PTR MINERALS LTD — Investor Presentation 2009

Aug 24, 2009

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PETRATHERM LIMITED ABN 17 106 806 884

Company Update - Presentation to Shareholders

Petratherm’s Managing Director Terry Kallis and Exploration Manager Peter Reid will later this afternoon present an update on the Company’s activities at a General Meeting held at the Hilton Hotel in Adelaide. The key points from the presentation are;

• The Paralana Geothermal Energy Project “proof of concept stage” is underway with the Paralana 2, four kilometre deep well. Drilling depth is currently at 1,920 metres.

• The Paralana Project received endorsement and recognition in gaining a $7 million Geothermal Drilling Program (GDP) funding offer, with $2.45 million being received and a further $1.75 million expected before the end of September 2009, the balance of $2.8 million to be received for the second well.

• HEWI “Proof of Concept” for Paralana is planned to be achieved during 2010 & first power in 2011.

• Paralana JV has applied under the $300 million Renewable Energy Demonstration Program for one-third funding for a $200 million, 30 MW demonstration project. An announcement of successful applicants is expected in late August/early September 2009.

25 August 2009

ASX Code: PTR

ABN 17 106 806 884

105 Greenhill Road Unley 5061 South Australia Tel: +61 8 8274 5000 Fax: +61 8 8272 8141 W : www.petratherm.com.au E : admin@petratherm.com.au

• The Paralana Project was officially launched by the Honourable Martin Ferguson, Minister for Resources, Energy and Tourism - (refer overleaf).

• The Paralana project does not expect to encounter carbon dioxide nor hydrogen sulphide gases that have contributed to Geodynamic’s Habanero 3 well incident. However, should such gases be encountered, the final casing design would be modified to suit the conditions.

• Strong government support for renewable energy and the geothermal sector continues – with last week’s Renewable Energy Target decision for an increase to the renewable energy certificate (post-tax) penalty from $40/MWh to $65/MWh and extending the period to 2030 – enabling greater certainty and improved NPV for geothermal project investment.

• Geo-Madrid 8 MW district heating project in the advanced stages of its feasibility assessment – has been strengthened by a Cooperative Agreement with the Spanish Federal and Madrid Regional Governments.

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(L-R – Beach Petroleum Managing Director Reg Nelson, Minister Martin Ferguson, Petratherm Managing Director Terry Kallis, SA Premier Mike Rann, TRUenergy Managing Director Richard McIndoe)

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(L-R – SA Premier Mike Rann, Petratherm Chairman Derek Carter, Federal Resources and Energy Minister Martin Ferguson, TRUenergy MD Richard McIndoe, Beach Petroleum MD Reg Nelson)

(Additional information on the Ministerial Launch event will be posted over the next week on the Petratherm website, including photographs, video and speeches)

Yours faithfully

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Terry Kallis Managing Director

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ABOUT THE PARALANA PROJECT JOINT VENTURE PARTNERS:

Beach Petroleum (ASX: BPT) is an oil & gas company headquartered in Adelaide that farmed-in to the Paralana Project in January 2007. Beach can earn up to 36% of the project for $30 million plus their equity share of project costs. (www.beachpetroleum.com.au).

TRUenergy is a wholly owned subsidiary of the CLP group, one of the largest, publicly listed power businesses in Asia Pacific (www.truenergy.com..au and www.clpgroup.com). TRUenergy Geothermal farmed-in to the Paralana Project in August 2008. TRUenergy Geothermal can earn up to 30% of the project for $57 million plus their equity share of project costs.

MEDIA CONTACT:
Terry Kallis	Petratherm Limited	08 8274 5000
Kieran Hall / Tim Hughes	Hughes Public Relations	08 8412 4100

therm petra

Company Update

“Building a portfolio of quality geothermal energy projects - Australia and Overseas”

25 August 2009

Presented by Terry Kallis (Managing Director) & Peter Reid (Exploration Manager)

Explorer and Developer of Geothermal Energy

Disclaimer

This presentation has been prepared by Petratherm Limited (Petratherm). The information contained in this presentation is a professional opinion only and is given in good faith.

Certain information in this document has been derived from third parties and though Petratherm has no reason to believe that it is not accurate, reliable or complete, it may not have been independently audited or verified by Petratherm.

Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, Petratherm. In particular, they speak only as of the date of this document, they assume the success of Petratherm’s strategies and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients of this document (“Recipients”) are cautioned not to place undue reliance on such forward-looking statements.

Petratherm makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued.

To the extent permitted by law, Petratherm and its officers, employees, related bodies corporate and agents (“Agents”) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Petratherm and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

All amounts in Australian dollars (AUD) unless stated otherwise.

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Presentation Outline

• Corporate Update

• Projects Update

• Paralana JV Project

• East Gippsland

– Spain – Madrid, Canary Islands & Barcelona

• China

• DVD of Paralana and TV Clips

• Summary and Outlook for 2009/10

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Corporate Overview (PTR.AX)

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China – Exclusive
Madrid & Barcelona
exploration
– direct use heat,
agreement
EGS and
hydrothermal
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Tenerife & Gran
Paralana, Renmark
Canaria –
& Victoria
conventional
volcanic
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Key Statistics
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• Current shares on issue – 94.45 m

• Market capitalization - $30.7m (at share price of $0.325)

• Cash – 20 August $13.8 m

• Grants - GDP $7.0m

• Grant Application – REDP $62.8 m

• 3,300 Shareholders with major shareholder - Minotaur Exploration (22%)

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Projects
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• Projects spanning Australia, Spain and China – EGS, conventional volcanic, hot sedimentary aquifer & direct use heat

• Flagship project – Paralana

• Exciting growth projects :

• Direct heat, conventional and EGS geothermal projects covering Madrid, Barcelona, Canary Islands and Victoria’s East Gippsland Basin

• Exclusive government supported exploration agreement in China

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Joint Venture Partners
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• Beach Petroleum (up to 36% for $30m)

• TRUenergy (up to 30% for $57m)

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Corporate Mission & Business Model

Mission

“ to explore for and develop, emission free, geothermal energy projects that are commercially sustainable ”

Business Model

“ to develop a portfolio of quality geothermal energy projects conventional and EGS – for power and/or heat – where there is a favourable combination of geology and market conditions - and introduce joint venture partners with skills, risk appetite and funding ability to further develop projects through to production”

Renewable Energy Policy & Geothermal

• Federal Government - strong support

• Carbon Pollution Reduction Scheme (CPRS) leading to Emissions Trading in 2010/11

• established the 20% Renewable Energy Target (RET) by 2020

• Increased REC shortfall penalty on after tax profit from $40/MWh (i.e. $57/MWh) to $65/MWh (i.e.$93/MWh) and extended period to 2030 – substantial improvement to project economics

• $300 M Renewable Energy Demonstration Program – REDP excludes solar – now in solar flagships

• $50 M Geothermal Drilling Program - GDP

• Geothermal Industry Development Framework

• Paralana JV successful with $7M grant in Round One of GDP – monies available upfront prior to drilling in mid June 2009

• Paralana JV applied for $62.8 M grant under REDP – successful applicants to be notified in August/September 2009

• Ministerial Council of Energy review by the Australian Energy Market Commission (AEMC) of Australian electricity and gas frameworks in light of CPRS and RET – recommend changes to rules – AGEA working on report with MMA regarding large scale network connection

Geothermal Energy Technology

- Project Portfolio

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TAG
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TAG – thermally anomalous granite EGS technology – hot rocks Large systems – low enthalpy Abundant resource Requires large commercial demonstration

Paralana – EGS – power production

East Gippsland – Hot sedimentary aquifer

Tenerife and Gran Canaria – volcanic conventional, high enthalpy systems, proven technology, potential for high yielding wells for power production of 50 MW to 100 MW

Madrid and Barcelona – both EGS and district heating – low enthalpy aquifer for heat to supply local market within 5 kilometres

Engineered Geothermal Systems (EGS)

Paralana Project - Overview

• High Temperature Resource ~ 200[o] at 3.6 kms.

• Innovative HEWI development model

• Commercially viable at all stages. Small off grid market (5-30 MWe) (Heathgate) followed by large on grid development (260 MWe+)

• Expenditure well leveraged for proof of concept, then potentially fully funded to initial commercial demonstration scale 30MW plant.

• Funding and expertise from JV Partners, Beach Petroleum and TRUenergy

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• Strong Federal government grant support. Applied for $63 million REDP grant.

Paralana 2 - Drilling Update

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• Steady Drilling, currently at 1920m

• 200m deep micro-seismic array currently being installed in preparation reservoir stimulation program

• Paralana 3 deep producer well, drilling scheduled for mid 2010

• First power plant development to Heathgate Resources’ Beverley Uranium Mine – underway early 2011.

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Paralana 2 - Drilling Update

• Well scheduled to take 3 to 4 months to complete

• Rock sequence predictions have been accurate

• Slower drilling rate in 17.5 inch hole section due to hard rock formations.

• This first well has been designed following low risk, conservative operational methods.

• Well is very stable, no technical challenges to date

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East Gippsland Licence Area

• Very favorable transmission connection options for both pilot scale

• and large scale delivery of power into the National Electricity Market

Petratherm Spanish Projects

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Barcelona
Barcelona
Almazan
Madrid
Madrid
Murcia
Andalucia
Tenerife
Islands
Tenerife
Gran Canaria
Gran Canaria
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Tenerife Project

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Tenerife Project

• Active Volcanic Island, MT indicates magma chamber

• 3-4 km below surface

• Tenerife Population ~ 1 Million; load > 800 MW; (Diesel & Wind)

• Geochemistry indicates presence of a hydrothermal system with 250-350 ºC and 30-40 bars pressure.

• 50 MWe development targeted

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Source : ITER 2008
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Tenerife Magnetotelluric Survey

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Tenerife 1

• Evidence of Hydrothermal Alteration in bottom hole section

• Bottom hole gradient 94[o] C/Km

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Tenerife Magnetotelluric Survey

Survey Scheduled to Begin in October 2009

– Madrid District Heating Resource

• Three 2000 m wells have been drilled, defining an area of at least 50km², around 80[o] C fluid at 200m³/hr at ~ 1500-2000m depth.

• Geomadrid Pre-feasibility Study indicates – doublets Producing 8MWt with an annual production in excess of 45,000MWh (thermal). Full feasibility underway

• Cooperative agreement between Spanish Federal and Madrid Regional Government, to expedite development. - Sales Contracts, Potential Government grants, Environmental approvals, Development and operations contracts.

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Madrid Project Licence Area

The 300 km[2 ] Licence is located 25kms north of Madrid. GeoMadrid Site and other potential direct heating sites of San Sebastin de los Reyes and Tres Cantos depicted.

Tres Cantos

San Sebastin de los Reyes

GeoMadrid

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Madrid International Airport

Finding Hot Rocks in China

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• Asia Pacific Partnership Project successfully completed in June 2009

• Two Areas in South East China identified for potential future development

• Land access and potential joint venture finance arrangements are ongoing

Jiangsu Province – Subei Basin Estimated temperature at 5 kilometres Depth

Target – Hot Sedimentary Aquifer contained in permeable Limestone at 4 to 5 kms depth

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Petratherm Key Points of Differentiation

• Unique approach to “exploration for heat” and its commercial assessment of projects - “location, location, location” – resource, market, permits/stakeholders

• HEWI model approach to resource exploitation process for EGS/hot rock that aims reduce costs and risks – also reducing the time for delivery

• Flagship Paralana Project, clear commercial and competitive a

• advantages with a willing potential customer at “off grid” prices and realistic, long term and unique path to commercialization and two quality, complementary JV partners

• Quality international portfolio of projects across geothermal technologies – EGS, District Heating and Volcanic sources – electricity and heat – Australia and Overseas (Spain & China)

• Clear business model – aimed at introducing quality JV partners coupled with a strongly skilled Board, Management team and consultants - track record of successfully delivering projects

Petratherm Outlook for 2009/10

• Finalize the $57M TRUenergy Farm-in  January

• Secure $7M GDP funding for drilling  April

• Spud Paralana 2 deep well (4kms)  June

• Drill/complete well (around 3 to 4 months) followed by testing logging, fracturing and stimulation program in late 2009/early 2010, then drill Paralana 3 and conduct flow tests (under way)

• Secure $62.8M of REDP funding for 30 MW demonstration project (application lodged and response is imminent)

• Complete Madrid GDH feasibility assessment and concurrently progress potential JV - late 2009 (underway)

• Undertake Tenerife MT study and concurrently progress potential JV – late 2009 (underway)

• Complete assessment of East Gippsland Project and JV project (late 2009)

• Complete China generative program, establish JV (late 2009)

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Thank You

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ASX code: PTR www.petratherm.com.au