HAWSONS IRON LTD — Investor Presentation 2011

May 22, 2011

ASX

A N N O U N C E M E N T

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23 May 2011

ASX Announcements Office

20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam,

The attached is a presentation delivered by Nick Sheard, Executive Chairman, at the Resources and Energy Symposium in Broken Hill today.

Sincerely

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Chris J Powell Company Secretary

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Level 6, 345 Ann St Brisbane Queensland 4000 PO Box 10919, Adelaide Street, Brisbane Queensland 4000 Phone: + 61 7 3220 2022 Fax: + 61 7 3220 1291 e-mail: info@capex.net.au Website: www.capex.net.au

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We find it, We prove it, We make it possible

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Carpentaria’s Iron Projects

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

May 23[nd] 2011

Member of Braemar Iron Alliance

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

EXPLORATION PORTFOLIO

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Broken Hill
EL’s
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Carpentaria Exploration Ltd May 2011 We find it. We prove it. We make it possible.

CARPENTARIA’S IRON PROJECT’S Regional Geology & Aeromagnetics

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CAP EL / ELA’s
McDougalls
Torrowangie
Broken Hill
Hawsons
Braemar Iron Fmt’
50 KM
50 KM
Sth Dam
Dominant - Magnetite
Braemar Iron Formation
Dominant - Hematite
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Carpentaria Exploration Ltd May 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT

Positive PFS Announced Today

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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 5-6 mtpa of quality iron conc’ using existing transport and port facilities

• 1.4 billion tonne resource - mine life of 20 years

 Additional pits will create a 50 year plus total mine life

 Development capital expenditure estimated at A$2.8 billion

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

 Positive NPV of A$2.8 billion and IRR of 21.3%

 Project payback 6.5 years  Life of pit 1 project strip ratio is 0.26 : 1  Ore has a very low bond work index - 6.3 kwh/t

(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 May 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT Quality Project with upside

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Established Magnetite Resource

• Infrastructure

• Power

• Water

• Native Title Extinguished

J V with Bonython Metals Group (BMG) :

 Next payment to CAP $25m (due by May 15[th] 2012) and ;  BMG funds Feasibility Study Est $20m – (BMG 51%)  FS positive – cash $23m and CAP free carried to 20mtpa (BMG 80%)

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

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IN THE FIELD

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The Camp
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Outcrop
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The Camp Outcrop The Result Sampling drill chips Drillin g Carpentaria Exploration Ltd May 2011 We find it. We prove it. We make it possible.

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HAWSONS IRON PROJECT Resource December 2010

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ORIGINAL EXPLORATION TARGET

 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

HAWSONS IRON PROJECT

 Maiden Inferred Iron Resource Published (Dec 2010)

 1.4 Billion Tonnes magnetite

• Concentrate Grade – 69.9% Fe, 2.5% SiO2

• Davis Tube Recovered Grade (DTR) 15.5% (cut off grade 12%)

• Contained Iron : 220 million tonnes

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Carpentaria Exploration Ltd May 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 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 Definition

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Area of Resource
Over the TMI
Aeromagnetic image
Drill holes
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Carpentaria Exploration Ltd May 2011 We find it. We prove it. We make it possible.

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

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

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Resource used in PFS study

Pit Area

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

HAWSONS IRON PROJECT Lower Cut Off Pit 1

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		Concentrate Grades
Category	**BTonnes **	Magnetite DTR % Fe% Al2O3% P2O5
Inferred	1.4	15.5 69.9 0.22 0.00

DTR Mag Cut Off % BTonnes Mag Grade % Lowering cut off : 8 1.8 14.3 10 1.7 14.8  Minimal grade change 12 1.4 15.5  + 300 mt increase 14 1.0 16.7 16 0.5 18.2 18 0.2 20.3

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RC Drill Slimline Logging Slimline Logging RC Drill Diamond Drill
Rig truck truck Rig Rig
Resource Drilling Activity Sept’ 2010
Carpentaria Exploration Ltd May 2011
We find it. We prove it. We make it possible.
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HAWSONS IRON PROJECT Exploration Results Upside

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All anomalies tested results

 Depth to magnetite range 40 – 130 m

 DD over 726m

DTR average 16.7% @ ~ 69.5% Fe and 2.5% SiO 2

• Indicates all sources similar

Potential beyond current resource Exploration Target[1] 5 to 9 Billion Tonnes  DTR 14-17% magnetite ; Conc’ Grade of 69-71% Fe  Contained Iron : 500 - 1,500 million tonnes

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1 The potential quantity and grade of the exploration targets is conceptual in nature and there has been Slide 12 Carpentaria Exploration Ltd May 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 PFS Mining Summary

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 Open pit maximum depth of 490m

• Pit dimensions 3.5 km long and 1.5 km wide - oval in shape

 Initial production 5 – 6 mtpa followed 4 years to 20 mtpa

 200 mtpa of total material mined - first 12 years and reduce to 150 mtpa for next 10 years

 The DTR Magnetite averages 15.3% over the life of the project

• The life of project strip ratio is 0.26 : 1 (Waste Tonnes : Mineral tonnes)

 Other pits brought to resource during Pit 1 production

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

HAWSONS IRON PROJECT Resource Cross Section

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Mining : Low Cost – thick, soft units Strip Ratio : 0.26 (Waste to ore) + 600 m mining widths 490 m Nominal pit cross section Pit dimension – 3.5 km x 1.5 km Depth 490 m

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

HAWSONS IRON PROJECT Mine Plan

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Surface Mine Plan
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Carpentaria Exploration Ltd May 2011 We find it. We prove it. We make it possible.

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HAWSONS IRON PROJECT PFS - Process Flow Diagram

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Rougher Mag’
Separator
HPGR / Screening
Primary / Secondary
Crushing
Tailings
Finisher Mag’
Separator
Ultrafine
Removal
Grinding / Classification
Concentrate
Concentrate Filtering
Washing
Low Technical Risk
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Carpentaria Exploration Ltd May 2011 We find it. We prove it. We make it possible.

HAWSONS IRON PROJECT

Positive PFS

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Advantages :

• Infrastructure, including power and water

• Stage 1 5 -6 mtpa using existing rail / port

• Large Resource – long mine life Pit 1 up to 20 years

• Large upside – additional +50 years mine life

• Low Bond Work Index (6.3 kwh/t) – lowest documented in Australia

• Low power costs

• Good liberation at 38 microns

• Optimal grind size for slurry

• Ideal grind size for pellet – pellet production tests confirm this  Premium Product

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

CARPENTARIA’S IRON PROJECTS Build Common Usage Infrastructure

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AIM :  In conjunction with Braemar Iron Alliance  Build Rail or slurry pipe to port  Hawsons – 20mtpa  McDougalls - ?  Torrowangie - ?  Develop deep water port – 25m (capesize vessel)  West coast Yorke Pen’  100 mtpa capacity  Common usage

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

HAWSONS IRON PROJECT Work Program 2011

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 Work with Port, Rail and Power Authorities
 Continue met’ tests
 Continue environmental surveys
 Continue water bore tests
 Start on BFS
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Carpentaria Exploration Ltd May 2011 We find it. We prove it. We make it possible.

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CARPENTARIA EXPLORATION LIMITED

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HAWSONS - The Flagship Project

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

CARPENTARIA’S OTHER IRON PROJECTS

McDougalls

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Five EL’s granted - 1426 sq kms

• 130 km North Broken Hill

Potential :

• Hematite – direct shipping ore

• (DSO)  Magnetite

Geology similar to Hawsons

• Only 5 previous holes

• 2 with thick Iron intersections

• Exploration – mapping, sampling

• currently underway

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Carpentaria Exploration Ltd May 2011

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

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20 km
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CARPENTARIA’S IRON PROJECTS

Value Add

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

Adding Value to Australia :

• Services from Regional NSW and SA

 Long term employment

• Build common usage transport and port

• Slurry or rail

• 100 mtpa port on Yorke Peninsula

• Potential :

• Export “fines” directly

• DSO from McDougalls

• Value add - Pellet Facility at the port

• Produce premium products

• Open up marginal Braemar Iron projects

CARPENTARIA

In Brief

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GROWTH THROUGH SUCCESS

 Aim to s tart BFS at Hawsons Iron Project in NSW

 Define hematite / magnetite targets at McDougalls / Torrowangie – drill test

 Continue tin exploration at Euriowie / Yanco Glen / Apollyon - drill

 Define additional tungsten resources at Yanco Glen when granted - drill

 Existing nickel targets at Koonenberry - drill

 Awaiting assays for Glen Isla gold

 Gold targets identified at Mother Shipton Gold – drill when gain access

 JV Partners aim to drill targets at :

 Mt Agate (Copper / Gold)

• South Dam (Magnetite)

• Hughenden Coal drilling results positive - drilling continues

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

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 May 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~~ ASX Code: Carpentaria Exploration Ltd May 2011 CAP ABN: We find it. We prove it. We make it possible. 63 095 117 981

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