PTR MINERALS LTD — Investor Presentation 2010

May 3, 2010

Petratherm 2010 – Company and Projects Update

South Australian Resources and Energy Investment Conference

Presented by Exploration Manager Peter Reid

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.

Petratherm overview

Our company

• › Leading Australian geothermal exploration and development company
• › Projects spanning Australia, Spain and China
• › Projects across the spectrum of geothermal technology
• › Flagship project Paralana in SA's northern Flinders Ranges

Petratherm - Corporate and financial

Listed ASX:PTR

• › Shares on Issue: 108 m
• › Share Price: \$0.23 (3 May 2010)
• › Market Cap: \$ 25 m
• › Cash Position: \$ 1.6 mill (31st March)
• • \$ 4.1 mill from recent capital raising
• › Shareholders: 3,717 shareholders
• › Minotaur Exploration 19 %
• › Australian Ethical Investments 4 %

Paralana JV Funding and Grants

• › JV Funding: up to \$87 million plus equity share of project costs
• › Government grants of \$69.8 million toward drilling and commercial demonstration

Our board

Derek Carter Chairman

Simon O'Loughlin Director

Richard Hillis Director

Terry Kallis Managing Director

Board Skills and capabilities

• › Financial Management
• › Legal
• › Marketing
• › Project Management
• › Corporate Governance
• › Exploration and Development
• › Geology and Geophysics
• › Resources and Energy
• › Government and Stakeholder relations

Richard Bonython Director

Lewis Owens Director

Business model

"Explore for and develop emission free geothermal energy projects that are commercially sustainable"

• › Explore both conventional and engineered geothermal systems – for power and heat
• › Find a favorable combination of geology and market conditions - "shallow hot rocks close to market"
• › Introduce joint venture partners with the right skills, risk appetite and funding ability

Paralana Project – Commercial Overview

• Commercially viable at all stages. Small off grid market (5-30MWe) (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 (up to 36 per cent for \$30m) and TRUenergy (up to 30 per cent for \$57m)

• Strong Federal Government grant support \$7 million geothermal drilling fund and \$62.762 million REDP grant

Paralana 2 – Drilling

• New Weatherford Owned 2000HP Le Tourneau Lightning Rig

• 57 metres high ~ 10 Stories

• Arrived at Port Pirie 11 May 09

• 85 Semi-Trailer Loads

• Spudded June 30, 2009

Paralana 2 – Drilling finished to 4012 M – 9 Nov 2009

• › First well designed following lowrisk, standard operating methods
• › Steady but slow drilling due to hard formations
• › Conservatively drilled to ensure success to 4012m
• › Wireline and LWD logging completed
• › Well cased and cemented to 3725m
• › Bottom hole temperature ~ 190oC
• › Inflow zones encountered from 3690m

Paralana 2 – Reservoir Characteristics

• Inflow zones from 3690m

• Zr dataing confirms old 1590Ma Reservoir Sequence

• Contains numerous fractures and faults

• High pressure geothermal brines intersected

• 2D Seismic suggests fractured reservoir sequence is regionally extensive

Current Planned Future Work Program

• 2nd Qtr 2010: Well perforation and Injectivity test

• 3rd Qtr 2010: Fracture stimulation link into over pressured zone!

• 4th Qtr 2010/1st Qtr 2011: Drilling of the Paralana 3 deep producer well

• 2nd Qtr 2011: Circulation Test Proof of Concept

• Late 2011: Commission first stage 3.75 – 7.5 MW power plant

Project joint venture – cost estimates (assumes JV earn-in options exercised)

›	Proof of Concept - next steps	Project JV costs	PTR cost
	› Fracture stimulate – Paralana 2	\$2m	1 \$1.4m
	› Drill producer well – Paralana 3*	\$15m - \$18m	\$2.1m - \$4.1m 2
	› Fracture stimulate/circulate	\$2m	\$1.4m 3
		\$19m - \$22m	\$4.9m - \$6.9m
›	Produce Power – up to 7.5 MW**	\$45 m	\$ 0.4m
	› 3.75 MW plant
	› Substation & transmission line
	› 2nd producer well & 3.75 MW plant
›	Upscale to 30 MW demonstration**	\$155m	\$0.0m
	› additional wells and generation plant
	( \$2.8 million in funds available from GDP grant for Paralana 3 well) (* \$62.8 million REDP grant provides one third payment of capital costs		(1 – May- July 2010) (2 – Jan-April 2011)

Spain – Enel Green Power deal

• › Enel Green Power has more than 700 MW of operating geothermal plants
• › Joint development of all electricity producing projects in Spain and Portugal
• › Portugal has feed in tariff of over €280/MWh (\$420/MWh) for geothermal energy
• › Direct and external exploration costs shared 50:50
• › Enel fund the first deep exploration well – \$15 million

Tenerife Licences and MT survey stations

Tenerife MT Results

Slim line drill target, 1500-2000m to base of conductive layer

Spain – Madrid geothermal district heating (GDH)project

• › Geomadrid 1 Well at 1550m is 75oC fluid at 200 m3/hr flow
• › Initial demand study identified 38,000 Mht/yr market
• › Agreement with Spanish Federal and Madrid Regional Governments to promote development
• › Load Match Engineering ~ 42% Geothermal 33% Heat Pump condenser 25% Peak load gas boilers
• › Advanced JV negotiations

Heliotherm – a unique solar thermal R & D project

• › Heliotherm Limited is a 100 per cent subsidiary of PTR awarded two SA government grants for a total of \$1.5 million
• › Exclusive agreement with University of Adelaide to develop the solar thermal technology that combines with geothermal and gas
• › Project aims to reduce capital costs by 40% through innovative integrated boiler
• › Plan to secure additional Federal Government grant – \$5.0 million targeted

Professor Graham (Gus) Nathan – Director Centre for Energy Technology of the University of Adelaide