Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Rule 5.5

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013


Name of entity

MINOTAUR EXPLORATION LTD

ABN Quarter ended ("current quarter")



35 108 483 601 31 March 2014

Consolidated statement of cash flows

Cash flows related to operating activities

1.1 Receipts from product sales and related

debtors

1.2 Payments for (a) exploration & evaluation

(b) development

(c) production

(d) administration

1.3 Dividends received

1.4 Interest and other items of a similar nature

received

1.5 Interest and other costs of finance paid

1.6 Income taxes paid

1.7 Other (Joint Venture Receipts) Other (R&D Tax Offset)

Net Operating Cash Flows

+ See chapter 19 for defined terms.

01/05/2013 Appendix 5B Page 1

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

1.13 Total operating and investing cash flows

(brought forward)

(1,443)

(4,369)

Cash flows related to financing activities

1.14 Proceeds from issues of shares, options, etc.

1.15 Proceeds from sale of forfeited shares

1.16 Proceeds from borrowings

1.17 Repayment of borrowings

1.18 Dividends paid

1.19 Cash acquired due to business combination

-­‐ Breakaway Resources Ltd

Net financing cash flows

-­‐ (9)

-­‐

392 (25)

531

Cash flows related to financing activities

1.14 Proceeds from issues of shares, options, etc.

1.15 Proceeds from sale of forfeited shares

1.16 Proceeds from borrowings

1.17 Repayment of borrowings

1.18 Dividends paid

1.19 Cash acquired due to business combination

-­‐ Breakaway Resources Ltd

Net financing cash flows

(9)

898

Net increase (decrease) in cash held

1.20 Cash at beginning of quarter/year to date

1.21 Exchange rate adjustments to item 1.20

1.22 Cash at end of quarter

(1,452)

7,251 (1)

(3,471)

9,270 (1)

Net increase (decrease) in cash held

1.20 Cash at beginning of quarter/year to date

1.21 Exchange rate adjustments to item 1.20

1.22 Cash at end of quarter

5,798

5,798

Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities

Current quarter

$A'000

1.23 Aggregate amount of payments to the parties included in item 1.2

270

1.24 Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions

Directors fees, superannuation and consulting fees

Non-­‐cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

+ See chapter 19 for defined terms.

Appendix 5B Page 2 01/05/2013

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report


2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities

3.2 Credit standby arrangements

Estimated cash outflows for next quarter

4.1 Exploration and evaluation

4.2 Development

4.3 Production

4.4 Administration

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

+ See chapter 19 for defined terms.

01/05/2013 Appendix 5B Page 3

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report Changes in interests in mining tenements and petroleum tenements

6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed

6.2 Interests in mining tenements and petroleum tenements acquired or increased

+ See chapter 19 for defined terms.

Appendix 5B Page 4 01/05/2013

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

7.7 Options (description and conversion factor)

7.8 Issued during quarter

7.9 Exercised during quarter

+ See chapter 19 for defined terms.

01/05/2013 Appendix 5B Page 5

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

7.10 Expired during quarter

7.12 Unsecured notes (totals only)

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

2 This statement does /does not* (delete one) give a true and fair view of the matters disclosed.
Sign here: ............................................................ Date: 16 April 2014
Donald Stephens
(Company secretary)

Notes

1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of

Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

+ See chapter 19 for defined terms.

Appendix 5B Page 6 01/05/2013

S U P P L E M E N T T O A P P E N D I X 5 B

TENEMENT SCHEDULE as at 31 MARCH 2014

1

S U P P L E M E N T T O A P P E N D I X 5 B

TENEMENT SCHEDULE as at 31 MARCH 2014 continued

2

S U P P L E M E N T T O A P P E N D I X 5 B

TENEMENT SCHEDULE as at 31 MARCH 2014 continued

3

S U P P L E M E N T T O A P P E N D I X 5 B

TENEMENT SCHEDULE as at 31 MARCH 2014 continued

TENEMENT ID

TENEMENT REFERENCE

HOLDER

% INTEREST BEGINNING OF QUARTER

% INTEREST END OF QUARTER

LOCATION

STATUS

Other Projects

EL4388

Blinman

Perilya

10

10

South Australia

Ongoing

EL5117

Ediacara

Perilya

10

10

South Australia

Ongoing

ML4386

Third Plain

Perilya

10

10

South Australia

Ongoing

EL4478

Wilkawillina

Perilya

10

10

South Australia

Ongoing

EL4961*

Moonta

Peninsula Resources

10

10

South Australia

Ongoing

EPM17061

Mt Osprey

Birla Mt Gordon

#30

#30

Queensland

Ongoing

P15 4876

Spargos Reward

Minex Australia

Ni 100%

Ni 100%

Western Australia

Ongoing

P15 4877

Spargos Reward

Minex Australia

Ni 100%

Ni 100%

Western Australia

Ongoing

P15 4878

Spargos Reward

Minex Australia

Ni 100%

Ni 100%

Western Australia

Ongoing

P15 4879

Spargos Reward

Minex Australia

Ni 100%

Ni 100%

Western Australia

Ongoing

P15 4880

Spargos Reward

Minex Australia

Ni 100%

Ni 100%

Western Australia

Ongoing

P15 4881

Spargos Reward

Minex Australia

Ni 100%

Ni 100%

Western Australia

Ongoing

P15 4882

Spargos Reward

Minex Australia

Ni 100%

Ni 100%

Western Australia

Ongoing

P15 4883

Spargos Reward

Minex Australia

Ni 100%

Ni 100%

Western Australia

Ongoing

P15 4886

Spargos Reward

Minex Australia

Ni 100%

Ni 100%

Western Australia

Ongoing

M15 395

West Kambalda

Tychean Resources

Ni 100%+1.5% NSR

Ni 100%+1.5% NSR

Western Australia

Ongoing

M15 703

West Kambalda

Tychean Resources

Ni 100%+1.5% NSR

Ni 100%+1.5% NSR

Western Australia

Ongoing

L15 128

West Kambalda

Tychean Resources

Ni 100%+1.5% NSR

Ni 100%+1.5% NSR

Western Australia

Ongoing

L15 255

West Kambalda

Tychean Resources

Ni 100%+1.5% NSR

Ni 100%+1.5% NSR

Western Australia

Ongoing

E15 967

West Kambalda

Tychean Resources

Ni 100%+1.5% NSR

Ni 100%+1.5% NSR

Western Australia

Ongoing

E15 968

West Kambalda

Tychean Resources

Ni 100%+1.5% NSR

Ni 100%+1.5% NSR

Western Australia

Ongoing

P15 4299

West Kambalda

Tychean Resources

Ni 100%+1.5% NSR

Ni 100%+1.5% NSR

Western Australia

Ongoing

P15 4884

West Kambalda

Tychean Resources

Ni 100%+1.5% NSR

Ni 100%+1.5% NSR

Western Australia

Ongoing

P15 4885

West Kambalda

Tychean Resources

Ni 100%+1.5% NSR

Ni 100%+1.5% NSR

Western Australia

Ongoing

P15 4963

West Kambalda

Tychean Resources

Ni 100%+1.5% NSR

Ni 100%+1.5% NSR

Western Australia

Ongoing

Nova Scotia Project

EL6914 Cobequid Blackfly Exploration

0 0 Canada Ongoing

**= competing tenement application # Diluting interest

* = Portion only of tenement Ni 100% = 100% interest in Nickel rights only

Ni 100% + 1.5% NSR = 100% interest in Nickel rights and 1.5% NSR all other minerals

§Aphrodite Gold Ltd earning up to 80% interest in gold rights

4

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