Capital Investment Partners AFSL 292416

Mamba Minerals Limited

Iron Ore Developer

Summary

Mamba Minerals Limited (“Mamba” or “MAB”) has entered into an

agreement to acquire Altius Resources Inc.’s (“Altius”) Snelgrove

Lake Project (“Snelgrove Lake”) located in Newfoundland,

Canada. Past exploration activity has demonstrated the high

potential of Snelgrove Lake.

Post the initial $6.5m exploration spend Altius will receive an ef-

fective 20% equity position and a 3% royalty, plus $410,000 for

costs incurred to date.

2 August 2012 ASX Code MAB

Industry Metals

& Mining

Country of Operation Canada

Share Price A$0.055

Market Capitalisation A$7.2m

Estimated Cash A$1.0m

Enterprise Value A$6.2m

Board / Senior Management

Greg Burns To be appointed

Neville Bassett Non Exec Director

Robert Hyndes Non Exec Director

Kurt Stahl | Director - Investor Relations

+61 8 9421 2111 | kurt@cipartners.com.au

Capital Structure (current)

Current Shares on Issue 130.9m

Listed Options @ A$0.05

(30/6/13) 104.3m

Figure 1 : Snelgrove Iron Formation

Company Highlights

Prominent iron formation with 33km of strike, 200m wide,

potential for both DSO and a multi-billion tonne magnetite

deposit

Exploration permit has been issued with 3,000m of drilling to

commence in Sep 2012 and results expected end of November

2012

Located within Canada’s premier iron ore district, the Labrador

Trough, with 45Mt produced in 2011 expanding to 80Mt in

2015

65km east of heavy gauge rail connection at Schefferville with

available capacity and 565 km from Schefferville to the Port of

Sept-Îles

Hydropower available 45km from Snelgrove Lake at around

C$0.04/kwh

The Port of Sept-Îles is currently undergoing a C$220 million

expansion increasing the port capacity to 50 million tonnes

per annum by March 2014

Capital Structure (post acquisi-

tion, placement and 1 for 5 con-

solidation)

Proforma Shares on Issue 40.2m

Listed Options @ A$0.25

(30/6/13) 20.9m

Unlisted Options @

A$0.25 (30/9/15) 17m

Performance Shares 32m

Figure 2 : Airborne magnetic survey

Mamba Minerals Limited

2 August 2012

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There is significant activity within Canada’s Labrador Trough which is the premier iron ore disctrict in

North America with numerous projects underway including with Tata Steel, Rio Tinto, Cliffs Natural Re-

sources and ArcelorMittal.

Altius has a proven track record of sourcing Labrador iron ore projects including Alderon Iron Ore Corp’s

(Market cap of C$245M) Kami Iron Ore Project and Century Iron Mines Corporation’s (Market cap of

C$104M) Astray, Grenville, Menihek and Schefferville Iron Ore Projects

Menihek Hydro Power Station Labrador Iron—Schefferville Project

Snelgrove

QNSL Railway to the Port of Sept-Îles

Figure 3 : Labrador Trough Expanding to 80Mtpa Iron Ore Production

Mamba Minerals Limited

2 August 2012

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DISCLOSURE & DISCLAIMER In accordance with Section 949A of the Corporations Act 2001, Capital Investment Partners (“CIP”) AFSL 292416 advise this document contains general advice only, it does not constitute personal advice or a securities recommendation. CIP has not taken into account the investment objectives, financial situation and particular needs of any person. CIP advise that you should not act on any recommendation without first consulting your own investment adviser in order to ascertain whether the recommendation (if any) is appropriate, having regard to your investment objectives, financial situation and particular needs. CIP believe the information and general advice contained in this publication is accurate as at the time and date of issue. To the fullest extent permitted by law, each of CIP and its directors, officers, employees and advisers excludes and disclaims all liability for any direct or indirect expenses, losses, costs or damages whatsoever arising in any way for any representation, act or omission, whether express or implied (including responsibility to any person by reason of negligence). Except for any liability that cannot be excluded by law, CIP does not accept any responsibility in relation to the Information or the general advice.

CIP its principals, consultants, associates and employees advise that they hold securities in MAB, may have an interest in and/or earn fees and other benefits or advantages, either directly or indirectly from the transaction mentioned in this letter of offer. CIP and its directors, officers, employees, associates, advisers and/or nominees will receive 19.5 million performance shares in MAB (post 1 for 5 consolidation), a $325,000 cash payment from the acquisition of CIP Magnetite, a corporate advisory mandate and a share placement fee of 6% (being A$189,000) in respect of monies raised pursuant to the placement. CIP therefore has an interest in the success of the placement.

Geology, metallurgy and exploration

The Snelgrove Lake Project covers 33 kilometres of the prospective Sokoman Formation. The

northern half of the Snelgrove Lake Project contains predominantly taconite style mineralisation

(30% - 35% Fe) but the southern half also has significant potential for DSO (65% - 70%)

Altius undertook an airborne magnetic and radiometrics survey and collection of IKONOS imagery

in 2008. This was followed by a field program of geological mapping, prospecting and rock

sampling. Almost 300 samples were taken averaging 32%.

Year # of Samples Median Grade Comment

2009 129 32% Zones of enrichment in localised areas where

Fe assays returned between 55% and 64% Fe

2010 68 34% Prospecting, hand trenching, geological map-

ping and rock sampling.

2011 80 32% Geochemical analysis and petrography studies

Snelgrove Snelgrove

Davis Tube Recovery (DTR) tests were conducted on four magnetite rich samples which yielded

acceptable weight recoveries (30 - 53%) and Fe grades in the magnetic concentrate (64 - 69.5% Fe).

Samples with higher hematite content were sent for HLS where it was shown that a good weight

recovery of hematite is possible, with further confirmatory test work to be completed.

A budget of C$6.5M is proposed to test both the DSO and taconite potential of the Snelgrove Lake

property. The program is planned to consist of follow-up ground gravity surveys and prospecting

over DSO targets, a diamond drill program consisting of approximately 15 widely spaced diamond

drill holes targeting taconite mineralisation to a depth of 300-350 m depth and 20 shallow

(~100 m) diamond drill holes testing DSO targets. The 2012 exploration permit has been issued

and drilling is expected to commence in September.

Figure 4 : Exploration summary