Minotaur Exploration Limited held its AGM presentation on November 24, 2011. The presentation addressed the challenging global economic environment in 2011-2012 and Minotaur's contingency plans, which include building stronger joint venture relationships, maintaining exploration through partner funding, and divesting lower priority projects to preserve cash. Key projects discussed include IOCG prospects in Queensland and South Australia, the Mutooroo Magnetite deposits in South Australia, and the Tunkillia Gold project in South Australia. Resource estimates and exploration results were provided for some projects.

1. Minotaur Exploration Limited
AGM Presentation
24 November 2011
ANDREW WOSKETT
Managing Director

2. Today’s Agenda
Environmental Scan 2011 - 2012
Positioning for 2012
Cloncurry IOCG exploration
Mutooroo Magnetite project
Tunkillia Gold project
Disclaimer & Competent Persons Statement

3. 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. Au US$/oz
Source: www.goldprice.org/spot-
IPOs shelved. gold.html

4. 2012 – the year of living dangerously?
EU instability becomes contagious.
Trade finance tightens. European recession.
Further Market deterioration. China’s Vice Premier Wang Qishan reportedly
said….
Juniors will become cash strapped.
Exploration expenditure will stagnate. “the one thing that we can be certain
Commodity prices decline, costs go up. of, among all the uncertainties, is that
the global economic recession caused
New projects will struggle to raise
by the international financial crisis will
development capital.
be chronic”
Some producers may struggle to break even
Source: CBA Commodities: Daily Alert, 22 November 2011
& 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.

5. 2012 – Minotaur’s contingency plan
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.
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.

6. 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

7. Cloncurry Iron Ore, Copper–Gold (IOCG)
Establishing a dominant tenure position
of 3,500km2 in the Cloncurry district of
North Queensland:
•JOGMEC partnering across 550km 2
•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

8. 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

9. Mutooroo Magnetite deposits
Mutooroo
280km
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.

10. 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.

11. 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

12. 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

13. Advisory Statements relevant to presentation of Mutooroo Magnetite
project
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/m 3, 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.

14. Mutooroo Magnetite JV

15. Mutooroo Magnetite JV

16. Mutooroo Magnetite JV

17. 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)

18. 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

19. 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 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.

20. 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