Minotaur Exploration | ASX: MEP Share Purchase Plan · § Minotaur Exploration and the tenement owner entered into a JV agreement over 7 tenements immediately east of the Thalanga

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Minotaur Exploration | ASX: MEPShare Purchase Plan17 October 2018

Notes:1. Excludes 24.2m listedoptions (MEPO) withexercise price ofwithexercise price rangeof A$0.068 – A$0.30and expirydaterangeof 31October 2019 to6September 2021

Corporate snapshot

Financial information

Numberofshares1 257.6m

Shareprice(@ 15 October 2018) A$0.046

Marketcapitalisation(@ 15 October 2018) A$11.8m

Cash(@ 30 September 2018) A$2.5m

Debt(@ 30 September 2018) A$0.4m

Listedinvestments(@ 30 September 2018) A$0.5m

EnterpriseValue A$9.2m

About Minotaur Exploration (ASX: MEP)

§ Primaryfocusoncopperexploration inQueensland§ Wellregardedfortechnicalexcellence inexploration

§ SupportiveandhighqualityJVpartners§ CreatingJVentryopportunitiestounderpinbusinessmodel

§ LaunchingSPPtoadvanceseveralkeyprojectsinto2019

§ SPPtargetof$1.75million§ SPPclosesFriday2November2018

Strong shareholders and smart mining investors

Source: IRESS

MEP 6 month Share price

Sprott Inc.(TSX:SII)aglobalresourcesfund 10.4%

YarraandooPrivateAustralianmininginvestor 6.8%

OZMineralsASX-listedmajorcopper-goldminer 3.1%

MrI.R.GemmellPrivateAustralianmininginvestor 2.2%

SyndicatedMetalsAustraliangoldexplorer 2.0%

FMRInvestmentsOwner/operatoroftheEloiseCopperMine,Queensland 1.2%

Top20 35%

Major Shareholders (@ 30 September 2018)

MINOTAUR EXPLORATION (ASX: MEP) 10

SPP overview

§ TheCompanyintends toofferaSharePurchasePlan(SPP) toeligible investors toraiseapproximately A$1.75mnetofcosts

§ TheSPPwillalloweligible shareholders topurchaseuptoA$15,000worthoffullypaidshares intheCompany(subject toanyscale-back),withoutincurring brokerage andothertransaction costs

§ NewsharesofferedundertheSPPwillbeissuedatA$0.042,representing:― 8.7%discount tolastclose;and― 14.4%discounttothe10dayVolumeWeighted

Average Price (VWAP)

MINOTAUR EXPLORATION (ASX: MEP)

Minotaur to raise A$1.75m via a share purchase plan offered to eligible shareholders

In-filldrillingat‘Jericho’ inJVwithOZMinerals A$0.75m

Initial drillingprogramatthe Highlands project A$0.5m

Geophysics attheWindsorpolymetallic project A$0.5m

Total A$1.75m

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Useoffunds

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A$0.75mtobeappliedtoEloiseJV:Minotaur toco-contribute fromthestartof2019

A$0.5mtobeappliedtotheHighlands project: fora5-hole1,200mdrill programcommencing October2018A$0.5mtobeappliedtotheWindsorpolymetallicproject:groundgeophysicsandfirstrounddrill targetgeneration

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SPP timetable


Timetable for the Share Purchase Plan is as follows*

*ThetimetableisindicativeandsubjecttotheASXListingRulessuchthatthedatesmaychangewithoutnotice

Recorddate forSPP 15October2018

SPPannounced toASX 16October2018

Dispatch SPPbooklet toshareholders 22October2018

Closingdate forSPP 2November 2018

Allotment dateforSPPshares 9November 2018

SPPsharescommence tradingonASX 12November 2018

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Minotaur’s strategic focus in Qld

Strengthening the focus on copper and other base metals in Queensland

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3 Windsor JV (MEPmayearn80%)

– Farm-inJVwith tenementholder– Minotaur mayearn80%for$4

millionexpenditure over5years– 629km2 landpackage invicinity of

severalhigh-gradepolymetallicmines

– Minotaur ispreparing ageophysicsand targetgeneration program

Eloise JV(MEP:49%,OZL:51%,earning70%)

– A$10mfarm-inagreementwithOZMinerals

– Copper resultsprove highfertilityalong3.3kmof’Jericho’ extent

– 28holescompleted into J1andJ2conductors for12,840m

– regional diamond drill campaignunderway totestEManomalies

– Extensiveregional geophysicalsurveysunderway

Highlands Project (MEP:100%)

– 667km2 tenementgroupsurroundingCopperChem’s BarbaraCu-Aumine

– TwoVTEMconductors refinedthrough recentground EM

– Fieldmappingandgrounddrilltargetdefinitioncompleted

– Copper-goldrockchipsamplescorrelatewithEMtargetsbelow

– RCdrilling starting midOctober– 5initialholes for1200m

Osborne JV(MEP:100%;JOGMECearningto51%)

– RecentEMsurvey southoftheCannington mine identified2drillworthy targets

– Diamond drillinginto2targetscompleted; nosignificantmineralisation located

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Minotaur’s growth strategy in Qld

Minotaur has a growth strategy for its Qld exploration portfolio

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Applyourunder-coverexplorationexpertisetoseekcompany-makingbasemetalsdiscoveries

Defineeconomic mineral resources from base metal discoveries

Leverage into development using existingregionalinfrastructure

EvolveMinotaurintoabasemetalsdeveloperalongsideitsJVpartners


Eloise JV: expanding the search

OZ Minerals endorsed an expanded JV program for Q4 2018

Q42018and conceptual 2019activityProjectoverview

§ ‘Jericho‘ EMconductors discovered late 2017inJVwith OZMinerals

§ Located 3kmsouthoftheEloise copper-goldmine (>[email protected]%Cu,0.9g/t Au)

§ Jericho comprises 2sub-parallel copper-goldmineralised plates; 3.5kmand 1kminlength

§ DrillingatJerichonow totals 28holes for12,840m

§ Assays for 5holes are pending

§ Anew $2mregional exploration campaigncommenced inSeptember

§ With Jericho‘s strike extent and continuityestablished, the expanded Q42018explorationcampaign includes:

− Drilling regional EMtargets ($1.35m)

− 13holes for 4,750m(Defiance, Navajo, J4,Winona,Clementine, Baghdad, Pasadena)

− Largegeophysical surveys across regionalzones (A$0.65m)

§ OZMinerals‘ JV interest is forecast to reach 70%by early 2019(for $10mtotalinvestment)

q Minotaurwillthen fund its30%shareofongoing work

q Minotaurexpects tomaintain itspositionasJVmanager &operator

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1 Eloise JV: J1 and J2 copper-gold intersections1


§ Situatedaside tworegional-scale structural faults:

‒ CopperChem’s ‘Barbara’ [email protected]% Cu,0.15g/t Au islocated amidst (but isexcluded from)the tenement group

‒ Barbarahasstronggeochemical similarities tothe Jerichoironsulphide-coppergoldsystem (ISCG)nearEloisemine

‒ Minotaur is applying itsISCGmodel toexplorationacross thearea

§ Extensive outcropandvisiblecoppermineralisation:

‒ Numerous small, shallow, high-grade historic workings

‒ Elevated copper-in-soilgeochemical resultscoincident withmag highs

‒ Multiple airborneVTEM anomalies were definedbypreviousownerSyndicated Metals

‒ NogroundEMdonetorefineconductor orientations

‒ Cusulphides were reported inlimited historicshallow drilling

‒ Only 33holesdrilledbelow100mdepth

‒ Averages1drillholeper~11km2

Highlands CuProject

667km2 of copper prospective ground 50km NE of Mt Isa

8MINOTAUR EXPLORATION (ASX: MEP)

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Highlands Cu project

The newly acquired Highlands project provides Minotaur with shallow drill targets

§ AcquiredbyMinotaurinJuly2018

§ Located50kmnortheastofMountIsaand80kmnorthwestofCloncurry

§ previousVTEMsurveysidentified several anomalies

− GroundEMconfirmed strongconductorsatGospel andCoolibah

− Elevated copper,goldandcobalt rockchipvalues associated withEMconductors

§ Reconnaissance RCdrilling frommidOctober− 5scoutholes for1,200m

− A$500kworkprogramOctober– March2019

§ Drilling programsoverthenext12monthsare intended toliftprojectvalueandcreate farm-inopportunities withamajorpartner

§ Discovery outcomecouldprovidedevelopment options forMinotaur− ProximitytoMtIsasmelter andErnest Henryconcentrator

GospelEMTarget


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§ StrongVTEMconductors located overNW-oriented faults

§ VTEMconductorscomparable insizetoCopperChem’s Barbara deposit(see image toright)

§ Conductors rangebetween 600m– 1000mlong(Barbara is800mlong)

§ Minotaur’sgroundEMfirmedupVTEMmodels

§ Rockchips showelevated copper to16.9%andcobalt to454ppm,coincident withEMpositions

§ Nopreviousdrilling atanytarget

§ Drilling startsmidOctober

Highlands Cuproject

Shallow targets at Coolibah & Gospel

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Source:CopperChem


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§ 2EMconductive zonesrecently locatedjust12kmand22kmsouthoftheCanningtonmine

§ Monarch

§ 2plates interpreted toliewithinMtNorna Quartzite andalongside aregionalstructure

§ 1holetested bothplates

§ Quail

§ 2plates lieparalleltotheCloncurryFaultSystem

§ 1holetested bothplates

§ 800mdiamond drillingcompleted inOctober

§ Nosignificantmineralisation reported

Osborne JV

JV with JOGMEC funding to earn 51%


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Windsor JV

Minotaur has entered a farm-in agreement over ‘Windsor’ to explore ground adjacent to the Thalanga Zn-Pb-Cu-Au mine

§ TheWindsorpolymetallic JVislocated 200kmfromTownsville and60kmfromChartersTowersinnortheastQueensland

§ RedRiverResources (ASX:RVR), owneroftheadjacentThalanga project, restartedmining operations inSeptember2017,producinghighquality zinc, leadandcopperconcentrates withgoldandsilverby-products

§ MinotaurExploration andthe tenement ownerentered intoaJVagreement over7tenements immediately east oftheThalanga project

§ Tenement area629km2

§ Thefarm-inagreement commenced 15October2018

§ Minotaurmayearnupto80%interest inthe tenements forexpenditure of$4mover5years

§ Minotaurhastherighttointroducea‘backstop’ fundingpartnerinreturnforatenement interest

Windsorlocation


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Windsor JV

The region is well endowed with high-grade VMS style deposits

Thalanga (pre-mining):• [email protected]%Zn,3.7%Pb,2.5%Cu,89g/t

Ag,0.6g/tAu

Thalanga (current)• [email protected]%Zn,2.3%Pb,1.3%Cu,

55g/tAg,0.2g/tAu

Highway – Reward(mined):• [email protected]%Cu,1g/tAu

Waterloo (current):• 0.7Mt@11%Zn,1.6%Pb,1.9%Cu,50g/t

Ag,1g/tA

Liontown (current):• [email protected]%Zn,1.6%Pb,0.5%Cu,25g/t

Ag,0.8g/tAu

Thetenementshavereceived scantexplorationattentionsinceearly1990’sduetopresenceofhighly

conductivecoverMinotaur sees thisasopportunity toapplyitsunder-coverexploration

expertise usingtechniques responsive tosulphide dominantmineral systems


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Appendix


Minotaur insummary

§ Cash balance30th September 2018ofA$2.5million

§ EV~A$9million

§ CoreassetsinAustralianbasemetalendowedprovinces

§ Explorationsuccess;aspirationsmatched totechnical andfinancial capability

§ BusinessmodelbasedonJVpartnerships leads tosubstantial levelofexplorationactivity

§ OZMineralsfunding towardsA$10mearn-in investment inEloise JV;drilling continuingandnewgeophysical campaignsunderway

§ Newproject,Windsor,addedtotheassetmix;bolsteringexploration exposure inknownbasemetal regions

§ Continuing tooutplaynon-coreassets;underlines proactiveassetmanagement

AnnaOgilvie,Geologist,inspectingdrillcoreatEloiseJV

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JerichoCu-Aucore(17ELD06)


Exploration funding model

Minotaur’s business model is based on JV funding; maximising exploration investment

Source: Appendix 5Bs

Minotaur’sannualexplorationandadministration expenditureandfundingsource(A$m)

Expenditure Funding source

9.4

6.2

6.2

8.1

FY15

FY18

FY16

FY17

0.6

0.6

0.7

0.5

3.8

2.7

3.0

4.7

5.0

2.9

2.5

2.9

Totalexploration&administration R&Dtaxincentive JVreceipts NetMinotaurspend


Director Biography

Dr RogerHigginsNon-Executive ChairmanBE(Hons),MSc,PhD,FIEAust,FAusIMM

• Non-Executive Director ofNewcrest Mining(ASX:NCM)andMetminco (ASX:MMC)• PreviouslySeniorVicePresident ofCopper atTeck Resources, VicePresident andChief OperatingOfficerwithBHP Billiton Base

MetalsinAustraliaandheldsenior operations managementpositions withBHPBilliton inChile• PhDinwaterresources fromtheUniversityofNSW,MasterofSciencefrom theUniversityofAberdeenandBachelor of

Engineering fromtheUniversityofQueensland

Mr AndrewWoskettManagingDirectorBEng,MCommLaw,FAusIMM

• 35 yearsproject managementandcorporate experience inminingindustry• Ledmajordevelopment projects including theKalgoorlie SuperPit, Kanowna BelleandMaryima goldmines,numerous expansions

oftheBougainvillecopper mine, ironoremineexpansions (WA)andnewproject feasibilitystudies (Cu,Au,Fe,Ni,coal, OlympicDam)

• AsManagingDirector ofBallarat Goldfields wasresponsible forreactivating undergroundmining atBallarat aftera75yearhiatus

Dr TonyBelperioExecutiveDirectorBSc (Hons),PhD,FAusIMM

• Geologist with35+yearsexperience inuniversity, SAgeoscienceandmineralsexploration• AwardedAMEC’sProspector oftheYearAwardin2003forhisroleindiscoveryofProminent Hill copper-gold deposit• Non-Executive Director ofThomsonResources (ASX:TMZ)

Mr GeorgeMcKenzieNon-Executive DirectorBA(Law), LLB,FAICD

• 30+ yearsexperience inthemulti-faceted regulatory, legalandcommercial issuesfacedbynatural resources companies.]• Longtermcouncilor oftheSouthAustralianChamber ofMinesandEnergy(SACOME)• Solicitor member oftheMineralsandEnergyAdvisoryCouncil, advisingtheSouthAustralianMinisterforMineralResources and

Energyonstrategic issuesaffecting theindustry

Management Roles Biography

Glen LittleExploration ManagerBSc(Hons),MAIG

• Geologist with20+yearsindustry record inexploration, project generation, resource developmentandstrategic planning• Broad exposuretobasemetalsandgoldindiversegeologicalsettingswith particular expertise incopper-gold exploration• Ledsuccessfulexploration teamstodiscoverieswith AdityaBirla, Xstrata Copper andasGeneral ManageratKagara Zinc

Varis LidumsCompanySecretary&Commercial ManagerBEc,LLB,MBA,CA

• Chartered accountant andlawyerwithover25yearsexperience intheresources, energyandaccounting sectors• Heldsenior roleswithBP, ShellandConocoPhillips prior tojoiningMinotaurExploration in2011asCommercial Manager• Varis wasappointed CompanySecretaryinJuly2017

JimKouvoussisFinancial ControllerCA,B.Comm

• Chartered Accountant withover13yearsexperience inmid-tier/big fouraccounting firmsandindustry financeroles• Jimwasappointed FinancialController atMinotaur Exploration in2011

Minotaur Board & KMP

Deep technical expertise and extensive corporate experience


Minotaur’s non-core assets

Divestment and asset realisation activities 2018

WesternAustralia–Ni

§ Poochera JV(MEP: 100%,ADNtoearn75%)- Kaolindeposits- AndromedatospendA$6Mover5years

§ Halloysite nanoclays R&D(MEP: 100%)- Uni ofNewcastleR&Dassessing

nanotechnology applicationsforhalloysitecomponentofkaolinclays

- MinotaurownsIP

§ LakePurdilla (MEP: 100%)- Large,highqualityGypsumresource

§ Leinsterproject- AvailableforsaleorJV

§ Saintsproject (MEP:100%)

- 2017JORCNickelresourceat‘Saints’- 2018EMshowsadditional,possibly

mineralised,conductorsarepresent§ Availableforsale

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SouthAustralia– IndustrialMinerals


Explanatorystatements

About the Eloise Joint VentureOZMineralsLtd(ASX:OZL)maysolefundupto$10millionoversixyearsforwhichitwillearn70%beneficialinterestinMinotaur’s‘Eloise’tenements,65kmsouth-eastofCloncurry,Queensland.OZMinerals’70%interestisforecasttobeachievedbyearly2019,3yearsearlierthanoriginallycontemplated.Minotaurismanagerandoperatorofthejointventure.

DisclaimerThis presentation has been prepared by the management of Minotaur Exploration Limited (“Minotaur”, 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 availableinformation, 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 aremade or implied as to origin, validity, accuracy, completeness, currency or reliability of the information. Minotaur specifically disclaims and excludes allliability (to the extent permitted by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in anyway out of or inconnectionwith the information, its accuracy, completeness or by reason of reliance by any person onany of it. Where Minotaur expresses or impliesan expectation or belief as to the success of future exploration and the economic viability of future project evaluations, such expectation or belief isexpressed in good faith and is believed to have a reasonable basis. However, such projected outcomes are subject to risks, uncertainties and otherfactors which could cause actual results todiffermaterially 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 aspolitical and operational risks and government regulatory outcomes. MEP disclaims any obligation to advise any person if it becomes aware of anyinaccuracy inor omission from any forecast or toupdate such forecast.

Competent Person’s StatementInformation in this presentation that relates to exploration results for Minotaur Exploration Ltd is based on information compiled byMrGlen Little, whois a full- time employee of the Companyand aMember of the Australian Institute of Geoscientists (AIG). Mr Little has sufficient experience relevant tothe style of mineralisation and type of deposits under consideration and to the activity that he has undertaken to qualify as a Competent Person asdefined in the 2012 Edition of the “Australasian Code for Reporting of ExplorationResults, Mineral Resources andOre Reserves” (JORC Code). Mr Littleconsents to inclusionof this information in the form andcontext inwhich it appears.


Documents

Minotaur Exploration | ASX: MEP Share Purchase Plan · § Minotaur Exploration and the tenement owner entered into a JV agreement over 7 tenements immediately east of the Thalanga