Minotaur Exploration : Company Update

24 August 2017

ASX Market Announcements Office ASX Limited

20 Bridge Street

SYDNEY NSW 2000

Minotaur Exploration Limited - Company Update

Minotaur Exploration Limited ("Minotaur", ASX: MEP) is pleased to release an investor presentation to provide an update on its exploration joint ventures with OZ Minerals in light of today's announcement on the upcoming Eloise JV drilling program.

Minotaur is currently undertaking extensive work programs with OZ Minerals at their flagship Eloise JV and around the Prominent Hill mine.

Yours faithfully,

Varis Lidums

Company Secretary

Minotaur Exploration Limited | ASX: MEP Company update

AUGUST 2017

Minotaur's points of difference

• Enviable record of exploration success; achieved through strict focus and strong capability

• Quality of core assets in Queensland and South Australiaunderpins discovery potential

• Business model based on JV partnerships leads to substantially more exploration activity than for other explorers of similar scale; key partners include OZ Minerals, Sandfire, Sumitomo and JOGMEC

• History of responsible capital management with a tight capital structure

• High profile share register includingSprott, OZ Minerals, Sandfire and FMR Investments

• Extensive work programs with OZ Mineralsongoing at flagship Eloise JV and around Prominent Hill mine; a partnership of significant strategic valuecomplementing OZ Minerals' 3.8% shareholding in Minotaur

• Ground EM at the Eloise JV producedhigh value drill targets along the Levuka Shear Zone, along strike from the producing Eloise Cu-Au mine

• Extensive ground EM survey underway near OZ Minerals' Prominent Hillto provide new drill targets

• Potential for value realisation from non-core projects - Western Australia nickel and gold, and South Australian industrial minerals

Corporate snapshot

Strong mining shareholders, smart mining money and high quality JV partners

About Minotaur Exploration (ASX: MEP)

Primary focus on copper-gold exploration in Queensland and South Well regarded for technical excellence in exploration Supportive and high quality JV partners Monetising non-core assets (industrial minerals and WA nickel/gold) Australia

Major shareholders
Sprott Inc. Leading global resources fund	13.1%
Yarraandoo Private Australian mining investor	6.2%
OZ Minerals ASX-listed copper-gold miner with a market capitalisation c. A$2.6bn	3.8%
Ian Gemmell Private Australian mining investor	1.7%
FMR Investments Owner/operator of the Eloise copper mine, Queensland	1.4%
Sandfire Resources ASX-listed copper miner with a market capitalisation c. A$900M	1.2%

JV partners and collaborators

OZ Minerals Australian copper-gold producer

Sandfire Resources Australian copper-gold producer

JOGMEC Japan Oil, Gas and Metals National Corporation; Japanese Government entity

Sumitomo Metal Mining Oceania Major global metals producer & refiner

Share price performance over past 12 months

Share price (Ac per share) Volume (m)

14 21

12 18

10 15

8 12

6 9

4 6

2 3

Financial information

Number of shares1	212.4m
Share price (22-Aug-17)	A$0.064
Market capitalisation	A$13.6m
Cash (30-Jun-17)	A$2.3m
Debt (30-Jun-17)	A$0.4m
Listed investments (30-Jun-17)	A$0.7m
Enterprise value	A$11.0m

- -

Aug-16 Nov-16 Feb-17 May-17 Aug-17 MEP daily volume Minotaur ASX 300 Metals & Mining Index (rebased)

Source: IRESS

Notes:

1. Excludes 17.9m listed options (MEPO) with exercise price of A$0.095 and expiry date of 30 November 2017

2. Excludes 36.4m unlisted options with exercise price range of A$0.095 - A$0.30 and expiry date range of 30 November 2017 to 6 September 2021