Frontier Rare Earths Announces the Filing of the 2014 MD&A, Financial Statements and Annual Information Form - Seite 2

Strategic Review

As previously reported, the Company has been undertaking a strategic review of its activities due to, inter alia, the ongoing poor performance of the listed junior mining sector, the poor market rating of companies in the rare earths sector, including Frontier, the outlook for the rare earths market and conditions in the overall equity and debt capital markets. This review is expected to be concluded in Q2 2015, after publication of the PFS Report. In the absence of a marked improvement in the rare earths sector, junior mining sector and overall equity capital markets in the coming months, it is considered likely that the Board of Frontier will recommend to shareholders that a new strategic direction be pursued with the objective of maximising the value of the Company's assets for shareholders.

All regulatory filings including the latest MD&A and company updates are available on the Company website and on SEDAR.

About Frontier Rare Earths Limited (TSX:FRO)(OTC:FREFF)

Frontier Rare Earths Limited (www.frontierrareearths.com) is a mineral exploration and development company principally focused on the development of rare earths projects in Africa. Frontier's flagship asset is the Zandkopsdrift rare earth project, which is located in the Northern Cape Province of South Africa and is one of the largest, highest grade undeveloped rare earth deposits worldwide. Frontier has a direct 64% interest and an 85% economic interest in Zandkopsdrift following the acquisition by its strategic partner Korea Resources Corporation of an initial 10% interest in Zandkopsdrift. In March 2012 Frontier filed a Preliminary Economic Assessment ("PEA") on the Zandkopsdrift project prepared in accordance with National Instrument 43-101. The results of the PEA indicated that the proposed development of the Zandkopsdrift Project is both technically feasible and economically robust with a low risk profile. In conjunction with the PEA a mineral resource estimate for Zandkopsdrift confirmed 42.5m tonnes at an average total rare earth oxide ("TREO") grade of 2.2%* containing approximately 940,000 tonnes total rare earth oxides (applying a 1% cut-off) and with 78% of the mineral resource in the indicated category. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Fiona Harper, Pr.Sci.Nat, was the independent qualified person from Venmyn Rand (Pty) Ltd. responsible for the PEA. For additional quality assurance program and the quality control measures applied, as well as other relevant technical information in respect of the Zandkopsdrift project, please refer to our technical report entitled "Amended Independent Technical Report on the Results of a Preliminary Economic Assessment of Frontier Rare Earths Limited's Zandkopsdrift Rare Earths Project, Located in the Northern Cape Province Of South Africa", dated March 30, 2012, which is available on SEDAR at www.sedar.com.