Minotaur Exploration : Maiden JORC Resource Estimate for Saints Nickel Deposit, Kalgoorlie

MINOTAUR EXPLORATION LIMITED ACN 108 483 601 ASX: MEP

MINOTAUR

EXPLORATION

4 May 2017

Maiden JORC Resource Estimate for Saints Nickel Deposit, Kalgoorlie

Highlights

• Maiden JORC 2012 Mineral Resource estimated for Saints nickel deposit

• Total Inferred Mineral Resource of 1.05 million tonnes at 2.0% Ni for 21,000t of contained nickel above 1.0% Ni cut-off

• Mineralisation remains open at depth

• Saints deposit available for sale, being a non-core asset

Summary

The Saints deposit, 65 km NNW of Kalgoorlie, is an Archaean Kambalda-style, komatiite-hosted, massive nickel sulphide deposit. Anomalous nickel was first highlighted by Asarco in the 1970's by shallow RAB drilling however it wasn't until 1996-1997 that the first RC and diamond drill holes, drilled by WMC,

penetrated what is now part of the Saints nickel resource. Various companies drill tested the deposit through to 2011 and prior to Minotaur acquiring ownership in 2013. Historic drilling allowed mineralisation to be defined to around 480 metres below surface. The historical data was compiled and reviewed by Minotaur and further reviewed and then modelled by RPM Holdings Limited (RPM, formerly RungePincockMinarco Limited) in March -April 2017, providing Competent Person preparation of the maiden Mineral Resource estimate.

The maiden Mineral Resource estimate for the Saints nickel deposit was prepared and reported by RPM according to JORC 2012 guidelines. The total Resource, a compilation of the Saint Andrews, Saint Patricks

and Western Contact deposits, all classified as Inferred and reported above 1.0% Ni cut-off, contains 1.05Mt

The estimate reports 98% of the resource in fresh primary sulphide mineralisation (Table 1).

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Table 1: Inferred Mineral Resource estimated tonnes, grade and contained metal tonnes.

Note:

1. Totals may differ due to rounding, Mineral Resources reported on a dry in-situ basis.

2. The Statement of Estimates of Mineral Resources has been compiled by Mr. Shaun Searle who is a full- time employee of RPM and a Member of the AIG. Mr. Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code (2012).

3. All Mineral Resources figures reported in the table above represent estimates at 4 May, 2017. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies.

4. Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code - JORC 2012 Edition).

5. Reporting cut-off grade selected based on an RPM internal cut-off calculator, utilising cost estimates based on similar deposits in the region, assuming a nickel price of AUD$13,000/t, mining cost of AUD$75/t ore (utilising underground mining methods), processing costs of AUD$35/t ore milled and processing recovery of 85% for Ni concentrate.

Project Location

The Saints nickel sulphide deposit is located

approximately 65km north-northwest of Kalgoorlie- Boulder in the Goldfields region of Western Australia and 7km east of the Goldfields Highway (Figure 1). The resource is sited on M29/245, part

of the Scotia group of tenements held by Minotaur Gold Solutions Ltd, a wholly-owned subsidiary of Minotaur Exploration Ltd (ASX: MEP, 'Minotaur' or

the 'Company').

Resource Methodology

Material information used to estimate and report the Mineral Resource as per the JORC 2012 Code Reporting Guidelines is presented in detail in Table 1 of Appendix 1. The information below is presented as per the requirements of ASX Listing Rule 5.8.1 for a Maiden Resource Estimate and explains the main

aspects of the resource estimation process.

Figure 1: Location of the Saints Nickel deposit and Scotia tenements, relative to Kalgoorlie

Geology and Geological Interpretation

The Saints deposit lies within the Archean Norseman-Wiluna Greenstone Belt on the western limb of the Scotia-Kanowna Anticline (Figure 1). Mineralisation is hosted in ultramafic rocks comprising komatiite flows which

are considered equivalent to the Highway Ultramafics that host the Scotia Nickel deposit located along strike approximately 15km to the south.

Nickel sulphide mineralisation occurs in three known zones; Saint Patricks, Saint Andrews and the Western Contact (Figure 2). All three zones dip between approximately 35-55 degrees toward the WSW (Figure 3).

The main sulphide species recognised in all three mineralisation zones are pyrrhotite,

pentlandite, chalcopyrite and pyrite, with violarite in the transitional to weathered zone. Ore grade nickel mineralisation occurs as massive or matrix sulphides in the main ore zones with disseminated or cloud sulphides

occurring in the hanging wall position proximal to mineralisation. Mineralisation widths range from 1-6 metres (true width).

The Saints Mineral Resource area extends over a NNW strike length of 1,540m (from

6,671,900mN - 6,673,340mN) and includes the 480m vertical interval from 360mRL to -120mRL (Figures 4 and 5). A weathered oxide zone is developed down to around 40m across the deposits and a variable transitional zone occurs between 20-80m before passing into fresh primary sulphide from 20m to 480m vertical depth; the base of resource model.

Figure 2: Saints interpreted basement geology map showing location of known mineralisation relative to host rock units. Location of cross-section in Figure 3 shown as A-A'

Figure 3: Cross-section 6673255N (looking north) through Saint Patricks resource to illustrate dip of mineralised envelope. The Mineralised wireframes outlined in red are at 1% Ni cut-off. Dips for all 3 mineralised zones (Saint Patricks, Saint Andrews and Western Contact) vary between 35-55 degrees to the WSW

Figure 4: Saints resource in plan view showing resource wireframes. Map is in MGA94, Zone 51

Figure 5: Saints nickel resource block model in plan view showing distribution of estimated nickel values. Map is in MGA94, Zone 51