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Moving to the next level A clear pathway to delivering substantial increases in production and mine life

August 2017 / Peter Cash, Chief Executive Officer

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Disclaimer

This presentation contains only a brief overview of Millennium Minerals Limited (“Millennium”). The contents of this

presentation, including matters relating to the geology of Millennium’s projects, may rely on various assumptions and

subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any

independent verification.

This presentation contains a number of forward looking statements. Known and unknown risks and uncertainties, and

factors outside of Millennium’s control, may cause the actual results, performance and achievements of Millennium to

differ materially from those expressed or implied in this presentation.

To the extent permitted by law, Millennium does not warrant the accuracy, currency or completeness of the information in

this presentation, nor the future performance of Millennium, and will not be responsible for any loss or damage arising

from the use of information.

The information contained in this presentation is not suitable for detailed investigation or analysis of any particular issue.

Current and potential investors and shareholders should seek independent advice before making any investment

decision in regard to Millennium or its activities.

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Company Overview – Investment Overview

Debt-free Australian gold miner set for next chapter of growth

Currently producing ~80,000oz pa with strong free cash generation

Existing 1.3Moz Resource inventory set to underpin significant increase in mine life and production

Studies underway to deliver a step-change increase in production and mine life

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Corporate Overview

Shares on Issue

780.9M

Market Cap (at 19cps)

~$150M

Cash at 30 June ’17

$27.7M

Key Shareholders

ASX Code

MOY

Debt

NIL

Board

Greg Bittar Non Executive Chairman

Peter Lester Non Executive Director

Tim Kennedy Non Executive Director

Michael Chye Non Executive Director

Management

Peter Cash Chief Executive Officer

Dean Will Chief Operating Officer

Richard Hill Chief Financial Officer

Asareh Mansoori General Manager - Operations

ASX Index

All Ords

Nullagine Operations

► Evolving mining strategy

► Investing in future growth

Our Growth Platform – Taking Millennium to the Next Level

Exploration

► $22M exploration commitment for 2017

► Outstanding success to date

Moving Underground

► First UG resource at Bartons and

assessment of further UG potential at

several other deposits

Expansion Study

► Unlock +850,000oz fresh Mineral

Resource

► Processing breakthrough

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Nullagine Project – Poised for Next Chapter of Growth

Golden Eagle Processing Plant

► Expansion study now well advanced aimed at processing

pathway for +850,000oz fresh mineral resource inventory

► All 30+ deposits remain open at depth, providing further

scope to increase mine life and production

► Major ongoing investment in exploration – $22M expenditure

commitment for CY 2017

► Significant investment in upgrading existing infrastructure for

long-term growth beyond current LOM

► Expansion study due for completion by end CY17: significant

potential to grow inventory, production rates and mine life

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► Appointment of highly-regarded Chief Operating Officer and GM –

Operations

► Shift change focus on mining larger, longer-term ore sources from

smaller, shorter-term satellite open pits:

► Operational and capital efficiencies

► Reduced mining costs

► Single large cut-back at Bartons currently underway replaces multiple

satellite deposits in previous mining schedule

► Strong ongoing investment in exploration and expansionary studies

aimed at significantly increasing mine life

Plant and Infrastructure Improvements

► Increased focus on plant maintenance and critical spares inventory in

preparation for treating higher grade, fresh ores from Bartons and Majuba Hill

► $6M Tailings Storage Facility (TSF) upgrade for mine life extensions

► Camp expansion from 150 to 250 personnel (Stage 1, 200-room expansion now

complete)

Investing in the Future – People, Mining Strategy, Infrastructure

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► Five Mining Centres defined with +40km

strike length and +30 targets

► Drilling YTD for 2017 of over 150,000m

and 220,000 completed in 2016

► Initial focus has been on targeting

incremental oxide ounces:

► Near-mine, shallow targets including

extensions adjacent to existing pits

► New brownfields discoveries

► Immediate success with 48% increase in

Ore Reserves (after mining depletion) to

186koz as at December 31 2016

► While oxide exploration is continuing

aggressively, Millennium is also

progressing an exciting new growth

opportunity at Nullagine…

Nullagine Project – Exploration Driving Growth

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NEW DESIGN

Fresh Mineral Resources – The Fresh Opportunity

► Nullagine Mineral Resource includes ~850,000oz contained in fresh resources (at December 2016)

► Excludes maiden Bartons Underground Mineral Resource (475,000t at 5.3g/t for 80,400oz)

► Recent metallurgical tests have delivered a major breakthrough, showing that portions of the fresh

material can be processed in existing CIL plant and the rest in a conventional flotation circuit with high

recoveries

► Recoveries of up to 90% were achieved on fresh material from three deposits, Bartons, Shearers and

Majuba Hill:

► Free-milling material which can be processed via existing CIL plant

► Recoveries of up to 90% achieved from Golden Gate, Little Wonder and Golden Eagle deposits:

► Using conventional sulphide flotation techniques to produce a precious metal concentrate

Mineral Resource Category

Million Tonnes (Mt) Grade (g/t Au) Thousand Ounces (Koz) Incl. Ounces in Fresh

(Koz)

Measured 11.02 1.3 459.7 283

Indicated 11.37 1.3 470.1 270

Inferred 9.37 1.2 350.6 294

Total 31.76 1.3 1,280.4 847

December 2016 Mineral Resource estimate – Including Ounces in Fresh

Results offer potential to unlock value from the existing 850,000oz of fresh material in current Mineral Resource inventory

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► Millennium has engaged with leading external

consultants (DRA, OMC, Kyspy & Veritas

Metallica)

► Preferred plant configuration now established

► Integrated CIL and flotation circuit rather than

standalone 0.5Mtpa flotation circuit as previously

contemplated

► Delivers maximum flexibility in processing all

potential ore types – throughput of 1.5Mtpa

achievable when treating fresh ores only

► Increased throughput delivers significantly lower

operating costs = lower cut-off grades

► Test work shows that precious metals sulphide

concentrate up to 60g/t Au can be produced

► Capital cost estimated in the range of $40-46M

including contingency

► Re-optimisation of entire Mineral Resource

inventory underway to underpin next stage of

expansion study

Conceptual Flowsheet Design

Processing Breakthrough – The Game-Changer

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► Short Term (September Quarter)

► Further metallurgical/resource drilling and testwork on the Golden Eagle and

Golden Gate deposits

► Production of flotation concentrate to obtain samples for marketing of

concentrates – marketers engaged

► Assessment of additional underground opportunities and Completion of Processing Expansion Study

► Issue requests for tenders for engineering work and feasibility studies

► Medium Term – Feasibility Study (December Quarter)

► Further drilling of potential fresh ore sources and update of resource models

► Further open pit and underground mining studies

► Marketing and transport logistics for concentrate

► Finalisation of operating and capital cost estimates

► Revised LOM plan to underpin investment decision

Processing Breakthrough – Next Steps

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Going Deeper at Nullagine – Fresh Ore, Fresh Opportunities

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► Scope for substantial increase in Mineral Resource with extensive mineralisation beneath all known resources

► Extensive drilling program already underway to potentially grow fresh ore inventory below several deposits

► Conceptual underground studies well advanced on several deposits with more to come

► Leading global mining consultants Entech engaged to undertake all underground mining studies

► First-pass evaluation also shows that some of the fresh Resources can be accessed by larger open pit cut-backs

Going Deeper at Nullagine – Fresh Ore, Fresh Opportunities

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Bartons – The First Significant Fresh Ore Opportunity

► First pass results from deep drilling

provided significant encouragement to

pursue cut-back and assess

underground potential:

► 16m @ 5.91g/t incl. 2m @ 31.95g/t

► 8m @ 11.56g/t incl. 3m @ 29.63g/t

► 6m @ 12.69g/t incl. 2m @ 32.42g/t

► 4m @ 18.6g/t incl. 2m @ 36.19g/t

► 8m @ 9.13g/t incl. 3m @ 22.41g/t

► Major pit cut-back now underway to

access ~25,000oz of high-grade

material (~2.15g/t Au) – exceeds

current run-of-mine grade

Recent testwork has confirmed that deeper fresh ore at Bartons is free-milling and can be treated through the existing CIL plant with recoveries of up to 90%

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Bartons – The First Significant Fresh Ore Opportunity

► Outstanding thick, high-grade results

from recent deeper drilling, including a

standout intercept of:

► 41m at 6.02g/t Au, including 2m @

87.47g/t and 1m @ 167g/t

► All holes have successfully intersected

the main ore zone and continue to

define extensions of the mineralization

both along strike and down-plunge

► Results confirm potential to

establish underground mining

operation

Recent drilling has demonstrated that Bartons mineralised system extends at depth, with three steeply-plunging lodes coalescing at depth

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Bartons – The First Significant Fresh Ore Opportunity

Bartons is rapidly emerging as Millennium’s first underground mining opportunity at Nullagine

► Phase 1 underground Mineral

Resource:

► 475,900t at 5.3g/t Au for 80,400oz

► Resource calculated to a nominal

depth of 200m, with mineralisation

remaining open at depth and along

strike

► Conceptual underground mine design

already completed by leading global

mining consultants Entech Pty Ltd

► High-level studies underway to

determine optimum development

pathway

► Conceptual underground mine design

and schedule to be refined as new

drillings results come to hand

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► Scope to significantly upgrade MRE

along strike and at depth following

recent high grade drilling results

including:

► 41m @ 6.02g/t Au incl. 2m @

87.47g/t Au

► 3m @ 8.48g/t Au incl. 2m @

11.40g/t Au

► 3m @ 8.52g/t incl. 2m @ 11.95g/t

Au

► 7m @ 3.28g/t Au incl. 1m @

8.18g/t Au

► Drilling to continue this quarter to

test for both strike and depth

extensions to grow MRE

► Commitment to commence first

underground operation at Nullagine

to be made during December

Quarter

Bartons – The First Underground Opportunity

Commitment to first underground mining operation at Nullagine to be made during the December 2017 Quarter

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Golden Gate – Another Emerging Opportunity

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Golden Gate – Another Emerging Opportunity

► Deep drill results include 12m @ 8.96g/t, 9m @ 6.63g/t, 16.8m @ 4.09g/t

► Grades and widths consistent with those required for underground operations

Recent testwork has confirmed that deeper mineralisation at Golden

Gate can be processed using conventional sulphide flotation

techniques.

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Golden Gate – ABC Reef Complex

► Three high grade Resources

all leveraging a shared

decline tunnel

► Offers significant cost benefit

► Fresh resources at Golden

Gate can be processed using

standard flotation techniques.

► Entech has commenced

preliminary assessment of

underground mining

economics

► In-fill drilling ongoing to

establish JORC Mineral

Resource and test for strike

and depth extensions

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► Oxide exploration has been

highly successful and will

continue to remain a key focus

► Drilling to grow inventory and

mine life continues to deliver

thick, high-grade intersections

across multiple prospects

► Exploration budget recently

increased from $15M to $22M

for CY2017

► +200,000m of drilling planned

with up to 5 rigs operating

throughout the year

► 4 RC Rigs and 1 diamond rig

now on site

Oxide Exploration – Remains a Key Priority

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► Since recommencement of exploration last year, key focus has

been on targeting incremental oxide ounces:

► Near-mine, shallow targets including extensions adjacent to

existing pits and;

► Brownfields targets within existing mining camps

► Exploration focus has now shifted towards a fully integrated

mineral systems approach to:

► Unlock key drivers for gold mineralisation & transient fluid

pathways at Nullagine

► Define important geologic features controlling mineralisation

at the regional, camp and deposit scales

► Evidence thus far indicates gold mineralisation is late in the

structural history of the Mosquito Creek belt

► Extensive areas yet to be tested below 20 meters across the

entire belt

► In collaboration with recognised leading industry experts, a

complete step change in our targeting approach is underway

Evolving Exploration Strategy – Mineral Systems Approach

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Exploration Project Pipeline

Resource Definition:

Indicated resources/ reserves

Exploration drilling:

Inferred Resources

Reconnaissance drilling:

First pass programs – test workings, geological concepts or anomalies

PROJECTS

All Nations, Roscoes,

Golden Eagle, Majuba Hill,

Bartons cutback

Bartons UG, Billjim South,

Shearers, Condor

Northwest, Mundalla,

Mustang, Golden Eagle 3B

and 3C, AU81 West

Little Annie, Golden Gate

UG, Buzzard, Eureka, Red

Ensign, Hopetoun North,

Golden Eagle South,

Junction West

Camel Creek, Golden Eagle

SW

Vulture, Valley of the Giants,

Footrot Flats, Soil anomaly

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STAGE

S4

S3

S2

S1

PG

Reserve

Optimisation

Project Generation

mapping, conceptual studies

Mineralised intercept

Strike and dip defined

Optimised reserve

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Five-Mile Creek Mining Centre – Majuba Hill

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Five-Mile Creek Mining Centre – Majuba Hill

► Initial maiden Mineral Resource of 31.5koz Au from drilling completed in 2016

► Follow-up drilling to test for parallel structures and extensions returned further high grade results including: ► 10m @ 13.42 g/t Au incl. 7m @ 18.22 g/t Au (FMX1423)

► 17m @ 5.54 g/t Au incl. 5m @ 15.14 g/t Au (FMX 1433)

► 4m @ 12.44 g/t Au incl. 1m @ 48.20 g/t Au (FMX1450)

► Mining to commence in early August and is expected to yield ~14,000oz at 1.91 g/t Au

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Golden Gate Mining Centre – Condor high-grade extension

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Golden Gate Mining Centre – Condor high-grade extension

► Drilling along strike from the Condor deposit

has defined a high grade extension to

known mineralisation

► Results include:

► 10m @ 14.52g/t Au incl. 5m @ 26.61g/t Au

► 7m @ 11.14g/t Au from 28m incl. 4m @ 18.33g/t Au

► 3m @ 25.16g/t Au from 18m incl. 1m @ 73.1g/t Au

► 8m @ 5.48 g/t Au from 59 m incl. 2m @ 7.37 g/t Au

► These results confirm the continuity of the

near-surface mineralisation

► Mineralisation remains open at depth and

along strike

► Additional drilling to follow-up these highly

encouraging results will commence during

the September Quarter.

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Camel Creek Mining Centre – Little Wonder Deposit

► Mining from a series of small,

shallow open pits completed in

2016

► Drilling program undertaken to in-fill

the gaps and test for depth extents.

► High grade results included :

► 8m @ 101.42g/t Au from 21m

including 3m @ 265.00g/t Au

► 13m @ 5.72g/t Au from 35m

including 1m @ 60.10g/t Au

► 12m @ 4.45g/t Au from 34m

including 1m @ 41.40g/t Au

► 8m @ 6.29g/t Au from 52m

including 2m @ 21.84g/t Au

► Planning to test for both depth and

strike extents of the high grade

mineralisation underway

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Camel Creek Mining Centre – Little Wonder Deposit

► Mining from a series of small,

shallow open pits completed in

2016

► Drilling program undertaken to in-fill

the gaps and test for depth extents.

► High grade results included :

► 8m @ 101.42g/t Au from 21m

including 3m @ 265.00g/t Au

► 13m @ 5.72g/t Au from 35m

including 1m @ 60.10g/t Au

► 12m @ 4.45g/t Au from 34m

including 1m @ 41.40g/t Au

► 8m @ 6.29g/t Au from 52m

including 2m @ 21.84g/t Au

► Planning to test for both depth and

strike extents of the high grade

mineralisation underway

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Camel Creek Mining Centre – Roscoes Reward Deposit

► Drilling completed to test for parallel mineralised structures between Little Wonder and Roscoe’s Reward

► Also to test for strike extensions to the known mineralisation at Roscoes Reward

► Results include:

► 4m @ 11.66g/t Au from 44m

► 15m @ 2.02 /t Au from 34m

► 11m @ 2.86g/t Au from 8m

► Drilling completed to test depth and strike extents of the high grade mineralisation

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Camel Creek Mining Centre – Significant Potential at depth

► Metallurgical test work conducted on deeper mineralisation from the Camel Creek mining centre show high recoveries using conventional sulphide flotation techniques

► First-pass deeper drilling to test for depth extensions beneath the Roscoes Reward and Little Wonder pits completed – drill testing of Junction extensions underway

► Results demonstrates mineralisation is continuous and gets significantly wider at depth

► Assessment underway for a potential large scale open pit operation across the Little Wonder, Roscoes Reward and Junction as base-load feed for flotation plant

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Millennium – Key Investment Takeaways

Nullagine Gold Project generating consistent production and cash-flows (75-80koz for CY 2017)

Strong balance sheet maximises free cash-flow and minimises risk – no debt

Improved mining strategy delivering benefits – focusing on larger, more sustainable ore sources

Expansion study well advanced – processing breakthrough set to unlock +850,000oz inventory

First-ever underground resource completed – more to come as drilling and studies advance

Nullagine now moving rapidly to the next level – unlocking the significant value of the fresh resources

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Moving to the next level A clear pathway to delivering substantial increases in production and mine life

August 2017 / Peter Cash, Chief Executive Officer

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Competent Person’s Statement

The information in this presentation relating to exploration results from the Nullagine project has been extracted from various Company

announcements and are available to view at www.millenniumminerals.com.au.

The information in this presentation relating to Mineral Resources or Ore Reserves is extracted from the announcements titled:

1. Mineral Resources and Ore Reserve Statement dated 15 February 2017; and

2. Growth strategy gains momentum with maiden underground Resource dated 7 August 2017,

and are available to view at www.millenniumminerals.com.au.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the results and estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings as presented have not been materially modified from the original market announcement.