HAWSONS IRON LTD — AGM Information 2013

Oct 20, 2013

Carpentaria Exploration Ltd

We find it. We prove it. We make it possible. Annual General Meeting Update October 18[th] 2013

Disclaimer

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 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 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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CARPENTARIA Board of Directors

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Mr Nick Sheard - Chairman

• 40 years industry experience

• Vice President – Exploration INCO Limited

• Global Exploration Manager MIM Holdings

Mr Bob Hair

• 30yrs experience as a lawyer

• General Manager Commercial MIM holdings

• Current CEO of AIM listed Ferrum Crescent

Mr Quentin Hill – Managing Director

• 17 yrs experience in mineral exploration and development

• • Geologist

• Worked at CAP since the IPO

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Dr Neil Williams

• 40 years experience

• Most recent 15 yrs CEO of Geoscience Australia

• One of Australias eminent geoscientists

Mr Paul Cholakos

• 25 yrs experience in resources

• Mining Engineer

• Current Executive General Manager Project Development –Oil Search

Mr Bin Cai

• Mr Conglin Yue representative on the Board

• 17 years experience investing in emerging resource companies

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CARPENTARIA EXPLORATION Company Snapshot

ASX Code : CAP FLOATED : Nov 2007 CASH: A$5.3 million

QUOTED SECURITIES: 108 m shares

Top Shareholders: Silvergate: 19.8% Conglin Group*: 13.1% NEFCO: 5.0%

Directors & Management (inc’ unlisted Options): 14.5%

Company Assets:

1. Hawsons Iron Ore Project

2. Discovery/Exploration Projects

Share Price and Volume 12 months

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High 0.33
0.19
Low 0.17
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KEY ASSET Hawsons Iron Project JV – Carpentaria 60%

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• Associates interest

CARPENTARIA EXPLORATION Two Growth Streams

Hawsons Development

• Mining Lease Application lodged

• Major magnetite deposit

• Potential for excellent returns over long life

• Bankable feasibility study underway

Discovery

• Great potential, quality projects

• Proven method

• Low cost acquisition

• Low cost decision points

• Rapid development

• Proven address

• Leverages shareholder funds

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Mt Isa Mt Morgan
Olympic Dam
Cobar
Broken Hill Parkes
Cadia
Cowal
Ballarat
Bendigo
Mt Lyell
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Blue and red CAP exploration tenements and applications

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CARPENTARIA EXPLORATION 2013 Company Annual Highlights

Hawsons

• Pure Metals JV

• $3.9m cash, $5.0m project

• Mining lease application lodged

• Commenced bankable feasibility study

• Test work proves concept

• Embark on reduced capital option

• Establish good community relations

Exploration

• Built up very promising gold portfolio

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• Very encouraging results first results from Advene

• Braemar / South Dam success

• Doubled Tungsten resource

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CARPENTARIA EXPLORATION

Hawsons JV - Mining Lease Application

• Major Milestone

• Demonstrates progress

• Increase investor confidence

• Attract investment

• • On track for granting in line with delivery of EIS in Nov 2014.

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CARPENTARIA EXPLORATION

Hawsons JV – Mining Lease Application

• 21 year lease

• Proposed production 10Mtpa with 20Mtpa expansion capability

• All Exploration Target[1] covered

• Not subject to Native title

• Site infrastructure corridors included in EIS

• Site layout finalised

• 181 km2 over twice the area of nearby Broken Hill consolidated Leases active for over 100 years

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1 The term “Target” should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2004), and therefore the terms have not been used in this context. It is uncertain if further exploration or feasibility study will result in the determination of a Mineral Resource or Mining Reserve.

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CARPENTARIA EXPLORATION

Hawsons JV - Robust Development Concept

• Aim produce 10Mtpa start up

• Process on site

• Crushing, grinding and magnetic separation

• Proven off the shelf

  • technology

• Slurry to rail siding

• Rail to Port Pirie stockpile

• New Conveyer to smart barge

• Tranship to Cape size vessels

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CARPENTARIA EXPLORATION

Hawsons JV - Different to other magnetite

Points of Difference

• Long life project with existing infrastructure

• not reliant on others

• can deliver earlier production

• 69%Fe concentrate high grade

• Efficient in furnaces

• Premium to other iron

• Low cost

• strip ratio , soft ore

Compare with

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• Africa – infrastructure poor, unstable

• Pilbara – infrastructure constrained (55-64%)

• Other Australian magnetite (WA and SA)

• Very limited if any infrastructure

• long lead times

• shelved

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CARPENTARIA EXPLORATION

Hawsons Iron Ore Project - Capital Intensity

• Hawsons potential to rank highly amongst other iron ore projects

• Value of:

• Existing infrastructure

• Soft ore

• Competitive with Hematite projects

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400
Minas Rio 68% Fe
350
Range 67-69%Fe
Karara
300
Southdown
Fusion
250
Razorback
Pilbara 333 62%Fe
200 Central Eyre
150
Mblam 63%Fe
Hawsons Hawsons Roy Hill 55%Fe
10Mtpa aim 20Mtpa aim
100
50 Roper Bar 60%fe
0
0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000
Total Capital Cost estimate $M
Capital Intensity $/t Capacity
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Source - refer Appendix 1

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CARPENTARIA EXPLORATION Hawsons JV

Next steps

• Complete 10Mtpa study –

December 2013

• Initiate power connection process – December 2013

• • Confirm water flow rates – March 2014

• • Secure Port Access - May 2014

• Secure Port Access -

• Commence Pilot Plant Test work and resource drilling Q1 2014 - subject to additional funding

• Complete EIS November 2014

• • Complete BFS December 2014 – subject to additional funding

• • Financing + Construction + Production – 24 months (end 2016)

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CARPENTARIA EXPLORATION

Eastern Australia Gold Focus

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Grong Grong
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• Great potential for discovery

• Great projects pegged on open ground

• IRGS can be multi million ounce company makers (eg Kidston 4.5Moz, Fort Know 9.2Moz) 13

• Quality drill ready targets

• Early mover Intrusion Related Gold Systems IRGS – underrecognised in E Aust.

CARPENTARIA EXPLORATION

Advene – Central Lachlan

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Figure 1. ProjectRegional plan, showing historic sample sites and CAP rock chip channel sampling

Figure 2. Josephine Moulder (JM) prospect – summary plan with CAP rock chips (orange>1g/t Au, yellow >0.1g/t Au)

Classic Intrusion related setting Broad zones of anomalism

Significant extensions and parallel lodes Regionally very poorly explored

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CARPENTARIA EXPLORATION Grong Grong – Recent application

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GG95-13 GG95-2
94m at 0.85g/t Au from 28m downhole
26m at 2.12g/t Au
26m at 0.55 g/t Au from 38m
22m at 2.06 g/t Au
Incl. 9m at 3.80g/t Au
Harry Smith prospect cross section
Hopeful access gained in
less than 3 months
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Harry Smith prospect plan view

Source NSW Geological survey reports GS1982 094, GS 1996/172

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CARPENTARIA EXPLORATION

Eastern Australia Gold Focus

Work Program

• Advene – surface sampling, drilling

• Barellan – surface sampling, drilling between crops

• Grong Grong – data review, await grant

• SA Iron – aim to establish exploration target

• Tooloom – surface sampling

• Tin tungsten - divest/JV

• Kooneneberry nickel - divest/JV

• Uranium Application – opportunity

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CARPENTARIA EXPLORATION

Summary

We Find We Prove It We make it possible

• Two growth streams

• Hawsons fantastic development project

• Great potential for discovery in the gold projects

• Project generation

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Carpentaria Exploration

We find it. We prove it. We make it possible.

Phone: +61 7 3220 2022 To find out more, visit us at www.capex.net.au

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The information in this presentation that relates to Exploration Results and Resources is based on information compiled by Q.S. Hill, who is a memebr of the Australian Institute of Geoscientists and has had sufficient experience which is 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 Resources and Ore Reserves'. Q.S.Hill 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.

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CARPENTARIA EXPLORATION APPENDIX

Project	Operator	Capex A$M	Annual M Tonnes	Capex/Tonne A$M	Product %Fe
Roy Hill₁	Hancock	[10,000]	55	[180]	[55]
Karara₂	Karara JV	3000	10	300	68
Central Eyre₃	Iron Road	2590	12.4	210	67
Fusion₄	Eyre Iron	2600	10	260	67
Mbalam₅	Sundance	4700-7830	35	134-224	63
Southdown₆	Grange	2885	10	289	69
Razorback₇	Royal	2234	10	223	67
Minas Rio₈	Anglo	9300	26.5-30	350-310	68
Pilbara 333₉	Rio	15740	113	139	62
Roper Bar₁₁	West Desert	180	3	60	60

• ₁ http://www.royhill.com.au/sites/default/files/Tim%20Treadgold%27s%20article.pdf

• ₂ http://gindpublic.powercreations.com.au/images/gind---iebohvaiti.pdf

• ₃ http://www.ironroadlimited.com.au/images/files/projects/20110614%20Iron%20Road%20-%20CEIP%20Prefeasibility%20.pdf

• ₄ http://centrexmetals.com.au/wp-content/sharelink/20120503-mine-and-port-scoping-study-completed-and-dfs-commenced87554443598698511.pdf

• ₅ http://www.sundanceresources.com.au/IRM/Company/ShowPage.aspx/PDFs/2675-51552764/PresentationResourcesRisingStars

• ₆http://www.grangeresources.com.au/clients/grange/downloads/item150/southdown_dfs_presentation_-_albany_16_may_2012.pdf

₇ http://www.royalresources.com.au/documents/130320-SACOME-Razorback-Presentation.pdf

• ₈ http://www.angloamerican.com/business/ironore/projects.aspx , http://www.mining-technology.com/projects/minas-rio-iron-ore-brazil/

• ₉http://www.riotinto.com/documents/110324_New_opportunities_for_industry_growth_Sam_Walsh.pdf

• ₁₁ ASX550 : Investor Notice of Presentation 20 Sep 2013.pdf USD/AUD conversion at 0.94

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HAWSONS IRON PROJECT APPENDIX

JORC Inferred Resource

• 1.4 Billion tonnes for

220 Million tonnes con’.

• 15.5% mass recovery

• – 69.9%Fe and 2.50% SiO

Exploration Target[1]

– 6-11 Billion tonnes at 14-17% mass recovery 69%Fe 2.5% SiO2 (defined by drilling and assaying all magnetic anomalies combined with detailed magnetic modelling)

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Exploration
Targets [1 ]
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Inferred
resource area
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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.

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