Miocene Metals Presentation (TSXV: MII)

Corporate Presentation March 2014

Forward-Looking and ConfidentialityForward‐Looking: This presentation includes statements that may be deemed “forward‐looking statements”. All statements in this presentation, other than those ofhistorical fact, that address expectations regarding the “merger” transaction and contemplated financings, resource potential, exploitation activities and events ordevelopments that Miocene Metals Limited (Miocene) and Carube Resources Inc. (Carube) expect, are forward‐looking statements. Miocene and Carube (the Parties)have relied on assumptions and estimates in making such forward‐looking statements, including without limitation the receipt of all necessary approvals fromregulatory authorities having jurisdiction and their shareholders with respect to the “merger” transaction and contemplated financings, the future price of preciousmetals, metallurgical recovery rates, exploration results and operating costs associated with projected mine plans and development. Such assumptions and estimatesare made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and circumstances existing at thistime Although the Parties believe the expectations expressed in such forward looking statements are based on reasonable assumptions readers are cautioned suchtime. Although the Parties believe the expectations expressed in such forward‐looking statements are based on reasonable assumptions, readers are cautioned suchstatements are not guarantees of future performance and that actual results or developments may differ materially from the forward‐looking statements. Factors thatcould cause actual results to differ materially from those in the forward‐looking statements include market prices, exploitation and exploration successes, continuedavailability of capital and financing, and general economic, market or business conditions. All of the forward‐looking statements made in this presentation areexpressly qualified by this cautionary note. The Parties do not undertake to update or revise any forward‐looking statements, whether as a result of new information,future events or otherwise, save and except as may be required by applicable securities laws.

Cautionary Note to United States Readers Concerning Estimates of “Measured,” “Indicated” and “Inferred Mineral Resources”: This presentation uses the terms“Measured”, “Indicated” and “Inferred Mineral Resources” in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards.United States (US) readers are advised that while such terms are recognized under Canadian securities legislation, the US Securities and Exchange Commission doesnot recognize these terms. The term “Inferred Mineral Resource” refers to a mineral resource for which quantity and grade or quality can be estimated on the basis ofgeological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. These estimates are based on limited informationand it cannot be assumed that all or any part of an “Inferred Mineral Resource” will be upgraded to a higher classification resource, such as “Indicated” or “Measured”,

lt f ti d l ti A di l ti t l ti t “I f d Mi l R ” i i ffi i t t ll i f l li ti f t h i l das a result of continued exploration. Accordingly, an estimate relating to an “Inferred Mineral Resource” is insufficient to allow meaningful application of technical andeconomic parameters or to enable an evaluation of economic viability. Under Canadian securities legislation, estimates of an “Inferred Mineral Resource” may notform the basis of feasibility or other economic studies. As a result, US readers are cautioned not to assume that all or any part of an “Inferred Mineral Resource”exists, or is economically or legally mineable. Readers are also cautioned not to assume that all or any part of “Measured” or “Indicated Mineral Resources” will everbe converted into “Mineral Reserves” (being the economically mineable part of an “Indicated” or “Measured” Mineral Resource).

Confidentiality and Disclaimer: The information contained in this presentation is provided by the Parties concerning their respective histories, businesses, properties,Confidentiality and Disclaimer: The information contained in this presentation is provided by the Parties concerning their respective histories, businesses, properties,management personnel and capitalizations on a strictly confidential basis and is not to be reproduced in whole or in part in any form, electronic or otherwise, orpresented to others. The information contained herein describes proposed transactions which could lead to the effective “merger” of the two Parties and the requiredfinancing necessary to effect and complete the transactions. It is not intended to provide legal, accounting or tax advice and should not be relied upon in that respect.No warranty, representation or guarantee with respect to the accuracy, timeliness or completeness of the information is given. This presentation has been preparedfor the benefit of persons already familiar with the parties through prior investment or business contacts and for persons who rely on their own independent duediligence. This presentation is not, and under no circumstances is it to be construed as, a prospectus, an advertisement, an offering memorandum or a public

CARUBE RESOURCES INC. l MIOCENE METALS LIMITED TSXV: MII 2

offering of securities. No securities commission or similar regulatory authority has passed on the merits of this presentation and any representation to thecontrary is an offense.Reference is also made to the cautions contained in the (i) “forward‐looking statements” and (ii) any statements concerning estimates of resources.Currency:, All dollars ($) are Canadian dollars., unless noted otherwise .

ManagementVERN RAMPTON, Ph. D., P. Eng. – President, CEO, Director• Over 35 years experience in mineral exploration, development and corporate management• President and CEO ‐ Kinbauri Gold Corp from 1984 until its takeover in 2009• Geological Survey of Canada 1969 – 1974; Consultant 1975 – 2004

JOHN MCNEICE, C.A. ‐ CFO• Over 20 years experience in domestic and foreign public companies: accounting; auditing; management• Lead numerous financings, totalling over $100 million• CFO: Ur‐Energy Inc, 2004‐2007; Aura Silver Resources Inc, 2004‐present, Mazorro Resources

JEFFREY ACKERT BSc (Geology) Vice President Exploration DirectorJEFFREY ACKERT, BSc. (Geology) ‐ Vice‐President Exploration, Director• Over 30 years experience in mineral exploration and mine management• Lac Minerals, 1990‐1994; Barrick Gold Corp, 1994‐1996, VP Exploration and VP Technical Services‐Orezone

Resources Inc, 1996‐2007• Director Advance Gold Corp. 2007‐present

CHRIS IRWIN, B.A., LL.B ‐ Corporate Secretary• Practicing securities and corporate/commercial law for over 15 years• Director and/or officer of a number of public companies, including Trelawney Mining (past) and Canadian Lithium

Corp (present).

TREVOR MCCAIN, M. Sc. (Natural Resource Management) – Country Manager Jamaica • Broad experience in exploration geology, mine planning, laboratory and corporate management• Worked for Cominco, Citadel Mines, Caribbean Ecosystems, University of West Indies, Jamaican Mines and

Geology, UC Rusal Alumina


SHELLEY‐ANNE FORTE‐SYKES, LL.B. (honours) – Secretary and Corporate Counsel for Jamaican Subsidiaries • Practising law at HMF since 1990, primarily property acquisition, commercial, mining and maritime law• Mr. Hugh Hart, founder and principal of HMF, former Minister of Mines and Advisor to Ministry

Board of DirectorsALAR SOEVER P Geol – Director and Chairman of the BoardALAR SOEVER, P Geol. – Director and Chairman of the Board• Thirty‐five years of mineral exploration and development plus corporate restructuring and finance experience• Executive Chairman of Wallbridge Mining and Director of Duluth Metals• Chairman and Interim CEO of Miocene Metals Limited

VERN RAMPTON, Ph. D., P. Eng. – President, CEO, Director, , g , ,• Over 35 years experience in mineral exploration, development and corporate management• President and CEO ‐ Kinbauri Gold Corp from 1984 until its takeover in 2009• Geological Survey of Canada 1969 – 1974; Consultant 1975 – 2004

JEFFREY ACKERT, BSc. (Geology) ‐ Vice‐President Exploration, Directorl l d• Over 30 years experience in mineral exploration and mine management

• Lac Minerals, 1990‐1994; Barrick Gold Corp, 1994‐1996, VP Exploration & VP Technical Services‐Orezone Resources Inc, 1996‐2007• Director Advance Gold Corp. 2007‐present

MARZ KORD, Mining Engineer – Director• Over 25 years of experience in the mining industry namely operations and management• Over 25 years of experience in the mining industry, namely operations and management• Extensive experience in business growth plans and mergers and acquisition• Presently President, CEO and Director of Wallbridge Mining

GREG LEBLANC, B.A., M.A., ‐ Director• Over thirty‐five years’ experience in the currency and financial industry sectors • Vice‐President at RBC from 1996 to 2009. He specialized in commodity and currency trading• Holds positions on the Boards of several quasi‐governmental institutions

MARK PFAU, Economic Geologist – Director• Over 30 years of experience in base and precious metals exploration and mine development

H ld l Chi f G l i E l i M d VP E l i


• Held several Chief Geologist, Exploration Manager, and V.P. Exploration • Has worked throughout Latin America and Mexico, central and south‐east Asia, and South Africa. • A recognized qualified person under Geology and Ore Reserves with the Mining and Metallurgical Society of America

Highlights

• Merger of private Canadian mineral exploration company – Carube Resources Inc. and public company – Miocene Metals Limited (MII.TSXV) – announced November 26,2013.

• Results in a TSXV listed company with major funding partner OZ Exploration (OZ)• Results in a TSXV listed company with major funding partner, OZ Exploration (OZ), wholly‐owned subsidiary of OZ Minerals (OZL:ASX), an A$1.0 B Australian copper‐gold producer with a proven track record of exploration success.

• OZ recently invested $960 K of equity capital into CarubeOZ recently invested $960 K of equity capital into Carube

• Agreement in place with OZ for up to an additional $27.9M of staged joint venture funding on Carube’s Jamaican properties over 5 to 6 years, assuming OZ exercises all of its optionsp

• The merged company with a dominant copper focus

– 6 copper‐gold exploration licenses in Jamaica

2 porph r copper gold properties in so th estern BC– 2 porphyry copper‐gold properties in southwestern BC

– 1 PGE exploration project in Quebec

– 1 molybdenum property in southwestern BC


Capitalization Post MergerThe merged company will have approximately

• Cash on Hand: ~$1.0 Million

• Shares Outstanding: ~60 Million

• Warrants: 330,000 at $1.00* and up to 9.75 million at $0.30

• Options: 584,000 at $1.70*

• Market Capitalization: ~$12 Millionp $

• Significant Shareholders: Tigers Realm Group (15%)

Wallbridge Mining (13%)Wallbridge Mining (13%)

OZ Minerals (8%)

Directors and Management (13%)


* Post‐consolidation Miocene Warrants and Options

Jamaica Infrastructure

Montego Bay

Kingston

Rocky Point

Bauxite Plant

Railway

Major Road

Port

Sixty years of bauxite miningNoranda Aluminum Holdings

y


Bauxite PlantNoranda Aluminum Holdings, Rusal, Alcoa, Alcan

Carube’s Jamaican Licenses

SIX LICENSES TOTALLING 268 SQ. KM

Formidable Cu‐Au‐Ag Prospects These Licenses cover most of Jamaica’s

prospective terrain for Cu, Au and Ag


Caribbean Copper-Gold Province

C ibb PlCaribbean Plate


Bellas Gate Project AttributesSeven identified Cu porphyriesSeven identified Cu‐porphyries• 13.2Mt @ 0.35% Cu, 0.17g Au/t*• 10.7Mt @ 0.44% Cu, 0.27g Au/t**• Up to 166m of 0.56% Cu

Large potential

High Porphyry Potential Areas

g p• Recent drilling by Carube indicates potential for

large increase in tonnage• Large Cu Anomaly: Potential for porphyry or IOCG (1)

targets• Strong NE trending structural and alteration zones

indicate excellent potential for porphyry clusters

Two colonial mines• Stamford Hill: 450,000 tons of 5% CU***• Charing Cross: 145,000 tons of 9% Cu***• Significant Au/Ag credits• Significant Au/Ag credits

High grade mineralization• 35+ showings• Up to 45% Cu, 77g/t Au, 4378g/t Ag****• Quartz‐carbonate‐sulphide veins (2) Coffee Copper Anomalyp• Shear zones (dykes) and skarns• Carube drilling and trenching indicates continuity

* Historical Inferred Resource in 2008: Sufficient work has not been completed to verify it as a current resource. Drilling is being completed or planned to verify and extend the resource.** Non compliant historical resource from 1969: It cannot be relied upon because

Targeting 500Mt + of CU‐Au porphyry grading in excess of 0.4% copper equivalent


** Non‐compliant historical resource from 1969: It cannot be relied upon because sufficient work has not been completed to verify it as a current resource.***Historical Resource estimate from pre‐1865: it cannot be relied uponbecause sufficient work has not been completed to verify it as a current resource.**** Results, in part, historical grab and trench samples.

(1) Candelaria (600Mt @ 0.58% Cu, 0.13g Au/t) Model: high tonnage example(2) Magma Mine (13.7Mt @ 5.7% Cu, 1.9 oz Ag/t Model: high grade example

Work by Carube

More than $2.8M spent over the last three years

• A total of 6,500 soil samples collected in 2011‐2012

• Trenching totalling 800 metresTrenching totalling 800 metres

• Drill program totalling 3,500 metres in 2012

– 16 shallow holes on structural targets

– 7 ‐ 300m core holes on Camel Hill Porphyry7 300m core holes on Camel Hill Porphyry

• 207m of 0.27% Cu, 0.147 g/t Au

• 135m of 0.37% Cu, 0.13g/t Au

• Holes peripheral to core of porphyry systemHoles peripheral to core of porphyry system

• This work plus the compilation of historic data has defined

– 14 high quality targets on the Bellas Gate Project

– 4 targets drill ready to be the immediate focus for drilling by OZ JV– 4 targets drill ready, to be the immediate focus for drilling by OZ JV

– Each target has the potential to be of economic interest


Bellas Gate Project: 14 JV Targets; 4 Drill Ready

Ginger Ridge: >900m x 200m ridge extended NW from Connors. Strong stockwork and sheeted veining in leached cap with coincident soil anomaly).

Connors: Area of 200m x 200m defined by historic drilling with intercepts averaging 45m @ 0.71%CuEq (0.59%Cu,

soil anomaly).

g g @ % q ( % ,0.28g/t Au)

Kola: ~1km x 300m coincidentKola: ~1km x 300m coincident magnetic high, potassium radiometrics high and Cu soil anomaly (>200ppm Cu)

Weebar Hill: ~1km x 1km zone of Ba and Zn soil anomalies associated with Cu anomaly and dyke‐related high grade Cu occurrences


(max 23% Cu) above a buried magnetic feature suggest roof zone setting above a buried porphyry

Bellas Gate Project Exploration Potential

• An excellent comparative are the Northparkes cluster of deposits, New South Wales, Australia. After 18 years of mining at Northparkes

Northparkes cluster of porphyry deposits superimposed on Bellas Gate Project (“BGP”)

Boundaryof BGP18 years of mining at Northparkes,

Reserves and Resources were as shown in table opposite.

• Northparkes porphyry deposits

of BGP

Northparkes porphyry deposits would fit within the Bellas Gate Project area.

Northparkes Reserves/Resources


Source: Butcher et al; Northparkes Mines: Australasian Mining and Metallurgical Operating Practices (AMMOP) 2013

Ginger Ridge Porphyry Copper Gold Target

• Greater than 900m long with outcrop showing extensive stock‐k i i d l hi ith thwork veining and leaching with the presence

of “live limonite”• “It is remarkable that the Ginger Ridge area does not have a single drill hole, as any outcropping leached cap in Arizona or


Chile with these characteristics would have multiple holes.” —International Porphyry Consultant (private confidential report)

Kola Porphyry Copper Gold Target

1.1 km by 300 m soil geochemical anomaly coincident with magnetic and potassium anomaly

Magnetic Signature Potassium Signature


Other Licences: Blue Sky Potential1. Mt. Royal and Belvedere: Above Rocks Project• Glengoffe: Mineralized Porphyry 0.3 – 0.8% Cu• Sue River: Grab samples from shear zone

up to 6.8% CuJ b Hill C id t 5% C

Bellas Gate and Browns Hall: Bellas Gate Project

• Jobs Hill: Copper oxide up to 5% Cu• Florence Hill, Kingweston, Providence:

Mineralized porphyries and magnetite‐sulphide veins with up to 3.2% Cu over 1m

• Allman Hill: Tonalite and potassic altered granite; trench results 0.5% Cu over 58m

• Mt Charles – Border: Stream sediment results up to 1710ppb Au

2. Hungry Gully Project• Dunrobin and Diggins Ridge: porphyry target with

soils up to 4500ppm Cu• Round Hill: Au‐epithermal target; Soils up

to 1500ppb Au

3. Main Ridge Project• Gold anomaly in soils over 1km in length• Adjacent gold deposit with 94,000t at 13.9 g Au/t• Large untested copper in soil anomaly


Note: All listed data is historical, having been collected over the last 65 years. Enough work has not been completed to verify all reported analytical data even though Carube has reviewed the data and the geological setting and grades obtained at certain localities have been confirmed.

OZ Minerals Funding and Joint Venture

• OZ has invested $960K in equity in Carube to assist in buying out the vendor of the Bellas Gate Project in Jamaica (Buyout total cost : US$1,685,600 plus 1 571 373 shares of Carube)1,571,373 shares of Carube).

• Joint Venture has OZ earning 70% interest in the Bellas Gate Project by spending $6 5M and making payments totaling $475K to Carube over 3 5 years; OZ can then$6.5M and making payments totaling $475K to Carube over 3.5 years; OZ can then increase their interest a further 10% by completing a feasibility study (BGP‐JV).

U l ti i b h i l i th th 3 j t• Upon completing an airborne geophysical survey, covering the other 3 projects (4 licences) and costing up to $600K, OZ will have the right to option/earn a 70% interest in each of these projects by spending $6.5M and making payments totaling $275K to Carube on each optioned project over 5 years (other termstotaling $275K to Carube on each optioned project over 5 years (other terms similar to BGP‐JV).


Provision of FundsApproximately $3.9M in funding (October, 2013 through May, 2015) required to meet the conditions precedent of the OZ Joint Venture and the Heads of Agreement relating to the Miocene merger. This is being completed as follows :

1 C b i t l t it ( h l ½ t) i t th Mi1. Carube private placement units (one share plus ½ warrant) prior to the Miocene merger

2. Carube/Miocene subscription receipts concurrent with Miocene merger

R i iPlaced and OZ Minerals Remaining

$2,400,000 Maximum

Placed and Committed

24%

OZ Minerals$960,000

$2,300,000Minimum62%

9%

5%Carube$240,000

Miocene$400,000


Projected Budget Budget addresses projected costs for October, 2013 through May, 2015, as detailed below:

Exploration and Merger andFinancing Costs

14%Working Capital$1,640,000

Debt

Financing Costs$545,000*

16%42%Debt

Settlement$620,000

28%

VendorBuyout

$1,085,000


* Includes Legal Fees associated with OZ Joint Venture,Rodinia Amendment and all Sponsorship Fees

, ,

Corporate DevelopmentsOZ J i t V tOZ Joint Venture

Joint Ventures Term Sheets signed with OZ

Purchase of Bellas Gate Property from original underlying owner completed

Work begun on Joint Venture; drilling equipment mobilizedWork begun on Joint Venture; drilling equipment mobilized

Carube – Miocene MergerHeads of agreement (HOA) signed with Miocene

Support of majority Miocene shareholders receivedSupport of majority Miocene shareholders received

Support of principals and required majority of Carube shareholders received

Due Diligence completed by Miocene; property due diligence completed by Carube

HOA made binding

o TSXV approval required

o Carube shareholder meeting and approval required

o Miocene shareholders meeting and approval required

FundingCarube and Miocene management have sourced over $600 K of funding

OZ has completed $960K private placement in Carube


o Additional funding of $2.3 M to $2.4 M to be sourced by Carube and Miocene (Euro Pacific Canada engaged as financial agents)

Cascade Magmatic Arc Properties• Three properties cover 680 square kilometres• Three properties cover 680 square kilometres• Little systematic modern exploration• Over $4M in exploration by Miocene since 2010• Widespread alteration and mineralizationWidespread alteration and mineralization

on properties • Several large deposits within Cascade

Magmatic Arc *• Glacier Peak 1.7 Bt @ 0.334% Cu +

0.015% MoS2• Margaret 523 Mt @ 0.36% Cu +

0 24 g/t Au + 0 011% Mo

Vancouver

0.24 g/t Au + 0.011% Mo• Giant Copper 45.4Mt @ 0.47% Cu +

0.38g/t Au + 11.2 g/t Ag• Similar to prolific Tertiary porphyry belts in Chile, p y p p y y

Peru, USA, Indonesia and Papua New Guinea• Excellent infrastructure • Good relations with First Nations


* Historic resources

Summary: The Opportunity

• The Miocene/Carube properties are at pre‐discovery, drill‐ready stage, offering good potential for rapid appreciation of asset value.

• Exploration funding by major joint venture partner, Australian miner OZ Minerals, provides outstanding leverage for corporate value generation.

• Compilation of historic prospecting and mining activity and previous public and private‐sector exploration work plus Carube’s more recent work have identified a numerous high quality targets . OZ joint venture has initiated the first of 4 drill‐ready targets.

• Additional grassroots potential on BC properties for copper‐gold mineralization.

• Jamaica and BC are excellent mining‐friendly jurisdictions with good infrastructure to support mining operations.

• Management experienced in domestic and off‐shore exploration.


Summary: Huge Leverage• The Bellas Gate Project joint venture (“JV”) and investments by OZ, provide

Carube/Miocene with huge leverage to increase Carube/Miocene’s asset value.

• Funding for the merger generates an investment of $15.3M over 5 years if OZ exercises one of three possible options on the additional properties; increases to $22.1M with 2nd additional JV and $28.9M with 3rd additional JV.

Item Canadian Dollars

OZ Private Placement 960,000

Work Commitments Bellas Gate JV 6,500,000

Option Payments Bellas Gate JV 475,000Option Payments Bellas Gate JV 475,000

Airborne Survey over Licenses 600,000

Total Bellas Gate JV 8,535,000

W k C it t ( t ti l 2nd JV) 6 500 000Work Commitments (potential 2nd JV) 6,500,000

Option payments (potential 2nd JV) 275,000

Total Assuming Bellas Gate plus One Additional JV $15,310,000


Total Assuming Bellas Gate plus Two Additional JV $22,085,000

CARUBE RESOURCES INC

Contacts: Carube and MioceneMIOCENE METALS LIMITEDCARUBE RESOURCES INC.

Vern Rampton, President & CEOTel: 613‐836‐2594E‐mail [email protected]

MIOCENE METALS LIMITED

Alar Soever, ChairmanTel: 416‐682‐9297E il @ llb id i iE mail [email protected]

Jeff Ackert, VP‐ExplorationTel: 613‐851‐7699E‐mail: [email protected]

E‐mail [email protected]

Cathy Hume, CHF GroupTel: 416‐868‐1079E il th @ hfi

Darrell Munro Tel: 613‐836‐0198E‐mail: [email protected]

E‐mail [email protected]

Corporate OfficeP.O. Box 158, 107 Falldown LaneCarp, Ontario K0A 1L0Tel: 613‐836‐2594

Corporate Office129 Fielding RoadLively Ontario P3Y 1L7Fax: 613‐839‐0464

www.caruberesources.com

The Qualified Person responsible for the technical content herein relating to the Carube Properties is Dr Vern Rampton P Eng President and CEO of Carube Resources Inc

Lively, Ontario P3Y 1L7Tel: 705‐682‐9297Fax: 888‐316‐4156www.miocenemetals.com


Dr. Vern Rampton, P. Eng., President and CEO of Carube Resources Inc.

The Qualified Person responsible for the technical content herein relating to the Miocene Metals Properties is Alar Soever, P. Geo., Chairman and Interim CEO of Miocene Metals Limited.

Investor Relations

Miocene Metals Presentation (TSXV: MII)