30 July 2012

ASX/Media Announcement

ANDY WELL BFS AND INVESTOR UPDATE PRESENTATION Doray Minerals Ltd, (ASX: DRM; Doray, or the Company) today released a presentation outlining the results of the recently completed Andy Well Bankable Feasibility Study as well as a general company update. The presentation will also be used in an upcoming investor roadshow in North America.

-ENDS-

For further information, please contact:

Allan Kelly Anna Staples Managing Director Director Doray Minerals Limited AMN Corporate +61 (08) 9226 0600 +61 (0)4 00 205 433 info@dorayminerals.com.au anna@amncorporate.com   About Doray Minerals Minerals explorer Doray Minerals Limited (ASX: DRM) listed on the ASX in February 2010 and was one of Australia's best performing IPOs in 2010 based on results from the high grade Andy Well gold project in Western Australia. The company is currently focussed on advancing Andy Well towards development and subsequent production. Doray has a strategic portfolio of gold properties within WA and South Australia, and each presents Doray with multiple discovery opportunities.

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Andy Well Gold ProjectAndy Well Gold Project

Western Australia’s next high grade gold mineWestern Australia’s next high grade gold mine

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This presentation is not a prospectus nor an offer for securities in any jurisdiction nor a securities recommendation.

The information in this presentation is an overview and does not contain all information necessary for investment

decisions. In making investment decisions in connection with any acquisition of securities, investors should rely on their own examination of Doray Minerals Ltd and consult their own legal, business and/or financial advisers.

The information contained in this presentation has been prepared in good faith by Doray Minerals Ltd, however no

representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy

of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent

permitted by law, Doray Minerals Ltd, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted from

this presentation.

Certain information in this presentation refers to the intentions of Doray Minerals Ltd , but these are not intended to

be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other

factors that may cause Doray Minerals Ltd’s actual results, performance or achievements to differ from those

referred to in this presentation. Accordingly, Doray Minerals Ltd, its directors, officers, employees and agents do not

give any assurance or guarantee that the occurrence of the events referred to in the presentation will actually occur

as contemplated.

DisclaimerDisclaimer

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� Corporate Snapshot

� Andy Well Gold Project

� Feasibility Study Overview

� Project Upside

� Regional Exploration

� Summary

OutlineOutline

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� Listed Feb 2010, most successful ASX IPO of 2010

� Andy Well - High grade Wilber Lode discovery

� 338,000 oz high grade JORC resource

� 248,000 oz high grade JORC mining reserve

� Potential for additional deposits (e.g. Judy Zone)

� Targeting first production in mid-2013

� Potential low capex/low cost/high margin operation

� Mining Lease granted – BFS completed

� Project financing in progress

� Strategic exploration portfolio in two gold provinces

� Experienced Board and management team with track

record of discovery, development and production

� 2011 Gold Mining Journal “Gold Explorer of the Year”

Creating a new WA gold producerCreating a new WA gold producer

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Capital Structure

ASX Code DRM

Shares in issue 81.3m

Options (20c – $2.56) 11.5m

Share Price 0.75

Range (12 month) $0.72 – $1.64

Market Capitalisation $61m

Cash (June qtr) $5.2m

Enterprise Value $56m

Substantial Shareholders

Directors 18.6%

Lion Selection 5.4%

Ramelius Resources Ltd 7.5%

Top 20 shareholders 56%

Corporate SnapshotCorporate Snapshot

Broker Research

Argonaut Casimir

Black Swan Helmsec

Shaw

Bell Potter

Share Price Performance since listing

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WA’s next high grade gold mine

� 45km north of Meekatharra via

major highway

� Doray 80% ownership

� High grade Wilber Lode deposit

� Granted Mining Lease

� BFS completed

� Project funding in progress

� On track for production mid-2013

� Substantial exploration upside -

potential for multiple deposits

� Flagship project of 1700km2

Murchison landholding

Andy Well Gold ProjectAndy Well Gold Project

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Wilber Lode DepositWilber Lode Deposit

� High grade JORC mining reserve

� 660,000t @ 11.7g/t (248koz)

� Wilber Lode quartz vein resource

� 680,000t @ 15.1g/t (331koz)

� Potential for further increases with

additional drilling

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Feb-10 Feb-11 Dec-11 Mar-12 Jun-12

TOTAL RESOURCES TOTAL RESERVES

Reserve Proven Probable TotalDoray 80%

Tonnes Grade (g/t)

Ounces Tonnes Grade (g/t)

Ounces Tonnes Grade (g/t)

Ounces Ounces

Open Pit Stage 1 - - - 32,000 14.9 15,000 32,000 14.9 15,000 12,000

Open Pit Stage 2 - - - 28,000 15.3 13,000 28,000 15.3 13,000 10,400

Underground - - - 600,000 11.4 220,000 600,000 11.4 220,000 176,000

Open Pit – Low Grade - - - 73,000 0.8 2,000 73,000 0.8 2,000 1,600

TOTAL ANDY WELL RESERVE

- - - 733,000 10.6 250,000 733,000 10.6 250,000 200,000

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Wilber Lode Wilber Lode –– Long SectionLong Section

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Significant upside potential

� Further conversions of existing

Wilber Lode resource

� extensions to Wilber Lode

resource

� parallel lodes - high grade

results from recent drilling at

Judy Zone

� Cross cutting veins/structures

� Numerous additional targets

� Previous drilling shallow

(<100m) and wide spaced

Project UpsideProject Upside

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Judy Zone Judy Zone –– second high grade lode?second high grade lode?

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BFS SummaryBFS Summary

Mining Physicals

Total Ore Tonnes mined 717,096t

Average total grade mined 11.4g/t

Average grade (g/t) – open cut 15.1g/t

Average grade (g/t) – underground 11.0g/t

Total ounces mined (excl LG) 262,246oz

Average annual ounces mined 74koz

Life of Mine 3.7 years

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BFS Summary BFS Summary –– Key metricsKey metrics

ProcessingTotal Ore tonnes Mined 717KtMined head grade 11.4g/t

Average Mill throughput 197ktpaMetallurgical recovery 97.5%Average annualised production 74kozTotal recovered ounces 256kozInitial mine life 3.7 years

Financial (AUD)Capex $55MOperating cash cost (onsite C1) $/oz1 $592Total Cash Cost (C1 + C2) $/oz2 $868Gold Price Assumed ($/oz) $1600

LOM Revenue $409MLOM EBIT cash surplus (incl. royalties) $117.5MIRR 70%Project payback (@$1600/oz)* 12-14 months

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Capex EstimateCapex Estimate

Item $MVillage and site buildings 10.0Temporary Accomodation 0.25

Processing plant 32.5Open cut mine capex 0.72Tailings Storage Facility 1.80Surface Works 0.96Fuel burn during CAPEX 0.21

Communications 0.34U/G capex incl. Fuel Station 3.48Mines rescue equip 0.20Owners costs 2.94Doray plant 0.70

U/G Plant and Works 0.92TOTAL 54.93

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Mining/Processing ForecastMining/Processing Forecast

-

50,000.0

100,000.0

150,000.0

200,000.0

250,000.0

Jun-2013 Jun-2014 Jun-2015 Jun-2016 Jun-2017

Mined - Tonnes (OP+UG) Milled - Tonnes

Tonnes

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Production ForecastProduction Forecast

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

100000

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

oz produced

average annualised production

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Project Cash flow forecastProject Cash flow forecast

-100,000,000

-50,000,000

0

50,000,000

100,000,000

150,000,000

Jun-13 Jun-14 Jun-15 Jun-16 Jun-17

Cashflow

cumulative cashflows

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FY2011-12 FY2012-13 FY2013-2014

Quarter Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun

Resource updates

Mining Lease grant √

Mining Studies √

Feasibility study √

Project Finance

Contracts/Permitting

Camp/Site Construction

Open Pit mining

Plant construction

Underground Mining

Production O/C U/G

Development TimelineDevelopment Timeline

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Board

Peter Alexander - Non-Executive Chairman30 years experience in mineral exploration and mining in Australia and overseas. Former MD, Dominion Mining Ltd“Gold Miner of the Year” 3 years in succession

Allan Kelly - Managing Director/CEO20 years experience in exploration geology, geochemistry and project management in Australia and the Americas. Management experience in resources, tourism, hospitality and manufacturing sectorsFormerly WMC and Avoca Resources Ltd.

Heath Hellewell - Technical Director20 years experience in mineral exploration geology and project management in Australia, Africa, Philippines and Scandinavia. Formerly Resolute and Independence Group and part of team responsible for pegging Tropicana deposit.

Jay Stephenson - Non Executive Director20 years financial experience in resources, manufacturing, wine, hotels and property sectors

Leigh Junk - Non Executive Director19 years’ practical experience in project evaluation, feasibility studies, production scheduling,mine design and operations throughout WA.

Experienced BoardExperienced Board

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Management

Mark Cossom - Development Manager (Andy Well)14 years experience in greenfields exploration, resource development, open pit and underground mine production and management in both Australia and PNG. Formerly with Harmony Gold at South Kal and Wafi-Golpu (PNG)

Grant Dyker – Chief Financial Officer18 years financial experience in the resources industryFormerly CFO for Avoca Resources Ltd/Alacer Gold

Iain Garrett - Financial Controller/Company SecretaryExtensive commercial and public practice experience including with ASX listed gold producers

Brad Drabsch - Exploration Manager12 years experience, mostly in green fields exploration across Australia and Mongolia, exploring a variety of commodities including Gold, Copper, Iron Ore, Tin and Rare Earth Metals with Ivanhoe Mines and Independence Group.

Peter Bamford – General Manager, Operations40 years technical and corporate experience in mining and civil engineering operations in Australia and the United Kingdom including with Maiden Gold, MIM, Heron Resources and Dominion Mining, where he was responsible for the feasibility study, development and operation of the high grade Challenger gold mine in South Australia.

Peter Sperring – Operations Manager, Andy Well30 years experience in technical, project management and operations management roles in Australia including 10 years withDominion Mining as Operations Manager at the Challenger, Labouchere and Mt Morgans Gold Mines.

...and Management Team...and Management Team

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Murchison ExplorationMurchison Exploration

Major strategic landholding in

world-class gold province

� Large positions on major

mineralised structures

� Substantial exploration upside

� Excellent access and several

treatment options

� High grade drilling results

from:

� Abbotts

� Side Well

� Outcropping high grade quartz

vein at Tuckanarra

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Side Well (80%)Side Well (80%)

Significant gold mineralisation

under transported cover

� 30km S of Andy Well

� Adjacent to highway

� 60m deep depletion zone

overlaying high grade

mineralisation

� Recent RC intersections

� 14m @ 5.2g/t

� 10m @ 3.3g/t

� 2m @ 8.6g/t

� 1m @ 13.5g/t

� Open along strike and at depth

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TuckanarraTuckanarra

� 100% owned

� 100km S of Andy Well

� Adjacent to highway

� Outcropping high grade

quartz vein

� Potential for parallel

lodes

� Rock chips up to 454g/t

Au

� No relevant drillingFor

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� Andy Well Gold Project (Doray 80%)

� High-grade Wilber Lode deposit

� High grade maiden mining reserve with substantial upside

� Low capex/low cost/high margin gold operation

� Mining Lease granted

� BFS completed – project funding in progress

� Aim to commence mining in second half of 2012 with first

production in mid 2013

� Potential for additional high grade deposits (eg Judy Zone)

� Listing – discovery – development – production ~ 3 years

� Strategic exploration portfolio with multiple discovery

opportunities

� Experienced Board and Management Team

A new high grade gold producerA new high grade gold producer

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Gold Producers

DepositResourcegrade (g/t)

Reserve grade(g/t)

Annual prod’n000’s oz

Average operatingcost /oz

Market Cap$M

NST Paulsens 4.3 4.1 70 646 340

SLR Mt Monger 9 65 741 640

IGR Randalls 2.6 2.5 80 866 330

RMS Wattle Dam 42 175

KRM Way Lingo 10.2 13.7 38 250 320

Doray Andy Well 15.1 11.7 74 592 69

Rerating to producer statusRerating to producer status

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www.dorayminerals.com.auwww.dorayminerals.com.au

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Reserve Inventory – July 2012

AppendicesAppendices

Note: Open Pit High Grade Reserves are based on a 1.4g/t Au lower cut-off grade, with Open Pit Low Grade Reserves based on a 0.3g/t Au lower cut-off grade. Rounding errors may occur

Reserve Proven Probable TotalDoray 80%

Tonnes Grade (g/t)

Ounces Tonnes Grade (g/t)

Ounces Tonnes Grade (g/t)

Ounces Ounces

Open Pit Stage 1 - - - 32,000 14.9 15,000 32,000 14.9 15,000 12,000

Open Pit Stage 2 - - - 28,000 15.3 13,000 28,000 15.3 13,000 10,400

Underground - - - 600,000 11.4 220,000 600,000 11.4 220,000 176,000

Open Pit – Low Grade - - - 73,000 0.8 2,000 73,000 0.8 2,000 1,600

TOTAL ANDY WELL RESERVE

- - - 733,000 10.6 250,000 733,000 10.6 250,000 200,000

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Resource Inventory – March 2012

AppendicesAppendices

Indicated Inferred TotalDorayattrib.

TonnesGrade (g/t)

Ounces TonnesGrade (g/t)

Ounces TonnesGrade (g/t)

Ounces Ounces

Wilber Lode Qtz Vein

540,000 17.1 297,000 140,000 7.5 34,000 680,000 15.1 331,000 264,700

Footwall 1 Qtz Vein - - - 22,000 3.6 3,000 22,000 3.6 3,000 2,100

Footwall 2 Qtz Vein - - - 12,000 3.4 1,000 12,000 3.4 1,000 1,000

Sub Total for Qtz veins

540,000 17.1 297,000 174,000 6.7 38,000 714,000 14.6 335,000 267,800

Oxide Shear Zone 117,000 0.8 3,000 - - - 117,000 0.8 3,000 2,300

TOTAL ANDY WELL

657,000 14.2 300,000 174,000 6.7 38,000 831,000 12.7 338,000 270,100

WEBBS PATCH 33,000 5.4 5,800 11,000 2.3 800 44,000 4.7 6,600 6,600

TOTAL 690,000 13.8 305,800 185,000 6.5 38,800 875,000 12.2 344,600 280,600

Note: No lower cutoff applied to Wilber and Footwall lodes, 0.5g/t lower cutoff applied to “Shear Zone”.Upper cutoff applied as follows: Shear Zone - 3g/t, Footwall lodes - 10g/t, Wilber Lode - 75g/t. Rounding errors may occur.F

or p

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30km strike of mineralised

“Abernethy Shear Zone”

� Numerous historic workings

and prospects

� Extensive lag Au anomalism

� Numerous historic high-grade

intersections

� Exploration upside – no

systematic Au exploration

since 1997

� Recent aircore drilling

campaigns completed with

numerous high grade results

� Infill drilling in progress

Abbotts (80%)Abbotts (80%)

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Strategic land position amongst

large deposits

� Excellent access and

infrastructure

� Limited effective modern

exploration

� Several highly prospective

prospects

� Lake

� Webbs Patch

� Black Tank Well

� Magnet North

Southern MurchisonSouthern Murchison

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� 100% owned

� 100km strike of mineralised

Yarlbrinda Shear Zone

� Adjacent to Tunkillia

(0.8Moz Au, 1.6Moz Ag)

� No systematic gold exploration

since 1997

� Widespread untested calcrete

anomalism

� Significant historic drill

intersections

� Detailed airmags completed –

numerous structural targets

� PACE funding announced

Nuckulla HillNuckulla Hill

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AppendicesAppendices

COMPETENT PERSONS STATEMENT

The information in this presentation that relates to Exploration Results is based on information

compiled by Heath Hellewell and Allan Kelly. Mr. Hellewell and Mr. Kelly are both Directors of

Doray Minerals Ltd and members of the Australian Institute of Geoscientists and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration

and to the activity which they are undertaking. This qualifies Mr. Hellewell and Mr. Kelly as “Competent Persons” as defined in the 2004 edition of the ‘Australasian Code for Reporting of

Exploration Results, Mineral Resources and Ore Reserves’. Mr. Hellewell and Mr. Kelly consent to

the inclusion of information in this announcement in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources is based on information compiled by Mark Cossom. The information in this announcement that relates to Ore Reserves is

based on information compiled by Peter Bamford. Mark Cossom and Peter Bamford are full-time

employees of Doray Minerals Ltd and are a Member and Fellow of the Australasian Institute of Mining and Metallurgy respectively. Both Mark Cossom and Peter Bamford have sufficient

experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which they are undertaking. This qualifies Mark Cossom and

Peter Bamford as “Competent Persons” as defined in the 2004 edition of the ‘Australasian Code for

Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mark Cossom and Peter Bamford both consent to the inclusion of information in this announcement

in the form and context in which it appears.

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