Saints Nickel Project

The Saints Project hosts the Saint Patricks, Saint Andrews and Western Contact deposits. An Inferred Resource was estimated in May 2017 (JORC 2012) for the Saints deposit of 1.05Mt @ 2.0% Ni for 21Kt contained nickel.

PROJECT HISTORY:
An Inferred Resource of 135,600 t @ 3.7% Ni was calculated in 2006**. No JORC resource has been calculated for the Saint Andrews deposit which remains open to the north, south and at depth. The Western Contact mineralisation was discovered by Breakaway Resources in 2007 and is located some 350 meters west of the Saint Patricks and Saint Andrews deposits.

Minotaur has estimated an exploration target of > 30,000 tonnes Ni at Saints. Minotaur has also identified a number of targets throughout the Scotia Project area to assess through ground geophysics, mapping and drilling (Figure 2).

A resource of 135,600 t @ 3.70% Ni for 5,000 t contained nickel at the St Patricks deposit was estimated by RSG Global for Breakaway Resources in 2006 and classified by the Competent Persons, Mr Ingvar Kirchner and Mr Peter Buck, as an Inferred Resource under the 2004 JORC Code. See Breakaway Resources Annual Report 2006.

**The Inferred Resource has not been updated since to comply with the 2012 JORC Code on the basis that the information has not materially changed since it was last reported. Minotaur confirms it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.