Minotaur Exploration Limited is a junior mining company that is significantly undervalued according to the document. While the current market valuation of Minotaur's core copper-gold and nickel assets is only $4.9 million AUD, the company has a track record of realizing above book value from asset sales. Minotaur also has a strong balance sheet compared to other junior miners and continues to invest heavily in exploration through drilling programs, which are expected to provide ongoing news and opportunities to increase shareholder value.

1. 1
Minotaur stands out amongst junior miners
February 2015
Minotaur Exploration Limited | ASX: MEP

2. 2
Minotaur appears to be signicantly undervalued
§ By subtracting the market valuation of Minotaur’s listed investments and the book value of Minotaur’s non-core
assets, the current market implied Enterprise Valuation (EV) for Minotaur’s core copper-gold and nickel assets
is only A$4.9M
§ Minotaur’s track record of realising above book value for non-core assets is instructive (for example, sale of Roxby Downs
tenements to BHP Billiton (FY2012) realised A$9.5M cash compared to A$1.0M book value)
Negligible value currently ascribed to Minotaur’s core business
Source: IRESS, company filings
Notes:
1 Listed investments: includes shares held in Mungana Goldmines, Petratherm, Thomson Resources and Mithril Resources with valuations based on market data as at ASX close on 12-Feb-15
2 Gypsum sale proceeds: cash payments agreed to be made upon completion of conditions precedent as per Minotaur announcement on 20-Oct-14
3 Other industrial minerals: book value as at 31-Dec-14 after A$4.1M impairment of Exploration Assets
NON-CORE ASSETS
Market implied
value for Minotaur's
core copper-gold
and nickel assets
1 2
3
$21.6 $6.7
$14.9 $0.9
$4.8
$4.3
$4.9
Market value
@ A$0.12
Cash
(31-Dec-14)
EV Listed investments Gypsum sale proceeds Other industrial
minerals
Adjusted EV

3. 3
Minotaur share price performance
§ In mid 2014 Minotaur’s share price experienced a
period of outperformance
§ Since late August, despite a record of acute
operational and corporate success, the price benet
has entirely eroded
§ Achievements since August 2014 include:
ü Sep – successful EM conrms Artemis down-dip extension;
body projected to 235m depth
ü Oct – agreed sale of Gypsum project (A$4.8M)
ü Oct – funding certainty achieved with successful A$3M SPP
plus A$1M placement
ü Dec – continued Artemis drill success; 20m @ 2.7% Cu,
12.3g/t Au, 5.3% Zn, 2.3% Pb, 170g/t Ag from 154m
ü Jan – down plunge extended at Artemis — 19.9m @ 1.4%
Cu, 0.8g/t Au, 1.8% Zn from 225m
§ Deep drilling underway at Artemis, testing down-dip
and down-plunge extensions of massive sulphide
mineralisation
Minotaur’s share price declined notwithstanding continued positive newsow from
the Artemis Cu-Au-Zn discovery, with drilling continuing
Source: IRESS
Notes:
1 ASX Small Resources Index rebased to the Minotaur share price as at 12-Feb-14
flat
(26%)
-
5.0
10.0
15.0
20.0
25.0
30.0
Feb-14 May-14 Aug-14 Nov-14 Feb-15
Minotaur 12 month share price performance (Acps)1
Minotaur ASX Small Resources (rebased)

4. 4
Minotaur is committed to discovery…
But not so for Minotaur – 4Q 2014 marked our largest spend on exploration over the
past 2 years
§ Minotaur is investing more on exploration than the average for metals & mining companies 2-3x our current size
§ Continuing signicant exploration investment through 2015 will continue to provide share price catalysts
Exploration expenditure has declined since 2Q 2013 for the majority of the ASX junior
metals & mining universe
Source: IRESS
Notes:
1 ASX-listed GICS Metals & Mining companies with a market capitalisation <A$50M
Metals & mining companies
Minotaur (ASX: MEP)
A$10M – A$20M
A$20M – A$30M
A$30M – A$40M
A$40M – A$50M
market cap
<A$10M
-
0.5
1.0
1.5
2.0
2.5
3.0
Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14
Average junior miner exploration expenditure per quarter (A$M)1

5. 5
- 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0+
31-Dec-13 junior metals & mining cash balance distribution (A$M)1
- 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0+
31-Dec-14 junior metals & mining cash balance distribution (A$M)1
…and is one of very few well capitalised juniors…
§ The average cash balance of junior metals & mining companies decreased from A$2.9M to A$2.6M over the past 12 months
§ Minotaur continues to maintain a strong balance sheet despite signicant ongoing exploration expenditure
Minotaur is well capitalised relative to most other junior metals & mining companies
Average = A$2.6M
Average = A$2.9M
A$6.7M
A$7.3M
Source: IRESS
Notes:
1 ASX-listed GICS Metals & Mining companies with a market capitalisation <A$50M

6. 6
Minotaur Exploration
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0
Administration(A$M)
Exploration (A$M)
Average 2014 small explorers’ Quarterly cash expenditure1
…using cash to create value for shareholders…
Minotaur invests proportionately more on exploration than other small cap explorers
Source: IRESS
Notes:
1 ASX-listed GICS Metals & Mining companies with a market capitalisation <A$50M and excludes juniors with production
§ Minotaur continues to invest proportionately more money in exploration while maintaining administration overheads
at modest levels (approx. A$0.5M per Quarter)
ASX junior explorer trend-line
-
-

7. 7
…while innovating through R&D
Minotaur maintains an active research and development program
§ Minotaur leverages its intellectual property through active R&D directed towards new discovery
methodologies and product development, such as;
² Geophysical anomaly discrimination (‘seeing through’) ultra conductive cover (overburden)
² Product innovation from kaolin and halloysite stocks
² Discovery tools for iron sulphide copper-gold mineralised systems
² Mineral systems mapping using new technologies
§ Annual refunds from ATO for R&D investment are typically in the $0.6M to $1.1M range

8. 8
A compelling investment case
§ Enviable record of exploration success – core geology team responsible for Prominent
Hill Cu-Au discovery continues to guide Minotaur
§ Significant exploration potential given focus and quality of core assets
§ Innovative funding model underpinned by strategic JV alliances
§ History of responsible capital management with strong balance sheet and clean capital
structure
§ High profile share register and supportive JV partners
§ Clear asymmetric payoff profile given implied value currently ascribed to Minotaur’s
strategic copper-gold portfolio and advanced nickel assets is only A$4.9M
§ Actively monetising non-core assets to realise additional value for shareholders
§ Substantial news flow expected from drilling at Artemis over the coming months
Minotaur is a standout explorer on the ASX

9. 9
This presentation has been prepared by the management of Minotaur Exploration Limited (“Minotaur”, 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. Minotaur 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 Minotaur 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.
Disclaimer