www.dorayminerals.com.au

ASX Code: DRM

52Wk Share Price Range (31 Aug 15)

$0.265 -$0.63

Market Capitalisation (at $0.42)

$128.69M*

Issued Capital306.4M outstanding shares*8.3M unlisted options

Directors/ManagementPeter LesterNon-Executive ChairmanAllan KellyManaging DirectorJay StephensonNon-Executive Director

Leigh JunkNon-Executive Director

Peter AlexanderNon-Executive Director

Allan Brown Non-Executive DirectorJon LattoChief Financial OfficerIain GarrettCompany SecretaryMark CossomGeneral Manager - GrowthPeter BamfordGeneral Manager - Operations

Top 20 Shareholders56.22%

*Pro-forma numbers in Prospectus following placement and non-renounceable entitlement offer announced 31 August 2015.

DORAY SECURES FUNDING FOR DEFLECTOR GOLD PROJECTDoray Minerals (ASX: DRM) is on track to produce its first gold from the 100% owned Deflector Gold Project (Deflector) by mid-2016 after securing debt and equity funding to enable the construction and development of the project, located in the southern Murchison region of Western Australia.The financing comprises new corporate finance facilities with Westpac Banking Corporation (Westpac) worth A$90 million1, a A$13.8 million equity placement and a A$12.9 million fully underwritten non-renounceable entitlement offer. Pre-production capital expenditure is estimated to be A$88.2M. An outstanding loan amount of A$25 million from an existing finance facility over the producing Andy Well mine will be rolled into the new facilities with Westpac, and joined by a A$60 million debt fund and a A$5 million contingency facility. With existing cash reserves, projected cash flows from the producing Andy Well Gold Project over the coming 12 months, and the proceeds from the Westpac facility and equity raising, Doray is now fully-funded for all construction, development and working capital expenditures to bring Deflector into production. Deflector is a high-grade, gold-copper deposit with an initial mine life of six years and significant exploration potential. Doray will leverage its recent development expertise from the producing Andy Well Gold Project (Andy Well) to optimise the construction, development and operation of Deflector which will be Doray’s second high-grade, low-cost operation.Upon successful construction and commissioning of Deflector, Doray will become a multi-mine, high-grade gold producer, targeting 160koz production per annum (AuEq) with average AISC of less than A$1,000/oz between Deflector and Andy Well.Doray’s new complementary project portfolio will provide increased scale, liquidity, and market presence, and a potential re-rating based on its strengthened market positioning.

OPERATIONAL FLEXIBILITY FROM TWO PRODUCTION CENTRESThe combined projects of Andy Well and Deflector provide operational diversification for Doray:

PERTHCeduna

Meekatharra

Kalgoorlie

DEFLECTOR

GOLD PROJECT

West Gawler

Horse Well JVANDY WELL

GOLD PROJECT

Gnaweeda JV

WA

SA

INVESTOR FACT SHEET

September/October 2015

Andy Well• High-grade gold producer• FY14 production 77koz @ AISC A$1,044/oz• FY15 production 88koz (guidance 85koz-90koz)• ~3-year mine life with significant near-mine

exploration upside• Regional exploration portfolioDeflector• High-grade project under construction• LoM annual production of 74.5kozpa Au• 6-year mine life• Near-mine exploration upsideCombined projects• Targeting 160kozpa (AuEq) @ AISC <A$1,000/oz • 1.1Moz resource base @ 7.7g/t Au• Potential cost savings• Greater market presence

ABOUT DEFLECTORDeflector is a high-grade, low-cost gold-copper-silver deposit located 350km from Andy Well with an initial mine life of six years and significant exploration potential within the under-explored 7km-long Deflector Corridor. Life of mine annual production is estimated at 74.5koz Au with C1 cash costs and all–in sustaining costs (AISC) estimated at A$654/oz and A$787/oz, post copper credits, respectively.Doray is targeting production of 150-160,000kozpa (AuEq) with an average All-in sustaining cost of less than $1,000/oz across Andy Well and Deflector once in production.Construction activities have commenced on site and Deflector is expected to be in production by mid-2016.

Construction underway at Deflector

1 Westpac has now confirmed credit approval for these facilities totaling $90M (including a $5M contingency facility) and has commenced documentation with financial close expected towards the end of September, subject to a number of terms and conditions typical of a facility of this nature, including completion of the equity raisings referred to in this investor fact sheet.

CORPORATE UPDATEDoray has a strong cash flow and rapid debt repayment plan. In August 2015, Doray’s project finance facility was refinanced and restructured with Westpac Bank1 to accommodate finance funding of the Deflector Gold Project.An outstanding loan amount of A$25 million from an existing finance facility over the producing Andy Well mine will be rolled into the new facilities with Westpac, which comprises a A$60 million debt fund and a A$5 million contingency facility for development of Deflector. The combined A$90 million facility has a loan term of five years and principal repayments start when construction on the Deflector mine is completed. The facilities require additional hedging to be put in place. Doray will take advantage of increases in the AUD gold price and recently added an additional 30,000 ounces at an average forward price of approx. A$1,610/oz.Doray has ~90Koz forward sold at an average price of A$1,573/oz to Dec 2016.Doray is in a strong financial position, is well-funded for future exploration programs, and is poised to take advantage of current market conditions.

ANDY WELL GOLD PROJECTPRODUCTIONProduction from Andy Well’s Wilber Lode gold deposit commenced in August 2013. It remains one of the highest grade and highest margin gold operations in Australia and met its production and cost guidance in both FY14 and FY15. Its strong cash flow has allowed Doray to significantly reduce its debt placing the Company in a strong financial position.

The June Quarter gold production was a record for Andy Well, with 28,280oz produced at 11.1g/t Au. This equated to full year FY2015 production of 88,736, which is toward the upper end of guidance of 85-90kozs. C1 costs during the Quarter was A$518/oz (FY A$607/oz) and AISC were A$1,027/oz (FY A$1,165/oz).

The Company generated cash flow of approximately $44.3M for the June Quarter and the average margin was A$493/oz.

ANDY WELL UPSIDEThere is significant upside at Andy Well with near-mine exploration delivering positive and encouraging results, providing further proof of the upside potential of the Andy Well project.

The Company announced a maiden high-grade Resource for the Suzie Zone in February 2015, which is located parallel to the operating Wilber Lode underground mine and the Judy Lode. This is the third high-grade gold Resource defined by Doray at Andy Well. The Indicated and Inferred Resource for the Suzie Zone comprises 468,000t @ 8.1g/t Au for 123,000 contained ounces and takes the Andy Well Resource inventory to over 500,000oz from three deposits.

All necessary permits have been received for the proposed Suzie open pit. RC drilling results will be utilised to undertake a final design prior to open pit mining utilising the mining fleet currently on site at Andy Well. There is potential for a third underground mine at the Suzie Zone.

Doray completed the first underground diamond drilling program on extensions to the Wilber Lode deposit in May,

with a number of significant high-grade results returned including 0.9m @ 155.2g/t Au. These results confirm the continuation of high-grade mineralisation below the current mine design and Mineral Resource boundary, and will be incorporated in a recalculation of the Wilber Mineral Resource.

These results are significant as they infer that other structures present at Andy Well will continue at depths below current drilling and hence provide clear potential for extensions to the mine life at Andy Well.

Additional targets will be tested at the Wilber and Judy zones and it is intended that underground Resource extensional drilling will carry over into the new financial year and continue on an ongoing basis.

The current combined Andy Well Resource inventory (Wilber, Judy & Suzie Lodes) is 1.75Mt @ 10.1g/t Au for 572,000 contained ounces. Total Ore Reserves at Andy Well are estimated at 814,000t @ 8.8g/t Au for 229,500 contained ounces.

REGIONAL EXPLORATIONDoray has an extensive exploration tenement portfolio in both Western Australia (WA) and South Australia (SA). In the northern Murchison Region of WA, Doray is actively exploring for gold mineralisation, which has the potential to provide additional near-term development opportunities for the Andy Well Gold Project. The company is building a footprint of projects within trucking distance of the Andy Well processing plant and continues to explore for large, stand-alone development opportunities over its entire exploration portfolio in WA and SA.

Doray had early exploration success at the Horse Well JV Project where the presence of a major mineralised structure at Dusk ‘til Dawn was confirmed, supporting the Company’s decision to enter into a JV with Alloy Resources (ASX: AYR).

Doray also recently signed a strategic farm-in agreement with Iluka Resources (ASX: ILU) to explore its Central and Western Gawler Craton tenement portfolio in South Australia.

Doray Minerals LimitedAllan Kelly, Managing Director

Level 3, 41-43 Ord StreetWest Perth, WA 6005

T: +61 8 9226 0600E: info@dorayminerals.com.au

For enquiries, contact:Margie LivingstonAMN Corporate

T: +61 438 661 131E: margie@amncorporate.com

COMPETENT PERSON STATEMENTThe information in this announcement that relates to Mineral Resources is based on information compiled by Mark Cossom. Mr Cossom is a full time employee of Doray Minerals Ltd and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Cossom has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activities, which he is undertaking. This qualifies Mr Cossom as a “Competent Person” as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Cossom consents to the inclusion of information in this announcement in the form and context in which it appears. Mr Cossom holds shares and options in Doray Minerals Ltd.

Table 1. Doray Minerals Resource InventoryGold Resources

Measured Indicated Inferred TotalTonnes(‘000s)

Au (g/t)

Au Ounces

Tonnes(‘000s)

Au (g/t)

Au Ounces

Tonnes(‘000s)

Au (g/t)

Au Ounces

Tonnes(‘000s)

Au (g/t)

Au Ounces

Andy Well - Wilber 89 23.2 67,000 386 15.2 189,000 203 10.5 68,000 679 14.8 324,000Andy Well - Judy - - - 405 7.6 99,000 206 4.1 27,000 611 6.4 126,000Andy Well - Suzie - - - 112 5.2 287,000 356 9.1 104,000 468 8.1 123,000Deflector 1,164 6.0 223,000 1,043 7.3 246,000 658 5.8 122,000 2,865 6.4 591,000TOTAL RESOURCE 1,253 7.2 290,000 1,946 8.8 552,000 1,423 7.0 321,000 4,623 7.8 1,163,000

Copper Resources

Measured Indicated Inferred TotalTonnes(‘000s)

Cu %

Cu Tonnes

Tonnes(‘000s)

Cu %

Cu Tonnes

Tonnes(‘000s)

Cu %

Cu Tonnes

Tonnes(‘000s)

Cu %

Cu Tonnes

Deflector 1,164 1.5% 17,000 1,043 0.6% 7,000 658 0.5% 3,000 2,865 0.9% 27,000TOTAL RESOURCE 1,164 1.5% 17,000 1,043 0.6% 7,000 658 0.5% 3,000 2,865 0.9% 27,000

Note: Wilber Lode includes Resources as at 30th June 2014 and additional Stage 2 Open Pit Resources detailed 7th January 2015. Judy Lode includes Resources as at 30th June 2014. Wilber Lode reported above 0.1g/t Au. Judy Lode reported above 0.0g/t Au. Suzie Lode reported above 0.1g/t Au. Rounding Errors may occur. All Mineral Resources are inclusive of those used to determine Ore Reserves.

Table 2. Doray Minerals Ore Reserve InventoryGold Reserves

Proven Probable TotalTonnes(‘000s)

Au (g/t)

Au Ounces

Tonnes(‘000s)

Au (g/t)

Au Ounces

Tonnes(‘000s)

Au (g/t)

Au Ounces

Andy Well - Wilber - Open Pit Stage 2 - - - 45 16.1 23,500 45 16.1 24,000Andy Well - Wilber Underground - - - 566 8.2 148,000 566 8.2 148,000Andy Well - Judy Underground - - - 203 8.8 58,000 203 8.8 58,000Deflector 908 5.3 153,000 873 6.0 168,000 1,781 5.6 322,000TOTAL RESERVES 908 5.3 153,000 1,687 7.3 397,500 2,595 6.6 551,500

Copper Reserves

Proven Probable TotalTonnes(‘000s)

Cu %

Cu Tonnes Tonnes(‘000s)

Cu %

Cu Tonnes Tonnes(‘000s)

Cu %

Cu Tonnes

Deflector 908 1.3% 11,000 873 0.5% 4,000 1,781 0.9% 16,000TOTAL RESERVES 908 1.3% 11,000 873 0.5% 4,000 1,781 0.9% 16,000

Note: Wilber Open Pit Stage 2 includes Reserves as at 30th June 2014 and additional Stage 2 Open Pit Reserves detailed 7th January 2015. Rounding Errors may occur.