HAWSONS IRON LTD — Investor Presentation 2011

May 2, 2011

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Carpentaria’s Iron Projects – benefitting NSW adding value to SA

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

March 2011

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March 2011
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 Maiden Resource Announced December 2010

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1.4 Billion Tonnes magnetite, DTR 15.5% (cut off grade 12%) Con’ Grade – 69.9% Fe, 2.5% SiO2 Contained Iron : 220 million tonnes

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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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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 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.

IN THE FIELD

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The Camp

Outcrop

The Result

Sampling drill chips

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

Drilling

HAWSONS IRON PROJECT

Phase 1 Exploration (June 2010)

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Test : depth , thickness and quality of magnetic units

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90m
50 - 100m
60m
90m
80m
40m
120 – 130m
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Result : all very similar quality / grade

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3D Block Magnetic Susceptibility Shown to be accurate interpretation

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Slide 8

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

HAWSONS IRON PROJECT

Phase 2 Resource Definition

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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 : 0.27 (Waste to ore) + 600 m mining widths After pre strip basically no waste

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

HAWSONS IRON PROJECT Resource December 2010

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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

ADDITIONAL POTENTIAL

Project has :

 Infrastructure

• 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

 Power  Water

 No Native Title

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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

Low Cost Operation

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 Bond work index – 6.3 kwh/t very soft

low power requirements Usual range for magnetites 16 - 29 kwh/t

 Truck and shovel mining low cost operation  Thick mining widths low strip ratios  High pressure grind work index is 2.2 kwh/t use of HPGR technology lower cost

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

HAWSONS IRON PROJECT

Pre-feasibility Study

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Aim :

• Determine the viability of a magnetite operation

• Initial target of 5 - 6 million tonnes per annum (mtpa)

• Ramp up to 20 mtpa

• Using conventional mining and processing techniques

• Producing high grade concentrate shipping out of South Australia using  Initially existing infrastructure (transport and port) – 5-6mtpa  On the ramp using common user infrastructure

• Study almost complete – ready for JV partners to review, audit, then publish

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

HAWSONS IRON PROJECT Conceptual Open Pit

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 Depth of pit ~ 450m

• Thick ironstone units

• Mining widths ~ 600m

 Dipping 45 degrees

 Pit 1 mine life est’

15 – 20 years

 Additional Pits mine life ~ 50 years

Open Cut - Pit Option 1

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

HAWSONS IRON PROJECT Conceptual Mine Plan

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Surface Mine Plan

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Pit Cross Section

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450 m
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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
Conceptual Process Flow Diagram
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 Work Program 2011

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 Work with Port, Rail and Power Authorities

• Continue met’ tests

• Continue environmental surveys

• Continue water bore tests

• Finish Pre feasibility ~ Very Soon

• 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’S OTHER IRON PROJECTS McDougalls / Torrowangie - NSW

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McDougalls EL
TD9201
Torrowangie ELA
PD81YA2
Broken Hill
Broken Hill Broken Hill
Satellite Image Detailed Airborne Magnetics
Band 7,4,1 RGB
Simplified Geology :
Adelaidean - host to Hawsons
Willyama Complex -host to  TD9201 (EL7656) - reported potential iron – 138 m from 40m
Broken Hill Pb / Zn / Ag  PD81YA2 (ELA 4148) – reported magnetite siltstone – 40m from 25m
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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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Three EL’s granted - 833 sq kms Two ELA’s applied - 593 sq kms

Potential :

• Hematite – direct shipping ore

• (DSO)

• Magnetite

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Geology similar to Hawsons

• Only 5 previous holes drilled in area with 2 identified 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.

CARPENTARIA’S IRON PROJECTS Value Add

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Benefiting NSW :

• Workforce from Broken Hill

• Services from Broken Hill

• Royalty stream – NSW

Adding Value to South Australia :

• Services from Adelaide and Regional SA

• Jobs

• Build common usage transport and port

• Slurry or rail

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• 100 mtpa port on Yorke Peninsula

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• Potential :

• Export “fines” directly

• Export DSO (McDougalls)

• Value add - Pellet Facility at the port

• - Produce premium products

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• Open up marginal Braemar Iron projects

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

CARPENTARIA’S IRON PROJECTS Conceptual Common Usage Infrastructure

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

CARPENTARIA’S IRON PROJECTS Conceptual Common Usage Port

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• Capacity - 100 mtpa

• Close to deep water 2.5 km

• Common usage - iron / grain

• Large flat storage area

• Pellet plant at site – add value

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Carpentaria Exploration Ltd May 2011

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

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Port ?
5 km
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CARPENTARIA

In Brief

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GROWTH THROUGH SUCCESS

 Complete and publish PFS at Hawsons Iron Project in NSW

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

 Continue tin exploration at Euriowie / Yanco Glen / Apollyon

 Define additional tungsten resources at Yanco Glen

 Drill nickel targets at Koonenberry when granted

• Drill Glen Isla gold early May

 Drill Mother Shipton Gold when gain access

• JV Partners aim to drill targets at :

 Mt Agate (Copper Gold)

• South Dam (Magnetite)

• Await Hughenden Coal drilling results

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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~~

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ASX Code: Carpentaria Exploration Ltd May 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