HAWSONS IRON LTD — Investor Presentation 2013

Jun 18, 2013

Carpentaria Exploration Ltd Investment Update

June 19[th] 2013 We find it. We prove it. We make it possible.

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 losses, 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 Company Business Plan

REGION : Eastern Seaboard – very focussed

• Pedigree World Class ore bodies : Mt Isa; Mt Morgan; CadiaRidgeway; North Parkes; Broken Hill; Olympic Dam; Cobar; Mt Lyell : Cu, Au, Pb, Zn, Ag

• Quality ground becoming available

• COMMODITIES : Iron, Gold, Tungsten, Base Metals PHILOSPOPHY : Not wedded to projects and turn over

• In house project generation to discover mineralised systems

• Use in house expertise; Govt’ records; and acquisition of quality assets through simple project JV’s

• Add value through exploration and JV / sell if interested party but retain % share or royalty

• Counter cyclical on gold

RESULT : Still have significant working capital and 2 resources on books

CARPENTARIA EXPLORATION Examples of Deals to date

• Purchased Small Coal Group assets in Galilee for (2009) $55k plus 2.5m CAP shares

• Sold(Oct 2011) for total $1.8m + 2.2m shares Guildford Coal, plus $0.50/t production royalty capped at $100M currently hold 1.7m shares

• Purchased Euriowie Tin EL (2009) - $50,000 plus 500k shares

• Hawsons deal (Apr 2010)

• $5m cash to CAP ; $8m in ground – PFS positive and CAP retaining 60%

• Purchased Yanco Glen tin / tungsten EL (Jun 2010) 250,000 shares – produced a tungsten resource

• Mt Agate deal – expenditure $750k to earn 75% if CAP dilutes to 0 have 1.5% NSR

• Hawsons deal (May 2013) with Pure Metals

• $3.8m to CAP ($1m June plus $2.8 est 1 mth), PM spend $5m towards BFS (12 mths) on completion CAP 60% PM 40%

CARPENTARIA EXPLORATION

Result of Business Plan – June 18[th] 2013

ASX : CAP CASH A$ 4.11 million ISSUED SECURITIES 108 m shares MARKET CAP. (@ $0.25) $27 million

Board of Directors

Nick Sheard – Geo’ / ex GM (MIM) and VP Exploration (Inco) Bob Hair – Lawyer / MD Ferrum Crescent Bin Cai – Accountant Neil Williams – Ex CEO Geoscience Aust./ Prof Geol’ Paul Cholakos – Mining Engineer / EGM Oil Search

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Maintained Share Price Reasonable Volume

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CARPENTARIA’S PROJECTS

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Hawsons
Iron Project
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HAWSONS IRON PROJECT Largest Magnetite Project in NSW

Granted Significant Project Status by NSW Govt’

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HAWSONS IRON PROJECT The Flag Ship - Key Facts

Infrastructure

• Rail , power, roads , water

• No native title

• Working Port available

Studies

• BFS underway

• Pilot Plant produces quality concentrate – 69.5% Fe

• Water bore monitoring and drilling

• – EIS as per DGR requirements

JORC Inferred Resource

• 1.4 Billion tonnes for

220 Million tonnes con’.

– 15.5% mass recovery – 69.9%Fe and 2.50% SiO 2 Exploration Target[1]

– 6-11 Billion tonnes at 14-17% mass recovery 69%Fe 2.5% SiO2 (defined by drilling and assaying all magnetic anomalies combined with detailed magnetic modelling)

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Resource area

Airborne Magnetic Image Depicting magnetite bodies And dimensions

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.

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HAWSONS IRON PROJECT Hawsons Iron Project - Relative Size

Area of magnetic targets compared to area of Sydney Harbour

20 kms Airborne Magnetic Image Red zone outlines size of targets

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Greater Sydney
Sydney Area Harbour
Botany Bay
Sydney CBD at same scale
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HAWSONS IRON PROJECT Key Development Advantages

• Existing rail and port infrastructure

• Existing power and water supply

• Transport concept

Port Pirie Spare Berths

• Slurry to rail

• Rail first 10Mt

• Pipeline for full production

• Port Pirie transhipment to Cape size ships

• MoU’s in place Port / Transport

• Large deposit with 0.3 waste to ore ratio and no internal dilution

• Very soft siltstone ore – low cost processing – Approx. one quarter power usage of standard magnetite iron ores

• Grid power – $0.085Kwh

• Lower labour costs

• No Native Title – full access to project

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HAWSONS IRON PROJECT Global Challenges

Volatility in iron ore price

• resulted in some magnetite projects and infrastructure projects being shelved

• Hawsons estimated costs are at the right place of the cost curve and studies have continued to add value

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HAWSONS IRON PROJECT Pure Metals Deal

Pure Metals complete purchase of 40% from Liquidator: Ownership CAP 60% PM 40%

Pure Metals :

• Sole Fund $5.0 million to progress Bankable Feasibility Study, budget and work program agreed

• Paid CAP $1.0 million on assignment of the 40% J V Interest to PM and will Pay CAP $2.8 million the earlier of completion of Federal Court proceedings or two (2) years Note : The Federal Court has ruled the sale from the Liquidator of the 40% interest can proceed and no serious questions to be tried, final hearing to be nominated

• Pure Metals to assume Managership as of 1[st] July 2013

• Ray Koenig to be retained as Project Director and CAP is Chair of Management Committee

HAWSONS IRON PROJECT Moving Forward

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Deal with Pure Metals Allows :
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$5.0 million to be spent on project
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EIS
•
Metallurgical testing, engineering for process and infrastructure
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Reduce CAP’s ongoing funding requirement for Hawsons
•
Increase access to iron ore end users and Asian capital markets
•
Secure funding in difficult market shows confidence in project
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CAP to retain 60% ownership through above deal
•
Increases CAP’s treasury position in difficult market (+$3.8m)
•
Re-direct CAP’s activities towards exploration
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HAWSONS IRON PROJECT

The Way Forward – State Significant Project

Carpentaria’s Plan – Not Sexy, but what is needed now

• Optimise production rates utilising existing infrastructure for Stage 1 but maintain project scalability (Stage 2)

• Continue EIS

• Focus on stakeholder engagement and associated activities

• Water permitting requirements for site and transport infrastructure

• Completing EIS by Nov.2014

• Lodge Mining Lease Application

• Explore options to accelerate the BFS

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HAWSONS IRON PROJECT Global Challenges

Challenge

• Extreme tightening in capital markets

• Cautious Chinese magnetite investment

• Slowed development of many projects

Response

• Investigating lower capital cost options

• Deal with Pure Metals for $5.0m extra funding to the project

• Additional capital for CAP

Quality of the Hawsons Project has met most of these challenges

New deal with Pure Metals will maintain project momentum

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CARPENTARIA

Other Braemar Iron Projects – Braemar/South Dam

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Good infrastructure Rail / Road Close to Ports (Adelaide or Port Pirie 32 kms of Braemar Formation

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Results :

• 108m at 28.1% Mass Recovery (DTR) concentrate grades of 64.5% Fe and 8.8% SiO2 (RC12BM002) - Dec’ 2012 Quarterly

• Future Work :

• Further metallurgical tests

• • Define 200mt resource to satisfy JV

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Carpentaria Projects Tin / Tungsten

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Carpentaria Projects Gold / Copper

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Carpentaria Summary Set to Reward Investors

CAP’s Flagship Project

Hawsons

• Large scale, low cost, long term

• Existing infrastructure gives immediate export opportunity

• Estimated CIF China $70/t at 69% Fe

• Aiming for Mining Lease in 2014 and production 2016

Future :

CAP’s Other Projects

• Tungsten Resource outlined

• Growing quality Gold portfolio

• Other Braemar Iron projects with drilled intersections and 100% ownership ability

• Secure funding and development partner

• Finalise BFS

Proven Business Plan Exhibiting Financial and Geological Success Time for Carpentaria to Grow

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Visit our Booth

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. 20

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