ZENITH MINERALS LIMITED

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ABN 96 119 397 938

Annual General Meeting 20 November 2012 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 NeilThe information in this report that relates to Exploration Results and to the Exploration Target at Mount Alexander is based on information compiled by Neil Martin, who is a Member of the Australasian Institute of Geoscientists.Martin, who is a Member of the Australasian Institute of Geoscientists. Mr Martin has sufficient experience which is relevant to the style of mineralisationMr Martin 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 Martin is a full time employee of Zenith Minerals LimitedMr Martin 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$14.6m undiluted* Options: 100,000 unlisted Cash Sept 2012: A$1.07m**

Major shareholders:

Share price Nov 2011 to Nov 2012

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Metals & Mining
Index
Zenith
Source: www.http://asx.com.au –19 Nov. 2012
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HSBC CUSTODY NOM AUST LTD 13.9% GIRALIA (ATLAS IRON LTD) 10.8% JP MORGAN NOM AUST LTD 3.7% YANDAL INV PL 3.4% BUCKLEY ROBERT JAMES H 2.9%

*** As at 14[th] November 2012, SP 18.0c ** $0.14 options expiring 31[st] Dec 2013**

Zenith Minerals Limited

Corporate events 2012

Appointment of Managing Director (October 2012)

Capital raising announced 1[st] November 2012 •aimed at raising $2.04 million (before costs) through non-renounceable rights issue to existing shareholders

•one for six existing fully paid shares held, at an issue price of $0.15 per share

Projects Overview – Year to Nov 2012

IRON – Mt Alexander (ZNC 100%)

•Exploration Target* 0.75 to 1.43Bt
•Inferred Resource 393Mt @ 29.5% Fe
•Pre feasibility study components undertaken •Environmental surveys, hydrological studies •Search for potential development partner

MANGANESE – Earaheedy (ZNC 100%) •New tenure granted

•Drilling of high grade manganese mineralisation •Beneficiation testwork returned positive results

BASE METALS Cu, Zn, Pb, (Au)

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•Recently commenced a review of Earaheedy base metal potential (ZNC 100%)

•Withdrawal from Snake Well Joint Venture

*With reference to the term “Exploration Target” used 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

Zenith 100%

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Close to infrastructure – sealed roads, gas pipelines,

~120km from coast at Onslow ~80km from proposed West Pilbara Project rail - potential access to Anketell port

Mount Alexander

Mt Alexander resource model (looking north east)

Mt Alexander resource model (looking north east)	Mt Alexander resource model (looking north east)	Mt Alexander resource model (looking north east)	Mt Alexander resource model (looking north east)	Mt Alexander resource model (looking north east)	Mt Alexander resource model (looking north east)	Mt Alexander resource model (looking north east)	Mt Alexander resource model (looking north east)
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* Magnetite in banded iron formation Exploration Target (red) •0.75-1.43Bt •based on drilling, geological mapping & surface sampling Inferred Resource (yellow) •estimated from drilling and surface mapping
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

* ASX: 14[th] April 2011

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 Exploration Target (total) 0.75 to 1.43 Bt* Mt Alexander Mt Alexander Exploration Target 0.6 to 1.2 Bt @ 25% to 35% Fe Mt Alexander West ( includes; Inferred Resource 393 Mt @ 29.5% Fe) Mt Alexander West Exploration Target 150 to 230 Mt @ 20 to 25% Fe Additional potential to northeast

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TMI-RTP aeromagnetic image

* ASX: 21[st] July 2011

Mount Alexander

**Scoping Study* – completed 2011**

Preliminary identification of a development plan and potential costs

Base case:

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

Positive Scoping Study Results

20 year mine life based on assumed inventory 560 Mt @ 30.9% Fe
CAPEX estimated at A$1.7 billion (incl. 10% contingency)
OPEX estimated at A$57/tonne concentrate FOB Onslow (incl. royalty)

ASX 10[th] & 13[th] May 2011; *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. As the Company has not presently defined a JORC compliant Ore Reserve or Mineral Resource of sufficient size to substantiate the mine life used as the basis for the Scoping Study's financial models, there remains insufficient certainty as to whether economically mineable mineralisation exists to permit reliable estimates of future production. As a result, comments made in the 10 May 2011 Release concerning mine life and production rates should not be used as a basis for investment decisions, nor should investment decisions be made based on the net present value (NPV) and the internal rate of return (IRR) which were referred to in the 10 May 2011 Release. The term "assumed inventory" is not a defined term for the purposes of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). The Company did not intend to imply that the term “assumed inventory” is such a defined term nor that a JORC Code compliant Resource or Reserve of this size had been determined as at the time of the 10 May 2011 Release.

Mount Alexander

Pre-feasibility study elements:

Continued long lead time components of pre-feasibility study

Environmental Studies

•Leading environmental consultancy
Stage 1 fauna and flora studies completed
• Stage 2 flora and fauna studies completed
No significant issues identified

Water

Water target areas identified
Miscellaneous Licence Applications lodged
Exploration for water to commence on grant of tenements

Mount Alexander

Project development plan 2013:

Continue with infrastructure elements of a pre-feasibility study:

•Exploration for a source of process water

•Continue to assess export infrastructure options

Resource drilling:

Undertake additional RC drilling of eastern Exploration Target area – 1[st] quarter 2013
• Improve compliant resource base and provide additional metallurgical samples

Metallurgical process test work:

Expand coverage of metallurgical data
Optimise processing flow sheet

Continue search to attract a suitable development partner:

•The Company will continue to de-risk the project through the current work plan and will keep the market informed of progress

Earaheedy

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Zenith100%

Earaheedy Project originally acquired for zinc (potential remains untested)

2010

•Manganese potential of the west Earaheedy Basin recognised

•Drilling completed at Lockeridge Prospect

Exploration target is a deposit of shallow high grade manganese oxide

Strong land position: ~800km[2] of tenure

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Earaheedy

Western Earaheedy Basin manganese – Zenith activity

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Zenith manganese prospect

Other company new manganese prospect

Manganese mineralisation occurs in a variety of stratigraphic positions within the Earaheedy basin

2010

Lockeridge drilling

2011

New high grade Mn oxide prospects identified

2012 Drilling completed •Black & Blue •Red Lake

Earaheedy

Lockeridge Prospect - cross section

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1.6m @ 42.9% Mn
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Mineralisation occurs as an extensive stratigraphic unit

Drilled ~1200m down dip and ~1600m strike extent (open) Intercepts include*:

•12m @ 11.1% Mn from 28m • 3m @ 18.0% Mn from 37m

* ASX 25[th] October 2010

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Earaheedy
Lockeridge Prospect - cross section
1.6m @ 42.9% Mn
Primary mineralisation is a
carbonate rock
The carbonate is weathered
and enriched near surface to
form high grade manganese
oxide
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