CHAIRMANS ADDRESS & AGM PRESENTATION Tuesday, 22 November 2011 - PDF document

CHAIRMAN’S ADDRESS & AGM PRESENTATION Tuesday, 22 November 2011 Dear Fellow Shareholders Mithril Resources Ltd was very active during the year under review pursuing its mission of discovering economic base metal deposits with a focus on nickel and copper. The main activities included: • Continued aggressive exploration on the Company’s promising Northern Territory projects, particularly Huckitta. • Expanding its land position in the very prospective Yilgarn and Pilbara regions of Western Australia. • Completion of a $12M capital raising through the placement of 100 million new shares. This funding enabled the Company to scale up its exploration and drilling at Huckitta in the Northern Territory. • Playing a pivotal role in the formation of Musgrave Minerals Ltd (MGV), a recently ASX listed mineral exploration company. At Huckitta, drilling of the Basil Copper Prospect has indicated sulphide mineralisation over 3.9km of strike length within a trend that extends for over 10km. Drilling at the Peaks Zone on this trend intersected 11.5m at 1.01%Cu and 0.08%Co and the higher grades observed at Peaks may provide clues as to the location of significantly higher copper grades on the Basil trend. Although drilling to date has indicated mainly lower grade mineralisation, the mineralising event is large and appears fertile enough to reasonably expect that higher grade zones could have developed. The zone represents a target that still justifies further work and at present the Company is compiling all information collected to date to help target drilling in 2012 and to complete an initial resource calculation for the Rotten Hill mineralised zone on the Basil trend. Recently, the Company has identified new copper prospects, named Austin and Bigglesworth within a broad alteration package that is consistent with an iron oxide copper gold (IOCG) mineralising system. These prospects are located on the Huckitta project approximately 25km south of the Basil trend. It is a different style of mineralisation to Basil and given the encouragement from the early results received to date we expect it to be a new focus for the project going forward. Heritage clearance surveys have been completed at Austin and the target will be drill ready at the beginning of the next field season in March 2012. The Company continues to be well positioned to deliver its growth strategy of discovery and development of economic base metal deposits as it goes into the new financial year with a portfolio of diverse and quality exploration projects and $10.6M of cash (as of 30 June 2011). Finally, on behalf of the Directors and Shareholders, I would like to record our sincere appreciation of the excellent efforts of our small, but dedicated, team of employees and contractors under the outstanding leadership of Graham Ascough, our Managing Director. Graham also excelled during the year as the key driver of our Capital Raising and for taking the key role in the formation of Musgrave Minerals of which he is the Chairman of the Board of Directors. John B Roberts Chairman

2011 AGM November 22 nd , 2011 HIGHLIGHTS Explorer targeting Copper, Nickel  and Gold in Australia Extensive 2011 drill program at  Huckitta, NT Strong pipeline of new targets to be  drill to be tested in 2012 Strong Cash Position (~$8.3M)  Highly Experienced Technical and  Management Team ASX:MTH www.mithrilresources.com.au Please note the important disclaimer and competent person‟s statement at the end of this presentation

Mithril Resources Ltd – Summary Capital Structure Shares on Issue (ASX:MTH) 219.6M  Unlisted Options 24.1M  Cash (30 September 2011) $8.3M  Market Cap @ $0.06 $13.2M  Enterprise Value ~$3.9M  Investments Musgrave Minerals (ASX:MGV) 9.28M shares  East Pilbara Junction MGV Options 2.5M Huckitta  Yambah West Pilbara Significant Shareholders Alice Springs Minotaur Exploration Ltd 9.8%  East Duketon Acorn Capital Limited 5.3%  Sandstone Lion Selection Group 3.8%  Top Twenty ~40%  Directors John Roberts (Chairman, Non-executive Director)  Graham Ascough (Managing Director)  Derek Carter (Non-executive Director)  Richard Bonython (Non-Executive Director)  Donald Stephens (Non-Executive Director/Company Secretary) 

Huckitta Project Main Prospects and Mineral Occurrences Plenty Highway Yoda 15.4g/tAu, 0.4%Cu Tibbs Baldrick 13.9g/t Au, 0.7%W 2.3%Ni, 2.4%Cu Basil Copper Trend (>10km) Blackadder Up to 6.3% Cu at surface 3 .8%Ni, 9.6%Cu Polly Copper Trend 2.5km) Up to 8.4% Cu at surface Manuel Copper 8.6%Cu, 0.18gpt Au ALICE SPRINGS Austin Iron Oxide Copper Mithril 100% Bigglesworth Gold Prospect Iron Oxide Copper Treasure JV (MTH earning 80%) Gold Prospect Harts Range JV (MTH 60%, OKU 40%) Sammy JV (MTH earning 80%) 25 km Significant Mineral Prospect Assay values are from surface rockchips

Emerging Mineral Province with Strong Fundamentals  First Discovery of Nickel Sulphides in late 2008  Surface rockchips From Blackadder confirm NiS targeting A  First Significant Discovery in late 2009  Basil Copper-Cobalt Prospect (10km of mineralisation at surface)  Demonstrated potential for significant Copper, Nickel & Gold Seismic Traverse Deposits  16 new mineral occurrences identified at surface since 2009  Scope for a giant  2011 seismic data confirms Basil is hosted in a crustal scale fault zone that extends to the mantle => a great setting for large deposits  Straight forward exploration approach B  Targets are near surface => ‘boots on ground’ mapping and sampling  Targets are good electrical conductors => detectable using geophysics Basil Fault Austin Prospect (BaF) Basil Prospect ~100km B A Mantle Regional migrated seismic section for Georgina – Arunta seismic line 09GA-GA1 showing interpretation and key provinces (from Korsch et al in NTGS 2011, AGES 2011 Record of Abstracts)

Huckitta: Basil Copper Prospect (South) Broad intervals of semi-massive sulphides LB069DD Cu/Co LB070DD Peaks Mineralised Zone Mineralised Zone LB080DD LB079DD LB077DD 7.0m@0.92%Cu Basil Mineralised Trend LB052DD LB072DD All Drillholes LB063DD LB061DD LB067DD 11.5m@1.01%Cu LB055DD LB051DD LB060DD LB059DD LB062DD Rotten Hill Mineralised Zone LB056DD LB054DD LB053DD LB078DD 12.4m@1.14%Cu and 8m@1.2%Cu LB085DD LB046DD LB076DD Wedge Mineralised Zone LB045DD LB012RC 41m@0.6%Cu, 0.04%Co LB082DD LB084DD LB025DD 56m@0.52%Cu, 0.06%Co Flats / Gravity LB035DD 85.7m@0.51%Cu, 0.06%Co Mineralised Zone LB027DD 29m@0.66%Cu, 0.07%Co LB049DD LB047DD LB050DD LB057DD LB048DD LB058DD 1000m

Peaks Cu Long Section – Plane of Mineralisation (true width intercepts) 29100E 29200E 29300E 29400E 29500E 29600E 29700E Surface 100m LB060DD LB051DD 16m@0.29%Cu, 0.02%Co 12m@0.55%Cu, 0.02%Co 100m -75mRL LB061DD LB062DD 13m@0.45%Cu, 0.02%Co 3m@0.76%Cu, LB083DD 0.05%Co LB059DD 6.3m@0.22%Cu, 0.02%Co LB052DD 4m@0.20%Cu, LB078DD NSA LB055DD 0.04%Co 200m 22.9m@0.76%Cu, 0.04%Co NSA -150mRL Incl 12.4m@1.14%Cu, 0.06% Co LB063DD and 8m@1.2%Cu, 0.04%Co 3m@0.42%Cu, 0.01%Co LB079DD NSA LB067DD 15.5m@0.84%Cu, 0.06%Co Incl 11.45m@1.01%Cu, 0.08%Co 300m -225mRL LB077DD LB070DD 14.1m@0.62%Cu, 0.05%Co 3.2m@0.4%Cu, 0.04%Co Incl 7.0m@0.92%Cu, 0.06%Co LB080DD 8m@0.15%Cu, 0.02%Co

Basil Copper Prospect - Next Steps Peaks Zone LB078DD – 12.4m@1.14%Cu, 0.06%Co and 8m@1.2%Cu, 0.04%Co. Massive and semi-massive sulphides  Resource modelling and target generation on the 10km long Basil copper trend  Downhole EM surveys completed in deepest drillhole on each section evaluating „down - dip‟ potential  Compilation of a 3D geological model incorporating all drillholes and geophysical data collected to date  Initial resource calculation planned  Delineation of further drill targets for testing in the 2012 program

IOCG Target Area (30km south of Basil) Residual Gravity New copper prospects  Bigglesworth Prospect identified on Huckitta South Copper mineralisation at surface in hematite Widespread copper  veining mineralisation and hematite- Austin Prospect alteration at is consistent Copper mineralisation with IOCG system at surface in hematite veining Gravity survey has identified  large dense bodies adjacent to copper mineralisation, consistent with IOCG signature. Multiple drill targets  identified for testing in 2012 Powers Prospect Intensely altered granite with hematite- EL28335 fluorite veining 100%MTH EL25643 80%MTH

IOCG Target Area (30km south of Basil) Regional Magnetics New copper prospects  Bigglesworth Prospect identified on Huckitta South Copper mineralisation at surface in hematite Widespread copper veining  mineralisation and hematite- Austin Prospect alteration at is consistent Copper mineralisation with IOCG system at surface in hematite veining Gravity survey has identified  large dense bodies adjacent to copper mineralisation, consistent with IOCG signature. Multiple drill targets  identified for testing in 2012 EL28335 100%MTH Powers Prospect Intensely altered granite with hematite- EL25643 fluorite veining 80%MTH

Copper mineralisation at the Bigglesworth Prospect (Looking SE) Large gravity anomaly under thin cover – source unknown Mapped mineralisation 500m to SE Mineralised horizons continue under cover to southeast Intense silica hematite alteration 3-5m thick in granite with common copper mineralisation (malachite and chalcopyrite)