INVESTOR PRESENTATION

OCTOBER 2014

This presentation contains only a brief overview of Millennium Minerals Limited. The contents of

this presentation, including matters relating to the geology of Millennium’s projects, may rely on

various assumptions and subjective interpretations which it is not possible to detail in this

presentation and which have not been subject to any independent verification.

This presentation contains a number of forward looking statements. Known and unknown risks

and uncertainties, and factors outside of Millennium’s control, may cause the actual results,

performance and achievements of Millennium to differ materially from those expressed or implied

in this presentation.

To the extent permitted by law, Millennium does not warrant the accuracy, currency or

completeness of the information in this presentation, nor the future performance of Millennium,

and will not be responsible for any loss or damage arising from the use of information.

The information contained in this presentation is not suitable for detailed investigation or analysis

of any particular issue. Current and potential investors and shareholders should seek independent

advice before making any investment decision in regard to Millennium or its activities.

DISCLAIMER

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WE DON’T NEED MORE TAXES

MILLENNIUM MINERALS - CORPORATE

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MANAGEMENT

BRIAN REAR Managing Director & CEO

RICHARD HILL Chief Financial Officer

SIMON POOLEY GM Operations

GLENN DOVASTON Site General Manager

PIERRE MALHERBE Company Secretary

EMERGING GOLD PRODUCER WITH A HIGH QUALITY TENEMENT

PORTFOLIO IN THE EAST PILBARA DISTRICT, WESTERN AUSTRALIA

REGISTER BREAKDOWN %

CORPORATE SNAPSHOT

ASX Code MOY

Market Capitalisation ~ AUD$17M

Shares on issue 218M

Share Price $0.07

Cash at 30 Sept 2014 $4M

Debt $32M

BOARD

RICHARD PROCTER Non Executive Chairman

MICHAEL CHYE Non Executive Director

ROSS GILLON Non Executive Director

GREG BITTAR Non Executive Director

BRIAN REAR Managing Director&CEO

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20.3

21

34.7

1Institutional

High Net Worth

Retail

IMC Group

Directors andManagement

EAST PILBARA DISTRICT- WESTERN AUSTRALIA

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NULLAGINE GOLD PROJECT

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OVERVIEW

NULLAGINE GOLD PROJECT

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~250 km2 within one of the oldest, and

perhaps least explored Goldfields in

Western Australia

Project construction completed

September 2012

On Time and On Budget - $89M

First gold poured September 2012

CHARACTERISTICS

JORC MINERAL RESOURCES 1.91M oz

ORE RESERVE 464,400 oz

MINE LIFE (APPROX) 6 years

CIL PROCESSING PLANT DESIGN

CAPACITY

1.5 Mtpa

1.91 million ounce gold resource at a grade of 1.26 g/t contained within 7

deposits locations on granted mining leases.

Hedge contracts in place for d 70% of forecast gold production at an average

forward delivery price of d A$1,500 out to June 2016

AUD Gold spot last 30 days

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AUD Gold spot last 6 months

9

WEATHERING THE STORM

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Multiple ore sources provide operational choices

Ore hardness, grade, recovery

Focus on margins

Low-overhead, lean business model with a strong cost discipline

Increase production while maintaining a constant asset and capital base

Proactive approach to price and operational risk management

Develop and maintain a strong pipeline of deposits at various points of the

exploration/development cycle

OPERATING PERFORMANCE – AT A GLANCE

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0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

20,000

050,000

100,000150,000200,000250,000300,000350,000400,000450,000

Mar-14 Jun-14 Sept-14

Production - Processing

Ore tonnes milled (LHS) Fine Gold Ounces (RHS)

0

5

10

15

20

25

30

0

5,000

10,000

15,000

20,000

Mar-14 Jun-14 Sept-14

Gold Sales and Revenue

Ounces Sold (LHS) Revenue A$ Million (RHS)

18.717.8 18.1

0.0

5.0

10.0

15.0

20.0

Mar-14 Jun-14 Sept-14

Fine Gold Production (koz)

0

200

400

600

800

1,000

1,200

1,400

Mar-14 Jun-14 Sept-14

Unit Costs

C1 Costs All in sustaining Costs

HALF YEAR INTERIM FINANCIALS AND

SEPTEMBER QUARTER RESULTS

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June 14 Half Year Results:

The Company generated net operating cash flow of $7.49 million

Mine level EBITDA was $11.26 million.

After tax loss was $12.49 million.

Gross operating margin averaged $386 per ounce

September 14 Quarter Results:

exceeded guidance of 16,000 to 18,000 ounces Au

18,127 ounces fine gold produced

Revenue of $27.4M

Grade 1.70 g/t Au

Recovery 87%

Gross operating margin $435 per ounce

OPERATIONAL SUMMARY FY2014 YTD

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September Qtr: 8% increase in grade milled, 8% increase in gross operating margin on YTD performance

Quarter ended Sep-14 Jun-14 Mar-14 YTD-14

Total volume mined (bcm) 1,002,985 951,235 827,083 2,781,303

Ore milled (tonnes) 382,676 400,539 426,473 1,209,688

Head grade (g/t Au) 1.70 1.58 1.49 1.58

Metallurgical recovery (%) 87 86 89 88

Fine gold production (ounces) 18,127 17,788 18,762 54,677

Gold sold (ounces) 18,100 17,793 18,925 54,818

Gold sales revenue ($M) 27.4 27.7 27.6 82.7

C1 cash cost ($/ounce poured) 1,081 1,178 1,065 1,107

Sustaining cost ($/ounce poured) 1,197 1,303 1,190 1,229

Gross operating margin ($/ounce poured)435 380 393 402

Dry hire mining fleet - owner operator and manage mining

120 tonne and 80 tonne excavators, 777’s and 740’s - multiple pits

140 man accommodation village – 85-90 on site at any one time

113 direct employees, includes 7 head office and exploration

Corporate overhead - 3% to 5% of revenue

Senior Project finance - 45% of all facilities repaid to date, $24.6M outstanding

Asset leasing facility - $4M outstanding

KEY OPERATING ELEMENTS

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Primary Crusher

Leach Circuit

Crushed OreStockpile

Elution and Gold Room

Mill

TAPPING THE POTENTIAL

• Mill up time performance above 97%

• Annualised throughput rates as high as 1.75 MTPY

• Looking at exploiting mill performance in mine planning

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RESOURCE TO RESERVE GROWTH AHEAD

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14

Mineral Resource and Ore Reserve Development

Mineral Resource Ounces Ore Reserve Ounces

ResourceDevelopment

GFC

Construction

Commissioning

RevisedLOM and Ore

Reserve

NULLAGINE GOLD PROJECT

Mineral Resource estimate increased:

- Up 44% in ounces

- Up 36% in tonnes

- Up 6% in grade

- 47.13Mt grading at 1.26 g/t Au for 1,908,800 contained ounces

BEATONS CREEK JV

Maiden Mineral Resources Estimate: 421,000 ounces

CAMEL CREEK JV (50% Millennium)

Maiden Ore Reserve: 0.64Mt grading at 1.53 g/t Au for 33,400 ounces

2013 EXPLORATION MILESTONE

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DEVELOPMENT PIPELINE - NOW

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1. Organic growth -3 areas of Project

upside through exploration.

a) GROW Existing deposits

b) CONVERT Resources→Reserves

c) NEW MML prospects & development

GROW RESOURCES & RESERVES

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KEY to future material growth

A. GROW Existing

• CONDOR - NW extension - 200m+ strike, outcropping mineralisation

with rock chips 9- 24 g/t Au; 2 parallel zones

• SHEARERS/OTWAYS - 2 zones at Shearers west, 250m strike,

recent RC holes 4m @ 1.72 g/t Au, 33m @ 0.59 g/t Au

• OTHERS - small increments

EXPLORATION – ORGANIC GROWTH

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B. Convert Mineral Resources to

Reserves

Au81 only 2 km from Golden Eagle Plant

• 47,900 Oz Resource 2013

• Excellent 2014 drilling results (ASX 4 June)

• Updated Resource & maiden Reserve expected 2nd Half

Beatons Creek JV

• 421,000 Oz maiden Resource 2013

• JV with Nova Resources

EXPLORATION – ORGANIC GROWTH

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C. New Prospects Have historical workings (=high grades), ore-grade intersections

and/or rock chips, limited drilling as yet

a) Majuba Hill -800m+ strike within a 1.2 km soils anomaly,

some RAB drilling: 2m @ 6.5 g/t Au, recent 234 g/t Au rock

chip, Golden Eagle ‘look-alike’ alteration style

b) Golden Eagle SW -1,000m+ strike, strong soils, 200m of RAB

anomalism: e.g. 3m @ 2.1, same Golden Eagle alteration,

strongest mineralisation trend

EXPLORATION – ORGANIC GROWTH

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HIGH POTENTIAL NEW PROSPECTS & DEPOSITS

Close to current deposits & infrastructure -low development capital requirements 23

DEVELOPMENT PIPELINE

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Define & Grow

Extract

Prove up

GREENFIELD DEVELOPMENT WITH A SOLID TRACK RECORD

- Consistent delivery of project milestones on time and within budget

- Delivered on time and cost to build

- Production guidance met YTD

EXPERIENCED MANAGEMENT TEAM WITH TRACK RECORD OF DELIVERY

- Extensive commercial, technical and resource sector experience

STRONG VALUE PROPOSITION

- Almost 1.5:1 on 2014 interim cash flow multiples

- EV/reserve ounces $125/ounce d 50% producer average

QUALITY ASSETS WITH SIGNIFICANT ORGANIC GROWTH POTENTIAL

- Extensive exploration program plan: 90% of portfolio in exploration-development

phase

- Virtually no greenfield exploration – targets are defined geological occurrences

IT’S ALL ABOUT VALUE

INVESTOR PRESENTATION

OCTOBER 2014

APPENDICES – MINERAL RESOURCES

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DEPOSIT

MEASURED INDICATED INFERRED TOTAL

Mt Grade Mt Grade Mt Grade Mt Grade Ounces

g/t Au g/t Au g/t Au g/t Au

Golden Eagle2 13.24 1.21 4.4 1.03 4.17 1.06 21.82 1.15 805,000

Bartons3 1.72 1.21 1.44 1.17 0.55 1.12 3.71 1.20 141,000

Shearers3 0.59 1.27 1.48 1.01 0.26 1.00 2.33 1.10 81,000

Otways3 1.15 0.81 0.9 0.87 0.692 0.92 2.74 0.86 75,000

All Nations3 1.26 1.36 0.55 1.08 0.42 1.04 2.23 1.23 88,000

Little Wonder3 0.47 1.35 0.25 1.43 0.22 1.68 0.94 1.45 43,700

Golden Gate (ABCD)4 0.66 3.30 0.16 2.99 0.14 2.29 0.95 3.10 95,000

Falcon4 - - 0.09 3.90 0.04 4.40 0.14 4.00 18,000

Condor4 0.15 2.61 0.05 2.83 0.03 3.71 0.22 2.80 20,000

Harrier4 - - 0.1 1.80 0.04 1.80 0.14 1.80 8,000

Crow4 0.04 3.14 0.04 2.62 0.05 2.34 0.12 2.65 10,500

G_Reef4 - - 0.03 3.71 0.02 3.69 0.05 3.70 6,200

Au813 - - - - 1.5 1.00 1.5 1.00 47,900

Camel Creek JV6 0.62 1.32 0.36 1.17 0.35 1.11 1.34 1.23 52,500

Beatons Creek Earn In7 8.9 1.47 8.9 1.47 421,000

Total 19.9 1.29 9.85 1.14 17.38 1.30 47.13 1.26 1,912,800Notes:

1. Figures in Table may not sum due to rounding.

2. The Golden Eagle deposit was estimated using Multiple Indicator Kriging methodology for grade estimation by CSA Global.

3. The Bartons, Shearers, Otways, All Nations, Little Wonder and Au81 were estimated using Ordinary Kriging methodology for grade estimation by CSA Global.

4. The Golden Gate (ABCD reef), and Golden Gate satellite deposits, namely Falcon, Condor, Harrier, Crow and G Reef were estimated using Ordinary Kriging.

5. The Golden Gate and Bartons deposits are the subject of a mining licence agreement whereby Millennium has the sole and exclusive right to explore and mine gold and other minerals. Millennium then is required to pay 25% of the net proceeds to

the tenement owners (Livestock Marketing Pty Ltd, Duncan Thomas Young, Simba Holdings Pty Ltd and Ronald Lane Swinney) after mining and processing cost deductions.

6. The Mineral Resources at the Camel Creek JV (CCJV) were estimated using Ordinary Kriging methodology by CSA Global. Only Millennium's 50% interest is stated in the above table.

7. The Mineral Resources at Beatons Creek deposit estimated using Ordinary Kriging methodology for grade estimation by Tetra Tech Inc. Beatons Creek is subject to a farmin- Joint Venture with Novo Resources Corp (Novo) (CNSX:NVO). Under

the Farm-In agreement Novo may earn a 70% interest in the Beatons Creek tenements by delivering a bankable Feasibility Study on the property within 5 years of commencement of the Agreement which was executed in August 2011. “As Novo

has yet to earn an interest in the Beatons Creek tenements, the Company accounts for 100% of the mineral resource on the Beatons Creek tenements.

The Mineral Resources estimates include previously stated Ore Reserves, and are calculated under the 2004 JORC code.

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APPENDICES – ORE RESERVES

PROSPECT

PROVED PROBABLE TOTAL

OUNCES

tonnes grade (g/t Au) tonnes grade (g/t Au) tonnes grade (g/t Au)

Golden Eagle 4,305,200 1.5 522,100 1.6 4,827,400 1.5 237,500

Bartons 802,000 1.5 230,000 1.6 1,032,100 1.6 51,800

All Nations 354,100 1.8 13,000 1.5 367,100 1.8 21,300

Shearers 411,300 1.5 200,400 1.4 611,700 1.4 28,100

Otways 169,700 1.3 54,600 1.2 224,400 1.3 9,000

Little Wonder 105,500 1.9 11,700 4.9 117,300 2.2 8,500

Golden Gate ABCD 434,300 3.4 38,600 4.1 473,000 3.5 53,100

Condor² 66,900 2.5 18,900 3.2 85,800 2.7 7,300

Crow² 18,600 2.6 13,700 2.5 32,400 2.5 2,600

Falcon² - - 75,600 3.9 75,600 3.9 9,400

Harrier² - - 39,300 2 39,300 2 2,500

G reef² - - 31,900 3.5 31,900 3.5 3,600

Little Wonder (CCJV) 92,100 1.5 2,400 1.6 94,500 1.5 5,600

Roscoes Reward 153,200 1.4 23,200 1.3 176,400 1.4 7,600

Junction 43,000 2.3 4,300 2.4 47,400 2.3 3,500

Total 6,955,900 1.7 1,279,700 1.9 8,236,300 1.7 453,000

Stockpiles ROM: LG 420,700 0.7 9,400

HG37,300 1.7 2,000

TOTAL 6,955,900 1.7 1,279,700 1.9 8,694,300 1.7 464,400

Competent Persons Statements – Exploration Results

Mr I Hay (MAIG), a geologist employed full-time by Millennium Minerals Limited, compiled the technical aspects of this report. Mr Hay is a member

of the Australian Institute of Geoscientists and has sufficient experience that is relevant to this style of mineralization and type of deposit under

consideration and to the activity that is being reported on to qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code

for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hay consents to the inclusion in the report of the matters in the

form and context in which it appears.

Competent Persons Statements – Mineral Resources

The information in this Report which relates to the Golden Eagle, Bartons, Shearers, Otways, All Nations, Little Wonder, CCJV, ABC Reef, D

Reef, Condor and Crow Mineral Resource estimates accurately reflects information prepared by competent persons (as defined by the

Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). These Mineral Resource estimates have been

compiled and prepared by Dr Bielin Shi, (MAusIMM) of CSA Global Pty. Ltd. who is a Competent Person as defined by the Australasian Code for

the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2004 Edition and who consents to the inclusion in this

report of the matters based on the information in the form and context in which it appears.

The information in this Report which relates to the Au81 Mineral Resource estimate accurately reflects information prepared by competent

persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The Au81 deposit

Mineral Resource estimate has been compiled and prepared by Mr. Grant Louw (MAIG, MGSSA) of CSA Global Pty. Ltd. who is a Competent

Person as defined by the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2004

Edition and who consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

The information in this Report which relates to the G Reef Mineral Resource estimate accurately reflects information prepared by competent

persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The G Reef deposit

Mineral Resource estimate has been compiled and prepared by Mr. Dmitry Pertel (MAIG, MGSSA) of CSA Global Pty. Ltd. who is a Competent

Person as defined by the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2004

Edition and who consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

The information in this Report which relates to the Flacon and Harrier Satellite Mineral Resource estimates accurately reflects information

prepared by competent persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves).

The Falcon and Harrier satellite deposits Mineral Resource estimate has been compiled and prepared by Steven Hodgson, (MAIG) of CSA Global

Pty. Ltd. who is a Competent Person as defined by the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore

Reserves (JORC Code) 2004 Edition and who consents to the inclusion in this report of the matters based on the information in the form and

context in which it appears.

COMPETENT PERSONS STATEMENTS

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COMPETENT PERSONS STATEMENTS

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Patrick Huxtable of Tetra Tech, Perth, Australia, has prepared the Mineral Resource Estimate for the Beatons Creek Gold Project, and is

independent of Novo Resources Corporation for purposes of National Instrument 43‐101 ‐ Standards of Disclosure for Mineral Projects ("NI

43‐101"). Mr Huxtable (RPGeo MAIG) is a Qualified Person as defined by NI 43‐101. Mineral resources that are not mineral reserves do not have

demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation,

sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred resources in this estimation are uncertain in nature

and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if

further exploration will result in upgrading them to an indicated or measured mineral resource category. The mineral resources in this news release

were estimated using current Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards, definitions and guidelines.

Competent Persons Statements – Ore Reserves

The information in this Report, which relates to the Ore Reserve estimates accurately reflect information prepared by competent persons (as

defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The information in this public

statement that relates to the Ore Reserves at the Millennium Minerals Nullagine Project is based on information compiled by Mr Steve Lampron and

Mr. Daniel Tuffin. Mr. Daniel Tuffin of Auralia Mining Consulting completed the Ore Reserve estimate. Mr Daniel Tuffin is a Member of the

Australasian Institute of Mining and Metallurgy (#228649) and has sufficient experience that is relevant to the style of mineralisation and type of

deposit under consideration and to the activity that they are undertaking to qualify him as a Competent Person as defined in accordance with the

Australasian Joint Ore Reserves Committee (JORC).

BRIAN REAR, MSc, AWASM (Metallurgy), Managing Director/CEO

Mr Rear is a graduate of the Western Australian School of Mines (AWASM Metallurgy), The Royal School of Mines (MSc London, Mineral Process

Design, DIC) and holds a Masters Degree in Business Leadership from the Business School of the University of South Africa. He is a member of

the Australian Institute of Company Directors. He has extensive international experience in process engineering, project development and company

management having successfully developed three green-field projects and the turnaround of a fourth covering base metals and thermal coal. His

career includes stints with Rio Tinto, Anglo Vaal Limited, Straits Resources (founding director and CEO) and CopperCo Limited covering

commodities as diverse as thermal coal, gold, uranium, base metals and industrial minerals. Mr Rear has accumulated significant experience in the

development and in the operation of copper heap leach SX-EW projects, feasibility studies and project finance. He has work experience in Papua

New Guinea, Indonesia, Southern Africa, United Kingdom, East Asia and Australia.

RICHARD PROCTOR, BSc (Mining), MBA, CEng, Non-Executive Chairman

Mr. Procter is a mining engineer with over 30 years broad international experience encompassing roles in the corporate, operations, contracting,

consulting and mine development areas. He has held senior industry positions that have demonstrated leadership and management of base and

precious metal mining companies (both underground and open); development of project assessment types including definitive/bankable feasibility

studies and their conversion into mining operations; managed teams undertaking mining asset evaluations and valuations, including technical and

operational audits (encompassing complete mining asset due diligence and expert reports). He also has been involved in many mining operation

start-ups (both small and large) - as well as the re-engineering of large ongoing operations.

ROSS GILLON, BJuris, LLB, Non-Executive Director

Mr Gillon, principal of the legal firm Lawton Gillon, has been in legal practice for over 30 years and has previously been a Director of a number of

exploration companies.

GREG BITTAR Non-Executive Director

Mr Bittar has over 15 years investment banking and mining resource sector experience in Australia and overseas - having worked for Bankers

Trust, Baring Brothers Burrows and following the completion of his Masters in Finance in 2000, he joined Morgan Stanley, working in London,

Melbourne and Sydney. He has extensive experience in public and private markets mergers and acquisitions, capital markets and strategic

advisory assignments across a range of sectors including general industrials, metals and mining, mining services and energy. .

MICHAEL CHYE Non-Executive Director

Mr Chye has more than 25 years’ experience in finance and investments. He commenced his career in academia and subsequently worked for the

Singapore Government and multi-national companies before joining the TCC Group. He has also been an independent Director and Audit

Committee Chairman of publicly listed companies in Singapore. Mr Chye graduated with a Bachelor of Business Studies (with First Class Honours)

and a Masters (with Distinction) from Massey University, New Zealand. He is a Fellow of the Institute of Singapore Chartered Accountants, a

member of the Singapore Institute of Directors and an Associate of the Singapore Association of the Institute of Chartered Secretaries and

Administrators.

DIRECTORS AND MANAGEMENT

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DIRECTORS AND MANAGEMENT

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SIMON POOLEY, BSc (Geology), MAusIMM, MAIG, MAICD General Manager Operations

Mr Pooley is a geologist with over 30 years broad international experience encompassing roles in the corporate, operations, exploration and mine

development areas. He has held senior industry positions that have demonstrated leadership and management of base and precious metal

exploration and mining operations; development of project assessment types including definitive/bankable feasibility studies and their conversion

into mining operations and managed teams undertaking exploration evaluations and valuations. He is a member of the Australasian Institute of

Mining and Metallurgy as well as the Australian Institute of Geoscientists. His career includes stints with Dominion Mining, Ashton Mining and Rio

Tinto covering commodities as diverse as gold, base metals, diamonds and industrial minerals. He has been involved in a number of mining

operation start-ups from exploration through to construction and production.

RICHARD HILL, BComm, CPA, Chief Financial Officer

Mr Hill holds a Bachelor of Commerce degree, and is a qualified CPA. Richard has gained 14 years within gold and iron ore mining companies in a

range of financial and commercial roles. He has had exposure across the resources spectrum in operations, development projects (in all phases

from prefeasibility, construction and start-up through to operations), project evaluation and the closure of projects. He has wide experience in

financial reporting, financial management of both projects and operations, treasury management, compliance and risk management. He has had

experience in numerous corporate restructures and subsequent integration of companies. His career includes 2 years at Adamus Resources

Limited in the most recent capacity as General Manager Finance, 1 and 1/2 years at Grange Resources Limited as Senior Corporate Finance

Manager and Financial Controller and 8 years at Newmont Australia Limited in numerous roles including Commercial Manager.