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.

1. DRAFT
Developing Zandkopsdrift- a world-class rare earth deposit
James Kenny
June 2011 Chief Executive Officer
Frontier Rare Earths Limited
TSX:FRO

2. Safe Harbour Statement
Forward-looking information
Certain 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 to
questions 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 assumptions
that may cause the actual results, performance or achievements of the Company, or developments in the Company‟s
business or its industry, to differ materially from the anticipated results, performance, achievements or developments
expressed or implied by such forward-looking statements. Forward-looking statements are based on management‟s beliefs
and opinions at the time the statements are made or presented, and undue reliance should not be placed on any of these
forward-looking statements. There should be no expectation that these forward-looking statements will be updated or
supplemented as a result of changing circumstances or otherwise, and the Company does not intend, and does not assume
any obligation, to update these forward-looking statements.
June 2011
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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
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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)
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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% 532
Inferred Resource 1% 20.8 1.99% 415
1. Relative distribution of individual REOs in Zandkopsdrift is shown on page 19.Resource is NI 43-101 compliant and presented in accordance with CIM definitions
2. 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.
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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 2011
3. 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 completion
Metallurgy:
 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
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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 Nolan's 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)
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21. Project Comparison on an Equivalent Grade Basis
Neodymium 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 Weld
The 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 only
b) Assumes 100% metallurgical recovery
c) Based on the REO distributions and grades as set out in slide 19
d) Based on average REO prices from 2008-2010 as set out in slide 19
e) Only projects with > 200 kt TREO calculated on code compliant basis included
f) Non-REO by products excluded
21 │

22. Potential Capital Cost
Cost Drivers Frontier‟s position
Size 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 climate
Available Infrastructure Zandkopsdrift is located in South Africa‟s oldest mining province, close to transport and other relevant infrastructure
Mining method As the Zandkopsdrift deposit outcrops, it could be mined on an open pit basis with a low/zero strip ratio
Ore type and process complexity The principal Rare Earth host mineral at Zandkopsdrift is monazite for which commercial extraction processes exist
Rare 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 Nolan's
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
Neodymium
Revenue 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 Massive
Principal Under-
Mining method Open Pit Open Pit Open Pit Open Pit Open Pit Open Pit Open Pit
ground
time 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
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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
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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 investors
and potential customers
 Strong financial position and work programme fully funded
 Trading at significant discount to peers
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26. DRAFT
Appendices

27. Senior Management Team
Management team with extensive experience of exploration and development of mineral
projects 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 Frontier's 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 Directors
Philip Kenny B Eng. MBA (Chairman) Anu Dhir B.A., J.D.
(UK) (Canada)
25 years experience in natural resource sector. Former VP Corporate Development and
Executive 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 Resources
with operating kimberlite mines in Botswana and Corporation and Non-executive Director of
Lesotho. 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, the
years experience as an exploration manager, largest integrated financial services company in
geologist, consultant and senior lecturer. Former South Africa. Chairman of the Old Mutual
President of the Irish Association for Economic Foundation, founding Chairman of Foodbank
Geology and member of the Consultative South Africa and Non-executive Director of
Committee 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 Glass
Source: 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 demand
Source: 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│