ZENITH MINERALS LIMITED

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24 November 2011

ASX Operations Announcement Office Level 10, 20 Bond Street SYDNEY NSW 2000

Electronic Lodgement

Dear Sir/Madam,

PRESENTATION TO BE MADE TO SHAREHOLDERS AT AGM

Please find attached for release to market a copy of the presentation to be delivered by Zenith Mineral’s Managing Director at the Company’s Annual General Meeting today.

Yours sincerely

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Alex Dermedgoglou Company Secretary

Level 3, 33 Ord Street, West Perth, Western Australia 6005 PO Box 1426, West Perth, Western Australia 6872 Tel: (+61-8) 9226 1110 Fax: (+61-8) 9321 0070 Email: [email protected]

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ABN 96 119 397 938

Annual General Meeting 24 November 2011 Managing Director’s Presentation

Disclaimer

Forward looking statementsForward looking statements

Some statements in this presentation regarding estimates or future events are forward looking statements. They involve risk and uncertainties that couldSome statements in this presentation regarding estimates or future events are forward looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include estimates of future production, reserve and mineralised materialcause actual results to differ from estimated results. Forward-looking statements include estimates of future production, reserve and mineralised material estimates, capital costs, and other estimates or prediction of future activities. They include statements preceded by words such as "believe", "estimate",estimates, capital costs, and other estimates or prediction of future activities. They include statements preceded by words such as "believe", "estimate", "expect","expect", "intend","intend", "will""will" andand similarsimilar expressions.expressions. ActualActual resultsresults couldcould differdiffer materiallymaterially dependingdepending onon suchsuch thingsthings asas politicalpolitical events,events, labourlabour relations,relations, currency fluctuations and other general economic conditions, market prices for Zenith Minerals Limited products, timing of permits and other governmentcurrency fluctuations and other general economic conditions, market prices for Zenith Minerals Limited products, timing of permits and other government approvals and requirements, change in operating conditions, lower than expected ore grades, unexpected ground and mining conditions, availability andapprovals and requirements, change in operating conditions, lower than expected ore grades, unexpected ground and mining conditions, availability and cost of materials and equipment, and risks generally inherent in the ownership and operation of mining properties and investment in foreign countries.cost of materials and equipment, and risks generally inherent in the ownership and operation of mining properties and investment in foreign countries.

Information presented is a summaryInformation presented is a summary ThisThis presentationpresentation aimsaims toto provideprovide aa highhigh levellevel summarysummary ofof variousvarious technicaltechnical aspectsaspects ofof thethe Company'sCompany's projects.projects. ForFor moremore detailsdetails onon thethe underlyingunderlying technical parameters the reader is referred to the ASX Reports on Zenith Minerals Limited’s website:technical parameters the reader is referred to the ASX Reports on Zenith Minerals Limited’s website: www.zenithminerals.com.au www.zenithminerals.com.au

JORC competent person statementJORC competent person statement

The information in this report that relates to Exploration Results and to the Exploration Target at Mount Alexander is based on information compiled by A MThe information in this report that relates to Exploration Results and to the Exploration Target at Mount Alexander is based on information compiled by A M Hespe, who is a Member of the Australasian Institute of Geoscientists.Hespe, who is a Member of the Australasian Institute of Geoscientists. Mr Hespe has sufficient experience which is relevant to the style of mineralisationMr Hespe has sufficient experience which is relevant to the style of mineralisation 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 theand 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'.'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Hespe is a full time employee of Zenith Minerals LimitedMr Hespe is a full time employee of Zenith Minerals Limited and consents to the inclusion in the report of the matters based on his information in the form and context in which it appear.and consents to the inclusion in the report of the matters based on his information in the form and context in which it appear.

The information in this Report that relates to the Inferred Resource at Mount Alexander and the Exploration Target at Mount Alexander West is based onThe information in this Report that relates to the Inferred Resource at Mount Alexander and the Exploration Target at Mount Alexander West is based on information compiled by Grant Louw of CSA Global. Grant Louw takes overall responsibility for the estimates. He is a Member of the Australian Institute ofinformation compiled by Grant Louw of CSA Global. Grant Louw takes overall responsibility for the estimates. He is a Member of the Australian Institute of Geoscientists and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity heGeoscientists and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Oreis undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2004 Edition). Grant Louw consents to the inclusion of such information in this Report in the form and context in which it appears.Reserves (JORC Code 2004 Edition). Grant Louw consents to the inclusion of such information in this Report in the form and context in which it appears.

Zenith Minerals Limited

ASX code: ZNC

Issued shares: 81.31 million Market Cap: A$33.7m undiluted* Options: 1.05 million unlisted Cash Sept 2011: A$2.75m Investments $210,000**

Share price Nov 2010 to Nov 2011

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https://onlineinvesting.westpac.com.au/Private/MarketPrices/Charts/

Major shareholders:

HSBC CUSTODY NOM AUST LTD	11.1%
GIRALIA (ATLAS IRON LTD)	10.8 %
JP MORGAN NOM AUST LTD	3.7%
YANDAL INV PL	3.4%
BUCKLEY ROBERT JAMES H	3.4%
BREAMLEA PL	3.1%

*** At 11/Nov/2011, SP 41.5c ** 550,000 $0.16 options expiring 1 Feb 2013; 500,000 $0.14 options expiring 31 Dec 2013**

Zenith Minerals Limited

Corporate events 2010-2011

Name change from Zinc Co Australia Limited effective 16 December 2011

Capital raising announced March 2011 raised $3.1 million through a share placement at $0.42 cents per share, comprising 7,440,000 shares to Australian and overseas sophisticated investors

New major shareholder – Atlas Iron Ltd Appointment of Managing Director

Projects Overview – Year to Nov 2011

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IRON – Mt Alexander (ZNC 100%)

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Announced JORC Inferred Resource 393 Mt @ 29.5% Fe

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Scoping study completed on 8Mtpa production

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Exploration Target* increased to 0.75Bt to 1.43Bt
Pre feasibility study components initiated – environment, water

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MANGANESE – Earaheedy (ZNC 100%)

New tenements granted
Regional prospecting located two new manganese occurrences
Drilling for high grade manganese oxide in progress
BASE METALS Cu, Zn, Pb, (Au) - Snake Well (ZNC can earn up to 75%) • RAB and diamond drilling completed at Kerbar prospect
2.7km alteration zone identified
Ground EM in progress to locate massive sulphide zone

*JORC statement regarding the use of the term “Exploration Target” throughout this presentation “The potential quantity and grade of this exploration target is conceptual in nature. There has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource.”

Mount Alexander

Project Location

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Owned 100% Zenith

Well located close to infrastructure – sealed roads, gas pipelines, 120km from coast at Onslow Proposed West Pilbara Project rail and Anketell port – API have publicly indicated 3[rd] party access can be negotiated

Mount Alexander

Mt Alexander resource model (looking north east)

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Exploration Target* (red) – interpreted from surface geology mapping, sampling. JORC Inferred - Resource (yellow) estimated from drilling and the surface map.

Results from drilling support subsurface interpretation from surface mapping

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Zenith Minerals Mt Alexander Magnetite Project Mineral Resource estimate	Zenith Minerals Mt Alexander Magnetite Project Mineral Resource estimate	Zenith Minerals Mt Alexander Magnetite Project Mineral Resource estimate	Zenith Minerals Mt Alexander Magnetite Project Mineral Resource estimate	Zenith Minerals Mt Alexander Magnetite Project Mineral Resource estimate	Zenith Minerals Mt Alexander Magnetite Project Mineral Resource estimate	Zenith Minerals Mt Alexander Magnetite Project Mineral Resource estimate	Zenith Minerals Mt Alexander Magnetite Project Mineral Resource estimate
Classification	Tonnes	Fe %	SiO~~2 ~~%	Al~~2~~O~~3 ~~%	P%	S %	LOI %
Inferred	392.9	29.5	48.3	2.4	0.10	0.47	-0.7

Mount Alexander

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Mount Alexander (looking south west)
Mount Alexander West
Inferred Resource
Iron Formation continues north east
Exploration Target
4.1km
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Mount Alexander

Location of project resources and mineralisation

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Mt Alexander Exploration Target* (2010) 0.6 to1.2 Bt at 25% to 35% Fe

Inferred Resource (this year) 393 Mt @ 29.5% Fe (contained within Exploration Target volume) Mt Alexander West Exploration Target* (this year) 150 to 230 Mt @ 20% to 25% Fe

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Exploration Target* total 0.75 to 1.43 Bt Image – TMI RTP aeromagnetics Additional resource potential to north east around anticline

Mount Alexander

Scoping Study* – announced May 2011 Preliminary identification of a development plan and potential costs

Base case selected:

Production of 8Mtpa concentrate at 68.6% Fe
Transport concentrate to Onslow by slurry pipeline, de-water at Onslow
Transport concentrate by barge to an offshore mooring for transfer into ships for export
Power station at Onslow

: Operating cost per tonne of concentrate FOB A$57 (contract power) A$50 (own power)

Capital cost:

A$1,700M (contract power) A$1,900M (own power)

*Zenith does not represent that the scoping study shows Mount Alexander is an economically viable project as the assumptions used in the study are preliminary. The study is used to identify critical issues for project development and to prioritise development effort and expenditure

Mount Alexander

Pre-feasibility study:

Work has commenced on elements of a pre-feasibility study for a magnetite project at Mount Alexander

Environmental

A plan is in place to complete by December 2012 all field studies required for an Environmental Impact Assessment at the mining/processing site.

Stage 1 field studies commenced in August and will be completed by December 2011

The study is managed by a leading environmental consultant group

Water

Applications for 3 Miscellaneous Licences for water were lodged in September 2011.

The application areas were identified in June 2011 by a leading hydrological consultant group.

Exploration for a bore field to provide water for mining and processing will commence on grant of the tenements.

Mount Alexander

Project development plan 2012:

Continue with elements of a pre-feasibility study:

•Complete environmental field studies required for an Environmental Impact Assessment for mine and concentrator
•Commence exploration for a bore field for process water (subject to grant of tenements)

Continue to assess export infrastructure options:

•Access to Onslow
•Access to the proposed Anketell Port

Resource drilling:

•Low case – add to Inferred Mineral Resource base by drilling at south east ridge
•Medium case – low case plus conversion of north west ridge Inferred Mineral Resource to Indicated status
•High case – drill out both ridges to Indicated Mineral Resource, plus exploration drilling around north east anticline

Metallurgical process test work:

•Expand coverage of metallurgical data as new drill samples become available
•Optimise processing flow sheet based on new metallurgical data

Earaheedy

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Zenith100% owned project

Earaheedy Project originally acquired for zinc

Zenith recognised manganese potential of the west Earaheedy Basin in 2010 Zenith first mover, strong land position Exploration target is a deposit of shallow high grade manganese oxide

First drilling program for manganese completed September 2010 at Lockeridge Prospect

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Earaheedy

Lockeridge drilling 2010 – cross section

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1.6m @ 42.9% Mn
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Mineralisation occurs in a stratigraphic unit extending 1.2km down dip and along strike for 1.6 km. - not limited by drilling to date.

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Earaheedy
Lockeridge drilling 2010 – cross section
1.6m @ 42.9% Mn
Primary
mineralisation
is carbonate
Carbonate
mineralisation
is enriched
near surface to
high grade
-
oxide this is
the current
exploration
target
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Earaheedy

Western Earaheedy Basin manganese – Zenith activity

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Zenith manganese
prospect
Other company new
manganese prospect
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New Zenith tenements granted March 2011

Helicopter prospecting May 2011 - located two new high grade manganese oxide prospects at Red Lake and Blue Line in new tenements

Regional scale of manganese mineralisation confirmed

Drilling in progress at Black and Blue and at Red Lake

Earaheedy

Black and Blue Prospect

Drilling in progress Minimum program 1,100 metres RC

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