Greenland Quest Avalon Frontier Frontier Arafura Rare Element Frontier Molycorp Lynas Kvanefjeld Str. Lake Nechalacho Zandkops Zandkops A-Zone Nolans Bear Ldg. Zandkops B-Zone Mtn. Pass Mt WeldThe following assumptions have been made in calculating Nd equivalent grades:a) Calculated on an oxide-equivalent basis. Data is for Measured and Indicated Resource, except for deposits which contain inferred resources onlyb) Assumes 100% metallurgical recoveryc) Based on the REO distributions and grades as set out in slide 19d) Based on average REO prices from 2008-2010 as set out in slide 19e) Only projects with > 200 kt TREO calculated on code compliant basis includedf) Non-REO by products excluded 21 │
  • 22. Potential Capital Cost Cost Drivers Frontier‟s positionSize of plant/economies of scale The anticipated plant size at the Zandkopsdrift project is of globally significant scale (20,000 tpa TREO)Geographic location South Africa is a mining friendly, lower cost jurisdiction with a benign (arid) year-round climateAvailable Infrastructure Zandkopsdrift is located in South Africa‟s oldest mining province, close to transport and other relevant infrastructureMining method As the Zandkopsdrift deposit outcrops, it could be mined on an open pit basis with a low/zero strip ratioOre type and process complexity The principal Rare Earth host mineral at Zandkopsdrift is monazite for which commercial extraction processes existRare Earth Grade & geological setting The deposit contains higher Rare Earth grade zones which should reduce throughput & capex to achieve target production Announced Rare Earth Project Capex costs (US$m) Potential Zandkopsdrift capex range * Includes capex for a 10ktpa mine & processing plant and 25ktpa separating plant ** Quest capex of $562m only brings product to a 99% mixed RE concentrate 22 │
  • 23. Comparative Valuation-Overview Rare Company Lynas Molycorp Frontier Element Arafura Avalon Quest Greenland Zandkops Zandkops Nolans Deposit Mt Weld Mtn Pass Zandkops Bear Lodge Bore Nechalacho Strange Lake Kvanefjeld B Zone A Zone NW Location Australia California South Africa Wyoming Australia Quebec Greenland Territories NeodymiumRevenue equivalent 5.23% 3.43% 2.38% 1.71% 1.41% 2.06% 1 1.74% 1.13% 0.76% 0.7% 3 driver grade Size of Resource 1.414 2.072 0.946 0.548 0.848 4.298 1.149 4.899 (TREO Mt) Market 2 $ 3,749 m $ 4,441 m $197m $ 412 m $ 390 m $ 565 m $ 347 m $ 151m Capitalisation BFS in Project stage Construction Construction PFS 2011 PFS 2011 PFS PFS 2011 PEA progress Deposit type Pipe Pipe Pipe Dykes Veins Tabular Veins MassivePrincipal Under- Mining method Open Pit Open Pit Open Pit Open Pit Open Pit Open Pit Open Pit groundtime and cost drivers Climate Arid Arid Arid Cold Arid Arctic Cold Arctic Infrastructure Poor Good Good Good Poor Poor Poor None 1. Measured and Indicated Resources shown where available; Inferred shown for projects with no M&I b) Assumes 100% metallurgical recovery 2. Market Capitalisations as at June 9 2011 c) Based on the REO distributions and grades in slide 19 3. These assumptions have been made in calculating Neodymium equivalent grades: d) Based on average REO prices for 2008-2010 in slide 19 a) Calculated on an oxide-equivalent basis e) Non-REO by-products excluded 23 │
  • 24. Capital Structure TSX:FRO (Listed November 17 2010) Shares Outstanding: 89,562,781 Fully Diluted Shares: 90,072,765 (June 1 2011) Market Cap $197m Share Price $2.20 (52 week high/low $3.75 -$1.97) Working Capital $50m (no debt) Research Coverage:  CIBC initiated coverage March 6 2011 - 12/18 month target price $7.30  Byron Capital initiated coverage March 17 2011 – 12/18 month price target $4.80  Jacob Securities initiated coverage June 8 2011 – 12 month price target $9.83 24 │
  • 25. Summary World-class, high grade rare earth deposit  Aggressive work programme underway with multiple defined milestones  Potential for lower cost, rapid development and early production (2015) Experienced management and technical team Location in South Africa attractive to industry partners, strategic investorsand potential customers Strong financial position and work programme fully funded Trading at significant discount to peers 25 │
  • 26. DRAFTAppendices
  • 27. Senior Management TeamManagement team with extensive experience of exploration and development of mineralprojects in Southern Africa, financing and corporate development James Kenny B Comm, MBS Paul McGuinness B Comm, ACA Chief Executive Officer Chief Financial Officer 20+ years experience in natural resources sector 15 years experience in investment banking and as an executive, adviser and broker. Centrally financial control with Arthur Anderson, Salomon involved in Frontiers corporate strategy and Brothers, Schroders, Collins Stewart and MG development activities since incorporation. Capital. Dr. Stuart Smith B Sc, PhD Derick de Wit B Tech, Chem. Eng. Vice President, Exploration Vice President, Project Development 30+ years experience in mineral exploration with 15 years experience in minerals industry. Has particular experience in rare earths, uranium, managed or prepared more than 30 independent base metals and diamonds. review, scoping, pre-feasibility and feasibility studies in Africa and Canada. 27 │
  • 28. Non-executive DirectorsPhilip Kenny B Eng. MBA (Chairman) Anu Dhir B.A., J.D.(UK) (Canada)25 years experience in natural resource sector. Former VP Corporate Development andExecutive Chairman, and former CEO of Company Secretary of Katanga Mining Limited.Firestone Diamonds plc, an AIM-listed diamond Managing Director of Miniqs Limited, Non-mining company focused on Southern Africa and executive Director of Anooraq Resourceswith operating kimberlite mines in Botswana and Corporation and Non-executive Director ofLesotho. Compass Asset Management.Eamonn Grennan B.Sc, M.Sc Crispin Sonn B.A., B.Comm(Ireland) (South Africa)Independent consulting geologist with over 40 Executive Director of Old Mutual South Africa, theyears experience as an exploration manager, largest integrated financial services company ingeologist, consultant and senior lecturer. Former South Africa. Chairman of the Old MutualPresident of the Irish Association for Economic Foundation, founding Chairman of FoodbankGeology and member of the Consultative South Africa and Non-executive Director ofCommittee of the Irish Geological Survey. Capespan (Pty) Ltd. 28 │
  • 29. 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 Underpin the “green economy”  Hybrid motor and battery technology  Energy efficiency  Wind power  Consumer electronics  Defence Most have no substitutes and are indispensable in many applications 29 │
  • 30. Rare Earths – Uses Biggest use is for magnets, phosphors and metal alloys and accounts for 82% of demand by value (2008) Value of RE usage by application 40% 37% 35% 31% 30% 25% 20% 15% 14% 10% 5% 5% 4% 4% 3% 2% 0% Magnets Phosphors Metal Alloys Catalysts Ceramics Polishing Other GlassSource: Roskill 30 │
  • 31. Rare Earths – Historical Supply China has dominated world rare earths supply since mid 1990‟s; currently controls 97% of supply No increase since 2005 despite steadily increasing demand China‟s supply dominance likely to continue Global Supply (tonnes REO) Source: Roskill 31 │
  • 32. Rare Earths – Supply/Demand Forecasts Demand projected to grow at 10-15% CAGR from 2010 to 2015 China‟s domestic demand continues to increase faster than its supply Supply deficit widely forecast  55kt of REO required from non-China sources by 2015, up from 5kt in 2010  Significant opportunity for new producers Global Supply and Demand (tonnes REO) 225,000 200,000 175,000 150,000 125,000 100,000 75,000 50,000 25,000 0 2004 2005 2006 2007 2008 2009 2010f 2011f 2012f 2013f 2014f 2015f China supply ROW supply China demand ROW demand Total demandSource: Roskill 32 │
  • 33. Recent Rare Earth Market Developments Chinese pricing and export policy changes dominate the rare earth market Significant increase in REO prices in last 12 months and continued price growth forecast Restructuring of Chinese export quota system likely to have significant price implications for certain rare earth prices China has confirmed only 15-20 years reserves of Heavy and Medium REOs and clear indications that it will be a net importer by 2015 Plans by countries including China, Japan, South Korea announced and more recently US and EU, to stockpile rare earths widely reported Major industrial users seeking to lock in long-term supply/partnership from credible potential producers 33 │
  • 34. Core Drilling at Zandkopsdrift 34 │
  • 35. Gradation from Weathered to Fresh Carbonatite Visible in Core Weathered Carbonatite High Grade Weathered Carbonatite Fresh Carbonatite 35 │
  • 36. „Satellite‟ Resource Expansion Potential 30 satellite intrusives already identified around Zandkopsdrift, a number of which are proven to be RE- bearing Zandkopsdrift Main Pipe 36│

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