Minotaur Explor inotaur Exploration Limit ation Limited | ed | - PowerPoint PPT Presentation

Minotaur Explor inotaur Exploration Limit ation Limited | ed | ASX: MEP Annual G Annual Gener eneral M al Meeting eeting 17 No 17 November 2016 ember 2016 1

Minotaur’s points of difference § Enviable record of exploration success § Focus and quality of core assets underpins exploration potential in Queensland and South Australia § Business model based on JV partnerships optimises cash reserves and maximises exploration breadth § In the top 5% of most active ‘junior miners’ for exploration activity through FY2016 § History of responsible capital management with a strong balance sheet § High profile share register including Sprott, OZ Minerals, Sandfire and FMR Investments § Extensive work programs with OZ Minerals underway at flagship Eloise JV and around Prominent Hill mine § Iris (part of the Eloise JV with OZ Minerals) confirmed as a new Iron Sulphide Copper-Gold discovery 2

Corporate snapshot Strong mining shar Str ong mining shareholders eholders, smar , smart mining money and high qualit t mining money and high quality JV par y JV partners tners About Minotaur Exploration (ASX: MEP) Major shar ajor shareholders eholders § Primary focus on copper and gold explor opper and gold exploration ation in Queensland Sprott Inc Spr ott Inc. . (TSX: SII) a global resources fund 12.9% and S.A. Yarr arraandoo aandoo Private Australian mining investor 6.2% § Well regarded for exploration technical ex echnical excellenc ellence e OZ Miner OZ M inerals als ASX-listed copper-gold miner with a market capitalisation of c. A$1.8bn 3.8% FMR In FMR Investments estments Owner/operator of the Eloise Copper Mine, Queensland 1.4% § Supportive and high qualit high quality JV par y JV partners tners Sand  re Resour Sand e Resources es ASX-listed copper miner with a market capitalisation of c. A$0.8bn 1.2% § Monetising non-c non-cor ore assets e assets (S.A. and W.A. projects) Top 20 op 20 35% Share price performance over last 12 months JV partners and c JV par tners and collabor ollaborat ators ors Shar Share pric e price (A e (Ac per shar c per share) e) Volume (m) olume (m) OZ Miner OZ M inerals als Australian copper-gold producer 14 21 Sand Sand  re Resour e Resources es Australian copper-gold producer 12 18 JOGMEC JOGMEC Japan Oil, Gas and Metals National Corporation; Japanese Government entity 10 15 Sumit Sumitomo M omo Metal M etal Mining O ining Oceania eania Major global metals producer & re  ner 8 12 Financial inf inancial information ormation 6 9 Number of shares 212.4m 4 6 Recent period of outperformance and increased Share price (14-Nov-16) A$0.097 2 3 liquidity post drilling program announcements Mark arket capitalisation et capitalisation A$20.6m A$20.6m - - Nov-15 Feb-16 May-16 Aug-16 Nov-16 Cash (30-Sep-16) A$2.9m MEP daily volume Minotaur ASX 300 Metals & Mining Index (rebased) Listed investments (14-Nov-16) A$0.6m Enterprise v Ent erprise value alue A$17.1m A$17.1m Source: IRESS 3

Exploration funding model Minotaur inotaur’s business model is based on JV funding; minimising cash depletion and s business model is based on JV funding; minimising cash depletion and maximising explor maximising exploration options ation options § Strategic alliances with high pro  le partners (OZ Minerals, Sand  re, JOGMEC, Sumitomo) expand M expand Minotaur inotaur’s pr s projec oject t capacit capacity and maximise the impac y and maximise the impact of M t of Minotaur inotaur’s explor s exploration options ation options § ypical ‘junior miner’ 2 Minotaur maintains explor exploration expenditur ation expenditure at a level consist onsistently gr ently great eater than the t er than the typical ‘junior miner Minotaur’s operational cash flows vs. junior miner average (A$m) 1 FY2016 expenditure FY2016 expenditur e Minotaur inotaur Junior miner aver Junior miner a erage age 10 Minotaur cash inotaur cash  ows ws Exploration expense A$5.0m A$1.2m 5 Admin expense A$1.3m A$1.2m - Admin / explor dmin / exploration ation 0.26x 0.26x 1.0x 1.0x (5) (10) ws 2 Aver erage junior miner cash age junior miner cash  ows (15) FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Development Other operating cash  ow (JV receipts, R&D refunds, etc.) Admin Exploration Source: Appendix 5Bs, Bloomberg, IRESS Notes: 1. Chart totals correspond to quarterly exploration plus administration expenditure by Minotaur and the average of junior miners 4 2. Junior miners includes ASX-listed metals & mining companies with a market capitalisation of <A$100m as at 30-Jun-16 (c. 500 companies)

Consistently high exploration expenditure Minotaur inotaur’s explor s exploration spend in FY2016 of A$5.0m w ation spend in FY2016 of A$5.0m was o as over 7 times the junior er 7 times the junior miner 1 median of A$0.7m miner median of A$0.7m § e junior miners 1 in terms of exploration expenditure through FY2016 Placing Minotaur in the top 5% of most ac op 5% of most activ tive junior miners FY2016 junior miner exploration expenditure distribution (A$m) 1 FY2016 junior miner expenditure (A$m) 1,2 80 ¡ 9% 70 ¡ Median = A$0.7m Zombies 25% 60 ¡ Exploration expenditure < A$1m 50 ¡ Average = A$1.2m 40 ¡ Exploration expenditure A$1m - A$5m 2% 30 ¡ 41% Exploration expenditure > A$5m 20 ¡ Developers/Producers 24% 10 ¡ -­‑ ¡ 0 ¡ 0.5 ¡ 1.0 ¡ 1.5 ¡ 2.0 ¡ 2.5 ¡ 3.0 ¡ 3.5 ¡ +4.0 ¡ Explora5on ¡expenditure ¡(A$m) ¡ Source: IRESS Note: 1 Junior miners includes ASX-listed metals & mining companies with a market capitalisation of <A$100m as at 30-Jun-16 (c. 500 companies) 5 2 “Zombies” refers to junior miners with negligible expenditure on exploration or development, and revenue

Eloise Project JV – OZ Minerals earn-in Minotaur c inotaur co-exploring with OZ M o-exploring with OZ Miner inerals near the Eloise C als near the Eloise Copper M opper Mine (Queensland) ine (Queensland) Eloise Project tenements § OZ Minerals has invested A$2.1M through 2016 ‒ May invest up to A$10M over the next 5 years for 70% interest ‒ Other particulars can be found in 17 December 2015 announcement § Seeking Eloise c Eloise copper mine-st opper mine-style c yle copper-gold opper-gold systems § Artemis discovery (2014) de  ned through application of Minotaur’s Iron Sulphide Copper-Gold exploration models and techniques: ‒ Similar geophysical targets identi  ed at Iris ‒ First-pass drilling (Sep-16) at Iris intersected copper sulphide mineralisation ( assays on page 8 ) ‒ Follow up drilling completed; exploration results pending 6

Eloise Project JV – Iris EM targets Prospec ospectiv tive tar e targets identi gets identi  ed at Iris ed at Iris, locat , located nor ed north of the Eloise C th of the Eloise Copper M opper Mine ine Eloise tenements and the Iris ground EM targets § Only 5k 5km nor m north of Eloise C th of Eloise Copper M opper Mine ine (+10Mt @ 3.5% Cu + 0.9g/t Au – FMR Investments is owner and operator) § Under shallo shallow c w cover er § No historical drilling in vicinity § 2 EM conductor targets: Iris North and Iris South; spaced 600m along weak conductive feature § EM responses are stronger than for the Eloise Copper Mine EM conductance, which was 1000S Conductor target EM metrics Iris Nor Iris North th Iris South Iris South Time constant (msec) 44 48 Depth to top (m) 100 135 Conductance (S) 1500 3200 Strike Length (m) 250 400 Depth extent (m) 600 120 W60 o W65 o Dip (m) 7

Iris – First pass drilling Enc Encour ouraging p aging pyrr yrrhotit hotite/chalc e/chalcop opyrit yrite z e zones at Iris Nor ones at Iris North and Iris South th and Iris South Iris EM conductive plates § Iris North EL16D04 completed to 315m ‒ Intersected veinlet and breccia hosted chalcopyrite from 174m to 240m Conductive Top of basement cover ‒ Assays returned an average of 0.15% Cu over that interval EL16D05 Iris South EL16D04 Iris North EL16D05 EL16D04 § Iris South EL16D05 completed to 301m ‒ Better developed quartz-pyrrhotite-chalcopyrite breccia at modelled position of EM conductor Modelled EM conductors ‒ 38m @ 0.47% Cu and 0.08g/t A 38m @ 0.47% C u and 0.08g/t Au fr u from 166m om 166m ‒ Main br ain breccia z eccia zone c one comprises 4m @ 1.65% C omprises 4m @ 1.65% Cu and u and 0.2g/t A 0.2g/t Au fr u from 195m om 195m § Drill core recognised as reminisc eminiscent of early ent of early 250m inter int ercepts at what is no epts at what is now the Eloise c w the Eloise copper mine opper mine 8