Resources & Energy Symposium

Broken Hill 2012

ASX : MGV

Rob Waugh – Managing Director

Value Opportunity

Seven key elements:

1. Great land package – First mover - Underexplored

2. Huge greenfield potential

3. Strong financial position ~$14.8M cash

4. A strong, experienced team

5. Excellent targets – currently drilling

6. High quality register

7. Value opportunity

Project Location

Moorilyanna Prospect

Large

hydrothermal

Copper, Gold,

Silver footprint

Near surface

regolith

intersections

including:

12m @ 0.20% Cu

10m @ 0.23% Cu

Moorilyanna Near Surface Copper

Two

Mineralised

Copper

Zones

Combined

strike extent

over 8km

Zones up to

80m wide

from surface

Close to Road and Rail

Caprica East Mineralised Copper Zone

Mineralised

Copper Zone

over

>900 metres

strike

Six IP Targets

Co-incident with

Geochemistry

3,000m RC

Drilling

Assays Pending

Inverted

Chargeability Model

Assays Pending

Deering Hills Project Location

Deering Hills Drilling Sulphides Intersected

• Magmatic sulphide within Giles Complex mafics in drilling

• Nickel & Copper sulphide as veinlets and

disseminated ‘blebs’ at surface

• Analogous setting to Voisey’s Bay (136Mt @ 1.6% Ni, 0.8% Cu)

Drilling has confirmed we are in the right environment

Deering Hills New Targets

Diamond Drilling Commenced – Results Pending

15 priority VTEM targets

3 high

conductance anomalies confirmed with ground EM – work continuing

All targets under shallow sand cover

“Target cluster”

Ni, Cu, PGE Anomalies

Deering Hills Pallatu Area

VTEM conductivity image

High conductance targets

Targets marginal to Giles Complex intrusives in areas of thin sand cover

Drilling – awaiting assay results

Shallow , Highly Conductive Targets

Mt Woodroffe Project Location

Mt Woodroffe Targets

New Targets

Twelve priority VTEM targets

Co-incident with Cu, Ni, Co, Pt anomalies in stream sediment sampling

Targets all proximal to Giles Complex intrusives

Explorable Area Doubled

Additional 7,300km2 - Pipeline of Future Opportunities

Huge Land Holding

Largest Landholder in Province with >50,000km2

Effective Exploration

Systematic testing of high quality Tier 1 targets – Multiple projects

Currently drilling – results awaited

Majority 100% owned

MGV – Experienced operators

Effective / systematic exploration

ACTIVITY May Jun Jul Aug

Airborne Surveys

Geological Mapping

Geochemistry

Gravity

Ground EM

Drilling

Active Exploration

Maximising the Probability of Success

New Areas, Concepts

& Technology • Camp scale target areas

New tenement grants

• New geological framework

• VTEM & Gravity 3D

• Geochemistry advances

• Ground EM & IP

• Vacuum drilling

• Niton

• Links with CET, Adel Uni

= NEW TARGET AREAS

Project

Areas • Deering Hills

• Mimili

• Mt Woodroffe

• Mt Woodward

• Bryson Hill

Drill Targets • Moorilyanna

• Caprica East

• Caprica West

• Picon

• Deering Hills

• Pallatu

• Valen

• Galen

• Ulkesh

Prospects • Moorilyanna

• Pallatu

Advanced

Projects

Target Generation

Target Definition Target

Testing Prospect Identification

Advanced

Project

Concept

Studies

Commodity Focus Copper, Nickel, Gold

Strategy 100% MGV

Province Scale Landholding

First Mover

Ability to make the major

discovery

Keys Search Space

People

Funding

Process

Experienced Management & Technical Team

Graham Ascough BSc, MAusIMM, PGeo (Non-Executive Chairman) Geoscientist with >20 year’s exploration experience (Ex Falconbridge)

Robert Waugh MSc, BSc, MAusIMM, MAIG (Managing Director) Geologist with >20 years of exploration experience (Ex WMC & BHP) including 9

years in the Musgrave region

Kelly Ross BBus, CPA, GradDipCSP (Non-Executive Director) Accountant and Chartered Secretary with over 25 year’s experience in the mining

industry

John Percival (Non-Executive Director) Over 25 year’s experience in broking, investment and merchant banking including

15 years as investment manager of Barclays Bank New Zealand Limited

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Donald Stephens BA(Acc), FCA (Company Secretary) Chartered Accountant with over 25 year’s experience as a corporate adviser across

various industry sectors including mineral exploration

Justin Gum PhD, MAIG (Exploration Manager) Geologist >19 years of exploration experience including manager of PIRSA’s

Musgrave Team

Institutions 9%

Cornerstone Investors

36%

Directors 5%

Other Investors

50%

Fully Diluted

Corporate Snapshot & Share Structure

Shares on Issue 121 Million

Share Price (17th May 2012) $0.08

Cash on Hand (31st March 2012) ~$14.8M

Debt $0

Market Cap. (@8c) $9.7M

Enterprise Value -----

Options on Issue Expiry Ex. Price Number

Total 2016-17 $0.25 - $0.50 16,025,000

Currently trading below cash backing

Cash Backing ~12c

Corporate Snapshot & Share Structure

* The top 20 shareholders hold 54.3%

Top 10 Shareholders % Holding

Mithril Resources Investments Pty Ltd 7.7

Independence Group NL 7.5

Goldsearch Ltd 7.2

Acorn Capital Ltd 6.4

Barrick (Australia Pacific) Limited 5.0

Integra Mining Limited 4.6

JP Morgan Nominees Australia Ltd CI A/C 4.4

Argonaut Resources NL 2.1

Mr WD Goodfellow 1.3

Mr SH Koppe 1.0

47.2%

as at 17th May 2012

Listed on ASX April 29th, 2011 ASX Code : MGV

121M Shares 41M (36%) held by Cornerstone Investors …………..of which 32

million escrowed for 12 months

The Opportunity

In a very prospective under-explored region, MGV has :

1. Province scale landholding

2. Huge greenfield potential

3. Excellent targets

4. A strong, experienced team

5. Strong financial position (cash)

6. A high quality register

Disclaimer This presentation has been prepared by Musgrave Minerals Limited (Musgrave Minerals). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Musgrave Minerals has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Musgrave Minerals. Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, Musgrave Minerals. In particular, they speak only as of the date of this document, they assume the success of Musgrave Minerals strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based. Recipients of this document (Recipients) are cautioned to not place undue reliance on such forward-looking statements. Musgrave Minerals makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. To the extent permitted by law, Musgrave Minerals and its officers, employees, related bodies corporate and agents (Agents) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Musgrave Minerals and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts in A$ unless stated otherwise.

Competent Person’s Statement The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Robert Waugh. Mr Waugh is Managing Director of the Company and is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a member of the Australian Institute of Geoscientists (AIG). Mr Waugh has sufficient industry experience 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’. Mr Waugh consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.