Managing Director 2013 AGM Presentation

2013 Annual General Meeting

Andrew Woskett Managing Director 20 November 2013

Minotaur Exploration Ltd | ASX: MEP

www.minotaurexploration.com.au

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Disclaimer and CP Statement

Disclaimer This presentation has been prepared by the management of Minotaur Exploration Limited (ASX: MEP) for the general benefit of analysts, brokers and investors and does not constitute specific advice to any particular party or persons. Information herein is based on publicly available information, internally developed data and other sources. Where an opinion, projection or forward looking statement is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an expression of present opinion only. No warranties or representations are made or implied as to origin, validity, accuracy, completeness, currency or reliability of the information. MEP specifically disclaims and excludes all liability (to the extent permitted by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its accuracy, completeness or by reason of reliance by any person on any of it. Where MEP expresses or implies an expectation or belief as to the success of future exploration and the economic viability of future project evaluations, such expectation or belief is expressed in good faith and is believed to have a reasonable basis. However, such projected outcomes are subject to risks, uncertainties and other factors which could cause actual results to differ materially from projected future results. Such risks include, but are not limited to, exploration success, metal price volatility, changes to current mineral resource estimates or targets, changes to assumptions for capital and operating costs as well as political and operational risks and government regulatory outcomes. MEP disclaims any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forecast or to update such forecast.

Information in the following presentation that relates to Exploration Results for Minotaur Exploration Ltd is based on information compiled by Dr A.P. Belperio, who is a Director and full-time employee of the Company and a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Dr Belperio has sufcient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as dened in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Dr Belperio consents to inclusion of this information in the form and context in which it appears.

Competent Person’s Statement

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Minotaur: differentiating the investment case

n  Cash in the bank, no debt, solid Top 5 shareholders

n  experienced, credible management and technical team

n  signicant exploration potential around Australia

n  diversity in minerals but with focus on Copper & Gold

n  Portfolio diversication spreads risk

n  moving non-core assets towards monetisation

n  Business Model underpinned by several Joint Ventures

n  leveraging our technical expertise beyond Minotaur’s own balance sheet capabilities

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n  We share project risk and upside:

q  MEP maintains active earn-in Joint Ventures, with Sumitomo, Mitsubishi, JOGMEC and now GFR

q  Calendar 2013 JV contributions are set at $4 million

n  We offset ~45% of overheads against JV activities, which means:

q  we maintain a strong, discovery focussed, technical team

q  we have little leakage of shareholder funds to ‘standing still’ expenses

²  We are seeking new JV partners for Cloncurry IOCG exploration packages at Ernest & Osborne

Successful business model based on JVs

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n  Set up new alliance to fund MEP’s aggressive exploration plans for projects acquired through Breakaway:

q  Eloise (Qld) partner to spend $6M over 4 years for 50% interest

q  Leinster (WA) partner to spend $3M over 3 years for 50% interest

n  Drill ready Gold and Copper targets identied and cleared for access

n  JV activities were activated on 1 Nov (post close of BRW takeover)

n  50/50 Alliance entity is actively considering other strategic Gold acquisitions with a strong leaning to ‘production-capable’ options within Australia

Alliance with Private Equity investor

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Corporate overview

Capital Structure:

MEP Ordinary shares 148.3 million

Unlisted Options 13 million

Norilsk Nickel 7.3%

Oz Minerals 5.4%

Newmont Capital 3.6%

Directors 3.0%

Other 81%

Top 5 Shareholders 22%

Enterprise Value*

MEP Market Cap $20 million

Cash and investments $ 8 million

Enterprise Value (EV) $12 million

* Pro forma estimate, using data as at 30 Sept 2013

Board

Derek Carter Non Executive Chairman

Andrew Woskett Managing Director

Tony Belperio Executive Director, BD

Richard Bonython Non Executive

John Atkins Non Executive (formerly Chairman of Breakaway Resources, to be appointed after AGM)

Donald Stephens Company Secretary

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Diversied asset base

WA Gold

Qld Cu-Au

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All MEP tenement interests: q  5,000 km2 total (including JV areas)

q  MEP 2013 Regional Budget is $1.3M (excluding JV inputs)

JOGMEC JV (MEP 49% & contributing) q  555 km2

q  2013 drilling round just completed; core cutting underway; assays and report due late December

Eloise JV (partner earning 50% for $6M) q  400 km2 around the operating Eloise Copper mine

Eloise Project (MEP 100%) q  600 km2 around the operating Eloise Copper mine

Osborne Project (MEP 100%) q  2,000 km2 around the operating Inova Copper mine

Cloncurry Cu-Au exploration projects

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Consolidated position around Eloise Cu mine

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Eloise Cu-Au prospects and drill ready targets:

q  BRW’s 2013 ground EM identied new targets. Access cleared & ready for drilling

q  Minotaur sees potential for Eloise style deposits – 9.9Mt @ 3.1% Cu

q  Focus on stratigraphic boundaries – ideal structural settings for mineralising uids

q  New JV for $6M over 4 years activated

q  JV plan is to rst map whole area through geophysics to identify best drill targets

q  Airborne EM underway

Exploration JV adjacent to Eloise Copper mine

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1,000 line km aerial VTEM survey underway to blanket the tenement area due west of Eloise mine

Heli Ops at 50m above ground in parallel E-W transects spaced 200m apart

30m diameter Array dangles 32m below Helicopter


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q  Airborne EM can penetrate through ~50m of conductive cover

q  Survey area mostly sub-crops or out crops

q  Initial geophysical data acquired from rst ying day, last weekend, is very encouraging

q  Indicates a series of prospective anomalies associated with BIF horizon


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Historic Drillholes showing anomalous Copper

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Historic Drillholes showing anomalous Copper

Data interp from Flying Day 1

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Interpretation of data from Flying Day 1: Late time VTEM image - evident in the image and proles are a number of discrete, high conductance, late time, bedrock conductivity anomalies (A, proles B & C). As expected, the anomalies lie along lithological contacts, dened by the northeast trending magnetic responses. As the ight lines progress eastward the effect of deeper conductive overburden starts to mask bedrock responses (at D, outside VTEM image)

D B C

A

East

West

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Ground EM to follow in early 2014 to assess structure along strike from Eloise Mine: q  Levuka Shear Zone q  Sparsely explored q  >60m conductive

cover over basement rocks

q  125 line km ground based EM survey planned for early 2014

q  @ 100m station spacing & 400m line spacing


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Example: ‘Jupiter’ Target – on Levuka Shear, along strike from Eloise Mine:

q  Strong EM conductor

q  Cover depth 130m

q  Sulphides and alteration intercepted in nearby drill holes


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Leinster (WA) Gold & Nickel tenements:

q  on a belt with an impressive Gold & Nickel pedigree

q  280 km2 adjacent to Bannockburn (377 Koz) and

Thunderbox (2 Moz) gold mines

q  previous tenement exploration focus was Nickel;

under explored for gold potential

q  Nickel drill campaigns identied multiple gold

anomalies; recorded in BRW’s database; recently

assessed by MEP

q  BRW’s 2013 geochemical program revealed drill-

ready Gold targets at Salute, Pond Well, Shane’s

q  multiple Au drill targets identied

Leinster Gold

Slide 19

New position along Leinster Au-Ni corridor

HIGHLY COMPETITIVE

YILGARN CORRIDOR

HOSTS MAJOR GOLD AND

NICKEL DEPOSITS

17 tenements 300km North of

Kalgoorlie

STRATEGICALLY LOCATED ON ULTRAMAFIC

BELT WITH PORPHRY

ENRICHMENTS

Slide 20

New position along Leinster Au-Ni corridor

HIGHLY COMPETITIVE

YILGARN CORRIDOR

HOSTS MAJOR GOLD AND

NICKEL DEPOSITS

17 tenements 300km North of

Kalgoorlie

STRATEGICALLY LOCATED ON ULTRAMAFIC

BELT WITH PORPHRY

ENRICHMENTS

Slide 21

Leinster Gold targets:

q  Minotaur identied 7 priority gold targets from Breakaway’s previous Nickel exploration results:

§  Esperanza; Aztec; Pond Well; Shane’s; Jungle Well North; Salute; Mt Newman

q  to be tested from December; WA regulatory approvals received yesterday

q  7 targets being drill tested in December campaign;

§  10,000m Aircore holes to refusal (approx 100m)

§  1,000m RC holes into basement at anomalous gold zones detected in Aircore samples

q  First prospect to drill is ‘Salute’ - on strike from the producing ‘Mt Clifford’ underground gold mine

Leinster JV Gold targets

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Leinster Gold target example: ‘Salute’ prospect

q  3 - 4 km long zone dened by:

§  anomalous Au in drill holes §  anomalous Au & As in soils §  strongly anomalous As in rock chips

q  Includes 3m @ 1.41g/t Au (DR_SAR015, 5-8m)

q  Contains NW-striking gossanous ironstone, silicied felsic porphry, poorly exposed ultramacs

q  Prospectors reportedly nding gold nuggets with metal detectors

q  On strike from ‘Mt Clifford’ small scale mine working narrow ½ oz – 1oz gold in quartz seams

q  Plan is to RC drill test bedrock geochemical zones

Leinster JV Gold targets

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To conclude..

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Minotaur’s points of difference

n  MEP has an enviable track record of exploration success

n  JV partners are attracted by the exploration potential of MEP’s tenements

n  JV partners respect MEP’s abilities to generate ‘blind’ drill targets

n  JV partners respect MEP’s abilities to manage exploration programs

n  MEP leverages JV funding to maintain a higher level of activity

n  MEP does not need to access the Capital markets to fund its work plans

n  MEP has a strong Balance Sheet and stable Share Register

n  MEP is centring its focus on copper and gold opportunities

n  especially in WA and north Qld

n  MEP’s Enterprise Value of $12M underrates the upside value of its project portfolio and its strong JV partnerships

Slide 25

Question time

Investor Relations

Managing Director 2013 AGM Presentation