Minotaur Exploration Limited

AGM Presentation 24 November 2011

ANDREW WOSKETT Managing Director

Today’s Agenda

Environmental Scan 2011 - 2012

Positioning for 2012

Cloncurry IOCG exploration

Mutooroo Magnetite project

Tunkillia Gold project

Disclaimer & Competent Persons Statement

2011 - a challenging environment

US debt woes and credit downgrade.

Regime change across northern Africa.

European financial woes expand.

Fear of Sovereign State failures.

Lack of leadership globally and at home.

New Taxes in Australia inhibit growth.

Investor reticence and preference to hold cash.

Market indices volatile.

Company valuations downgraded.

Working capital hard to attract.

IPOs shelved.

Au US$/oz Source: www.goldprice.org/spot-

gold.html

2012 – the year of living dangerously?

EU instability becomes contagious.

Trade finance tightens. European recession.

Further Market deterioration.

Juniors will become cash strapped.

Exploration expenditure will stagnate.

Commodity prices decline, costs go up.

New projects will struggle to raise

development capital.

Some producers may struggle to break even

& will need to revert to cost down measures.

Some companies may not survive.

Cashed up companies may pick up low

hanging fruit at attractive prices.

China’s Vice Premier Wang Qishan reportedly

said….

“the one thing that we can be certain

of, among all the uncertainties, is that

the global economic recession caused

by the international financial crisis will

be chronic”

Source: CBA Commodities: Daily Alert, 22 November 2011

2012 – Minotaur’s contingency plan

Build stronger and broader JV relationships.

Maintain exploration tempo through JV partner funding.

Protect cash and reduce need to access the equity market; minimise dilution at low

values.

Divest lower ranked projects and reduce annual tenement expenditure obligations.

Avoid high cost exposures.

Monetise assets where possible; increase cash holding.

Focus on key assets where shareholder value improvement is eminently achievable.

External negative Global factors prevail with no residual domestic capacity to

ward off impacts locally. Juniors without operating cash flow struggle to raise

working capital.

Minotaur is endowed to prosper

IOCG prospects around Cloncurry, Qld

IOCG prospects in the Gawler Craton, SA

Mutooroo Magnetite deposits in SA

Tunkillia Gold project in SA

Poochera Kaolin project and nearby Industrial Minerals assets, in SA

Cloncurry Iron Ore, Copper–Gold (IOCG) Establishing a dominant tenure position

of 3,500km2 in the Cloncurry district of

North Queensland:

•JOGMEC partnering across 550km2

•MEP retains 100% of 2,950km2 - primarily

around Ivanhoe’s Osborne mine

•numerous high quality geophysical

anomalies under Mesozoic cover have been

generated and are being drill tested

•numerous ‘Osborne’, ‘Eloise’ and ‘Ernest

Henry’ style targets modelled

•Land access agreements sometimes

frustratingly drawn out by new government

legislation introduced in September

•Field work window April – November

Cloncurry IOCG JV (JOGMEC) JV with Japan Oil, Gas and Metals

National Corporation:

•550km2 north of Ernest Henry mine

farmed-in to JOGMEC

•JOGMEC earning 51% for $4 million

expenditure by 2014

•JOGMEC sole funding $2.37 million into

exploration in 2011

•17 geophysical anomalies prioritised for

drill investigation

•5 diamond holes into ‘Cormorant’, an

Eloise style 10km long massive sulphide

mineralised trend, completed in 2011 for

1861m. Drill results pending

•Testing other EM & Mag targets:

Ballaghmore; Woolshed; Cotswold etc Cormorant interpreted model

Mutooroo Magnetite deposits

280km

Mutooroo

The Braemar Iron Formation is a regionally extensive sequence of magnetised sedimentary siltstones hosting

magnetite mineralisation, extending about 250km southwest from near Broken Hill. Shown here as the red colour,

representing the high magnetic intensity rocks in the regional TMI image which, even at this scale, clearly

indicates their extensive size and distribution. MEP’s magnetite deposits extend along 40km of the Braemar.

Mutooroo Magnetite JV (40.9%)

Mutooroo Magnetite is a contributing

Joint Venture between Sumitomo

Metals Mining Oceania (59.1%) and

Minotaur Exploration (40.9%). Minotaur

is JV manager & operator.

Mutooroo Magnetite JV

MUSTER DAM:

• Completed 49 RC holes for 13,031m and 10 diamond holes for 2,883m to 250m

vertical depth at MUSTER DAM

• Completed Resource definition drillout, metallurgical analysis & resource modelling

• Preliminary process design route defined

• Estimated inaugural JORC Inferred resource✪ of

at 15.2% Fe DTR magnetite, at 10% Fe DTR cut-off, to 360m from surface,

having Head grade of 18.2% total Fe (where 54% of total Fe is Magnetite, based on

QEMSCAN of a metallurgical composite)

• JORC statement directly comparable to that for CAP’s Hawson’s Project 25km distant

• Grind optimisation & Scoping Study underway; for completion in February 2012

Mutooroo Magnetite JV

MUSTER DAM:

• Completed 49 RC holes for 13,031m and 10 diamond holes for 2,883m to 250m

vertical depth at MUSTER DAM

• Completed Resource definition drillout, metallurgical analysis & resource modelling

• Estimated inaugural JORC Inferred resource✪ of at

15.2% Fe DTR magnetite, at 10% Fe DTR cut-off, to 360m from surface, having

Head grade of 18.2% total Fe (where 54% of total Fe is Magnetite, based on QEMSCAN

of a metallurgical composite)

• Grind optimisation & Scoping Study underway; for completion in February 2012

REGIONAL IRONSTONE PROSPECTS also drill tested to 200m depth:

• Duffields, Duffields West, Peaked Hill, Peaked Hill West

• DTR analysis underway

• Mutooroo Exploration Target to be revisited⌘ when final assays received

JORC Estimate

Refer MEP release to ASX dated 24 November 2011 for details.

Exploration Target

on 23 May 2011 MEP published an Exploration Target for the Mutooroo Magnetite

deposits of 2.4 – 4.0 billion tonnes at DTR magnetite recovery of 14.5% – 16.0% and a

nominal 10% DTR cutoff, assuming specific gravity of 3.05t/m3, vertical depth extent of

250m and true bed thickness in the range 80m – 425m.

A statement of Exploration Target is conceptual in nature and there can be

no assurance that further exploration activity will result in the determination of

a Mineral Resource pursuant to the JORC Code 2004 edition.

Advisory Statements relevant to presentation of Mutooroo Magnetite

project

Mutooroo Magnetite JV

Mutooroo Magnetite JV

Mutooroo Magnetite JV

Tunkillia Gold Project JV (55%)

CSIRO In-situ Leach concept, Field Trials and regional exploration:

• $2 million investment over 15-18 months to achieve ISL Proof of Concept

+ plus $1.5 million tenement expenditure obligation through to mid 2013

• then a future capital event (IPO) to fund commercialisation Capex (~$30 million)

Tunkillia Gold Project JV (55%)

CSIRO In-situ Leach concept, Field Trials and regional exploration:

• $2 million investment over 15-18 months to achieve ISL Proof of Concept

+ plus $1 million tenement expenditure obligation through to mid 2013

• then a future capital event (IPO) to fund commercialisation Capex (~$30 million)

OR

Trade Sale to a well funded explorer/project developer:

• Monetise value and ‘cash out’

• reduce spend over next 18 months by $3.5 million

• focus attention on other projects

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 the foregoing presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on

information compiled by Dr A. P. Belperio, who is a Director and full-time employee of the Company and a Fellow of the

Australasian Institute of Mining and Metallurgy. Dr A. P. Belperio has a minimum of 5 years experience, which is relevant to the

style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, 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”. Dr A. P. Belperio consents to inclusion in the presentation of matters based on his information in the form and context

in which it appears.

Disclaimer

Competent Persons Statement

Minotaur is endowed to prosper

IOCG prospects around Cloncurry, Qld

IOCG prospects in the Gawler Craton, SA

Mutooroo Magnetite deposits in SA

Tunkillia Gold project in SA

Poochera Kaolin project and nearby Industrial Minerals assets, in SA