Nickel Sulphides: Tier 1 Nickel assets in Western Australia

Andrew Woskett Managing Director

27 May 2014

Minotaur Exploration Ltd | ASX: MEP

www.minotaurexploration.com.au

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Minotaur is active across Australia

MEP tenements in SA total 8,660km2

or 56% of total MEP tenure

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Minotaur has extensive Nickel assets in WA

Minotaur unvei ls i ts Nickel Sulphide assets at: !  Leinster

!  Scotia

!  Kambalda West

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

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WA Nickel Assets: a Tier 1 portfolio

Leinster: "  270km2 of mafic/ultramafic

greenstones bounded by regional scale crustal faults (MEP 100%)

Scotia: "  160km2 of mafic/ultramafic

greenstones over the Bardoc Shear Zone (MEP 50%)

Kambalda West, Nickel Rights: "  Mithril Resources’ tenements (9) "  Tychean Resources’ tenement (10)

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Leinster: Tier 1 Nickel Province

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Leinster: Wildara & Mt Clifford tenements

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Leinster: multiple targets on the Nickel belt

Wildara group Mt Newman group

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Leinster: Wildara Geology

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Leinster: Wildara Geology

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Leinster: Wildara Geology

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Leinster: ‘The Horn’ Ni deposit plus upside

Prospective lower ultramafic/Basal contact zone below drilled deposit

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!  Strike length extends to >500m

!  Ni mineralisation up to 15m thick

!  Low tenor but proves magma fertility

!  Upside potential in the untested, lower ultramafic unit

17.4m @ 2.23% Ni, 0.4% Cu, 0.9g/t Pt+Pd

8.45m @ 0.76%Ni, 0.27% Cu

Potential

Cross Section

Plan Projection

Leinster: ‘The Horn’ Ni deposit plus upside

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Leinster: ‘Mt Newman’ Ni target "  Significant, historic Nickel intersections:

#  30m @ 1.5% Ni #  23m @ 0.9% Ni

"  Mineralisation not closed off at depth

"  Complex geology

"  Untested ultramafics 500m to South

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Scotia: Nickel mining province

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Scotia: mining history and ore grade results !"#$%&'()*+,+#'()&-."/*0&1.(*2&&#  3*%4*)&5+#)'"$#(&.(&6788&9)'*&:#&"#00%54*&#;&

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#  5+#)'"*)&6?@1:&A&B?BC&-.&9:#&DEFG&)*5:H>&

#  ;#+&DFIJFF:&#;&"#(:%.(*)&-.&#  1%.(&0#)*&H#+.K#(&:+'("%:*)&LM&;%'0:&#  NOPH#0*&QRST1&"#()'":#+&(#:&M*:&:*4:*)&

!%.(:4&-."/*0&:%+,*:42&#  !:&=%:+."/4&U(;*++*)&V*4#'+"*!&

o  6DWIEFF:&A&D?8C&-.&9;#+&WIFFF:&"#(:%.(*)&-.>&

#  !:&&X()+*<4 &(#&+*4#'+"*&"%0"'0%:*)&#  Y*4:*+(&3#(:%": &(#&+*4#'+"*&"%0"'0%:*)&#  R.(,*&K#(* &%:&)*5:HI&(#:&:*4:*)&

! 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

SAINT PATRICKS pre JORC ‘Inferred Resource’

135,600t @ 3.7% Ni for 5000t of contained Ni

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Scotia: Saints Nickel discovery potential

ConceptualTarget –

Hinge zone

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Scotia: Saints ‘Western Contact’ Ni potential

Western Contact St Andrews

Potential for discovery of Ni Sulphide mineralisation in

Hinge zone

300 metres

!  only 5% of prospective contacts are drilled !  Western Contact mineralised in several

locations over 2km of strike

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

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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 certain MTH & TYK tenements

!  4 historic mines produced 14,000t of Nickel to 1993

!  all mined deposits remain open at depth !  no regional exploration since 2006 !  no drilling since 2008 !  30km2 of underexplored tenements !  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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"  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 Nickel Mine

Down plunge

potential

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so, follow the Money

to Minotaur…. your investment destination

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MEP: a compelling investment case

Proven strategy

Positive Outlook

Capital management

%  Strong history of responsible capital management %  Clean capital structure %  High profile share register:

$  Norilsk, Oz Minerals, Newmont, Sandfire Resources, Locantro Capital

Proven expertise

%  Experienced and highly credible management and technical team %  Enviable track record of exploration success %  track record of monetising non-core assets %  Strong share price outperformance relative to peers (refer next slide)

%  Differentiated business model underpinned by strategic JV alliances: $  strong and reliable international JV partners

%  Innovative exploration methods and significant potential around Australia %  Diversification in minerals and geography with focus on copper and gold %  Exciting WA Tier 1 Nickel prospects (Leinster, Scotia, Kambalda West)

%  Cash on hand, no debt %  Moving non-core assets towards monetisation %  Leveraging technical expertise to take advantage of positive commodity trends %  Balance sheet capability to capitalise on future expansion opportunities

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Differentiated business model Minotaur differentiates through its business model - discovery upside coupled to risk mitigation: %  Focused exploration using innovative methods;

#  exploration and discovery using leading technologies #  steady exploration in commercially viable regions #  Mineral and geographical portfolio diversification

%  Strategic JV alliances; #  Expands Minotaur’s technical capability and capacity #  Leverages JV funding to maintain higher level of activity #  High profile international partners include Mitsubishi, Sumitomo, JOGMEC

%  Developing advanced projects towards commercialisation; #  Executing strategies to bridge the gap between exploration success and development

%  Actively seeking to monetise non-core projects; #  Magnetite, gypsum, kaolin

%  New opportunities

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0.0

0.4

0.8

1.2

1.6

2.0

-

0.05

0.10

0.15

0.20

0.25

Jan-12 Jan-13 Jan-14

Volume traded (m) Share price (A$)

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

Tunkillia sale completed

Maiden measured resource for SA Kaolin Project

Sale of Roxby IOCG tenements completed

Intention to make takeover bid for Breakaway Resources

New copper targets revealed at Eloise JV, Cloncurry

Sustained outperformance

Note: The S&P/ASX Small Resources Index is rebased to Minotaur’s share price at 1-Jan-12 Source: IRESS, company filings

%  Minotaur’s share price clearly outperformed the S&P/ASX Small Resources Index since January 2012

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Corporate overview

Board Derek Carter – Non-Executive Chairman #  40+ years experience in exploration and corporate management Andrew Woskett – Managing Director #  30+ years project and corporate experience in the mining

industry Tony Belperio – Executive Director #  35+ years experience in university, government and the minerals

exploration industry Richard Bonython – Non-Executive Director #  45+ years experience in the building, rural and mineral industries John Atkins – Non-Executive Director #  25+ years commercial law and corporate experience Donald Stephens – Company Secretary #  Chartered Accountant with 25+ years experience in the minerals

and industrial sectors

Major Shareholders

Enterprise value MEP ordinary shares 152.2m

Share price (as at 26-May-14) A$0.08

Market capitalisation A$12.5m

Cash (as at 30-Apr-14) A$5.0m

Enterprise value A$7.5m

Unlisted options 12.5m

Norilsk Nickel 7.1% OZ Minerals

5.3% Newmont

Capital 3.5%

GFR 2.8%

Other 81.4%

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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 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.

Information in this presentation that relates to exploration results for Minotaur Exploration Ltd is based on information compiled by Information in this presentation that relates to exploration results for Minotaur Exploration Ltd is based on information compiled by

Competent Person’s Statement