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A Standout Junior Miner July 2014

Minotaur Exploration Limited | ASX: MEP

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Standout? - a compelling investment case

  Copper-gold in QLD

  Currently drilling new, shallow, copper-gold targets west of the high-grade Eloise mine

  Nickel-gold in WA

  Tenements host standout examples of nickel sulphide mineralisation

  Targets include known deposits and multiple untested geological, geochemical and geophysical targets

  These options present a compelling new exploration opportunity, particularly in the rising nickel price environment

Minotaur’s focus is on core copper-gold assets & new nickel options

and coupled with Minotaur’s discovery track record, sound management capabilities, strong cash position, multiple JVs contributing to annual expenditures and highly

regarded mining industry shareholders, creates a compelling investment case

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Minotaur standouts amongst junior miners

Financial Information Number of shares 152.2m

Share price (25-Jul-14) A$0.14

Market capitalisation A$21.3m

Cash (30-Jun-14) A$4.8m

Enterprise value A$16.5m

Note: 12.5m unlisted options (exercise prices A$0.21-0.55)

About Minotaur Exploration (ASX: MEP)

  Primary focus on copper and gold exploration in QLD   Secondary focus on advanced nickel prospects in WA   Actively monetising non-core assets (listed investments,

magnetite, industrial minerals)   Core geology team responsible for Prominent Hill discovery is

still with Minotaur   Clean capital structure (no debt, limited options, only 152m

shares on issue) with high profile share register and supportive JV partners

JV Partners JOGMEC Japan Oil, Gas and Metals National Corp (Japanese government entity)

Mitsubishi Mitsubishi Materials Corp & Mitsubishi Corp

Sumitomo Metals Mining Oceania Major global metals player

Sandfire Resources Major Australian copper-gold producer

GFR Cornerstone private investor and alliance partner

Major Shareholders Norilsk Nickel 7.1%

OZ Minerals 5.3%

Newmont Capital 3.5%

GFR 2.8%

Other major shareholders:   FMR Investments  Sandfire Resources   Locantro Capital

5.8%

Directors 3.2%

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Relative Share Price Performance

MEP daily volume S&P/ASX Small Resources Index MEP share price

SUSTAINED OUTPERFORMANCE

Share price (A$) Volume traded (m)

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Minotaur recovers approximately 50% of its annual operating expenses through joint venture arrangements   Strategic alliances with high profile international partners expand Minotaur’s project capacity and help minimise cash drain

Note: 1.  Chart totals correspond to quarterly exploration + administration expenditure by Minotaur upfront Source: Appendix 5B’s

Innovative funding model

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Minotaur net spend R&D tax incentive Grants + interest JV repayments

FY12

FY13

FY14

Minotaur annual exploration & admin costs by funding source (A$m) 57% (of reported exploration & admin expenditure)

47%

48%

43% (Minotaur net spend)

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“The Prominent Hill copper-gold deposit, discovered in 2001 by Adelaide based Minotaur Exploration, was a stand-out greenfield discovery in Australia” OZ Minerals, owner and operator of Prominent Hill copper-gold mine

  Prominent Hill region was identified as an IOCG province in the late 1980s, but it wasn’t until 2001 that Minotaur Resources (ASX: MNR) intersected economic mineralisation

  By 2004 the scope of the project was becoming clear and Oxiana (now OZ Minerals) acquired the Prominent Hill deposit, while MNR’s remaining assets were spun off into Minotaur Exploration (ASX: MEP)

  Shareholders received 1.85 Oxiana shares and 1 MEP share for each share held in MNR before the Prominent Hill transaction, equivalent to A$2.29 per share (2,190% higher than MNR’s share price pre-discovery)

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Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04

MNR share price (A$)

Minotaur acquires remaining 81% for A$12m in cash and

shares

Scheme of Arrangement with Oxiana attributes value of A

$98m to Minotaur’s equity share of Prominent Hill

First drill results confirm Minotaur’s

interpretation

Recognising geophysical similarities to Olympic Dam,

Minotaur begins to earn a 19% interest at Prominent Hill (in JV alongside Billiton earning 51%)

ONE GOOD REASON TO OWN

MINOTAUR (the same core

geology team remains in place)

Source: IRESS, company filings

Minotaur’s role in Prominent Hill discovery

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Geographic focus is Australia

NON-CORE ASSETS All iron ore and industrial minerals

projects are actively being prepared for divestment Mutooroo Iron

Poochera Kaolin Lake Purdilla Gypsum

OTHER ASSETS SA Copper-Gold SA Base Metals

VIC Copper-Gold

Clear focus on copper-gold assets in QLD and nickel prospects in WA SECONDARY FOCUS

Nickel-Gold (WA) Leinster: multiple targets located in

database to be pursued Scotia: known deposits to be drilled

to define JORC resources Kambalda West: high tenor nickel

deposits under historic mines

PRIMARY FOCUS Copper-Gold (QLD)

Cloncurry JV: continues on IOCG targets

Eloise JV: inaugural diamond drilling underway

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Core assets: copper-gold portfolio MEP’s primary focus is its strategic Cu-Au ground position around Cloncurry Minotaur recognised Cloncurry region as an emerging IOCG province   Extensive land position strategically acquired over several years – around

known Cu-Au mining centres:   Ernest Henry (adjacent to Ernest Project)   Eloise (adjacent to Elrose Project)   Osborne (adjacent to Osborne Project)

  In-house technical expertise has been successfully applied to geophysical target identification under deep and conductive cover, revealing multiple, potentially mineralised anomalies

  Investigatory drilling proves Minotaur’s geophysical technique to be a valid discovery tool

Eloise Copper JV   JV partner spending A$6m over 4 years to earn 50%   Minotaur is Operator/Manager   Tenements highly prospective for Eloise style high-grade Cu-Au deposits   EM-generated conductive plates modelled and selected for first-pass drill

investigation   First-pass diamond drill campaign underway; initial results due late July   Follow-up drilling to be determined

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Core assets: nickel portfolio Advanced nickel sulphide prospects on proven, fertile ultramafic belts   Leinster JV (MEP 85%)

  Multiple nickel targets identified from a massive historic exploration database acquired through Breakaway Resources   Large tenement package ideally located over mineralised ultramafic units   On strike from historic mines and Tier 1 nickel projects   Estimate replication of database alone would require over 10 years of intensive

exploration and cost in excess of A$30m   Ground along the Nickel belt is tightly held and rarely available

  Scotia (MinAuSol of which MEP 50%)   Small historic nickel sulphide resource established at St Patricks   Multiple drill holes into adjacent St Andrews deposit represent an advanced

stage prospect with walk-up drill positions established   Modern ground EM to cover both targets and refine geometry of drill intersected

ultramafic units will be underway in August

  Kambalda West   Minotaur holds nickel rights over 10 tenements owned by Tychean Resources

(TYK)   High-grade Ni-Au assays published 23 July 2014   Additional deposits waiting to be drilled to JORC standard

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Share price catalysts

  Actively drilling at Eloise   Targets identified by aerial and ground EM surveys in 2014 represent significant copper-gold discovery potential

  Inaugural drilling campaign underway, initially testing targets at 50-150m depth   Initial results will be published late July

  Drilling of additional targets will be considered based on results of initial drill campaign

  Exploration on advanced nickel portfolio in WA   Historic nickel database reveals multiple nickel sulphide targets and drill defined mineralisation, all of which have received little follow

up

  Modern EM to be applied to Saints deposits to extend boundaries of known mineralisation and test for new conductors   new assay results from West Kambalda report high tenor nickel sulphide mineralisation beneath historic 5B mine

  Sale of non-core assets   Magnetite, gypsum and kaolin projects being prepared for sale

  Listed investment developments   Minotaur’s listed investment portfolio provides discovery upside and monetisation potential on liquidity events

  New opportunities   Minotaur is actively reviewing major Australian copper-gold acquisition opportunities with its alliance partners

  Advanced stage to ready-to-mine and/or in-production opportunities being targeted

Minotaur expects substantial news flow over the coming months

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A compelling investment case

  Enviable record of exploration success – core geology team responsible for Prominent Hill discovery is still with Minotaur

  Significant exploration potential given focus and quality of core assets

  Innovative funding model underpinned by strategic JV alliances

  History of responsible capital management with strong balance sheet and clean capital structure

  High profile share register and supportive JV partners

  Clear asymmetric payoff profile given implied value currently ascribed to Minotaur’s strategic copper-gold portfolio and advanced nickel assets is only A$1.3m

  Actively monetising non-core assets to realise additional value for shareholders

  Substantial news flow over the coming months

Minotaur is a standout junior miner on the ASX

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APPENDIX – Nickel Assets

Middle-stage (established mineralisation) ultramafic NiS-Au systems

Advanced-stage (brownfields) ultramafic NiS-Au systems

Mineral Resource estimates stated herein are as reported by previous operators according to JORC principles then applying. The estimates have not been re-compiled in accordance with JORC 2012 edition as the data remain unaltered in all material aspects.

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Nickel asset development

  Leinster define and test multiple targets, establish upside potential to attract sizeable JV earn-in partner.

  Scotia refine Saints Nickel deposits, move to JORC, establish mining proposal (in conjunction with 50% partner).

  Kambalda West follow up on new & significant Ni-Au assays at 5B mine (MEP holds Ni Rights and 1.5% gold NSR over 10 TYK tenements).

Launching an inaugural work programme

Work programme duration: August 2014 – Dec 2015

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WA Nickel assets: in the Tier 1 nickel district

Leinster   285km2 of mafic/ultramafic greenstones bounded

by regional scale crustal faults (MEP 85%)

Scotia   187km2 of mafic/ultramafic greenstones along the

Bardoc Shear Zone (MEP 50%)

Kambalda West   Nickel Rights over Tychean Resources’ (TYK)

tenements (10)

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Leinster: Tier 1 Nickel Province

 Leinster tenements were originally compiled by LionOre and vended into Breakaway Resources

 Ground in this region is possessively held with entry opportunities extremely limited.

 Minotaur obtained a presence via its 2013 acquisition of Breakaway Resources

 Minotaur’s tenure (red blocks) is situated along the Nickel prolific ultramafic belt

 Past exploration identified multiple NiS geochem anomalism, EM conductors, Ni drill intersections and modest Ni resources, but with limited follow-up

 Minotaur’s 2014 data re-compilation shows tenement NiS opportunity compels a modern approach to assess numerous known - but untested - targets

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Leinster: Wildara & Mt Clifford tenements

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Targets include:

 large, untested EM plates in ultramafic units

 offhole, downhole EM conductor

 EM conductors in vicinity of Ni gossans

 untested conductors near anomalous Ni intercepts

 no ground EM coverage over known ultramafic units and/or basal contacts

 no ground EM on ultramafic belt on strike from the mined Waterloo Nickel deposit

Leinster: multiple targets on the Nickel belt

Wildara group Mt Clifford group

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Scotia: Nickel mining province

Advanced ‘Kambalda style’ NiS exploration asset on a proven Ni mineralised ultramafic belt:

  hosting multiple ore-grade NiS drill intersections

  with a modest Ni resource blocked out

  limited past efforts to expand the resource base

  deposits are open at depth and along strike

  multiple ‘walk-up’ drill positions available from database

  significant upside potential on proximal but only partly tested ultramafic/basalt contacts

  warrants an extensive modern EM programme to refine conductive plates & guide drilling

  to establish JORC resources and mining scenarios

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Scotia: mining history and ore grade results Sco$a  underground  Nickel  Mine:      Ceased  produc$on  in  1977    produced  1.4Mt  @  2.2%  Ni  (to  360m  depth)    for  30,800t  of  contained  Ni    Main  lode  horizon  truncated  by  fault    Off-­‐hole  DHTEM  conductor  not  yet  tested    New  discovery  poten$al  

Saints  Nickel  targets:    St  Patricks  Inferred  Resource  

o  135,600t  @  3.7%  Ni  (for  5,000t  contained  Ni)  

  St    Andrews  no  resource  calculated    Western  Contact  no  resource  calculated    Hinge  zone  at  depth,  not  tested  

Estimate prepared prior to JORC 2012 edition and not updated as facts remain unaltered in all material aspects

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Scotia: Saints mineralisation not closed off

Mineralisation remains open at depth and along strike

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Scotia: Saints Nickel discovery potential

Conceptual Target –

Hinge zone

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Scotia: Saints - potential along contact horizons

Western Contact St Andrews

Potential for discovery of Ni Sulphide mineralisation in

Hinge zone

300 metres

  only 5% of prospective contacts have been drilled   Western Contact mineralised in several locations

over 2km of strike

  St Patricks and St Andrews deposits on Eastern Contact present excellent resource potential

07BSGD0030 0.34m @ 2.40% Ni 0.55m @ 6.29% Ni

07BSGD0048 27.45m @ 1.80% Ni 07BSGD0049 2.30m @ 2.64% Ni

07BSGD0015 2.0m @ 3.32% Ni 1.0m @ 4.76% Ni

St Andrews Hangingwall Zone

St Andrews Deposit

St Patricks Deposit Inferred Resource:

135,600t @ 3.70% Ni

07BSGD0047 1.90m @ 3.10% Ni Incl. 0.3m @ 5.29% Ni

07BSGD0038 1.0m @ 2.61% Ni

07BSGD0055 4.80m @ 2.81% Ni

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Kambalda West: Nickel Rights

Established NiS Mineralisation:   1A Mine   5A Mine   Andrews Mine   5B Mine

20km South-West of Kambalda

  MEP has 100% Ni rights over MTH’s ‘Spargos’ tenements & TYK’s ‘Spargoville’ tenements

  4 historic mines produced 14,000t Nickel to 1993

  all mined deposits remain open at depth

  30km2 of underexplored tenements

  no regional exploration since 2006

  no drilling since 2008

  mineralised deposits all located within granted Mining Leases

Nickel Prospects:   Spargo South   Burnham   Kemble   Gardiner

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  Underground mining on 3 levels through 1991/92

  No evidence of evaluation for extensions to depth or the West

  Drilling in 2007/08 identified several pods West of the historic workings

  Potential to increase both size and grade of the deposit

High Tenor Sulphides,

up to 9% Ni

Kambalda West: 1A Nickel Mine

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  high grade deposit at base of historic oxide pit

  Includes sulphide intercepts up to 13% Ni

  Limited drilling beneath pit

Kambalda West: 5A high-grade Nickel deposit

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  high grade Ni-Au deposit beneath historic gold pit

  Nickel sulphide intercepts incl. 24m @ 1.53% Ni

  Gold intercepts incl. 5m @ 9.7 g/t Au

  Refer ASX release dated 23 July 2014 for full details

Kambalda West: 5B high-grade Nickel deposit

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  Produced 7,800 tonnes Ni in 1970’s

  Remnant oxide mineralisation exists near surface

  Attractive near-term development prospect

  Base of mine at 11 Level yielded highest grade ore:   2.5 – 3.0% Ni   mineralisation continuous for over 200m

  High Tenor - up to 20% Ni in massive sulphides

  Historic drilling, while sparse, supports case for down-plunge extensions

  Potential to extend the deposit at depth and along strike

Shallow Potential

Kambalda West: Andrews (5D) Nickel Mine

Down plunge

potential

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This presentation has been prepared by the management of Minotaur Exploration Limited (“Minotaur”, 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. Minotaur 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 Minotaur 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 this presentation that relates to exploration results for Minotaur Exploration Ltd is based on information compiled by Mr Ian Garsed, who is a full-time employee of the Company and a Member of the Australian Institute of Geoscientists (AIG). Mr Garsed has sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Garsed consents to inclusion of this information in the form and context in which it appears.

Competent Person’s Statement

Disclaimer

Disclaimer