Frontier @FrontierASX Executive Director and substantial holder Grant Davey has moved to ~10% holding in $FHE following latest on market purchases. Over 2024 and 2025 to date, Grant has continued to back the company, buying ~$1.854m worth of shares on market (detailed here): loom.ly/l14lLJw

Following @FrontierASX's $FHE announcement that AEMO had assigned 88.06 MW of peak capacity credits to Stage One of its Waroona Renewable Energy Project in WA — providing guaranteed revenue to the project, and which will be in addition to revenue from energy sales — Bell Potter and Euroz Hartleys have initiated on the company. Bell Potter – $0.50/share target – "We initiate coverage with a BUY recommendation and a $0.50/ price target, seeing upside from: 1/ The company owns a strategically important site with approvals, access to the grid and land for later expansion. 2/ WA sees a structural shortage of energy supply at peak demand, as coal is retired. 3/ Average and peak prices have been rising. 4/ FHE has secured RCM credits worth $32m/yr, underpinning the project. 5/ There is considerable scope for more grid batteries to meet peak demand," analyst Marcus Barnard wrote. "Once operational, we expect that FHE’s Stage 1 project will generate $55m/yr of EBITDA from October 2027, with a long life of assets, low operating costs and a low cost of equity." Euroz Hartleys – $0.39/share target – "We initiate coverage with a Speculative Buy recommendation, given the outstanding financing and development risks, and a Price Target of $0.39/sh based on a risked, blended, fully-diluted/fully-funded Sum-of-the-Parts valuation," analyst Declan Bonnick wrote. "Post-financing and construction, we see the potential for FHE to trade on an attractive EV/EBITDA multiple, in-line with ASX renewables focussed peers; i.e. 20x steady state EBITDA ($55m p.a.), underwriting the current valuation upside. Currently trading at ~8x fully diluted Stage 1 EBITDA (incl. debt). Stage 2 to double EBITDA (~$100m) potentially 1-2yrs behind." ⬇️

Vote of confidence from @FrontierASX Chairman Grant Davey, backing the company with a ~$115,000 on-market share purchase: loom.ly/XkUMpqQ 💰 $FHE is developing the Waroona Renewable Energy Project, 120km south of Perth, as a potential near-term contributor to WA and Australia’s renewable electricity generation targets. Waroona's Stage One (120MW solar, 81.5MW battery) is targeting commercial operations by October 2027. Waroona remains on track to become one of the largest renewable energy projects in Australia – learn more here: frontierhe.com

Frontier Energy @FrontierASX Executive Director Grant Davey continues his blitz of on market buying with another ~$148k purchased, in a further strong show of confidence in $FHE's future. Since the start of October, Grant's multiple on market purchases have amounted to upwards of ~$962k. 28/10: $147,968.92 23/10 $89,816 10/10: $215,847.51 8/10: $158,269.47 7/10: $350,295 Discussions have commenced re: financing options for Frontier's Waroona Renewable Energy Project in Western Australia, and an updated Definitive Feasibility Study for the project is on track for Q4 CY24.

Energy Policy WA's Wholesale Electricity Market Investment Certainty (WIC) review will consider reforms that look to provide further momentum for development of @FrontierASX's $FHE Waroona #RenewableEnergy Project in southwest WA. Proposed reforms include a price guarantee for renewable energy generators; potential increases to the Reserve Capacity Price (RCP) to generate investment; and a 10-year RCP guarantee. Read more: loom.ly/h2SWWY0 Review submissions are set to close next month, with any changes likely to greatly enhance Waroona's project economics.

⚡️🔋 Big energy buys for 2024: BW Equities Executive Director Ben Kay rates @Frontier_Energy as a high-conviction stock pick in The Pick magazine. "Frontier is developing a long-life solar and battery project near Waroona in WA’s southwest as that state faces crushing energy prices and demand," he says. "It’s clear that if governments want to transition from fossil fuels to renewable sources to meet clean energy targets, projects such as $FHE's will be vital to achieving this. "Stage One uses only a third of Frontier’s landholding at Waroona and represents just a fraction of total long-term potential generation the project can unlock." ⬇️