HAWSONS IRON LTD — Investor Presentation 2012

Mar 5, 2012

Carpentaria Exploration Ltd Investor Update

March 6-13[th] 2012 We find it. We prove it. We make it possible.

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Carpentaria

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Aim :

Discover, Develop and Mine mineral resources to grow shareholder value and fund further discoveries

Abilities :

Strong geoscientific and engineering team

Track Record :

• Established Resource at Hawsons

• Positive PFS released

• Tin / Tungsten near Broken Hill

• Gold – Lachlan Fold Belt

• Nickel – North of Broken Hill

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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 5[th] March 2012 Cash A$8.2 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%

Share Price and Volume 12 months

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High $0.67
Low $0.175
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INVESTMENTS

2.2 m Guildford Coal Ltd fully paid shares ~ value $1.7m 5[th] March

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

• Prefeasibility Study – 20 mtpa concentrate production NPV 3.2 billion, IRR 23% (November 2011) Estimated FOB costs $49/t

• Resource – 1.4 Billion tonnes for 220 million tonnes concentrate, exploration target to sustain plus 50yr mine life

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

• Mining and Processing – very low unit costs because low strip ratio, wide mining widths and soft ore

• Marketing - Saleable concentrate low silica, no impurities

• Community Engagement – Positive consultations with all levels of Government

Native Title has been extinguished

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HAWSONS IRON PROJECT Exploration Target

• Exploration Target[1] 6 to 11 Billion Tonnes

 DTR 14-17% magnetite

• Concentrate Grade of 69-71% Fe

• Contained Iron : 800 - 1,900 million tonnes

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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. 7

HAWSONS IRON PROJECT Inferred Resource and Exploration Target

Inferred Iron Resource (Dec 2010) 1.4 Billion Tonnes

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

 Concentrate Grade – 69.9% Fe, 2.50% SiO no other impurities 2,

 Contained Iron concentrate: 220 million tonnes

• Over 400Mt concentrate in PIT 1 (PFS)

Mineralisation (Red, yellow, purple all iron units) and PFS PIT 1 over the Aeromagnetic image

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HAWSONS IRON PROJECT

Simple Open Cut - large mining widths

• Low cost mining operation

• Waste to ore ratio – 0.3 : 1

• Pre strip – start mining east end

• In Pit Crushing and Conveying

Large scale – good economies of scale over others

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Pit Area

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HAWSONS IRON PROJECT

Value of low Waste : Ore

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+ 600 m mining widths
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Waste
150 m mining widths
Pit outline
200 m
Example at same scale
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Waste to ore 0.3 : 1, 15.5% DTR Mine 130t material to produce 100t of ore 100t ore gives 15.5t of concentrate

8.4 t material moved trate produces 1 tonne concen

Waste to ore 2.3: 1, 36% DTR

Mine 330t material to produce 100t of ore

100t ore gives 36t of concentrate

9.2 t material moved produces 1 tonne concentrate

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HAWSONS IRON PROJECT Value of Soft Ore

Hawsons

Example of a WA BIF

Grinding costs

Bond Work index :6 kw hr/tonne

At 15.5% DTR :

1 tonne con’ is produced from 6.45 t ore

38.7 kw hrs to produce 1 tonne con’

Grinding costs

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Bond Work index :~ 20 kw hr/tonne

At 36% DTR requires

1 tonne con’ is produced from 2.78 t ore

55.6 kw hrs to produce 1 tonne con’

In this example the WA BIF would require 1.4 times the power to produce 1 tonne

Grid Power is approx. 25-80% the cost of non-grid power

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HAWSONS IRON PROJECT Transport Options

Start Up (5-10Mtpa)

• 13Mtpa available using existing rail to Port Pirie

• 20Mpta Port Capacity available at Port Pirie*

Full Production 20mtpa options

• Rail upgrade

• Slurry Pipeline

• Port Pirie or

• Myponie Point

• Govt. infrastructure corridor or direct route

 Port Options

• Port Pirie – Barge to Capesize /Panamax

• Port Adelaide – Panamax

• Myponie Point – Capesize

• Others – (Portland, Port Kembla)

*Port Pirie bottleneck solved Two spare berths Out of town stock pile and conveyor

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Port Pirie common berth facility

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HAWSONS IRON PROJECT Port Pirie plus 20 mtpa capacity

Berth 5

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HAWSONS IRON PROJECT Free On Board (FOB) Cost Summary

 FOB costs highly competitive (av. Closer to $60)

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Costs per AUD
tonne
concentrate
Mining Costs $15
Processing Costs $11
Other (incl $8
Royalties)
Transport On Ship $13 [a] - 19 [b]
Total FOB $47-53
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a Long term pipeline estimate b rail to Port Pirie estimate

 Well placed on cost curve

 Average operating costs drop over life of mine after Pre Strip

 Development CAPEX $2.9 Bn

 Capital intensity low at $140 per t capacity (av. Approx $200)

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HAWSONS IRON PROJECT FOB Cost Comparison

Free On Board Estimates (AUD) Australian Magnetite Projects

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$70
75 [th] percentile
$60
cash costs
$50
$40
50 [th] percentile
$30
cash costs
$20
$10 Approx. using
2011 Q2 FOB
$-
cash cost curve
UBS/Metalytics
Source: Company Data
Note Southdown $60 at gate plus
est.$10 transport costs
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HAWSONS IRON PROJECT Capital Cost Comparison

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Low Capital Intensity
Capital Expenditure per tonne capacity
Hematite and Magnetite Projects
Benefits of location
close to infrastructure $350
$300
 Power
$250
 Water
$200
 Rail
 Workforce $150
$100
$50
$-
Source: RBS Oct 2011
AUD
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HAWSONS IRON PROJECT Ownership

• Carpentaria 60%, BMG 40%

• BMG ordered to be wound up, stayed until 19[th] March to allow an appeal to be heard

Options

• Liquidator sells BMG

• CAP gets new partner and existing favourable terms

• No sale by May 15[th] , 2012

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

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HAWSONS IRON PROJECT

Other Iron Projects

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Torrowagee NSW :

• 100% CAP

• Previous intersections

• To be drilled

Braemar SA :

• Farm in

• Can earn 100%

• Recon’ work

South Dam :

• Farm out

 Potential revert 100% CAP

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Other Projects – KOONENBERRY (100% CAP)

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Drilling currently in progress

Program completed Total RC – 11 holes 1545m To date (1225m)

• Bald Hill – intersected favourable horizons, awaiting results, drilling difficulties

• Mt Arrowsmith – poor results, downgrade

• Wyuna – weak nickel / copper intersected

BROKEN HILL TIN - TUNGSTEN PROJECT (100% CAP)

• 3 EL’s North of Broken Hill + 1 ELA

• Target : Tin and tungsten

• Aim : locate targets in 4 EL’s to build an inventory

that will be economic to mine :

• small open pits

• mobile crushing / gravity separator

 export to processing facilities

• Addition Potential – Ag / Pb / Zn

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Kantappa
ELA 4406
Kantappa
Tin field Euriowie
EL 6936
Euriowie
Tin field
Yanco glen
Inferred resource
EL 4105 0.83 Mt at 0.21%W
Apollyon
EL 7475
Best rock chip 3.31% tin
Broken Hill
0 10km
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BROKEN HILL TIN - TUNGSTEN PROJECT (100% CAP)

Broken Hill Tin Tungsten Project :

• Concept study to test economic viability of tin and / or tungsten

• Result :

  • 800,000t @ .21% W

  • Positive NPV

  • Approx’ 4 yr mine life

  • Scheelite con - $24,000/t

• Updated Plan :

  • Reconcile resource

  • Extend tungsten resource

  • Short term cash flow possibility

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Scheelite UV light

• Investigating contract mining option

• Processing test work

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BARELLAN – GOLD PROJECT (100% CAP)

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Tenement Granted Awaiting access agreement

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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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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. 23

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