POOCHERA KAOLIN PROJECT

MINOTAUR EXPLORATION LIMITED

Disclaimer & CP Statement

This presentation has been prepared by the staff of Minotaur Exploration Limited (ASX: MEP) for the general benefit of

analysts, brokers, investors and the general public 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, product 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 the following presentation that relates to Exploration Data and Mineral Resource Estimates for the Poochera

Kaolin Deposits is based on information evaluated by Mr Lewis Barnes who is a Member of Australian Institute of

Geoscientists and who has sufficient experience relevant to the style of mineralisation and type of deposit under

consideration and to the activity which he is undertaking to qualify as Competent Persons as defined in the 2004 Edition

of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”).

Mr Barnes is a contract employee of Minotaur Exploration Ltd and he consents to the inclusion in the presentation of

matters based on his information in the form and context in which they appear.

Poochera Project Location

KAOLIN: What is it and what is it used for?

Kaolin or White China Clay

Mineral: Kaolinite Al2Si2O5(OH)4

USES

CERAMICS: Traditional (>4000 years) and ongoing use: >5 million tpa

PAPER FILLING & COATING: >11 million tpa

PAINT FILLER & EXTENDER: >1 million tpa and growing

RUBBER FILLER: >1 million tpa

FIBREGLASS: >1 million tpa

PLASTICS & POLYMERS: >0.5 million tpa

OTHER: Adhesives, sealants, inks, pharmaceuticals, cosmetics, horticulture

KAOLIN IN CERAMICS

Whiteware

Sanitaryware

Tiles

Porcelain

Bone China

Vitreous China

Glazes and Engobes

Kaolin prices vary from ~$100 per tonne to in excess of $1,000 per tonne.

KAOLIN USES IN PAPER & PAPERBOARD

Filling and Coating Applications

Kaolin is used to fill and coat paper & paperboard:

• to produce an even, flat surface

• to provide a bright, white surface

• to provide a good surface for ink absorption

High quality paper requires high quality (and priced) kaolin.

KAOLIN IN PAINTS

Kaolin is used as an opacifier, a pigment and an extender in the manufacture

of paint.

This is a growing industry, especially in China.

Kaolin is used as:

• A substitute for the much more expensive Titanium Dioxide (TiO2)

• It provides opacity, brightness & whiteness

• It helps to prevent settling in stored paints

KAOLIN TYPES

HYDROUS KAOLIN

Produced by the wet processing of kaolinised granite, involving:

• Mixing with water;

• Screening:

• Classifying;

• Drying, crushing and grinding.

CALCINED KAOLIN

Produced by heating hydrous kaolin to ~1000oC.

This process removes water (~14%) from the crystal lattice of the kaolin,

resulting in an amorphous material with even greater brightness and

whiteness than the hydrous kaolin.

Poochera Kaolin Deposits

Kaolin Deposit Exploration Target -45µ kaolin Range ISO Brightness

Estimate

Condooringie

Well 40 to 48 million tonnes 40% - 60% R457 ≥80

Carey’s Well 50 to 60 million tonnes 40% - 60% R457 ≥80

Tootla 47 to 57 million tonnes 40% - 60% R457 ≥80

Karcultaby

South 23 to 27 million tonnes 40% - 60% R457 ≥80

Tomney 410 to 620 million

tonnes 40% - 60% R457 ≥80

Total 570 to 810 million

tonnes 40% - 60% R457 ≥80

* The term “Exploration Target” should not be misconstrued as an estimate of Mineral Resources and Reserves as defined in the JORC Code (2004), and the term has not been used in that context. The term is conceptual in nature and it is uncertain if further exploration will result in the determination of a Mineral Resource. Refer Clause 18 of the JORC Code (2004).

Poochera Kaolin Deposits: Exploration Target* Parameters. ASX Announcement: 3 May 2012

Brightness

category

ISO

BRIGHTNESS

R457

JORC

Category

TONNES

Kaolinised

Granite1

(million)

AVERAGE

-45µm

kaolin

content

(%)

TONNES

-45µm

kaolin

(million)

AVE2

Fe %

AVE2

Ti %

Ultra High

Brightness >84 Measured 6.9 59 4.1 0.28 0.21

High

Brightness >80 <84

Measured 4.9 54 2.6 0.33 0.23

Moderate

Brightness >75 <80

Measured 4.5 29 1.3 0.42 0.19

TOTAL

Bright

White >75 Measured 16.3 49 8.0 0.32 0.21

1 Tonnage calculated based on Specific Gravity of dry kaolinised granite of 1.7 (as determined from 7 samples of Carey’s

Well kaolinised granite) 2 Average Fe% and Ti% in -45µm kaolin determined from Australian Laboratory Services ICP-MS data.

Carey’s Well Measured Resource

Carey’s Well

Start of 1st Calweld bulk sample hole, July 2008

Drilling through overburden

Bagging kaolinised granite

Bulka bag: 1m hole interval, 1 tonne

kaolinised granite

Resource Definition air core drilling at Carey’s Well,

February 2011

POOCHERA KAOLIN - CAREYS WELL

2011 DRILLING PROGRAM - SUMMARY LOG

DRILLHO

LE

EASTING

(GDA94)

NORTHING

(GDA94)

DATE

DRILLED

FROM

(m)

TO

(m) LITHOLOGY COLOUR

ORE

GRADE COMMENTS

CW11AC

029 475000 6367800 1/03/2011

0 1 Sol,Slt,FGv B 1 3 Slt,FGv LB 3 5 Cct,Slt C/LB 5 6 Slt,FgGv LB 6 7 FGv,C DB

7 8 Gv,SLKG LYB

8 9 KG C 2

9 18 KG W/OW 1

18 19 KG OW 1

19 20 KG W/LY 3

20 21 KG B/W 4

21 22 KG Y 3

22 24 KG OB 4

24 25 KG Y/W 3

25 26 PDG B/W Hard wthd granite at 26m

Streaky Bay: bulk sample wet pilot plant

Blunger

300μm vibrating screen

PC Feed Tank

Primary Cyclone

Refining Cyclone

T1

Dilution

Tank

T2 PC Overflow

Tank T3 RC Overflow

and Bleach Tank

Plate & Frame

Filter Press

Hydraulic

Pressure Filter

Drill sample scale pilot plant in operation,

March 2012

SediGraph 5120

This instrument

uses X-rays to

measures particle

size distribution

0

10

20

30

40

50

60

70

80

90

100

0.1 1.0 10.0 100.0

Cu

mu

lati

ve

Ma

ss

Fin

er

(%)

Particle Diameter (µm)

B16-18 RC3 O/F2

2.0 0.5

Technibrite TB-1C Colour Spectrophotometer

Property

Hydrous Kaolin Calcined Kaolin

Minotaur,

Carey's Well KaMin™

Minotaur,

Carey's Well KaMin™

PW90B HYDRAFINE® 90 1 PB80 KaMin™ 2000C 2

Brightness

(ISO R457) 90.0 ±0.5 88.5-90.0

(equivalent to 90-91.5

TAPPI GE brightness)

95.5 ±0.5 91.5 (equivalent to 93 TAPPI GE

brightness)

Yellowness

(CIE b*) 1.8 Not quoted 0.81 Not quoted

Minus 2µm (wt %) 92 90-96 80 Not quoted

Screen Residue

(325 mesh, = +45µm) <0.01% 0.005%

0.15%

(unmilled) 0.01%

Fe2O3 3 0.35% Not quoted 0.43% Not quoted

TiO2 3 0.03% Not quoted 0.04% Not quoted

Al2O3 3 38.10% Not quoted 44.88% Not quoted

Pb 4 6ppm Not quoted 7ppm Not quoted

SG 2.6 Not quoted 2.6 2.63

1 HYDRAFINE® 90 is a premium quality, high brightness, fine particle size clay.

Link: www.kaminllc.com 2 KaMin 2000C is KaMin’s highest brightness, finest particle size, calcined kaolin clay.

Link: www.kaminllc.com 3 XRF determinations by CSIRO 4 ICP-MS analysis by ALS

Comparison Table: Minotaur vs KaMin™ Hydrous and Calcined Kaolin

PRODUCT PW55 PW90UB PW90B PB80

Kaolin Type Hydrous Hydrous Hydrous Calcined

Brightness (R457 ISO) 87.4 89.3 90.0 95.5

Yellowness (b*) 2.5 2.5 1.8 0.8

Minus 2µm (wt%) 55 ±2 90 ±2 90 ±2 80 ±3

Al2O3 (%) 38 38 38 44.5

Fe2O3 (%) 0.45 0.42 0.35 0.4

TiO2 (%) 0.09 0.03 0.03 0.04

Kaolinite ± Halloysite (%) 97 ±3 100 99 ±1 not applicable

Quartz (%) <1 <1 <1 not applicable

Mica (%) 1 0 0 not applicable

Microcline ± albite 1 ±1 0 0 not applicable

Anatase (%) not determined 0 1 not applicable

This table includes representative data for Minotaur's kaolin products and should not be construed as specifications or absolute maximum/minimum values.

The above information is believed to be accurate reliable but Minotaur makes no warranties regarding merchantability or fitness for a particular purpose, or any other express or implied warranty.

PROPERTIES OF FOUR MINOTAUR KAOLIN PRODUCTS

CAREY’S WELL HYDROUS KAOLIN: SEM IMAGE

Nb. Very fine grain size and excellent hexagonal crystallinity

Rotary Calcining Kiln in operation March 2012

In summary, the Carey’s Well Kaolin Deposit:

• Is very large (>50 year potential mine life),

• Appears to be very uniform in quality and distribution,

• Has all the qualities needed to produce high quality hydrous

kaolin using conventional processing techniques,

• Demonstrates the ability to produce very high quality

calcined kaolin,

• Is well located with a port at Thevenard within easy trucking

distance,

• Has an excellent waste to ore ratio and could be mined using

simple open cut mining processes.

INFRASTRUCTURE ISSUES

WATER: Low salinity processing water required: desalination of

seawater is an option. Other options are being considered.

POWER: Grid or generated on site.

TRANSPORT: Road and/or rail.

PORTS: Thevenard would require modification to allow container

loading. Otherwise Port Adelaide is currently the closest

container port.

COMMUNITY ENGAGEMENT

MINOTAUR’S PRINCIPLES

• Employ local people and service providers whenever possible.

• Pay service providers promptly.

• Provide training for our employees.

• It’s all about trust! Keep local landholders fully informed of pending

activity and results of work (as much as allowed by the ASX). Listen to

landholders and deal effectively with any concerns.

• Inform local Councils as much as possible about the project and seek

their cooperation.

• Keep nearby communities informed. Be prepared to talk to people.

• Ensure that our employees and contractors respect the local

community.

• Be a part of the local community.

Where would you rather be?