HAWSONS IRON LTD — AGM Information 2010

Nov 22, 2010

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Carpentaria Exploration Limited We find it, we prove it, we make it possible

22[nd] November 2010

AGM Presentation

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible. Nick Sheard

Slide 1

CARPENTARIA EXPLORATION LIMITED

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When the rains come

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RC Drill Rig Slimline Logging truck Slimline Logging truck RC Drill Rig Diamond Drill Rig
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Hawsons “Core” Pros ect Activit p y

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Slide 2

Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

CARPENTARIA EXPLORATION LIMITED Disclaimer

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This presentation has been prepared by the management of Carpentaria Exploration Limited (CAP) for the benefit of analysts, brokers and investors and not as specific advice to any particular party or persons. The information is based on publicly available information, internally developed data and other sources. Where an opinion 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 can be made as to origin, validity, accuracy, completeness, currency or reliability of the information. CAP disclaims and excludes all liability (to the extent permitted by law) for loses, 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 CAP 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 expected outcomes are subject to risks, uncertainties and other factors which could cause actual results to differ materially from expected future results. Such risks include, but are not limited to, exploration success, metal 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 governmental regulation outcomes. CAP does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forecast or to update such forecast.

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Slide 3

Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

CARPENTARIA EXPLORATION LIMITED GOAL

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Become a mid tier mining company in the near future

HOW ?

Using strong geoscientific team, major company backgrounds, and experience, delivering a pipeline of projects diversified by commodity and geography and by aggressive exploration

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60 Carpentaria Market Capitalisation
50
40
Growth through 30
discovery 20
10
0
AM $
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Slide 4

Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

COMPANY SNAPSHOT

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ASX : CAP FINANCIAL 18[th] Nov 2010 Cash A$16.0 million QUOTED SECURITIES 94.3 m shares UNLISTED OPTIONS 7.7M

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LARGEST SHAREHOLDER Aust’ Conglin Int’ Inv’ : 11.2% Conglin Yue : 3.9% Giralia Resources NL : 9.1% Directors : 1%

Share Price and Volume 12 months

CAP made a profit of $1.66 m in 2009 / 2010 CAP made a loss of $1.48 m in 2008 / 2009

CAPITALISATION - 18th Nov 2010 $50 m (fully diluted)

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 5

EXPLORATION PORTFOLIO

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Carpentaria
Discoveries
Hughenden Project
Thermal Coal
Mt Agate
Copper / Gold
McDougalls
Iron
Euriowie
Tin / Tantalum Glen Isla
Gold
Hawsons
Iron
South Dam
Iron Combaning
Gold / Nickel
100% Joint Ventures
Carpentaria Applications not shown
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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

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Slide 6
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LEVERAGED OPPORTUNITIES

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(Partners spending on Carpentaria projects)

 Iron : Hawsons (Bonython Metal Group)  Gold : Glen Isla (Ramelius Res. Ltd.)  Iron : South Dam (Bonython Metal Group)  Coal : Hughenden (Guildford Pty Ltd)  Copper/Gold : Mt Agate (ActivEx Ltd)

Expenditure Residual (CAP) $28.0m + $53.0m cash 20% $1.0m + BFS 25% $1.95m 20% $2.0m 20% $0.75m 25%

Drilled over 16,000m of drilling to end of September

Anticipate additional 12,000m of drilling to end of year

Aim :

 1 billion tonne inferred iron resource  Inferred Coal Resource

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 7

Keep Costs to a Minimum All Hands on Deck – A team at Work

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Co Sec in Breach of H and S – no helmet

Office Administrator High Grading

Driver Training

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 8

HAWSONS IRON PROJECT Becoming Real

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 9

HAWSONS IRON PROJECT Location

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• Close to infrastructure • 60 km SW of Broken Hill - mining culture - work force

• - services

 30 km to rail line (Port Pirie)

 30 km to main roads  30km to NSW power grid

 No Native Title

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A
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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 11

HAWSONS IRON PROJECT Overview

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HAWSONS IRON PROJECT

• Large magnetite discovery – July 2009 Exploration Target[1 ]

3.5 – 5.8 Billion Tonnes

18 – 20% DTR; Fe 69 – 71%: assuming 42 – 46 strike km; to 250m vertical

• Quality and potential size supported by current drilling

 Potential

• Low cost mining, processing

• High grade, clean concentrate (70% Fe)  Long life mine

• Increased tonnages with depth ~ 400m ?

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

1 The potential quantity and grade of the exploration targets is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.

Slide 12

HAWSONS IRON PROJECT BMG earning in

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• Value :

• Bonython Metal Group Ltd (BMG) JV  Stage 1 :  No script issued  Cash to CAP $5.0m Done

• Exploration funding $8.0m  Project deal only BMG vests 40%  Cash to CAP

• Stage 2 : Total $53.0m  Cash to CAP $25.0m Mar 2011

• BMG vests 51%  Free Carried  huge value

• Stage 3 :  Feasibility Study costs ~ $20.0m  CAP to market  On completion cash to CAP $23.0m 4 million tonnes con’  BMG vests 80%  CAP undertakes the

• CAP has free carried to production of 20mtpa work Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 13

IS MAGNETITE ECONOMIC ?

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• Chinese steel industry using magnetite ore for many years.

 Most of china’s domestic iron ore production is from magnetite deposits  Generally, magnetite Fe insitu grades are lower than most hematites  After beneficiation high grade concentrate with fewer impurities  Higher quality of magnetite attracts a premium over most hematites  Additional crushing and beneficiation costs offset by the higher premium from the sale of the quality product

 Typically used as pellet feed. CRU is forecasting a strong demand for pellet feed

 High quality magnetite can be used as DR feed which attract an even higher premium

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 14

MAGNETITE – Limited Technical Risk

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Magnetite has been mined and processed in :

 China – most internal production

 US / Canada – mostly magnetite (taconite)

 Russia / Ukraine – more magnetite than hematite

 Australia / Brazil – some magnetite

“ Off the Shelf ” Technologies

Limits risks

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 15

MARKET REVIEW MAGNETITE (October 20[th] 2010)

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 Iron Fines (equivalent to magnetite concentrate) $150 /t

 Blast Furnace Pellets (BF) est + 50%

~ $175 /t

• Direct Reduction Pellets (DR) + 10% (no data) ~ $190 /t

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Slide 16

Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

DRILLING TO DATE

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Phase 1 :

• Establish thickness of units

Area of resource drilling

• Depth of cover

• Grade of magnetite unit

• ~10,000 m drilled to Sep 01 (50 holes)

Phase 2 drilling :

• Resource drilling est :

• 4,000m done (Oct 01)

  • 9 holes (deep)

• 6,000m drilling to finish

Aim :

• drilling finalize Nov’

• Inferred Resource :

• 1 B tonnes by Dec’ 2010

Hole Location on Airborne Magnetics Reduced to the Pole

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 17

RESOURCE DEFINITION Aim – 1 Billion Tonnes

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3D Magnetic Modelling to Assist Resource Definition

Collaboration with CSIRO . (Ref. Clive Foss, et al, ASEG August 2010 “ Generating a Resource Estimate by Magnetic Field Inversion – a Study of the Hawsons Magnetite Prospect, NSW” )

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90m
50 - 100m
60m
90m
80m
40m
120 – 130m
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Reduced to the Pole Magnetics Showing Depth of Oxidation

3D Block Magnetic Susceptibility Model using demagnetizing techniques

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 18

MAGNETITE

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Magnetite is one of the three common iron ore minerals that is commercially exploited

Hematite Magnetite Goethite Fe2O3 Fe3O4 FeO(OH) Iron Content Maximum theoretical 69.95% 72.73% 62.86% Typical Theoretical 61 – 65% 65 – 68% 55 - 60% Note - the magnetite specifications are after beneficiation

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 19

TYPICAL RESULTS

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Hole ID	From	Thickness	DTR %
	(m)	(m)	38um
RC10BRP022	102	114	17.1
INCL.	131	69	17.6
RC10BRP025	137	69	15.2
INCL.	173	33	17.8
RC10BRP017	157	75	17.4
INCL.	177	36	18.3
RC10BRP019	72	94	16.4
INCL	92	59	19.2
RC10BRP012	48	98	17.2
INCL.	97	49	20
INCL.	97	14	22.9
DD10HA003	138.7	160.95	15.7
INCL.	138.7	33.65	18.7
INCL.	138.7	20.3	21.6
AND	228.1	71.9	17.8
RC10BRP013	110	56	17.6
INCL.	138	28	19.1
INCL.	155	11	24.2
RC10BRP021	122	128	16.6
INCL.	128	81	17.2
INCL.	128	64	17.8
INCL.	163	29	19.2

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

EXCELLENT RESULTS :

 Consistent DTR’s

 Very high grade concentrate  Low deleterious elements  Drilling supports magnetic modelling – Fe continuous at depth to 1000m  Pre feasibility study underway

Slide 20

Scoping study results

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Ore is very soft

 Bond work index – 6.3 kwh/t low power requirements

Usual range for magnetites 16 - 29 kwh/t

 Truck and shovel mining low cost operation est $1.90 / t

 High pressure grind work index is 2.2 kwh/t

use of HPGR technology lower cost

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 21

Drilling / Down hole results

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Down Hole Magnetic Susceptibility

• map marker units across holes • shows continuity of mineralization

• excellent correlation with DTR results

• reduce assay time

• allow rapid resource calculation

• reduce costs

3.5 km

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 22

CONCEPTUAL OPEN PIT MINE PLAN

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Open Cut - Pit 1

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• Depth of pit ?> 400m

• (depends on economics)

• Thick ironstone units

• Dipping 45 degrees

• Aim Pit 1 : 1 Billion tonnes inferred

 Pit life est’ 10 – 15 years

• Additional Pits ~ 50 years?

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 23

Conceptual Processing Flow Sheet

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Rougher
Magnetic Separation
Secondary
Crushed Ore
Stockpile
HPGR Crushers
Tailings Disposal
Magnetite
Concentrate
Concentrate
Finisher
Filtration Export
Magnetic
Separators Ball Milling
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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

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Slide 24
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PROJECT TAKING SHAPE

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Other drill rigs
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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 25

PROGRAM June to Dec’ 2010

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• Euriowie Tin Project - 1[st] stage drilling completed

- proof of concept - mapping / sampling 11 other veins

• Mt Agate Copper / Gold - initial drilling (550m) completed

• _35m @ 0.85% copper, 0.04g/t gold and 207g/t cobalt • inc’ 6m @ 3.2% copper, 0.21g/t Au and 206g/t cobalt_ Panama Hat Gold Project - 6 holes drilled Glen Isla Gold Project - drilling delayed because of rain Hughenden Coal Project - drilling re-commenced*

• Hawsons Iron Project - 1[st] Phase drilling completed

• 2[nd] Phase drilling nearing completion

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

• Activex ASX announcement 18[th] Nov 2010

Slide 26

PROGRAM News Flow

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Expect to drill + 20,000 metres to end of year

 Acquisition of Yanco Glen tin / tungsten announcement today

• Drilling results from Glen Isla

• Inferred Resource Hawsons ~~ 1 billion tonnes

 Inferred Resource – Hughenden ?

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• Acquisition of additional properties – nickel / tin / tungsten

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Slide 27

Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

CARPENTARIA EXPLORATION LIMITED NSW EXPLORATION TENEMENT LOCATION

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Apollyon:
Tin, Tantalum
Euriowie:
Tin, Tantalum Glen Isla:
Gold
Laing’s Lode:
Hillston: Silver, Lead, Zinc
Gold, Copper
Panama Hat:
Gold
Hawsons:
Iron
South Dam: Combaning:
Iron Gold, Nickel
100% Joint
CAPEX Venture
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Carpentaria Exploration Ltd 2010 We find it. We prove it. We make it possible.

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Slide 28
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CARPENTARIA EXPLORATION LIMITED NEW PROJECTS LOCATION

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Koonenberry: (~ 1,800 km [2] )
Nickel, Copper
MacDougalls: (~ 900 km [2] ) 22m @ 0.18% Cu & 0.23% Ni
Non-magnetic Iron
Braemar analogue
Yanco Glen: ( ~ 150 km [2] )
Pegmatite Tin, Tungsten
0.83 Mt @ 0.21% WO3
Ilabo: (~ 100 km [2] )
Gold, Copper
Combaning consolidation
100%
CAPEX
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Carpentaria Exploration Ltd 2010 We find it. We prove it. We make it possible.

Slide 29

NEW PROJECTS YANCO GLEN

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YANCO GLEN TENEMENT ACQUISTION

 100% Purchase from Wolf Minerals for 250K CAP Shares – 146 km[2] area.

• 30 km North of Broken Hill, 30 km from Euriowie

 Sealed Road & Grid Power

 Contains 125 known mineral occurrences

• Prospective for Tin, Tungsten, Iron & Base Metals

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YANCO GLEN
TUNGSTEN
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WAUKEROO TIN
FIELD
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YANCO GLEN TUNGSTEN PROSPECT

 Surface Inferred Resource of 830 Kt @ 0.21% WO3[1] . (tungsten oxide)

 . Historical CRAE drilling e.g. 4m @ 2.47% WO3[2]  Startabound Scheelite in Broken Hill Group metasediments.

WAUKEROO TIN FIELD

• Untested pegmatite coarse grained cassiterite tin oxide

• mineralisation same as Euriowie

• CAP now controls most of known significant pegmatite

• tin occurrences in Broken Hill District

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Carpentaria Exploration Ltd 2010 We find it. We prove it. We make it possible.

1. Ravensgate Industry Consultants, Graynic Metals Limited 2006 Annual Report 2006. 2. NSW Geological Survey, GS 1984-157

Slide 30

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NEW PROJECTS KOONENBERRY PROJECT

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Mount Arrowsmith East
Bald Hill
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KOONENBERRY APPLICATIONS

 Six 100% ELA’s ~ 1,800 km2, 200 km north of Broken Hill

 Recent Exploration Expenditure of ~$4M by Vale.

 Airborne magnetics, GEM & 25,000m of RAB Geochem  Highlight Mt Arrowsmith East & Bald Hill Prospects  Number of other targets generated that were not tested

MOUNT ARROWSMITH EAST

 Outcropping tabular (+ 250x20m) Ultramafic discovery – tested by only two shallow drill holes

 Holes hit 20m thick vertical body, open down dip & strike

 22m @ 0.18% Cu & 0.23% Ni, in. 2m @ 0.41% Ni & 0.41% Cu

 Petrography indicates presence of Ni & Cu sulfide.  Intersections < 15m below surface

 Walk up down dip & along strike drill target

BALD HILL WEATHERED BEDROCK – RAB ANOMALY

 Geochem. anomaly: 12m & 0.34% Ni, max 0.84% Ni  Coincident magnetic anomaly

 Not followed up by bedrock drilling – untested!

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Slide 31

Carpentaria Exploration Ltd 2010 We find it. We prove it. We make it possible.

CARPENTARIA EXPLORATION LIMITED In Brief

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GROWTH THROUGH SUCCESS

• Large magnetite iron discovery at Hawsons in NSW

• Tin discovery over long strike length at Euriowie

• Positive coal intercept – Hughenden

• Significant work program for 2010 mainly drilling  Budgeted exploration 2010 / 2011 year - $9.1M  Aggressive exploration programs by joint venture parties  Continuously generating new projects  Experienced geoscientific team providing good results

• Committed to exploration and soon to mining

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Carpentaria Exploration Ltd Oct' 2010 We find it. We prove it. We make it possible.

Slide 32

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The information in this presentation that relates to Exploration Results and Resources is based on information compiled by S.N.Sheard, who is a Fellow of the Australian Institute of Geoscientists and has had sufficient experience which is Carpentaria Exploration Limited relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Nick Sheard - Executive Chairman Resources and Ore Reserves'. S.N.Sheard is an employee of Carpentaria and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Telephone: 617 3220 2022 Facsimile: 617 3220 1291 Email: info@capex.net.au ~~Web: www.carpentariaex.com.au~~

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ASX Code: Carpentaria Exploration Ltd Oct' 2010 CAP ABN: We find it. We prove it. We make it possible. 63 095 117 981

Level 6, 345 Ann Street Brisbane, QLD 4000 PO Box 10919, Adelaide St Slide 33 Brisbane QLD 4000