IOCG Exploration in Australia AMEC Investor Series, Perth, 14 July 2012

Andrew Woskett Managing Director

Cloncurry, Qld, IOCG Projects JOGMEC JV

500km2 tenement package

JOGMEC spending $4M to earn 51%

Priority geophysical drill targets such as:

COTSWOLD

Has similar amplitude magnetic anomaly as

Ernest Henry 25km to south-east

Target is ready to drill

Landowner access impediments (finally) sorted

MEP 100%

3,000km2 of tenure around Osborne & Eloise

Drill ready targets such as CAMEL WELL

associated with strong historical Cu-Au

intersections

Diamond drilling to commence this Quarter

JOGMEC JV

Drilling underway:

3 Diamond drill holes into

Cormorant target, then

2 diamond holes into

Cotswold target

total 2100 metres over 2

months

Cotswold is an ‘Ernest Henry’

Cu-Au EM look alike (a similar

high-amplitude magnetic anomaly,

25km to south-east)

Cormorant is an ‘Eloise’ style

magnetic linear feature

TMI RTP Image

Cormorant: a 10km mineralised magnetic linear 2011 drilling revealed

anomalous Cu-Au values over a

10km strike

Extensive iron oxide copper-gold prospect with massive and brecciated iron sulphides with pyrrhotite ± chalcopyrite

New & novel downhole

geophysics & structural

modeling re-interprets the

geophysical source bodies as

highly discordant to bedding,

requiring complete re-orientation

of drilling azimuths to intersect

the strong basement electrical

conductor

Pyrrhotite-rich breccia at 275 m in Cormorant hole MN11D23

Alteration zone of pyrrhotite, garnet and amphibole containing

anomalous zinc at 328 m in Cormorant hole MN11D23 A re-oriented diamond

drill campaign was

designed

Cormorant: SW oriented drilling from new EM data New interpretation suggests

multiple conductive plate sets lie

between and parallel to previous

highly anomalous drill holes; eg:

• 2011 hole 15B tested the east-

dipping plate theory but failed to

intersect a conductive source (!)

• Downhole electrical surveys recently

confirmed a strong conductor

immediately adjacent to and west of

hole 15B (see graphic)

A fence of 3 SW oriented diamond

drill holes (PH1, PH2, PH3) is underway

across central Cormorant testing

for NE orientation of the conductive

magnetic linear plates

A prominent coincident Mag & gravity anomaly:

No late-time EM response

Weak early-time EM response coincident with peak of magnetic/gravity anomalies

Weakly conductive flat lying target at top of bedrock, at ~60m depth, maybe due to supergene bedrock mineralisation under cover

ERNEST HENRY: Only a weak EM conductor present at Ernest Henry due to zone of supergene enrichment

TMI-RTP image: Gravity contours and ground EM lines

Magnetic anomaly = 12,500nT, Gravity anomaly = 2.5 mgal, IP anomaly = 5mrads

Cotswold: a classic IOCG target

Cotswold: Magnetic response

after Ernest Henry,

the 2nd most

prominent Magnetic

feature in the

Cloncurry region

Cotswold: drilling to target Magnetic response

No evidence available to suggest any previous drilling into the Mag anomaly

Cotswold: drilling to target IP chargeability

disseminated Sulphides generating the IP anomaly?

Osborne IOCG Projects Minotaur’s tenements are immediately adjacent to

Ivanhoe’s operational Copper Concentrator

IVA’s mine camp ‘Kulthor’ mineralised structures

appear to extend south into a Minotaur tenement

It represents a priority EM target to gauge its

potential strike extent into Minotaur’s ground

MEP Facts

Metrics as @ 30 June 2012

Market Capitalisation @ 14c $14.5 million

- Cash in Bank $14 million

- Value of Investments in ASX listed explorers $4 million

= Enterprise Value of Projects and tenements -$3.5 million

Issued Capital 103.6 million fpo

1 Year Price Range $0.12 - $0.26

Last Price (13 July 2012) $0.15

The reality disconnect

Enterprise Value of Projects and tenements -$3.5 million

Were MEP to sell its whole portfolio of tenements

and projects this EV suggests that

Minotaur would have to pay the buyer $3.5 million

for the privilege!

What has the Market been smoking? I want some.

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 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.

Competent Person’s Statement