An active Cu-Au explorer

Expanding our opportunities for new discoveries

20:20 Series

Sydney

12 November 2013

Minotaur Exploration Ltd | ASX: MEP

www.minotaurexploration.com.au

Slide 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.

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.

Competent Persons’ Statements

Slide 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 4

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

Successful business model based on JVs

Slide 5

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

Alliance with Private Equity investor

Slide 6

Corporate overview

Capital Structure:

Ordinary shares 148.3 million

Unlisted Options 13 million

Norilsk Nickel 7.1%

Oz Minerals 5.3%

Newmont Capital 3.5%

Directors 3.0%

Other 81%

Top 5 Shareholders 21%

Enterprise Value*

Market Cap $20 million

Cash and investments $ 8 million

Enterprise Value (EV) $12 million

* Pro forma estimate, using data as at 30 Sept 2013

Board

Derek Carter Non Executive Chairman

Andrew Woskett Managing Director

Tony Belperio Executive Director, BD

Richard Bonython Non Executive

John Atkins Non Executive (formerly

Chairman of Breakaway

Resources)

Slide 7

Diversified asset base

WA Gold

Qld Cu-Au

Slide 8

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

Cloncurry Cu-Au projects

Slide 9

Consolidated position around Eloise mine

Slide 10

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

Consolidated position around Eloise mine

Slide 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 12

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

New position along Leinster Au-Ni corridor

Slide 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