Frontier Rare Earths Limited reported audited consolidated financial results for the full year ended December 31, 2012. For the year, the company reported operating loss was $6,507,000 against $8,644,000 a year ago. Loss before tax was $5,318,000 against $7,538,000 a year ago. Loss after tax for the year attributable to equity shareholders was $3,774,000 against $6,317,000 a year ago. Loss after tax for the year attributable to equity holders of the parent was $3,472,000 or $3.5 per basic and diluted share against $5,152,000 or $5.9 per basic and diluted share a year ago. Net cash flow used in operating activities was $3,598,000 against $5,438,000 a year ago. Payments for property, plant and equipment was $1,345,000 against $2,143,000 a year ago. Net book value at December 31, 2012 was $3,190,000. Revenue was $21,000.

Frontier Rare Earths Limited provided an update on the National Instrument 43-101 compliant Preliminary Feasibility Study (PFS) that is being carried out at its Zandkopsdrift rare earth element project in South Africa (Zandkopsdrift). Following completion of a Preliminary Economic Assessment (PEA) on Zandkopsdrift in first quarter of 2012, Frontier commenced work in second quarter of 2012 on the wide range of studies necessary to complete the PFS on Zandkopsdrift. These studies are being carried out principally by the same multidisciplinary team of specialist consultants that was used by Frontier for the PEA. The flow sheet has been revised accordingly and a confirmatory pilot scale metallurgical test program covering all major process steps was successfully completed in first quarter of 2013, following which the ZPP flow sheet was 'frozen' for the purpose of the PFS. The most significant remaining work required for the PFS is the finalization of engineering design and capital and operating cost estimates for the ZPP, which is currently under way and is scheduled for completion in July 2013. Accordingly, the results of the PFS are expected to be available and announced in third quarter of 2013. With preparation of the PFS now at a very advanced stage, planning has commenced for the Definitive Feasibility Study (DFS) on Zandkopsdrift, which will start immediately after the PFS and is expected to take 9-12 months to complete. Frontier is fully funded to complete the PFS and DFS on Zandkopsdrift from its existing cash resources. Along with its strategic partner, Korea Resources Corporation, which holds a 10% interest in and a 10% off take of production from Zandkopsdrift, Frontier intends to commence rare earth production in 2016, with a target production capacity of 20,000 tonnes of separated rare earth oxides per annum. This would position Frontier as one of the first new major rare earths producers and one of the large producers of separated rare earths outside China.

Frontier Rare Earths Limited, Annual General Meeting, May 10, 2013., at 14:00 Central European Standard Time. Location: Novotel Luxembourg Centre. Agenda: To receive the company's annual report which contains the audited comparative consolidated financial statements as at and for the financial year ended December 31, 2012 and the auditors report; to re-elect directors; to re-appoint auditors and to authorize the board of directors to fix their remuneration; to approve the unconsolidated 2012 financial statements of Frontier Rare Earths Limited as required under Luxembourg Law; to approve the unallocated options, rights or other entitlements under the equity compensation plan of the company; to approve an amendment and restatement of the company's articles of association to allow the directors of the company to determine the number of directors to be elected at an annual meeting of shareholders and to appoint additional directors, as more fully described in the accompanying management information circular; and to transact such other business as may properly come before the meeting or any adjournment.