HAWSONS IRON LTD — Investor Presentation 2011

Oct 26, 2011

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Oct 27[th] 2011

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Carpentaria Exploration Limited We find it. We prove it. We make it possible.

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

Slide 1

CARPENTARIA

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

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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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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

Slide 3

Exploration and Value Creation Strategy

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Discovery

• Explore in areas for favourable for rapid discovery

• Move projects through pipeline - advance or considered divestment

Development of Hawsons

• to provide long term cash flows, and

• near term cash payments

Acquisition

• advanced projects, operations, and other opportunities

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

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Slide 4

Achievements to Date

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2007 - November IPO - $7.5m 2008 - Kept exploring through GFC - Acquisition of Coal tenements in Gallilee 2009 - Discovery Hawsons Iron Project – magnetite iron - Discovery Tin at Mt Euriowie 2010 - Sign JV with BMG on Hawsons ($81m deal- $13m upfront) - Options exercised raises $6m - Inferred Resource at Hawsons 2011 - Prefeasibility delivered at Hawsons - Realized profit on Hughenden Coal Project ($4m + royalty) - Acquired Koonenberry Nickel-Copper Project - Acquired Yanco Glen Tin-Tungsten (resource) 2012 - $25m cash payment from BMG due by May 2012

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

Slide 5

Company Snapshot

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ASX : CAP FINANCIAL 25[th] Oct 2011 Cash A$9.4 million QUOTED SECURITIES 99.0 m shares LARGEST SHAREHOLDERS Aust’ Conglin Int’ Inv’ : 10.6% Conglin Yue : 3.7% Atlas Iron Ltd : 8.7% Directors & Management (inc’ unlisted Options) : 12.61% INVESTMENTS 2.2 m Guildford Coal Ltd fully paid shares – value $2.2m 25[th] Oct

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Share Price and Volume 12 months

KEY ASSET – Hawsons Iron Project JV – Carpentaria 60%

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

Slide 6

HAWSONS IRON PROJECT Largest Magnetite Project in NSW

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

Slide 7

WHY MAGNETITE ?

Global Iron Production

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5
7
6
1
4
3
2
8
30 % Contained Iron Produced From Magnetite Sources
Source USGS 2010 Production Rankings Rankings
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2010 Production Rankings Rankings Source USGS

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

Slide 8

The Truths the Hematite Producers

Do not want us to know

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Hawsons Magnetite
69.9%
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Macquarie Commodities Research – June 8[th] 2011 Quote :

“suppliers are continually striving to stand still in terms of grades”.

Analysis of Australian export trade values, using the Platt's 62% index (FOB Australia basis) has assessed implied export grade – see graph.

“…it does still suggest average grades are down”

Makes magnetite – high grade low deleterious material - more and more valuable

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

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WHY MAGNETITE

Price Premium (Platt’s)

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Oct 25[th] : Price /t for 62% Fe – U$138.5 (Hematite)

Thus for 69% Fe ~ U$154.1 (Magnetite)*

• Simple extrapolation but would expect a premium for high quality con’ with low impurities

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

Slide 10

AUSTRALIAN IRON PRODUCERS

And Deposits (Generalised)

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Hawsons Project :
Largely H
Power
Rail
Water
No Native Title
Largely M
Largely M
M = magnetite
H = Hematite
Largely M
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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

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HAWSONS IRON PROJECT

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• Prefeasibility Study – positive

• Resource – very large with potential

• for 50 year mine life

• Magnetite – premium price for quality product, strong demand

• Infrastructure – water, power and transport all available for start up

• Mining – very low unit costs because low strip ratio, very wide mining widths, low abrasion index and single pit

Native Title has been extinguished

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• Processing - comparatively very low

• cost because of very soft mineralised rock

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT

Exploration Target

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 Exploration Target[1] 6 to 11 Billion Tonnes

 DTR 14-17% magnetite

• Concentrate Grade of 69-71% Fe

 Contained Iron : 700 - 1,700 million tonnes

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As big as some of the larger Pilbara resources

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1 The potential quantity and grade of the exploration targets is conceptual in nature and there has been Slide 13 Carpentaria Exploration Ltd Oct 27th 2011 insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource. We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT Inferred Resource

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Maiden Inferred Iron Resource Published (Dec 2010)

1.4 Billion Tonnes

 Davis Tube Recovered Grade (DTR) 15.5% (cut off grade 12%)  Concentrate Grade – 69.9% Fe, 2.5% SiO2  Contained Iron : 220 million tonnes

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Eastern limit of
Inferred Resource
Modelled deposit
(Red, yellow, purple
all iron units)
and PFS Pit Shell
over the
Aeromagnetic image
Slide 14
Carpentaria Exploration Ltd Oct 27th 2011
We find it. We prove it. We make it possible.
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HAWSONS IRON PROJECT

Mining

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Simple Open Cut

• Waste to ore ratio – 0.26 : 1

+ 600 m mining widths

• Pre strip – start mining east end

• Truck and Shovel operation

• Blasting

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

Pit Area Pit dimension ~ 3.6 km x 1.4 km Depth 490 m

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HAWSONS IRON PROJECT PFS Results (July 20[th] )

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 Pre-Feasibility Study (PFS) Base Case produce 20 million tonnes (mtpa) of high grade concentrate (69.9% Fe) over 20 year plus life

• Start up mine 5mtpa using existing transport and port facilities

• Development capital expenditure (20 mtpa) estimated at A$2.8 billion  Operating cost at mine gate of A$36.64/tonne of concentrate

Using Sept’ 26 2011 prices annual gross profit averages $2.1bn NPV 9% IRR Annual ave. Gross Profit Payback Base Case Life of Mine $88 US/DMT, (69% Fe) A$0.85:US$1.00 $2.8 Bn 21% $688 m 6.5yrs		NPV 9% IRR Ann Gros	ual ave. s Profit Payback
	Base Case Life of Mine $88 US/DMT, (69% Fe) A$0.85:US$1.00	$2.8 Bn 21% $6	88 m 6.5yrs

The positive result from the pre-feasibility study provides confidence to proceed with further development and a detailed feasibility study for the Hawsons Iron Ore Project

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT Processing

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• Use low risk “off the shelf” processing technologies

 Ore 50-75% softer and 60-70% less abrasive than other magnetite ores  Bond Work Index 6.3 kWh/t (very low cf WA magnetites)  Abrasion Index 0.09 cc

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Very Low Processing Costs

Test work at CSIRO / ALS produces High grade premium marketable products Pellets using local clay 38 micron fines

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT Independent Audit

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Independent audit of PFS

 PFS based on conventional mining and processing method  Cost estimates are reasonable and appropriate

• Identified priority areas to assist in DFS inc’ optimising production schedule

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Slide 18

Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT “Priority Areas” Study

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Objectives:

• Minimise the trucking hours – the major operating cost in PFS

• Investigate potential Mining Improvements

• Revised Mine Planning Options

  • Mining Rates

  • Stockpile Minimisation

• Waste Dump Relocation

• In Pit Crushing, Conveying & ROM Relocation

Study results to be Optimised

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12.0
10.0
10.0
9.3
9.1
8.0
6.2
6.0
4.0
2.0
0.0
Total PFS Revised Mine Waste Dump IPCC + ROM
Truck Hours Planning Relocation Relocation
Options
LOM Truck Hours (Million)
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Reduction 3.8 M hrs

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Carpentaria Exploration Ltd Oct 27th 2011

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

Slide 19

HAWSONS IRON PROJECT Work Program – 6 months

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• Undertaking Environmental studies  Field measurements continuing

• Metallurgical studies

• Determine optimum crushing circuit

• Develop pilot plant tests

Aim :

• Reduce Operating costs

• Reduce Capex

• Secure Approvals

• Mining  Secure transport  Optimising mining scenarios  Minimising stockpiles  Produce a solid base to start Definitive Feasibility (DFS)

• Geological study (to commence when  Reviewing resource model BMG provides funding)

• Optimising transport options  BMG has until 15th May 2012 to make this election

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

Slide 20

HAWSONS IRON PROJECT

JV Deal

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Bonython Metal Group Ltd (BMG) earning in

Advantage to CAP  No scrip issued

• BMG vested 40%

• $25m cash to CAP and ~ $20m for BFS  BMG vests 51%

• Before 15 May 2012

• On completion BFS (within 2 years)  $23m cash to CAP - BMG vests 80%

• On decision to mine  CAP has free carried to production of 20mtpa  CAP receives profits on 20% production at zero cost

 Project deal only  Cash to CAP Total $53.0m

 Free Carried  Huge value

 CAP to market 4 million tonnes con’ in own right

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

Slide 21

HAWSONS IRON PROJECT

CIF China Comparison June 2011

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Carpentaria
PFS – 20mtpa
US$63
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Carpentaria Exploration Ltd Oct 27th 2011
We find it. We prove it. We make it possible.
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DEVELOPMENT OF HAWSONS Conclusion

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• Hawsons is a very robust project

• Many advantages over peers including  Power, water, rail, near mining culture  Soft, low abrasive ore

 Many tonnes – long life mine  Cash flow early using existing infrastructure  Rapid pay back for investors

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

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Slide 23

Project Pipe Line Status

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Development

• Hawsons Iron Project (NSW): Magnetite

• PFS Finalised, gearing up for DFS

Drilling

• Koonenberry (NSW) (100% CAP) : Nickel-Copper

• Drilling post lambing (Nov’ 2011)

• :

• Broken Hill Tin-Tungsten Project (NSW) (100% CAP)

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• Drilling –2012

  • upgrade tungsten resource

• Concept Study underway

  • Develop economic model – early cash flow ?

• Torrawangie (NSW) (100% CAP) : Iron ( Mar 2012 ?)

• Mapping, magnetics drilling

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

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Project Pipe Line Status (Cont’)

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• Temora (NSW) (100% CAP) : : Gold

• Awaiting access - drilling (Dec?)

• Mapping defining other gold targets

Project Generation

• :

• Barellan (NSW) (100% CAP) Gold – Awaiting grant

 : : Kantappa (NSW) (100% CAP) Tin – Awaiting grant

JV’s

Mt Agate (Qld) (ActivEX Ltd earning in): copper / gold  drill targets being defined South Dam (SA) (BMG earning in): magnetite  Drill targets defined

Divestment and reappraisal

• McDougalls (NSW)

• Hughenden Coal – completed

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

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CARPENTARIA

In Brief

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GROWTH THROUGH SUCCESS

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Carpentaria Exploration Ltd Oct 27th 2011 We find it. We prove it. We make it possible.

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‘Follow’ us on Twitter @carpexplore ‘Like’ us on Facebook Watch our channel on YouTube Search: carpexplore 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 Resources and Ore Reserves'. S.N.Sheard is an employee of Carpentaria and consents to the Nick Sheard - Executive Chairman inclusion in the report of the matters based on his information in the form and context in which it appears. Telephone: 617 3220 2022 Level 6, Facsimile: 617 3220 1291 345 Ann Street Email: info@capex.net.au Brisbane, QLD 4000 ~~Web: www.carpentariaex.com.au~~ PO Box 10919, Adelaide St ASX Code: Carpentaria Exploration Ltd Oct 27th 2011 CAP Brisbane QLD 4000 ABN: We find it. We prove it. We make it possible. 63 095 117 981

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