Gold and Copper in Kazakhstan

Slide 2 October, 2006

Important Notice

The information in this document is subject to updating, revision and amendment. This document does not constitute or form, and should not be construed as constituting or forming, part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for, any securities in Frontier Mining Ltd (“ the Company”) or any other body corporate or an invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000 nor shall it or any part of it form the basis of or be relied on in connection with any contract therefor. This document does not constitute an invitation to effect any transaction with the Company or to make use of any services provided by the Company. No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. No representation or warranty, express or implied, is given by the Company or Evolution Securities Limited (“Evolution”), any of their subsidiaries or any of their respective advisers, officers, employees or agents, as to the accuracy, fairness or completeness of the information or opinions contained in this document or expressed in the presentation and no liability is accepted for any such information or opinions (which should not be relied upon) or for any loss howsoever arising, directly or indirectly, from any use of this document or its contents or information expressed in the presentation.

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Slide 3 October, 2006

Frontier Mining Ltd

Formed August 1998– US Delaware Corporation– Gold and copper exploration and development– Evaluating acquisition opportunities in uranium, gold and copper– Kazakhstan & CIS countries

Admitted to Alternative Investment Market London Stock Exchange Sep 2, 2004– Ticker symbol: FML– IPO raised £3.5 million– Second offering March 10, 2005 raised £4.375 million – Exercise of warrants to date raised £2.088 million– Third offering December 2005 raised £8.0 million

Two contracts held by wholly owned Frontier subsidiaries– FML Kazakhstan LLP (Naimanjal exploration/mining contract)– Baltemir LLP (Baltemir exploration contract)

Four commercial discovery areas, and one exploration licence area

Slide 4 October, 2006

KazakhstanFrontier Licence Areas (Indicative Location)

KurchatovAstana

Semipalatinsk

Almaty

KAZAKHSTAN

RUSSIA

CHINAKYRGYSTAN

TAJIKISTAN

UZBEKISTAN

TURKMENISTAN

RUSSIA

Slide 5 October, 2006

Kazakhstan

The ninth largest country in the world (2.7m sq km, population 15m)

Declared independence in 1991 following break-up of the Soviet Union

Stable government– Actively encouraging foreign direct investment (1993 - 2005 US$46 billion)

– President Nazarbayev in office since election in 1991, confirmed by referendum in 1995 and further election in 1999 and 2005

IMF describes fiscal regime as “a model of trade and currency openness”

First FSU republic to repay all debt to IMF - seven years ahead of schedule

Investment grade country credit rating from Moody’s and foreign currency credit rating from Standard & Poor’s

7th largest copper reserves in the world, 2nd largest uranium reserves in world, underdeveloped gold sector

Slide 6 October, 2006

Company Overview

Management has extensive experience in the mining industry and in Kazakhstan

Naimanjal– Producing gold mine– Satellite deposit extensions

Koskuduk– Pre-feasibility stage gold project

Baltemir– Exploration stage gold prospect

Baitimir– Pre-feasibility stage copper porphyry project – Associated gold and molybdenum credits

Several copper/gold prospects along a 25km trend, including both VMS and porphyry types– Beschoku– Kotansor – Yubileiny

Currently evaluating acquisition opportunities in uranium, gold, and copper

Diagram prepared by management based on independent third party data.

Slide 7 October, 2006

Highlights

Naimanjal gold mine– First gold and silver produced 1st September 2005– Measured and indicated resource 150,000 oz gold and 3.4 million oz silver to JORC standards*– Management believes potential for 2+ million oz of gold– Lead, zinc, gold, silver sulphide mineralization at depth

Koskuduk gold deposit– 250,000 oz C1 + C2 category resource– Management believes potential for 1+ million oz of gold

Baltemir gold exploration prospect– 7 km long multiple quartz veins

Baitimir porphyry copper-gold deposit– Inferred geologic resource (C2-P1) 840,000 t contained copper, includes 252,000 t of oxide– Includes gold and molybdenum mineralization– Management believes significant upside to increase above this resource

A 25 km trend including both VMS and porphyry type copper/gold deposits– 170,000 t of ore @ 0.75%Cu– Metallurgical test work confirms copper is recoverable from oxide ore at Beschoku and Yubileiny

* Western Services Engineering

Slide 8 October, 2006

Commercial Discovery Areas

4 Commercial Discovery Areas – 528.5 km2

Naimanjal Complex

Koskuduk

Baitimir

Beschoku-Yubileiny

1 Exploration License Area – 154 km2

Baltemir

Diagram prepared by management based on independent third party data.

Slide 9 October, 2006

Naimanjal ‘Cluster Mining’ DevelopmentTargeted IP Survey: Sulphide at Depth

Diagram prepared by management based on independent third party data.

Slide 10 October, 2006

Naimanjal and Satellites

Naimanjal and Satellites Naimanjal mine development

Slide 11 October, 2006

Naimanjal Open Pits

View northwest along strike Naimanjal pit design

Slide 12 October, 2006

Naimanjal ‘Cluster Mining’ DevelopmentHeap Leach Pad, Stockpiled Ore, Ore Mining & Gold Pour

Slide 13 October, 2006

Koskuduk Gold Project

250,000 oz C1/C2 oxide resource

Management believes:– 1 million oz potential

– Sulphide mineralization at depth

– Potential open pit / heap leach operation

Minimize initial capital expenditure

Plan initial production rate 25,000 opy

Plan to increase production rate

Diagram prepared by management based on independent third party data.

Slide 14 October, 2006

Koskuduk Gold ProjectGeology & Oxide Gold Mineralization

Extracted from SRK report dated August 2004.

Slide 15 October, 2006

Baltemir Licence

Licence covers 154 sq km

Gold occurs in 1km wide quartz veins, extending 7 km along strike

19 core holes totalling 1,941m

Plan to do additional exploration

Diagram prepared by management based on independent third party data.

Slide 16 October, 2006

4 Copper/Gold DepositsBaitimir, Beschoku, Yubileiny and Kotansor

Baitimir copper porphyry deposit Beschoku, Yubileiny, and Kotansor

deposits– Along a 25 km-long copper/gold trend

Management estimates that there are approx 1.0 MMt copper resource

Approximately 252,000 t (25%) contained in oxide copper ore

Copper in oxide ore can be extracted using low cost SXEW technology

Beschoku: 90% recovery of copper at -10mm crush size

Yubileiny: 75% recovery of copper at -40mm crush size

11.

Slide 17 October, 2006

Copper/Gold DepositsBaitimir

Kazakhstan Geologic Survey assessed the potential for copper porphyry type mineralization in the region as favourable

Frontier confirmed Baitimir as a copper porphyry system with associated gold and molybdenum mineralization

2005 exploration program included 6 km2 alteration mapping, geochemistry (2,059 grid samples), IP geophysics (4.3 km2) and 1,785m drilling in 15 holes.

Preliminary management resource estimate includes 840,000 t of contained copper at 0.40%

Management believes oxide zone extends to a depth of 50 m followed by potentially leachable sulphide enrichment blanket to a depth of 65 m

Diagram prepared by management based on independent third party data.

Slide 18 October, 2006

Copper/Gold DepositBeschoku

Oxide copper first discovered in late 19th century, production record 1,000 t

Gold was intercepted by a single drill hole in 1950’s

Frontier drilled 5 core holes totalling 434.2 m

Discovery of hydrothermal breccia, with high-grade gold and copper

Management estimates gold resource of 141,500 oz (C2-P1)

Management believes that geology and geochemistry indicate several more high grade breccias in the immediate area

Diagram prepared by management based on independent third party data.

Slide 19 October, 2006

Copper/Gold DepositBeschoku: 19th Century Mine & Bulk Metallurgical Sampling=SXEW Leachable Cu Cathode

Slide 20 October, 2006

Copper/Gold DepositBeschoku: Hydrothermal Breccia

Diagram prepared by management based on independent third party data.

Slide 21 October, 2006

Copper/Gold DepositBeschoku: Management Estimate of Resources

Beschoku Deposit Gold & Copper Grades

Hole No. GOLD Interval COPPER Interval

Thickness Au (gpt) Thickness Cu (%)

BCH-22 (78.3m) 33.5m 8.99 38.8m 1.15

BCH-23 (80.3m) 10.7m 6.71 11.1m 0.45

BCH-24 (74.3m) 24.0m 3.47 24.1m 0.81

BCH-25 (81.8m) 18.8m 1.63 18.5m 0.73

Average 21.8m 5.60 23.1m 0.89

Inferred Geologic Resource (C2 – P1)

Ore (t) Au (gpt) Au (oz) Au (t)

785,000 5.6 141,480 4.40

Slide 22 October, 2006

Copper/Gold DepositYubileiny

Discovered in the late 19th century– Approx 1,000 t of copper extracted in

1870s with oxide copper grades 5% to 10%

Frontier drilled 27 core holes totalling 2,460 m

100,400 t of contained copper with an average grade of 0.63%

Oxide copper recovery reached 75% at 40 mm crush size

Diagram prepared by management based on independent third party data.

Slide 23 October, 2006

Copper/Gold DepositYubileiny: High-Grade Copper Oxide Ore & Targeted IP Survey: Sulphide at Depth

Slide 24 October, 2006

Summary

Management believes potential for a number of substantial gold and copper/gold production centres in a low cost environment

4 commercial discoveries covering 529 sq km– 1 producing gold mine with satellite deposit extensions– 1 pre-feasibility stage gold deposit– Several copper/moly/gold projects

1 exploration licence covering 154 sq km– 1 gold exploration target

Naimanjal gold mine forecast to produce 10,000 oz @ $300/oz in 2006 Frontier currently plans to double gold production to 25,000 oz in 2007 Frontier currently plans to triple gold production again to 75,000 oz in 2008 Plan to evaluate potential for oxide copper project development Currently evaluating acquisition opportunities in uranium, gold, and copper

Slide 25 October, 2006

2006 & 2007 Exploration and DevelopmentUse of Proceeds

Project Item Non-discretionary Discretionary GBP Total

Naimanjal Reserve development

£600,000 £250,000 £850,000

Naimanjal Mine Equipment £1,500,000 £200,000 £1,700,000

Koskuduk Pre-feasibility Study £250,000 £100,000 £350,000

Baltemir Exploration £125,000 £100,000 £225,000

Baitimir Pre-feasibility Study £1,000,000 £325,000 £1,325,000

Beschoku Pre-feasibility Study £250,000 £250,000 £500,000

Yubileiny Pre-feasibility Study £250,000 £250,000 £500,000

Kotansor Reserve development

£125,000 £125,000 £250,000

Acquisitions Due dilligence £250,000 £250,000 £500,000

Fees and expenses Broker, legal, other £500,000 £500,000

G&A/ Working Capital 24 months G&A/ WC £1,000,000 £300,000 £1,300,000

Total £5,850,000 £2,150,000 £8,000,000

Note: This use of proceeds reflects our intentions based upon our current knowledge and judgements.

As that knowledge is added to or modified so will our judgements about the best course of action for the Company to follow.

This may mean re-allocating funds from one project to another or to a new project resulting in a change to the use of proceeds described herein.

Slide 26 October, 2006

Current Share Structure

Shares in issue on March 2006 132,648,563

Employee share option plans @ 15-16.5p expiring Dec 2009 6,197,091

Fully diluted 138,845,654

Market capitalization on 16th October 2006 @ 15p £20.m

Trading range since IPO on 02 September 2004 15p to 44p