This document summarizes exploration activities by Minotaur Exploration Limited (MEP) in Australia for iron-oxide-copper-gold (IOCG) deposits. It discusses two projects in a joint venture with JOGMEC in Cloncurry, Queensland, including drilling of priority targets Cormorant and Cotswold. It also describes MEP's 100% owned projects around Osborne and Eloise in Queensland, with plans to begin drilling the Camel Well target. The document argues that based on the negative enterprise value of its projects, the market is underestimating MEP's potential for discovery and value creation from its tenement portfolio in Australia.

1. IOCG Exploration in Australia
AMEC Investor Series, Perth, 14 July 2012
Andrew Woskett
Managing Director

3. 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
 Drillready targets such as CAMEL WELL
associated with strong historical Cu-Au
intersections
 Diamond drilling to commence this Quarter

4. 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

5. 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
Pyrrhotite-rich breccia at 275 m in Cormorant hole MN11D23 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
Alteration zone of pyrrhotite, garnet and amphibole containing  A re-oriented diamond
anomalous zinc at 328 m in Cormorant hole MN11D23 drill campaign was
designed

6. 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

7. Cotswold: a classic IOCG target
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
TMI-RTP image: Gravity contours and ground EM lines
enrichment
Magnetic anomaly = 12,500nT, Gravity anomaly = 2.5 mgal, IP anomaly = 5mrads

8. Cotswold: Magnetic response
after Ernest Henry,
the 2nd most
prominent Magnetic
feature in the
Cloncurry region

9. Cotswold: drilling to target Magnetic response
No evidence available to suggest any previous drilling into the Mag anomaly

10. Cotswold: drilling to target IP chargeability
disseminated Sulphides generating the IP anomaly?

11. 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

12. 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

13. 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.

14. 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 Person’s Statement
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.