HAWSONS IRON LTD — Investor Presentation 2012

Mar 21, 2012

Carpentaria Exploration Ltd Mines and Money Hong Kong March 20[th] - 23[rd] 2012

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

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Carpentaria Exploration Limited

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Strong Management and Technical Team

Focussed on Eastern Australia

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Track Record : Success

• Discovered Hawsons Iron Project in 2009

• Defined 1.4 billion tonne JORC inferred resource in 2010

• Completed Positive Prefeasibility Study in 2011

• Set to commence Detailed Feasibility Study in 2012

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Disclaimer

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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Company Snapshot

ASX : CAP FINANCIAL 20[th] March 2012 Cash A$8.1 million

QUOTED SECURITIES 99.2 m shares

LARGEST SHAREHOLDERS

Aust’ Conglin Int’ Inv’ : 10.6% Conglin Yue : 3.7% Atlas Iron Ltd : 8.7% Directors & Management (inc’ unlisted Options) : 12.6%

INVESTMENTS

2.2 m Guildford Coal Ltd fully paid shares ~ value $1.5m 20[th] March

Share Price and Volume 12 months

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High $0.67
Low $0.175
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KEY ASSET

Hawsons Iron Project JV – Carpentaria 60%

18 November 2011 4

HAWSONS IRON PROJECT Largest Magnetite Project in NSW

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HAWSONS IRON PROJECT - SUMMARY

• Audited Prefeasibility Study

• 20 Mtpa concentrate

• NPV $3.2 billion, IRR 23% , CAPEX $2.9 billion

• Estimated FOB costs $49/t (AUD)

• JORC Inferred Resource

• 1.4 Billion tonnes for 220 million tonnes concentrate

• Exploration Target

• sustain plus 50yr mine life

• Premium Pellet Feed Concentrate

• 69.9%Fe and 2.50% SiO 2

• Infrastructure

• Port and rail capacity confirmed, water, power all available for start up

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HAWSONS IRON PROJECT Transport Options

Recent Developments – March 21, 2012

• MOU signed with Flinders Ports to determine long term handling, storage and loading solution at Port Pirie, South Australia

• Common User Facility for potential to export 20Mtpa of iron concentrates

Start Up Preference (5-10Mtpa)

• 13Mtpa available using existing rail to Port Pirie

• 20Mpta Port Capacity available at Port Pirie pending upgrade

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Port Pirie
Spare Berths
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Full Production 20mtpa options

• Rail upgrade

• Slurry Pipeline

• Port Options

• Port Pirie – Barge to Capesize /Panamax

• Port Adelaide – Panamax

• Myponie Point – Capesize

• Others – (Portland, Port Kembla)

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HAWSONS IRON PROJECT Long Life Mining - over 50 years

JORC Inferred Resource (12% DTR cut off)

Exploration Target[1]

• 1.4 billion tonnes at 15.5% mass rec.

• 6 to 11 billion tonnes

• 220 million tonnes of concentrate

• 900-1,900 million tonnes of concentrate

• 69.9% Fe, 2.50% SiO2, no other impurities

• Mass Recovery (DTR) 14-17%

• Concentrate Grade of 69-71% Fe

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First PFS 25 year Second 25 years
pit includes Exploration
JORC resource Target [1 ]
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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. (DTR is Davis Tube Recovery) 8

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HAWSONS IRON PROJECT Low Mining Costs

• Mining Costs $15/t concentrate

+ 600 m mining widths

• Very competitive vs higher grade deposits because of shape and size of the ore body

• Low Strip ratio 0.3 :1

• Size and shape suits open cut and In Pit Crush and Conveying

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Waste to Ore 0.3 : 1 at 15.5% Mass Recovery is equivalent to Waste to Ore 1.9:1 at 35%mass recovery

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HAWSONS IRON PROJECT

Low Processing Costs - Value of Soft Ore

• Processing Costs $11/t concentrate – very low compared to others

• Produces premium pellet feed concentrate at 30-50 microns

• Very soft ore – 30% less energy per tonne concentrate than typical WA deposits

• Grid Power – up to 50% cheaper

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Improvements in
capital and
operating costs
expected following
completion of test
work
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HAWSONS IRON PROJECT Ownership

• Carpentaria 60%, BMG Pty Ltd 40%

• BMG ordered to be wound up, order stayed until early April for procedural reasons

Options

• Liquidator sells BMG

• CAP gets new partner and existing favourable terms

• (initially $25m cash to CAP on May 15,

  • 2012).

• No sale by May 15[th] , 2012

• CAP right to regain 100% of project on favourable terms ($13m)

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Carpentaria Summary

• Hawsons is a high quality magnetite project

• Existing infrastructure puts us ahead of the pack

• Robust economics continues to improve

• Ownership options all favourable for Carpentaria shareholders

• Future

• Secure transport chain

– Commence Detailed Feasibility Study

– Secure development partner

Carpentaria Exploration – Set to Reward Investors

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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 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 inclusion in the report of the matters based on his information in the form and context in which it appears.

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

Phone: +61 7 3220 2022 To find out more, visit us at www.capex.net.au

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