1. Minotaur Exploration Ltd | ASX: MEP
An active Cu-Au explorer
Expanding our opportunities for new discoveries
20:20 Series
Sydney
12 November 2013
www.minotaurexploration.com.au

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.
Competent Persons’ Statements
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.
Slide 2

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 3

4. Successful business model based on JVs
 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
Slide 4

5. Alliance with Private Equity investor
 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
Slide 5

6. Corporate overview
Capital Structure:
Enterprise Value*
Ordinary shares
148.3 million
Market Cap
$20 million
Unlisted Options
13 million
Cash and investments
$ 8 million
Enterprise Value (EV)
$12 million
* Pro forma estimate, using data as at 30 Sept 2013
Top 5 Shareholders
21%
Norilsk Nickel
7.1%
Oz Minerals
5.3%
Newmont
Capital 3.5%
Board
Other 81%
Non Executive Chairman
Andrew Woskett
Managing Director
Tony Belperio
Executive Director, BD
Richard Bonython
Directors 3.0%
Derek Carter
Non Executive
John Atkins
Non Executive (formerly
Chairman of Breakaway
Resources)
Slide 6

7. Diversified asset base
Qld Cu-Au
WA Gold
Slide 7

8. Cloncurry Cu-Au projects
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
Slide 8

9. Consolidated position around Eloise mine
Slide 9

10. Consolidated position around Eloise mine
 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
Slide 10

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 11

12. New position along Leinster Au-Ni corridor
 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
Slide 12

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
Slide 13