Frontier Energy Limited · ASX:FHE
Frontier Energy — Investor Presentation (June 2026)
40 slides from Frontier Energy's investor presentation, Jun 4, 2026
Slide 1: Developing WA's largest hybrid renewable energy project
For personal use only Developing WA’s largest hybrid renewable energy project Developing WA’s largest hybrid renewable energy project Investor Presentation | June 2026
Slide 2: Important Notices and Disclaimer
Important Notices and Disclaimer This presentation (Presentation) has been prepared by Frontier Energy Limited (Frontier Energy, FHE or the Company). The Presentation has been prepared as at 3 June 2026 and statements are current only as at that date. NOT AN OFFER The information contained in the Pr
Slide 3: Important Notices and Disclaimer (cont.)
Important Notices and Disclaimer (cont.) ROUNDING and CURRENCY All numbers in this Presentation have been rounded. As a result, some total figures may differ insignificantly from totals obtained from arithmetic addition of the rounded numbers presented. All financial information is expressed in Aust
Slide 4: Equity Raising Overview
For personal use only EQUITY RAISING OVERVIEW Development ready solution for the energy transition DEVELOPMENT READY SOLUTION FOR THE ENERGY TRANSITION ASX: FHE | 4
Slide 5: Equity Raising Overview
Equity Raising Overview $110 MILLION EQUITY COMPONENT AS PART OF THE OVERALL FUNDING PACKAGE TO FULLY FUND STAGE ONE OF THE WAROONA RENEWABLE ENERGY PROJECT • The Company is conducting a fully conditional placement to institutional, professional and sophisticated investors to raise A$110.0 million v
Slide 6: Indicative Sources and Uses of Funds
Indicative Sources and Uses of Funds $110 MILLION EQUITY COMPONENT AS PART OF THE OVERALL FUNDING PACKAGE TO FULLY FUND STAGE ONE OF THE WAROONA RENEWABLE ENERGY PROJECT Key Contracts for Waroona Stage One Indicative Sources1 A$M • Engineering, procurement and construction (EPC) contract for Existin
Slide 7: Indicative Pro-forma Capital Structure
Indicative Pro-forma Capital Structure $110 MILLION EQUITY COMPONENT AS PART OF THE OVERALL FUNDING PACKAGE TO FULLY FUND STAGE ONE OF THE WAROONA RENEWABLE ENERGY PROJECT Notes to Capital Structure Indicative Capital Structure1 M A$M 1. The pro-forma capital structure is indicative only and may be
Slide 8: Indicative Timetable
Indicative Timetable $110 MILLION EQUITY COMPONENT AS PART OF THE OVERALL FUNDING PACKAGE TO FULLY FUND STAGE ONE OF THE WAROONA RENEWABLE ENERGY PROJECT Event Date1 Trading Halt Tuesday, 2 June 2026 For personal use only Announcement of the Placement and shares recommence trading on the ASX Thursda
Slide 9: Company Overview
For personal use only COMPANY OVERVIEW Development ready solution for the energy transition DEVELOPMENT READY SOLUTION FOR THE ENERGY TRANSITION ASX: FHE | 9
Slide 10: Frontier Energy – Investment Highlights
Frontier Energy (ASX:FHE) – Investment Highlights POSITIONED TO BECOME A KEY CONTRIBUTOR TO WA’S ENERGY TRANSITION • Multi-staged development battery storage and solar generation facility located ~120km south of Perth Waroona renewable energy project • Delivers annuity-style income over a 30+ year o
Slide 11: Corporate Snapshot – Frontier Energy
Corporate Snapshot – Frontier Energy (ASX: FHE) DEVELOPING WA’S LARGEST HYBRID ENERGY SOLUTION Board Shareholding ~$146m ~$3.8m 563m Jamie Cullen Executive Chairman Market Cap1 Cash2 Shares For personal use only on issue Guy Chalkley Non-Executive Director Retail 20% Grant Davey Non-Executive Direct
Slide 12: Market Overview
For personal use only MARKET OVERVIEW Development ready solution for the energy transition DEVELOPMENT READY SOLUTION FOR THE ENERGY TRANSITION ASX: FHE | 12
Slide 13: WA electricity market overview
WA electricity market overview Wholesale Electricity Market (WEM) • South-West Interconnected System (SWIS) Network For personal use only • World's largest isolated electricity network • ~22 TWh of electricity consumption - 20251 Annual operational • Growth – 4.5% pa or an additional 3.7TWh by 20312
Slide 14: Fossil fuel closures creating an energy generation deficit
Fossil fuel closures creating an energy generation deficit ~10TWH OR A 47% INCREASE IN GENERATION REQUIRED BY 2031 TO ALLOW FOR RETIREMENT OF AGEING COAL AND GAS PROJECTS 1.7GW of Announced Fossil Fuel Closures New generation and storage needs to be developed prior to the planned closures of carbon
Slide 15: Waroona's operating and financial model
Waroona’s operating and financial model DAILY ENERGY SALES INTO PEAK PRICE PERIODS Operating Model • Integrated solar (132MW) + battery (81.5MW/6.9hr) • Battery is the grid-facing asset, charged by our own solar project • Ability to recharge battery from grid when solar resource is low For personal
Slide 16: Waroona Project
For personal use only WAROONA PROJECT Development ready solution for the energy transition DEVELOPMENT READY SOLUTION FOR THE ENERGY TRANSITION ASX: FHE | 16
Slide 17: Waroona Renewable Energy Precinct
Waroona Renewable Energy Precinct ACCESS TO EXISTING WORLD CLASS INFRASTRUCTURE AFFORDS FASTER AND CHEAPER PATHWAY TO FIRST REVENUE AND FUTURE EXPANSION Stage One Landwehr Terminal For personal use only 500m 330KV lines – 120km south of Perth – Surrounded by existing infrastructure and largest – Lan
Slide 18: Waroona Renewable Energy Precinct
Waroona Renewable Energy Precinct MOST ADVANCED AND FULLY PERMITTED NEW RENEWABLE ENERGY GENERATION PROJECT IN WA ELECTRICITY NETWORK Description Stage 1 Stage 2 Stage 3 Stage 4 Total Stage One – 81.5MW Battery + 132MW solar array • Over 5 years of pre-development work complete Solar Gen. • All majo
Slide 19: Stage One – Multiple revenue streams driving strong EBITDA
Stage One – Multiple revenue streams driving strong EBITDA • Energy market expert, Aurora, provided independent revenue Stage One: Average forecasted cash flows and EBITDA until 20321 forecasts as part of the debt financing process1 $40.5m $10m Key Inputs Units Base Case Operation Life Yrs 30 For pe
Slide 20: Stage One revenue stack – long-term annuity returns
Stage One revenue stack – long-term annuity returns1 INDEPENDENT PRICING AND MARKET EXPERT HIGHLIGHTS CONSISTENT LONG-TERM FREE CASH FLOW GENERATION • Multiple revenue streams all independently estimated by energy market expert Aurora1 • Aurora engaged by banks as part of the debt financing process
Slide 21: Reserve Capacity – Fixed price to 2032 underpins financing
Reserve Capacity – Fixed price to 2032 underpins financing WA GOVERNMENT INITIATIVE – ANNUAL PAYMENT FOR PROVIDING GENERATION CAPACITY TO GRID Historical Reserve Capacity Price3 $600,000 What is Reserve Capacity and how does it work? • Designed to ensure adequate electricity generation in peak deman
Slide 22: CIS provides underwritten revenue until 2042
CIS provides underwritten revenue until 2042 FEDERAL GOVERNMENT INITIATIVE – PROVIDES TOP-UP PAYMENT SHOULD ANNUAL REVENUE FALL BELOW FLOOR PRICE What is the Capacity Investment Scheme (CIS)? How CIS Works • CIS is a revenue underwriting scheme, backed by the Australian Government to support renewab
Slide 23: Pathway to construction – procurement and construction strategy
Pathway to construction – procurement and construction strategy FIXED PRICED CONTRACTS AND ADJACENT INFRASTRUCTURE ENSURES QUICKER PATHWAY TO CONSTRUCTION EQUIPMENT – FIXED PRICED CONTRACTS CONSTRUCTORS – FIXED PRICED CONTRACTS • Free issue of equipment providing a substantial cost saving • Three di
Slide 24: Waroona Energy Project – Indicative Timeline
Waroona Energy Project – Indicative Timeline 2026 2027 2028 2029 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Stage One Land ✓ Development Approval ✓ ✓ For personal use only Environmental Approval Connection Approval ✓ Funding Finalise Procurement Construction Commissioning Revenue Generation Sta
Slide 25: Operating renewable energy companies
Operating renewable energy companies1 • Listed renewable energy companies in Australia have historically been • A common valuation method for the sector, is EV/EBITDA subject to competitive takeovers, resulting in strong valuation metrics • Through financing, development, operation and development o
Slide 26: Development Ready Solution for the WA Energy Transition
Development Ready Solution for the WA Energy Transition For personal use only WAROONA RENEWABLE ENERGY PROJECT Barriers to entry passed Strong Economic conditions Expansion strategy Government backed High prices, Multi-stage growth revenue support and growing demand strategy aligns existing grid con
Slide 27: Appendices
For personal use only APPENDICES Development ready solution for the energy transition DEVELOPMENT READY SOLUTION FOR THE ENERGY TRANSITION ASX: FHE | 27 Artist impression of solar facility ASX:FHE | 27
Slide 28: Appendix 1: Project Location
Appendix 1: Project Location For personal use only ASX: FHE | 28
Slide 29: Appendix 2: Supporting information for Slide
Appendix 2: Supporting information for Slide 25 • There are a limited number of renewable energy companies on the ASX, and those companies typically trade at high EBITDA multiples • Listed renewable energy companies in Australia have historically been subject to competitive takeovers, resulting in g
Slide 30: Appendix 3: Hybrid facility vs Grid charging BESS
Appendix 3: Hybrid facility vs Grid charging BESS Category Solar-Charged Battery Grid Charged Battery Charging Source Co-located solar farm NEM – grid For personal use only Variable and uncertain - depends on 5-min prices and long- Charging Cost Effectively $0/MWh (solar capital cost only) term mark
Slide 31: Appendix 4: Key Risks
Appendix 4: Key Risks Risk Factor Descriptions The Company’s ability to successfully develop and commercialise Stage One of the Waroona Renewable Energy Project ('Waroona' or 'Project') may be affected by numerous factors including but not limited to: macro-economic conditions, ability to complete f
Slide 32: Appendix 4: Key Risks (cont.)
Appendix 4: Key Risks (cont.) Risk Factor Descriptions A significant portion of the Project’s revenue is forecasted to be derived from Reserve Capacity Credits. The Reserve Capacity Mechanism (RCM) in Western Australia exists to ensure reliability of electricity supply in the South West Interconnect
Slide 33: Appendix 4: Key Risks (cont.)
Appendix 4: Key Risks (cont.) Risk Factor Descriptions Actual solar irradiation may differ from long-term forecasts due to weather patterns, climatic variability, or environmental conditions. Any sustained reduction in solar Solar generation resource could impact generation and require higher than f
Slide 34: Appendix 4: Key Risks (cont.)
Appendix 4: Key Risks (cont.) Risk Factor Descriptions The development of the Project is expected to be funded, in part, by project debt financing. While the Company has received debt term sheets from potential lenders, the final terms are subject to credit approval and execution of long form docume
Slide 35: Appendix 4: Key Risks (cont.)
Appendix 4: Key Risks (cont.) Risk Factor Descriptions Electricity generation and construction activities have inherent hazards and risks. The Company is committed to providing a safe and healthy workplace and environment for its personnel, contractors and visitors. The Company and its contractors w
Slide 36: Appendix 4: Key Risks (cont.)
Appendix 4: Key Risks (cont.) Risk Factor Descriptions The acquisition and disposal of shares will have tax consequences, which will differ depending on the individual financial affairs of each investor. All potential investors in the Company are urged to obtain independent financial advice about th
Slide 37: Appendix 5: International Offer Restrictions
Appendix 5: International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or
Slide 38: Appendix 5: International Offer Restrictions (cont.)
Appendix 5: International Offer Restrictions (cont.) This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or mater
Slide 39: Appendix 5: International Offer Restrictions (cont.)
Appendix 5: International Offer Restrictions (cont.) This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 or the securities laws of any
Slide 40: For more information contact
For personal use only For more information contact Jamie Cullen Adam Kiley Executive Chairman Chief Executive Officer jcullen@frontierhe.com akiley@frontierhe.com ASX: FHE frontierhe.com DEVELOPMENT READY SOLUTION FOR THE ENERGY TRANSITION ASX: FHE | 40