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Frontier Energy Limited (ASX: FHE; OTCQB: FRHYF) (Frontier or the Company) is pleased to provide an update on the Company’s funding strategy for the Stage One development of its Waroona Renewable Energy Project (Waroona Project).
HIGHLIGHTS
- Frontier has commenced Phase Two of the debt financing process, shortlisting preferred banks ahead of additional due diligence to enable submission of binding, credit approved terms
- The Company anticipates credit approved terms to be provided during the next 8 to 12 weeks, assuming successful completion of due diligence
- Phase One of the Debt Financing Process generated strong interest from Australian and international banks, confirming:
- Interest in providing senior debt financing which aligns with the Definitive Feasibility Study (DFS) assumptions1
- Acceptance of the selected original equipment manufacturers
- Key due diligence requirements and the proposed third-party service providers to undertake the work to meet those requirements
- Ability of potential financiers to meet the proposed timetable
- The DFS set out the maximum debt carrying capacity and included assumptions regarding amortisation periods and interest rates
- Targeted maximum debt carrying capacity in the DFS was between 65% to 70%, which equates to a debt facility of $200 million to $225 million
- The strategic equity investor process is ongoing, with NDAs in place with a number of Australian and international groups
CEO Adam Kiley commented: “Key to the initial phase of the debt financing process was confirmation of our major funding assumptions, which assumed gearing levels of between 65% to 70%, equating to between $200 million and $225 million, equipment selection, due diligence requirements and the funding timetable.
Confirmation of these key assumptions in such a short time frame is testament to the key attributes of the Waroona Project being well understood by financiers, predominately due to its simplicity and its executability as well the strong returns it delivers.
We have now moved into the second phase of the debt financing process and will be working closely with shortlisted banks towards credit approved terms and complete due diligence requirements in a timely manner.”
Shortlisting banks for debt financing
Following the release of the DFS for Stage One of the Waroona Project in late February, the Company commenced the Debt Financing Process to assist in meeting the funding required for development at the Waroona Project. Image 1 below provides an outline of the key outcomes and indicative timing for each phase of the process.
Image 1: Waroona Project – Debt Financing Process and indicative timing
As highlighted above, Phase One of the Debt Financing Process involved the Company’s debt advisor, Leeuwin Capital Partners, seeking expressions of interest from financial institutions to participate in the Debt Process.
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FHE:AU
Troy Minerals Announces Maiden Inferred Resource Estimate for High-Purity Silica at Table Mountain Project, BC
- Inferred Mineral Resource of 56,945,602 tonnes Inferred at an average grade of 98.91% SiO₂, with very low levels of impurities. Overall analytical sampling results range from 95.82% to 99.82% SiO₂.
- The resource remains open along strike and at depth. Future exploration is expected to further expand the resource base and upgrade portions of the MRE to higher confidence categories.
This maiden MRE, prepared in accordance with NI 43-101 standards, consists of an Inferred Resource of 56,945,602 tonnes of quartzite grading an average of 98.91% SiO₂. The results establish Table Mountain as a significant high-purity silica deposit in British Columbia and mark a major milestone in Troy's development of this critical mineral asset. The resource is comprised of an extensive quartzite (silica) bed of the Ordovician Mount Wilson Formation and remains open for expansion along strike and at depth with further exploration.
"This maiden resource estimate at Table Mountain marks a major milestone for Troy Minerals," stated Yannis Tsitos, President of Troy Minerals. "We are extremely encouraged by the size and quality of this maiden high-purity silica resource, which validates the strategic value of the project. As global demand for high-purity silica continues to grow, establishing a solid resource base is a critical step toward developing Table Mountain into a future production center. We believe this achievement paves the way for the next phase of growth for Troy, and we will continue to advance the project aggressively to unlock its full potential."
Initial MRE Overview
The initial MRE (Table 1) was prepared by Ray GeoConsulting Corporation ("RGC") in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards and Canadian National Instrument 43-101 ("NI 43-101"). RGC is independent of Troy Minerals Inc.
Figure 1. Location of the Table Mountain High-Purity Silica Project
The following is the current Mineral Resource Estimate as at June 27, 2025 (the "Effective Date").
Table 1. Mineral Resource Estimate (MRE) Summary
Notes:
- CIM (2014) definitions were followed for Mineral Resources.
- Bulk density within the quartzite unit is 2.766 t/m³.
- No recovery, dilution, or other similar mining parameters have been applied. No cutoff grade has been applied.
- Brian Ray, P.Geo. of RGC, an independent Qualified Person who prepared the initial MRE is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and there is no certainty that the Company will be able to convert inferred mineral resources to higher confidence categories, however it is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
- A Technical Report is being prepared to support this resource estimate in accordance with National Instrument 43-101 ("NI 43-101"), and will be available on the Company's website and SEDAR within 45 days of the date of this news release.
Following the completion of this encouraging maiden resource, Troy Minerals is moving swiftly to advance the Table Mountain Project toward development. The Inferred Resource will be incorporated into a forthcoming NI 43-101 Technical Report, and the Company is outlining further work to maximize the project's value.
Next Steps
- NI 43-101 Technical Report: Troy is preparing a detailed Technical Report in accordance with NI 43-101 guidelines to support the new resource estimate. The report - including methodologies, data, and modeling parameters - will be filed on SEDAR within the required 45-day period, providing full disclosure of the resource modeling and assumptions.
- Phase II Exploration Program: Planning is underway for a follow-up sampling campaign as well as a drilling campaign aimed at expanding the resource and upgrading a portion of the Inferred resource to Measured and Indicated categories. The programs will test the continuity of high-grade silica mineralization beyond the currently established zones and at depth, where the deposit remains open.
- Metallurgical Testing & Economic Studies: The Company will initiate comprehensive metallurgical testing (including purity analyses and process trials on bulk samples) to confirm that the Table Mountain silica meets specifications for high-end industrial uses. Subsequent to metallurgical testing, Troy intents to initiate scoping, economic studies.
About the Table Mountain Project
The Table Mountain Silica Project is located approximately 4 kilometres east of Golden, B.C., Canada, with excellent year-round road access and proximity to the Canadian Pacific Railway's Golden rail yard (Figure 2). The property covers roughly 2,304 hectares, encompassing up to 10 kilometres of regionally mapped strike length of the Mount Wilson Formation quartzite, with widths ranging from 300 to 1,400 metres at surface. Table Mountain is strategically situated near two established high-purity silica operations - the Moberly Silica Mine and the Sinova Quartz Quarry - both of which demonstrate silica purity greater than 99.6% SiO₂. This advantageous location highlights the project's potential to become a significant source of high-purity silica in a region known for hosting premium-quality silica deposits.
Figure 2. Property Boundary and Access
Qualified Person
Technical information in this news release has been reviewed and approved by Brian Ray, P.Geo., who is independent of Troy and a "Qualified Person" as defined under NI 43-101 Standards of Disclosure for Mineral Projects.
About Troy Minerals
Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located "critical" mineral assets. Troy is aggressively advancing its projects within the silica (silicon), scandium, vanadium, and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America and Central-East Asia. The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to deliver tangible monetary value to shareholders, state, and local communities.
ON BEHALF OF THE BOARD,
Rana Vig | President and Director
Telephone: 604-218-4766
Email: rana@ranavig.com
Forward-Looking Statements
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.