HAWSONS IRON LTD — Investor Presentation 2011

Aug 18, 2011

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Development of the Hawsons Iron Project

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Nick Sheard Carpentaria Exploration Limited Executive Chairman We find it. We prove it. We make it possible.

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 1

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 Aug 2011 We find it. We prove it. We make it possible.

Slide 2

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CARPENTARIA

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 3

CARPENTARIA - Pipe Line Status

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Greenfields exploration budget - $3.5 million for FY2012 (excluding Hawsons Iron Project pre-development costs)

Est’ Drilling 2011/12 Temora Gold - $0.5m Tin / Tungsten - $0.6m Koonenberry Nickel - $0.7m Hughenden Coal - $1.8m Mt Agate ? TBA

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 4

Development of the Hawsons A Major NSW Iron Project

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Scope of Talk :

• Why ?

• Magnetite Types

• Magnetite – it’s use and it’s future

• Where ?

• Global / Australian Resources

• Where is Hawsons?

• How ?

• Exploration results / terms used

• PFS – results / implications

• Mining / Process

• Transport options

• Strategic Advantages

• When ?

• Conclusions

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Quartz Magnetite
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Slide 5
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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

MAGNETITE 101

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Magnetite – is a magnetic iron mineral

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(as opposed to hematite)

Chemically - Fe3O4

Occurs naturally as :

• Banded iron formation (inc. BIF gneiss) - WA

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• Taconite USA

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• Skarn – Tasmania

• Magnetite Siltstone – NSW /SA *

** New Style - Braemar

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 6

Some Magnetite Facts

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• Generally, magnetite Fe insitu grades are lower than hematites

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• After beneficiation high grade concentrate with fewer impurities

• Beneficiation costs offset by the higher premium

• Typically used as pellet feed – even higher premium

• Pellets can be used as Direct Reduction (DR) feed

• Accounted for approximately 30% of global iron feed for steel production in 2010 only about 3% of Australian production

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Slide 7

Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Hematite vs Magnetite

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Example of grade and impurities

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Hawsons Inferred Resource (Pit 1) Resource Magnetite Concentrate Grades DTR % Fe% P2O5% SiO2% Al2O3% %LOI 1.4Bt 15.5 69.9 0.002 2.5 0.22 -3.0

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Ref. BHPB – 2010 Annual Report

Slide 8

Some Magnetite Facts

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• Generally, magnetite Fe insitu grades are lower than hematites

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• After beneficiation high grade concentrate with fewer impurities

• Beneficiation costs offset by the higher premium

• Typically used as pellet feed – even higher premium

• Pellets can be used as Direct Reduction (DR) feed

• Accounted for approximately 30% of global iron feed for steel production in 2010 only about 3% of Australian production

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Slide 9

Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Some Magnetite Facts

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World Iron Ore Mine Production in 2010
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1352
1078
1400
Mine Production
1200
1000
811
800
600 340
400
200
Contained Iron
0
Magnetite
Source: USGS Hematite
Mine Production (Mt)
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30% of total lobal contained iron from Ma netite sources g g

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Slide 10

Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

MAGNETITE – Limited Technical Risk

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Magnetite has been mined and processed to produce high quality iron concentrates for decades – Limits Processing Risks

• Experienced Metallurgical and Engineering personnel available

• “ Off the Shelf ” processing technologies available

• Direct Reduction usage increasing

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

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Slide 11

IRON EXPORTS – Some Salutary Issues (Grade declining in India)

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India is the 3[rd] largest exporter of iron

“grade degradation in iron ore is a growing issue for the (Indian) industry, particularly with the supply chain stretched to the limit.

Quote from Macquarie Commodities Research – June 8[th] 2011

Recent events :

• Raised export taxes from 5 – 20% on fines

• Hiked carriage costs for exports by 5 times

• Karnataka State banned iron mining – not yet reinstated

Results :

• In 2011 / 2012 expected export drop of 25% - total export ~ 71 mt

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 12

IRON EXPORTS – Some Salutary Issues (Australia)

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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 Aug 2011 We find it. We prove it. We make it possible.

Slide 13

Impact Iron Grade Reduction

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• The losers

• Lower grade hematite producers – lower returns

• Steelmakers require more tonnes and at more cost

• The Winners

• Miners with higher grade iron ore (or who sell pellets) are likely to benefit

• Magnetite producers - the higher sales price offsetting the costs of beneficiation

Makes magnetite – high grade low deleterious nasties - more and more needed

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 14

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Why Magnetite - Price Premium (Platt’s)

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: Aug 4[th]

Price /t for 62% Fe – U$179.5 (Hematite)

Thus for 69% Fe ~ U$199.2 (Magnetite)

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 15

Development of the Hawsons A Major NSW Iron Project

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Scope of Talk :

• Why ?

• Magnetite Types

• Magnetite – it’s use and it’s future

• Where ?

• Global / Australian Resources

• Where is Hawsons?

• How ?

• Exploration results / terms used

• PFS – results / implications

• Mining / Process

• Transport options

• Strategic Advantages

• When ?

• Conclusions

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Quartz Magnetite
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Slide 16
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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

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
Source USGS
Slide 17
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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Australian Iron Producers And Deposits (Generalised)

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M = magnetite
Largely H
H = Hematite
Largely M
Largely M
Largely M
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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 18

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Australian Iron Producers

And Deposits Power and Rail

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Hawsons Project : Power Rail Water

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Slide 19

Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Location of Hawsons A Major NSW Iron Project

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Infrastructure
Advantages
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 Close to existing infrastructure Capacity to go West or East on rail

• Ports  SA capacity 4mtpa  NSW at least 5mtpa

• Power line – Trans Grid  Water to South of Project  Close to Broken Hill

• Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

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Slide 20

Development of the Hawsons A Major NSW Iron Project

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Scope of Talk :

• Why ?

• Magnetite Types

• Magnetite – it’s use and it’s future

• Where ?

• Global / Australian Resources

• Where is Hawsons?

• How ?

• Exploration results / terms used

• PFS – results / implications

• Mining / Process

• Transport options

• Strategic Advantages

• When ?

• Conclusions

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Quartz Magnetite
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Slide 21
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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Development of the Hawsons Explanation - DTR

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Davis Tube Recoveries (DTR) – very important analytical technique which gives a good indication of recoveries and quality after processing

The method gives a percent mass recovery of magnetic material from the sample The recovered magnetic and non-magnetic portions can be analysed for chemical composition

DTR is expressed as a %, iron assay together with associated chemicals

Eg. A DTR of 20% - would require mining 100t of ore to produce 20t of concentrate

Unfortunately it is not always reported which makes comparison of magnetite projects difficult

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 22

Exploration Results Phase 1 Drilling

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90m Drill Tested all magnetic anomalies
50 - 100m
Result :
60m  Depth to fresh magnetite
90m Range 40 – 130m
80m  Consistent grade and
concentrate quality
40m
120 – 130m
ORIGINAL EXPLORATION TARGET
 Exploration Target [[1]]
 DTR 14-17% magnetite
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Drill Tested all magnetic anomalies

 Exploration Target[[1]] 6 to 11 Billion Tonnes  DTR 14-17% magnetite  Concentrate Grade of 69-71% Fe

Reduced to the Pole Magnetics Showing Depth of Oxidation

(Iron in concentrate : 700 - 1,700 million tonnes)

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Carpentaria Exploration Ltd Aug 2011 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 Slide 23 insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.

HAWSONS IRON PROJECT Resource / Grade - Pit 1

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Concentrate Grades Category BTonnes Magnetite Fe% Al2O3% P2O5% SiO2% LOI% DTR % Inferred 1.4 15.5 69.9 0.22 0.002 2.5 -3.0

Published (Dec 2010)

Contained iron concentrate of 220 million tonnes premium grade of 69.9% Fe

DTR Mag Cut Off % BTonnes Mag Grade % 8 1.8 14.3 10 1.7 14.8 12 1.4 15.5 14 1.0 16.7 16 0.5 18.2 18 0.2 20.3

Resource used in PFS study

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Pit Area

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Slide 24

Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT Positive PFS Announced (July 20[th] )

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• Pre-Feasibility Study (PFS) gives positive results for a large scale magnetite project to produce 20 million tonnes of high grade (mtpa) concentrate (69.9% Fe)

• Start up mine 5 mtpa of quality iron conc’ using existing transport and port facilities

• Mine life of 24 years – Pit 1 only (extended mine life + 50years)

• Development CAPEX Stage (20 mtpa) estimated at additional A$2.8 billion

• CAPEX funded by partners under JV as CAP is “Free Carried”

• Operating cost at mine gate of A$36.64/tonne of concentrate

• Positive NPV of A$2.7 billion and IRR of 21% (9% Discount rate)

• Project payback 6.7 years

• Life of pit 1 project strip ratio is 0.26 : 1 (waste to ore)

• Robust financially based on conservative assumptions

• 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

(All currency in Australian $ unless otherwise defined)

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Slide 25

Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT Stage 1 PFS Results

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• Start up mine 5 mtpa of quality iron concentrate (69.9% Fe)

• Using existing transport and port facilities – either east or west

• Development CAPEX Stage 1 (5mtpa) - $1.8 billion

• Approximately 3 year production before increase to 20mtpa

• PFS estimated profits before tax average $266m/year – total $800m

• Development CAPEX Stage (20 mtpa) estimated at additional A$1.0 billion

• Operating cost at mine gate of A$36.64/tonne of concentrate

• Start up - east pit – shallow and higher grade

(All currency in Australian $ unless otherwise defined)

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 Aug 2011 We find it. We prove it. We make it possible.

Slide 26

HAWSONS IRON PROJECT

Pit 1 - Magnetics

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Slide 27

Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT

Pit 1 – Magnetite Units

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Magnetic Image as Base Pit shell – Grey Iron ore – Red Yellow Purple

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Slide 28

Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT

Pit 1 – Pit Shell

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Magnetic Image as Base Pit shell – Grey Iron ore – Red Yellow Purple Note additional potential beyond pit

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Slide 29

Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT

Mining

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Simple Open Cut

• Waste to ore ratio – 0.26 : 1

• Pre strip – start mining east end

• Truck and Shovel operation

• Blasting

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Nominal pit cross section
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+ 600 m mining widths
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Pit dimension ~ 3.5 km x 1.5 km Depth 490 m 490 m

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Carpentaria Exploration Ltd Aug 2011

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

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Slide 30
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HAWSONS IRON PROJECT
PFS - Process Flow Diagram
Rougher Mag’ Optimizing
Separator
Crushing circuit :
HPGR / Screening  Lower power

Primary / Secondary Easier Recovery
Crushing
Tailings
Finisher Mag’
Separator
Ultrafine
Removal
Grinding / Classification
Concentrate
Concentrate Filtering
Washing
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Standard Circuit - Low Technical Risk

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 31

HAWSONS IRON PROJECT

Processing results and comparison

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Implications :

• Lowest noted globally

• Low Energy crushing requirements  Low equipment maintenance

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HAWSONS IRON PROJECT Processing results and comparison

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Implications :
 Lowest noted globally
 Low Energy
 Low unit costs (grid)
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HAWSONS IRON PROJECT Transport Options – Stage 1

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Existing Options Stage 1 5 mtpa – first 3- 4 years

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 West (loaded)
 Port Pirie
 Port Bonython
 Adelaide
(Pirie est’ cost = $15/t)
 East – Pt Kembla
est’ cost ?? = $40/t
Advantages
 Deep water access
 Spare capacity
 Closer to China
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Slide 34

Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT Transport Options – Stage 2

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Stage 2 – Plan

Third Parties to Develop:

• Rail or slurry pipe to port  Hawsons – 20mtpa + others

• Slurry pipe preferred option  Product is optimal size for slurry  Very low OPEX

• Deep water port  25m (capesize vessel)  West coast Yorke Pen’  100 mtpa capacity  Common usage

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 35

Development of the Hawsons A Major NSW Iron Project

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Scope of Talk :

• Why ?

• Magnetite Types

• Magnetite – it’s use and it’s future

• Where ?

• Global / Australian Resources

• Where is Hawsons?

• How ?

• Exploration results / terms used

• PFS – results / implications

• Mining / Process

• Transport options

• Strategic Advantages

• When ?

• Conclusions

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Quartz Magnetite
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Slide 36
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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT Work Program – 6 months

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• Undertaking Environmental studies

 Field measurements continuing

• Metallurgical and Processing studies  Determine optimum crushing circuit

 Develop pilot plant tests

• Mining

• Optimising mining scenarios

• Minimising stockpiles

• Geological

 Reviewing resource model

• Optimising transport options

Aim :

To develop refined options for Definitive Feasibility (DFS) study Commence DFS when partners Contribute

Terms of the JV:

at completion of the PFS, BMG can elect to make a A$25m cash payment and sole fund the DFS - increases BMG equity from 40% to 51%.

BMG has until 15th May 2012 to make this election.

• Water bore drilling

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Slide 37

Development of Hawsons When ?

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Preliminary Schedule – depends on many items eg Govt’ approvals etc.

2011 2012 2013 2014 2015 …. 2019 Pre Feasibility Post PFS Optimising DFS Inc’ Reserve Drilling Mining Leases Environmental Positive DFS Construction Begins Pre Stripping Production 5 mtpa Production 20 mtpa

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Slide 38

Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

Development of Hawsons Ultimate Products

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Pellets using local clay

38 micron fines

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Test work at CSIRO and ALS have already produced :

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Slide 39

Carpentaria Exploration Ltd Aug 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 Aug 2011 We find it. We prove it. We make it possible.

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Slide 40

HAWSONS IRON PROJECT Market Place Comparison

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Carpentaria
PFS – 20mtpa
US$63
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How does CAP rate with peers ?

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Market Capitalisation as compared with other magnetite Iron Companies

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873
900
800
700 CARPENTARIA 640
600 537
500
400
300 224
200
99 99
60
43 45
100 16 24
0
MARKET CAPITALISATION ($m)
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Market Capitalisation at 16 August 2011

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

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CARPENTARIA & SOCIAL MEDIA

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‘Follow’ us on Twitter @carpexplore

‘Like’ us on Facebook Watch our channel on YouTube Search: carpexplore

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Carpentaria Exploration Ltd Aug 2011 We find it. We prove it. We make it possible.

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

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ASX Code: Carpentaria Exploration Ltd Aug 2011 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 Brisbane QLD 4000

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