SANDFIRE RESOURCES LIMITED — Capital/Financing Update 2015

Sep 9, 2015

MINOTAUR EXPLORATION LIMITED ACN 108 483 601 ASX: MEP

10 September 2015

MINOTAUR EXPLORATION

asx

Release

Sandfire Resources continues earn-in at Altia project, Cloncurry

Highlights

• Sandfire Resources NL (ASX: SFR) completes its minimum interest earn-in program at the Altia Project thereby earning the right to acquire an initial 60% interest in the relevant tenement portions

• Sandfire has elected to continue sole funding exploration into the second earn-in period with the objective of earning the right to acquire an 80% interest through ongoing expenditure of $4 million over 3 years

Farm-In Agreement for the Altia Project

Minotaur subsidiaries Levuka Resources Pty Ltd and Breakaway Resources Pty Ltd are parties to a Farm-In Agreement with Sandfire Resources NL (‘Sandfire’; ASX: SFR) giving Sandfire the rights to explore and earn interests in portions of EPM 17838 and MDL 431 and 432 (the ‘Sandfire Tenements’) 65km south-east of Cloncurry, Queensland (Figure 1).

Sandfire has provided notice that it has completed its initial $4 million work program, giving it the right to acquire its minimum interest of 60% in the Sandfire Tenements. Sandfire has elected to continue sole funding exploration at Altia with a view to earning the right to acquire an 80% interest over the next three years through

further expenditure of $4 million. At that point Sandfire’s investment in Altia will total $8 million.

Sandfire’s notification to Minotaur stated “The activities undertaken by Sandfire….provide encouragement for further discoveries and increases in the current mineral inventory”.

Minotaur welcomes Sandfire’s continuing participation in Altia and its view of the deposit’s potential to be enhanced through the next phase of work.

The Altia Project

The Altia project comprises two main areas of interest, known as the Northern JV area and Southern JV area and lies within Minotaur’s broader Eloise copper project. (Figure 1). Both areas are interpreted to comprise mostly Mt Norna Quartzite, a host to some of the most significant deposits in the region including the Cannington Ag-Pb-Zn deposit and the Osborne and Eloise Cu-Au deposits.

The Northern JV area hosts the Altia Pb-Ag deposit and has been the main area of focus for exploration activities by Sandfire over the past 3 years. The Altia deposit has some similarities to the Cannington deposit and is considered to be a Broken Hill-type (BHT) system.

LEVEL 1, 8 BEULAH ROAD, NORWOOD, SOUTH AUSTRALIA 5067 T +61 8 8132 3400 F +61 8 8132 3499 E admin@minaturexploration.com.au

www.minotaurexploration.com.au

ASX RELEASE 10 SEPTEMBER 2015

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Other prospects within the Northern JV area include Altia North, Boralis and Capricorn (Figure 1) which all show affinities with Altia and are considered to lie broadly within the same stratigraphic unit that hosts Altia.

For further information contact:

Andrew Woskett T +61 8 8132 3400 Managing Director

The Southern JV area lies south along strike from the BHT style Maronan Pb-Ag deposit and contains a number of key prospects at Coral Reef, Tiberius and Plumtree Creek (Figure 1). The Southern JV area is prospective for both Pb-Zn-Ag and Cu-Au mineralisation.

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Figure 1: Altia Project location within EPM17838 and MDL 431 & 432

Minotaur Exploration Ltd

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ASX: MEP

T +61 8 8132 3400

www.minotaurexploration.com.au