New Districts, New ChallengesNew Districts, New Challenges

Justin Gum Justin Gum –– Exploration ManagerExploration Manager

Financial Overview

Shares on Issue 121 Million

Share Price (26th November 2012) 12.5c

Cash on Hand (30th September 2012) $12.8M

Debt $0

Market Cap. (@12.5c) $15.1M

E i V l $2 3MInstitutions

9%Cornerstone

Investors36%

Other Investors

Enterprise Value $2.3M

36%

Directors5%

50%Options on Issue Expiry Ex. Price Number

Total 2016-17 $0.25 - $0.50 15,925,000

Fully Diluted

Top 10 Shareholders

Top 10 Shareholders % Holding

Mithril Resources Investments Pty Ltd 7.7 Listed on ASX y

Independence Group NL 7.5

Goldsearch Ltd 7.2

Listed on ASX April 29th, 2011 ASX Code : MGV

JP Morgan Nominees Australia Ltd 6.6

Barrick (Australia Pacific) Limited 5.0

Integra Mining Limited / Silver Lake Resources 4 6 121M Shares

Integra Mining Limited / Silver Lake Resources 4.6

JP Morgan Nominees Australia Ltd CI A/C 4.5

Argonaut Resources NL 2.1

41M (36%) held by Cornerstone Investors g

Mr WD Goodfellow 1.3

King Town Holdings Pty Ltd 0.9

…………..of which 32 million escrowed

* The top 20 shareholders hold 54.1%

47.4%

as at 19th November 2012

Tenement Holding 2012

2012 Exploration Summary

4 New ELs Granted

4 Drilling Programs 4 Diamond holes - Deering Hills 19 RC holes - Moorilyanna 380 – vacuum holes - Deering Hills (On going) 10 RC holes – Menninnie Dam (On going)

4 Geophysical Surveys 4 Geophysical Surveys IP Survey – Moorilyanna (22.1 line kms) VTEM Survey (2437 line Kms/649 km2) Ground EM – Deering Hills (2.2 line Kms)

G d G i i ill ( 9 3 i ) Ground Gravity – Deering Hills (1973 stations)

5 Geochemical Surveys Preliminary rock chipping – Bryson Hilly pp g y Detailed soils/rockchips – Deering Hills Reccon soils/rockchips – Mt Woodroffe Detailed soil grids – Moorilyanna Reccon soils/ ockchips Moo il anna Reccon soils/rockchips – Moorilyanna

EL3941/3942Deering Hills Projectg j

VTEM/MLTEM Targets

Pallatu Area

VTEM conductivity image

High ValenValenconductance targets

Within Giles

ValenValen

Complex intrusives in areas of thin sand coversand cover

Vacuum drilling completed -completed assays pending

Priority drill Priority drill targets mid-2013

Deering HillsDiamond Drillingg

Valen (DEEDDH001 138m, DEEDDH004 138m) Valen (DEEDDH001 138m, DEEDDH004 138m) Disseminated sulphides in Birksgate mafic/felsic granulites On margin of Giles Complex intrusive Complex textures with common evidence of host rock (sulphide) Complex textures with common evidence of host rock (sulphide)

assimilation by mafic intrusive Elevated Cu/Ni (<450ppm)

Galen (DEEDDH002 168m, DEEDDH003 99m) Disseminated sulphides in Birksgate mafic/felsic granulites Graphitic shear in Birksgate Gneiss and associated pyrite/pyrrhotiteGraphitic shear in Birksgate Gneiss and associated pyrite/pyrrhotite Not associated with Giles dyke system Mafic Granulites intrude sediments of Max-Dep Age 1370-1400 Ma Fraser Complex hosting Sirius’ Nova Deposit 1290 MaFraser Complex hosting Sirius Nova Deposit 1290 Ma Dutch et al 2012 show younging trend to west from 1550Ma Now can’t ignore these bedrock conductors.

VTEM/MLTEM Targets

VTEM d ti itconductivity

image

High conductanceconductance targets

Within BirksgateBirksgate Complex Granulites

Geochemical Geochemical Surveys (soils)

Priority drill Priority drill targets mid-2013

EL 3955Moorilyanna Prospecty p

Ragnar Drilling and Soil Samplingp g

IP Survey

19 RC h l 19 RC holes on mafic dykes (up to 3m @ 0.4% Cu, 153 b A )153ppb Au)

Structural Targets

Graben margin intersecting Mafic Dykes (0 14% C )(0.14% Cu)

Polymetallicsoil assays ( l t d C(elevated Cu, Zn, Pb, Mo, Bi) up to 476ppm Cu

Ragnar Target

• Target pending drill testing

• Cu anomaly at end of hole in heavily sheared and altered gabbro

• Hole stopped short of IP target due to ground water difficulties

Ragnar

• Located on graben margin at intersection of major structures

Inverted IP Chargeability Modelg y

Pending drill testing

VTEM Targets

TMI Image

VTEM conductivity imageVTEM conductivity image

EL 3940 Woodroffe

Mt Woodroffe Targets

Priority EM target

C Ni C Pt li i t di t li ith Cu, Ni, Co, Pt anomalies in stream sediment sampling with co-incident gravity and magnetics

Favourable geologyg gy

New VTEM survey conducted

Lister Target

Lister Gravity Anomaly VTEM ConductorLister Gravity Anomaly VTEM Conductor

Rimmer Target

VTEM conductivity images on orthophotography

VTEM Conductive Anomalies

New Project, New District

Under-Explored Regionally

• Previous focus has been on Lead-Zinc and only in Menninnie CentralZinc and only in Menninnie Central

• No effective basement drilling outside main Menninnie Centraloutside main Menninnie Central deposit area

• No drilling since 2008No drilling since 2008

• No previous silver focus

• Potential high gradesMD042

5.1m @ 183g/t Ag, 11.3% Zn, 23.6% Pb

MD056

14 1 @ 89 /t A 13 6% Z 14 7% PbBasement Drill

holes14.1m @ 89g/t Ag, 13.6% Zn, 14.7% Pb holes

Drill Ready Targets

• High quality drill ready targets

• Pb-Zn + Ag soil anomalism associated with strong IP chargeability anomalies –no drilling

RC Drill Targets

Prospective Ag District

• Large tenementtenement position (2,471 km2)in new andin new and developing silver districtdistrict

• Close to Paris silver discovery

Large under-explored area in prospective district

Porphyry System Model(Sillitoe 2010)

Viper.Viper.Phone HillPhone Hill

Viper.Viper.Phone HillPhone Hill

• Reactive basement lithologies (Marbles/BIFs -Menninnie CentralMenninnie Central, Mannequin)

• Complex structural systemComplex structural system (Common block faulting)

• Systems extending intoMenninnieMenninnie

CentralCentralMenninnieMenninnie

CentralCentral

Systems extending into covering volcanics (Viper, Phone Hill, Tank Hill)

Regional Exploration 2013

CSIRO Mineral map• Regional Soil/lag sampling

program

p(ALOH Group Content)

Tank Hill

• Aster Mineral mapping (AlOH – sericite alteration)

R fi th d f• Refine methods for detection of mineralisation through the cover of the

Phone Hill

GRV

• Follow-up RC/Diamond drilling of anomalous regions

SUMMARY

4 new ELs granted

4 drilling programs in second year

M l i l d d id ifi d Multiple targets tested and identified

RC/Diamond/Vacuum drilling programs to restart in RC/Diamond/Vacuum drilling programs to restart in February-March 2013

New advanced project in GRV region New advanced project in GRV region

~$12 Million in bank$

Fully funded aggressive exploration program in 20132013

Disclaimer

This presentation has been prepared by Musgrave Minerals Limited (Musgrave Minerals). The information contained in this presentation is af i l i i l d i i i d f ith C t i i f ti i thi d t h b d i d f thi d ti dprofessional opinion only and is given in good faith. Certain information in this document has been derived from third parties and

though Musgrave Minerals has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited orverified by Musgrave Minerals.Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks andcontingencies, many of which are outside the control of, and may be unknown to, Musgrave Minerals. In particular, they speak only as of thedate of this document, they assume the success of Musgrave Minerals strategies, and they are subject to significant regulatory, business,, y g g , y j g g y, ,competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and theassumptions on which the forward-looking statements are based. Recipients of this document (Recipients) are cautioned to not place unduereliance on such forward-looking statements.Musgrave Minerals makes no representation or warranty as to the accuracy, reliability or completeness of information in this document anddoes not take responsibility for updating any information or correcting any error or omission which may become apparent after this documenthas been issuedhas been issued.To the extent permitted by law, Musgrave Minerals and its officers, employees, related bodies corporate and agents (Agents) disclaim allliability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Musgrave Minerals and/orany of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance onthis presentation or information.All amounts in A$ unless stated otherwise.

Competent Person’s Statement

The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled byDr Justin Gum. Dr Gum is Exploration Manager of the Company, is a member of the Australian Institute of Geoscientists (AIG) and is a memberof the Geological Society of Australia (GSA). Dr Gum has sufficient industry experience to qualify as a Competent Person as defined in the 2004of the Geological Society of Australia (GSA). Dr Gum has sufficient industry experience to qualify as a Competent Person as defined in the 2004Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Gum consents to the inclusion inthe report of the matters based on their information in the form and context in which it appears.