HAWSONS IRON LTD — AGM Information 2020

Nov 1, 2020

Annual General Meeting Managing Director Presentation

Hawsons Iron Project World’s best undeveloped high-quality iron ore project

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Independently confirmed as the leading high-quality iron ore project

Supported by Mitsui

Highest project viability of its type (Wood Mackenzie analysis (slide 4)

Low risk technical and permitting development platform

Independent prefeasibility study positive (GHD)

Independent project due diligence positive (CSA Global)

World’s highest iron content product

70% Fe, <3% (silica + alumina)

Demand for high quality product growing, extremely limited viable development opportunities

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SLIDE | 2

Independent technical expert CSA Global report positive

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• Project relatively attractive….warrants further work

• Geology well constructed and understood…….resource metal content not a significant risk

• Mining approach appropriate…..costs within reasonable range

• Ore unique properties…point of difference from other Australian magnetite projects…processing costs adequately defined…. data provided matches current design parameters

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• Cost inputs into the financial model are reasonable

• Preferred project value based on a range of valuation techniques • A$31m , high end of range A$49m.

Refer CAP NOM 2[nd] October 2020, Exerpts should not be relied upon and the report should be read in its entirety

SLIDE | 3

World’s best undeveloped high-quality iron ore project

Viable development opportunities are extremely limited

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IRR and product grades for unfinanced greenfield iron ore projects PFS stage or later

All projects except Hawsons at BFS stage . Hawsons at PFS stage Assumes that Hawsons is in production and the outcomes are as set out in the prefeasibility study announced on 28 July 2017. The Company confirms that all assumptions and technical parameters underpinning the Resource and Reserve estimates and all material assumptions underpinning the production target or the forecast financial information derived therefrom continue to apply and have not materially changed since first reported on 28 July 2017.

*Bubble size represents annual production capacity

*Excludes replacement or expansion projects owned by established miners RIO, BHP, CSN, FMG, Champion

*Based on Wood Mackenzie long term price forecasts Source: Wood Mackenzie (developed from company 's stock exchange compliant releases, modified uniformly by Wood Mackenzie by internal long term price and cost forecasts, Wood Mackenzie is not aware of any material omissions in the data) Disclaimer. The data and information provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law.

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Market for high grade continues to grow

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Premium for 65%Fe ore ~US$10-20/t (over 62%Fe) Premium for 70% Fe Ore ~US$25-35/t (over 62%Fe)

Macro trends accelerating

• Japan and Korea announce net zero emissions by 2050

• Germany net zero 2050

• China net zero 2060

Hawsons Supergrade® is the highest iron content iron ore product in the world

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Hawsons ownership reset a game changer

Carpentaria to own 94% of Hawsons Iron Project

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Benefits

Current Hawsons joint venture Carpentaria Resources Ltd 69.8% Pure Metals 30.2%

• CAP and its investors have clear and controllable path to development

• Commercial interests with new major shareholder are aligned

• Increased access to Chinese steel mills

Proposed Transaction Carpentaria Resources issues 90.8m shares to Pure Metals Pty Ltd and increases stake in Hawsons project to 94% New Hawsons Joint Venture Carpentaria Resources 94.0% Starlight Investment Company 6.0%

*Transaction subject to shareholder and foreign investment review board (FIRB) approval, refer AGM Notice of Meeting 2[nd] October 2020

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Expenditure summary shows evolution of focus

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• Annual expenditure reflects stage of project

• Transaction costs high

• Forecast outgoings next 12 months <$1m

• CASH $1.41m November 1, 2002

Staff costs

Managing Director $240,000 p.a. Company Secretary $90,000 p.a. Non-executive Chairman $60,000 p.a. Non-executive Directors $30,000 p.a. Accounting $30,000 p.a. (MD add 9.5% Super) (other payments triggered by milestones)

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Carpentaria Resources Summary

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• This year has brought significant change and opportunity

• Increasing ownership to 94% transforms the investment and development proposition

• Market trends continue to support development of Hawsons

• Prospects to move the project forward are improved and good

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Cautionary Statement

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This presentation has been prepared by the management of Carpentaria Resources Limited (CAP) for the benefit of customers, 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. The Company confirms that all assumptions and technical parameters underpinning the Resource and Reserve estimates and all material assumptions underpinning the production target or the forecast financial information derived therefrom continue to apply and have not materially changed since first reported on 28 July 2017.

Disclaimer. The data and information provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law,

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