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20:20 Resources Investor Series

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  • 1. Minotaur Exploration Ltd | ASX: MEP An active Cu-Au explorer Expanding our opportunities for new discoveries 20:20 Series Sydney 12 November 2013 www.minotaurexploration.com.au
  • 2. Disclaimer and CP Statements 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. Competent Persons’ Statements Information in the following presentation that relates to Exploration Results for Minotaur Exploration Ltd 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 (AusIMM). Dr Belperio has sufficient experience 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” (JORC Code). Dr Belperio consents to inclusion of this information in the form and context in which it appears. Information in the following presentation that relates to estimation of the Sandy Creek Mineral Resource was compiled by Mr Michael Andrew. Mr Andrew is a full time employee of Optiro mining consultants and a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Andrew has sufficient experience 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” (JORC Code). Mr Andrew consents to the inclusion of this information in the form and context in which it appears. Slide 2
  • 3. Minotaur: differentiating the investment case  Cash in the bank, no debt, solid Top 5 shareholders  experienced, credible management and technical team  diversity in minerals with focus on Copper & Gold  significant exploration potential around Australia  Portfolio diversification spreads risk  moving non-core assets towards monetisation  continuing Joint Ventures with large international groups  leveraging our technical expertise beyond Minotaur’s own balance sheet capabilities Slide 3
  • 4. Successful business model based on JVs  We share project risk and upside:  MEP maintains active earn-in Joint Ventures, with Sumitomo, Mitsubishi, JOGMEC and now GFR  Calendar 2013 JV contributions are set at $4 million  We offset up ~45% of overheads against JV activities, which means:  we maintain a strong, discovery focussed, technical team  We have little leakage of shareholder funds to ‘standing still’ expenses  We are seeking new JV partners for Cloncurry IOCG exploration packages at Ernest & Osborne Slide 4
  • 5. Alliance with Private Equity investor  June 2013 set up new alliance with 2 JVs to fund MEP’s aggressive exploration plans for newly acquired projects:  Eloise (Qld) partner to spend $6M over 4 years for 50% interest  Leinster (WA) partner to spend $3M over 3 years for 50% interest  Drill ready Gold and Copper targets identified and cleared for access  JV activities were activated on 1 Nov (post close of BRW takeover)  50/50 Alliance entity is actively considering other strategic Gold acquisitions with a strong leaning to ‘production-ready’ options within Australia Slide 5
  • 6. Corporate overview Capital Structure: Enterprise Value* Ordinary shares 148.3 million Market Cap $20 million Unlisted Options 13 million Cash and investments $ 8 million Enterprise Value (EV) $12 million * Pro forma estimate, using data as at 30 Sept 2013 Top 5 Shareholders 21% Norilsk Nickel 7.1% Oz Minerals 5.3% Newmont Capital 3.5% Board Other 81% Non Executive Chairman Andrew Woskett Managing Director Tony Belperio Executive Director, BD Richard Bonython Directors 3.0% Derek Carter Non Executive John Atkins Non Executive (formerly Chairman of Breakaway Resources) Slide 6
  • 7. Diversified asset base Qld Cu-Au WA Gold Slide 7
  • 8. Cloncurry Cu-Au projects All MEP Tenement interests  5,000 km2 total (incl JVs)  MEP 2013 Regional Budget is $2.5M (excl JV inputs) JOGMEC JV (MEP 49% & contributing)  555 km2  2013 Budget of $1.25 million Eloise JV (partner earning 50% for $6M)  400 km2 around the operating Eloise Copper mine Eloise Project (MEP 100%)  600 km2 around the operating Eloise Copper mine Osborne Project (MEP 100%)  2,000 km2 around the operating Inova Copper mine Slide 8
  • 9. Consolidated position around Eloise mine Slide 9
  • 10. Consolidated position around Eloise mine  Eloise Cu-Au prospects and drill ready targets:  Sandy Creek resource (2Mt @ 1.3% Cu); to be extended through drilling  2013 ground EM identified new targets at Venus & Jupiter, ready for drilling  plan is to first map whole area through geophysics to identify best drill targets  1,000 line km aerial VTEM survey now being done to blanket the tenement area due west of Eloise mine  Sandfire Resources (SFR earning 80%) drilling on Altia base metals JV Slide 10
  • 11. New position along Leinster Au-Ni corridor HIGHLY COMPETITIVE YILGARN CORRIDOR HOSTS MAJOR GOLD AND NICKEL DEPOSITS MEP GROUND STRATEGICALLY LOCATED ON ULTRAMAFIC BELT WITH PORPHRY ENRICHMENTS Slide 11
  • 12. New position along Leinster Au-Ni corridor  Leinster (WA) Gold & Nickel tenements:  270 km2 adjacent to Bannockburn (377 Koz) and Thunderbox (2 Moz) gold mines  Previous exploration focus was Nickel; under explored for gold potential  Nickel drill campaigns identified multiple gold anomalies; recorded in database; recently assessed by MEP  March 2013 geochemical program revealed drill-ready Gold targets at Salute and Pond Well  Multiple Au drill targets to be tested through December; waiting on regulatory approval Slide 12
  • 13. Minotaur’s points of difference  MEP has an enviable track record of exploration success  JV partners are attracted by the exploration potential of MEP’s tenements  JV partners respect MEP’s abilities to generate ‘blind’ drill targets  JV partners respect MEP’s abilities to manage exploration programs  MEP leverages JV funding to maintain a higher level of activity  MEP does not need to access the Capital markets to fund its work plans  MEP has a strong Balance Sheet and stable Share Register  MEP is centring its focus on copper and gold opportunities  especially in WA and north Qld  MEP’s Enterprise Value of $12M underrates the upside value of its project portfolio and its strong JV partnerships Slide 13