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

Slide 2

Minotaur is active across Australia

MEP tenements in SA total 8,660km2

or 56% of total MEP tenure

Slide 3

Minotaur has extensive Nickel assets in WA

Minotaur unveils its

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.

Slide 4

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)

Slide 5

Leinster: Tier 1 Nickel Province

Slide 6

Leinster: Wildara & Mt Clifford tenements

Slide 7

Leinster: multiple targets on the Nickel belt

Wildara group Mt Newman

group

Slide 8

Leinster: Wildara Geology

Slide 9

Leinster: Wildara Geology

Slide 10

Leinster: Wildara Geology

Slide 11

Leinster: ‘The Horn’ Ni deposit plus upside

Prospective lower ultramafic/Basal contact zone below drilled deposit

Slide 12

1

2

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

Cross Section

Plan Projection

Leinster: ‘The Horn’ Ni deposit plus upside

Slide 13

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

Slide 14

Scotia: Nickel mining province

Slide 15

Scotia: mining history and ore grade results

Scotia underground Nickel Mine:

Ceased production in 1977 (due to collapse of Crown Pillar)

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

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

Slide 16

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

Slide 17

Scotia: Saints Nickel discovery potential

Conceptua

lTarget –

Hinge

zone

Slide 18

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

Slide 19

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

Slide 20

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

Slide 21

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

Slide 22

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

Slide 23

so, follow the Money

to Minotaur….

your investment destination

Slide 24

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

Slide 25

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

Slide 26

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

Slide 27

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%

Slide 28

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.

Competent Person’s Statement