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Minotaur Exploration ASX:MEP - Investor presentation delivered at the 4th annual Resources Investment Symposium held in Broken Hill NSW Australia, 26-28 May 2014.
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Nickel Sulphides: Tier 1 Nickel assets in Western Australia
Andrew Woskett Managing Director
27 May 2014
Minotaur Exploration Ltd | ASX: MEP
www.minotaurexploration.com.au
Slide 2
Minotaur is active across Australia
MEP tenements in SA total 8,660km2
or 56% of total MEP tenure
Slide 3
Minotaur has extensive Nickel assets in WA
Minotaur unveils its
Nickel Sulphide assets
at:
Leinster
Scotia
Kambalda West
Mineral Resource estimates stated herein are as reported by previous operators according to JORC principles then applying. The
estimates have not been recompiled in accordance with JORC 2012 edition as the data remain unaltered in all material aspects.
Slide 4
WA Nickel Assets: a Tier 1 portfolio
Leinster: 270km2 of mafic/ultramafic
greenstones bounded by
regional scale crustal faults (MEP 100%)
Scotia: 160km2 of mafic/ultramafic
greenstones over the Bardoc
Shear Zone (MEP 50%)
Kambalda West, Nickel Rights: Mithril Resources’ tenements (9)
Tychean Resources’ tenement (10)
Slide 5
Leinster: Tier 1 Nickel Province
Slide 6
Leinster: Wildara & Mt Clifford tenements
Slide 7
Leinster: multiple targets on the Nickel belt
Wildara group Mt Newman
group
Slide 8
Leinster: Wildara Geology
Slide 9
Leinster: Wildara Geology
Slide 10
Leinster: Wildara Geology
Slide 11
Leinster: ‘The Horn’ Ni deposit plus upside
Prospective lower ultramafic/Basal contact zone below drilled deposit
Slide 12
1
2
Strike length extends to >500m
Ni mineralisation up to 15m thick
Low tenor but proves magma fertility
Upside potential in the untested, lower
ultramafic unit
17.4m @ 2.23% Ni, 0.4% Cu, 0.9g/t
Pt+Pd
8.45m @ 0.76%Ni, 0.27%
Cu
Cross Section
Plan Projection
Leinster: ‘The Horn’ Ni deposit plus upside
Slide 13
Leinster: ‘Mt Newman’ Ni target
Significant, historic Nickel intersections:
30m @ 1.5% Ni
23m @ 0.9% Ni
Mineralisation not closed off at depth
Complex geology
Untested ultramafics 500m to South
Slide 14
Scotia: Nickel mining province
Slide 15
Scotia: mining history and ore grade results
Scotia underground Nickel Mine:
Ceased production in 1977 (due to collapse of Crown Pillar)
produced 1.4Mt @ 2.2% Ni (to 360m depth)
for 30,800t of contained Ni
Main lode horizon truncated by fault
Off-hole DHTEM conductor not yet tested
Saints Nickel targets:
St Patricks Inferred Resource
o 135,600t @ 3.7% Ni (for 5,000t contained Ni)
St Andrews no resource calculated
Western Contact no resource calculated
Hinge zone at depth, not tested
Estimate prepared prior to JORC 2012 edition and not updated as facts remain unaltered in all material aspects
Slide 16
Scotia: Saints mineralisation not closed off
Mineralisation remains open at depth and along strike
SAINT PATRICKS pre JORC ‘Inferred
Resource’
135,600t @ 3.7% Ni for 5000t of contained
Ni
Slide 17
Scotia: Saints Nickel discovery potential
Conceptua
lTarget –
Hinge
zone
Slide 18
Scotia: Saints ‘Western Contact’ Ni potential
Western Contact St Andrews
Potential for discovery of
Ni Sulphide mineralisation
in Hinge zone
300 metres
only 5% of prospective contacts are drilled
Western Contact mineralised in several
locations over 2km of strike
St Patricks and St Andrews deposits on
Eastern Contact present excellent potential
Slide 19
Kambalda West: Nickel Rights
Established NiS Mineralisation:
1A Mine
5A Mine
Andrews Mine
5B Mine
20km South-West of Kambalda
MEP has 100% Ni rights over certain MTH & TYK
tenements
4 historic mines produced 14,000t of Nickel to
1993
all mined deposits remain open at depth
no regional exploration since 2006
no drilling since 2008
30km2 of underexplored tenements
Mineralised deposits all located within granted
Mining Leases
Nickel Prospects:
Spargo South
Burnham
Kemble
Gardiner
Slide 20
Underground mining on 3 levels
through 1991/92
No evidence of evaluation for
extensions to depth or the West
Drilling in 2007/08 identified
several pods West of the historic
workings
Potential to increase both size
and grade of the deposit
High Tenor Sulphides,
up to 9% Ni
Kambalda West: 1A Nickel Mine
Slide 21
high grade
deposit at
base of
historic oxide
pit
Includes
sulphide
intercepts up
to 13% Ni
Limited drilling
beneath pit
Kambalda West: 5A high-grade Nickel deposit
Slide 22
Produced 7,800 tonnes Ni in 1970’s
Remnant oxide mineralisation exists near
surface
Attractive near-term development prospect
Base of mine at 11 Level yielded highest grade
ore:
2.5 – 3.0% Ni
mineralisation continuous for over 200m
High Tenor - up to 20% Ni in massive sulphides
Historic drilling, while sparse, supports case for
down-plunge extensions
Potential to extend the deposit at depth and
along strike
Shallow Potential
Kambalda West: Andrews Nickel Mine
Down
plunge
potential
Slide 23
so, follow the Money
to Minotaur….
your investment destination
Slide 24
MEP: a compelling investment case
Proven
strategy
Positive
Outlook
Capital
management
Strong history of responsible capital management
Clean capital structure
High profile share register:
Norilsk, Oz Minerals, Newmont, Sandfire Resources, Locantro Capital
Proven
expertise
Experienced and highly credible management and technical team
Enviable track record of exploration success
track record of monetising non-core assets
Strong share price outperformance relative to peers (refer next slide)
Differentiated business model underpinned by strategic JV alliances:
strong and reliable international JV partners
Innovative exploration methods and significant potential around Australia
Diversification in minerals and geography with focus on copper and gold
Exciting WA Tier 1 Nickel prospects (Leinster, Scotia, Kambalda West)
Cash on hand, no debt
Moving non-core assets towards monetisation
Leveraging technical expertise to take advantage of positive commodity trends
Balance sheet capability to capitalise on future expansion opportunities
Slide 25
Differentiated business model
Minotaur differentiates through its business model - discovery
upside coupled to risk mitigation:
Focused exploration using innovative methods;
exploration and discovery using leading technologies
steady exploration in commercially viable regions
Mineral and geographical portfolio diversification
Strategic JV alliances;
Expands Minotaur’s technical capability and capacity
Leverages JV funding to maintain higher level of activity
High profile international partners include Mitsubishi, Sumitomo, JOGMEC
Developing advanced projects towards commercialisation;
Executing strategies to bridge the gap between exploration success and development
Actively seeking to monetise non-core projects;
Magnetite, gypsum, kaolin
New opportunities
Slide 26
0.0
0.4
0.8
1.2
1.6
2.0
-
0.05
0.10
0.15
0.20
0.25
Jan-12 Jan-13 Jan-14
Volume traded (m) Share price (A$)
MEP daily volume traded S&P/ASX Small Resources Index MEP share price at close
Tunkillia sale completed
Maiden measured
resource for SA Kaolin
Project
Sale of Roxby IOCG
tenements completed
Intention to make takeover
bid for Breakaway Resources New copper targets revealed
at Eloise JV, Cloncurry
Sustained outperformance
Note: The S&P/ASX Small Resources Index is rebased to Minotaur’s share price at 1-Jan-12
Source: IRESS, company filings
Minotaur’s share price clearly outperformed the S&P/ASX Small
Resources Index since January 2012
Slide 27
Corporate overview
Board
Derek Carter – Non-Executive Chairman 40+ years experience in exploration and corporate management
Andrew Woskett – Managing Director 30+ years project and corporate experience in the mining
industry
Tony Belperio – Executive Director 35+ years experience in university, government and the minerals
exploration industry
Richard Bonython – Non-Executive Director 45+ years experience in the building, rural and mineral industries
John Atkins – Non-Executive Director 25+ years commercial law and corporate experience
Donald Stephens – Company Secretary Chartered Accountant with 25+ years experience in the minerals
and industrial sectors
Major Shareholders
Enterprise value
MEP ordinary shares 152.2m
Share price (as at 26-May-14) A$0.08
Market capitalisation A$12.5m
Cash (as at 30-Apr-14) A$5.0m
Enterprise value A$7.5m
Unlisted options 12.5m
Norilsk Nickel 7.1% OZ Minerals
5.3% Newmont
Capital 3.5%
GFR 2.8%
Other 81.4%
Slide 28
Disclaimer and CP Statement
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 this presentation that relates to exploration results for Minotaur Exploration Ltd is based on information compiled by Mr Ian Garsed, who
is a full-time employee of the Company and a Member of the Australian Institute of Geoscientists (AIG). Mr Garsed has sufficient experience relevant
to the style of mineralisation and type of deposits under consideration and to the activity that he has undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr
Garsed consents to inclusion of this information in the form and context in which it appears.
Competent Person’s Statement