1. Clarity of Purpose
Broken Hill Symposium, 21 May 2012
Andrew Woskett
Managing Director

2. MEP Facts
Metrics as @ 30 April 2012
Market Capitalisation @ 19.5c $20 million
- Cash in Bank $4.5 million
- Value of Investments in ASX listed explorers $5 million
= Enterprise Value of Projects and tenements $10.5 million
Issued Capital 103.6 million fpo
1 Year Price Range $0.12 - $0.26
Last Price (18 May 2012) $0.17

3. MEP relative performance
All Ords
All Ords
MEP MEP
2011 2012

5. Minotaur’s corporate platform
Forecast Cash§ as @ 30 June 2012 $13 million
 sales programme of non-core assets is underway
 anticipate cash level will be reflected in share price
 creates an ability to do deals and take advantage of
softening market conditions for junior companies
 further leverage asset values through more trade sales over
next 12 months
 and improve Balance Sheet
§ subject to Completion of sale of tenements to BHPB (refer ASX release dated 23 April 2012)

6. 2012 Directions
WE WILL INCREASE OUR FOCUS ON:
 Cloncurry IOCG prospects;
 Drill testing now starting
 Actively generating new geophysical targets
 New JV farm-in agreements will be sought
 Continue to aggregate the Cloncurry footprint
 other IOCG opportunities - being reviewed
 Gold project development opportunities, where supported by
JORC resources and prospectivity
 new Base metal Joint Venture farm-in agreements

7. 2012 Directions
WE WILL CONTINUE TO REALISE VALUE THROUGH ASSET LEVERAGE:
 Build value in our suite of industrial minerals assets through
resource upgrades and end-product definition
 Divestment of industrial minerals assets when an attractive RoI
can be achieved (eg: Kaolin, Gypsum, Halloysite)
 Encourage consolidation of Braemar Iron Formation magnetite
projects in the Mutooroo area, or
 sale of the Muster Dam JORC resource to a downstream
consumer or major project investor, after finalisation of Scoping
Study

8. Cloncurry, Qld, IOCG Projects
JOGMEC JV
 500km2 tenement package
 JOGMEC spending $4M to earn 51%
 Priority geophysical drill targets such as:
COTSWOLD
 Located on old Mining Lease held for 30 years
 Has similar amplitude magnetic anomaly as
Ernest Henry 20km to south-east
 Target is ready to drill
 Landowner access impediments being sorted
MEP 100%
 3,000km2 of tenure around Osborne & Eloise
 Drillready geophysical targets such as CAMEL
WELL & ORINDI PARK associated with strong
historical Cu-Au intersections
 Diamond drilling to commence this Quarter

9. Cloncurry, Qld, IOCG Projects
OSBORNE COPPER CENTRE
 Ivanhoe’s Copper Concentrator is now operating
 IVA’s mine camp ‘Kulthor’ mineralised structures
appear to extend south into Minotaur’s tenement
 Kulthor represents a priority EM target to gauge
its potential strike into Minotaur’s adjacent ground

10. 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 Person’s Statement
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.

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