Investor Presentation - December 2025

ASX: MEX | NZX: MEX INVESTOR PRESENTATION– DECEMBER 2025
Brownfields Exploration in New
Zealand’s Hauraki & Otago Goldfields
Waitekauri located in major Hauraki gold system near Waihi
Drilling commenced at flagship Waitekauri Gold Project
Historic Jubilee underground trench results incl. 13m @ 80g/t Au

Minerals Exploration Limited ASX:MEX | NZX:MEX
DISCLAIMER
2
Nature of Document
The purpose of this presentation is to provide general information about
Minerals Exploration Limited (ABN 85 650 124 324) (MEX) which is current
as at the date released unless otherwise specified. It is information in a
summary form and does not purport to be complete. The information in this
presentation should be read in conjunction with MEX ’s other
announcements lodged with the ASX.
No Advice or Offer
This presentation is presented for informational purposes only. It does not
constitute an offer, invitation, solicitation or recommendation or advice with
respect to the issue, purchase, or sale of any securities or other financial
products in MEX . It is not intended to be, and is not, a prospectus, product
disclosure statement, offering memorandum or private placement
memorandum for the purpose of Chapter 6D of the Corporations Act 2001.
It is not recommended that any person makes any investment decision in
relation to MEX based solely on this presentation. This presentation does
not necessarily contain all information which may be material to the making
of such a decision. Any investor should make its own
independent assessment and determination as to MEX ’s prospects prior to
making any investment decision and should not rely on the information in
this presentation for that purpose. This presentation does not constitute an
offer to sell, or the solicitation of an offer to buy, any securities in the
United States or to any “US person” (as defined in Regulation S under the
US Securities Act of 1933, as amended (Securities Act)) (US Person).
Securities may not be offered or sold in the United States or to US Persons
absent registration or an exemption from registration. MEX ’s shares have
not been, and will not be, registered under the Securities Act or the
securities laws of any state or jurisdiction of the United States. This
presentation is not for distribution directly or indirectly in or into the United
States or to US Persons.
Except for statutory liability which cannot be excluded, MEX as well as its
officers, employees and advisers expressly disclaim any responsibility for
adequacy, accuracy, reasonableness or completeness of the material
contained in this presentation and exclude all liability whatsoever (including
in negligence) for any loss or damage which may be suffered by any person
as a consequence of any information in this presentation or any error or
omission therefrom. MEX accepts no responsibility to update any person
regarding any inaccuracy, omission or change in information in this
presentation or any other information made available to a person nor any
obligation to furnish any person with any further information.
Disclaimer/Forward Looking Information
This presentation contains certain forward-looking statements, guidance,
forecasts, estimates, prospects and projections in relation to future matters
that may involve risks or uncertainties and may involve significant items of
subjective judgement and assumptions of future events, which as at the
date of this presentation are considered reasonable, but that may or may
not eventuate (Forward Looking Statements). Forward Looking Statements
can generally be identified by the use of forward-looking words such as,
‘anticipate’, ‘estimates’ ‘will’, ‘should’, ‘could’, ‘may’, ‘expects’, ‘plans’,
‘forecast’, ‘target’ or similar expressions and may include, without limitation,
statements regarding plans, strategies and objectives of management,
anticipated production and expected costs. Indications of, and guidance on
future earnings, cash flows, costs, financial position and performance are
also Forward-Looking Statements.
Persons reading this presentation are cautioned that such statements are
only predictions, and that actual future results or performance may be
materially different. Forward Looking Statements, opinions and estimates
included in this presentation are based on assumptions and contingencies
which are subject to change, without notice, as are statements about
market and industry trends, which are based on interpretation of current
market conditions. Forward Looking Statements are provided as a general
guide only and should not be relied on as a guarantee of future
performance.
Forward Looking Statements are subject to known and unknown risks,
uncertainties and other factors that may cause the Company’s actual
results, level of activity, performance or achievements to be materially
different from those expressed or implied by such forward looking
information. No representation or warranty, express or implied, is made by
MEX that any Forward-Looking Statement will be achieved or proved to be
correct. Further, MEX disclaims any intent or obligations to update or revise
any Forward-Looking Statements whether as a result of new information,
estimates or options, future events or results or otherwise, unless required
to do so by law.
This presentation contains information relating to exploration results and
mineral resources reported by third parties in respect of projects located in
proximity to the Company’s tenements. Such information is provided for
illustrative purposes only and should not be interpreted as an indication
that similar results will be achieved on the Company’s tenements. The
Company has no interest in the neighbouring projects referred to and has
not independently verified the accuracy, reliability or completeness of the
third-party information. Mineralisation on projects in proximity to the
Company’s tenements is not necessarily indicative of mineralisation within
the Company’s own holdings.
JORC 2012 Competent Persons Statement
The information in this Report that relates to Exploration Results is based
on information compiled by Mr Peter Zitnan, who is a Member of the
Australian Institute of Geoscientists. Mr Zitnan, who is Director of Otagold
Limited, 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
2012 edition of the ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’. Mr Zitnan consents to the inclusion in
this Report of the matters based on the information in the form and
context in which it appears.
The information in this presentation that relates to Exploration Results is
extracted from the ASX announcements dated:
4 November 2025 - High Grade Rock Chip Assays Confirm Major Gold
Potential
13 October 2025 - Drilling Commenced at Waitekauri Gold Project
1 September 2025 - Waitekauri drilling set to commence
27 June 2025 - High Grade Rock Chips at flagship Waitekauri Gold Project
19 May 2025 - Transformational NZ Gold Projects Acquisition
which are available at www.mineralsexploration.com.au
. MEX confirms that
it is not aware of any new information or data that materially affects the
information included in the original announcements and that all material
assumptions and technical parameters underpinning the Exploration Results
in the original announcements continue to apply and have not materially
changed. MEX confirms that the form and context in which the Competent
Persons’ findings are presented have not been materially modified from the
original announcements.
Investor Presentation - December 2025

Minerals Exploration Limited ASX:MEX | NZX:MEX
3
•Historically, New Zealand’s strict regulatory environment has
curbed exploration budgets and activity for decades
•As a result, much of the vast highly-prospective tenure has
never been exposed to modern exploration
•NZ today has a pro-development, pro-mining Government and
significantly faster approval process to attract investment
•MEX’s gold projects are in Tier-1 locations and home to well
established multi-million-ounce mineralised systems which
underpin major producers - OceanaGold ~$7.3b market cap
1
•This favourable environment (fast-track approvals for mining)
and recent exploration successes are driving new interest
NEW ZEALAND: THE LAND OF THE LONG
GOLD OPPORTUNITY
1
CAD as at 24/11/2025 - Source: https://investors.oceanagold.com/share-prices
Investor Presentation - December 2025

Minerals Exploration Limited ASX:MEX | NZX:MEX
NZ NOW LEADS KEY AUS MINING STATES ON FRASER INST. RANKINGS
4
FRASER INSTITUTE – JULY 2025
INVESTMENT AND ATRACTIVENESS INDEX – AUS & OCEANIA
Investor Presentation - December 2025

Minerals Exploration Limited ASX:MEX | NZX:MEX
CORPORATE SNAPSHOT
Shares on Issue
5
189M
Cash $A
~$5M
Enterprise Value
1
$31M
Options
2
/Performance Rights
3
18M
1
As at 28 November 2025, based off a share price of 19c
2
Includes unlisted options expiring at various dates, all are exercisable at 20c or 30c
3
Total includes: 950,000 Class B performance rights, 2,500,000 Consideration performance rights, 3,550,000 Director Incentive performance rights
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
0
0.05
0.1
0.15
0.2
0.25
0.3
1/07/20251/08/20251/09/20251/10/20251/11/2025
Millions
Share price (A$)
VolumeShare price
Investor Presentation - December 2025

Minerals Exploration Limited ASX:MEX | NZX:MEX
EXPERIENCED BOARD AND MANAGEMENT
6
KEY MANAGEMENT / TECHNICAL TEAM
Peter Zitnan
NZ Based CEO / Chief Geologist
Peter is a geologist with 20 years’ experience in exploration for
porphyries and epithermal gold deposits around the world. He was
involved in discovery of +1Moz Au porphyry deposit (Biely Vrch) in
Slovakia and has 5 years production experience from the Rozalia
gold mine in Slovakia.
Jason Beckton
Otagold Director / Technical Advisor
Jason has been working as a geologist for 30 years. He has extensive
experience in the Australian gold industry, including in management
roles. He is currently Managing Director of Prospech Ltd (ASX: PRS)
and Non-Executive for Lode Resources (ASX:LDR), American Rare
Earths (ARR) and Cipango Japan (unlisted).
BOARD OF DIRECTORS
Brett Mitchell
Executive Director
Mr Mitchell is an experienced corporate
finance executive with over 25 years of
experience in venture capital and equity
capital markets, leading transactions in
the mining, energy and life sciences
sectors. He is currently Executive Chair
of Javelin Minerals (ASX:JAV).
Alex Passmore
Non-Executive Director
Mr Passmore is a qualified geologist
and experienced corporate executive
having led many project acquisitions,
divestments and fund raisings in the
junior and mid cap resources sector
over the past 20 years.He is currently
Managing Director of New Murchison
Gold (ASX: NMG).
Norman Seckold
Chairman
Peter Nightingale
Non-Executive Director
Mr Seckold is an experienced mining
executive who has spent more than
40 years in the full-time management
of natural resource companies, both in
Australia and overseas. He is currently
Executive Chair of Nickel Industries
(ASX:NIC), Alpha HPA (ASX: A4N).
As a director or company secretary Mr
Nightingale has, for more than 35 years,
been responsible for the financial control,
administration, secretarial and in-house
legal functions of a number of private and
public listed companies in Australia and the
USA including Bolnisi Gold N.L. and Nickel
Industries (ASX: NIC).
Investor Presentation - December 2025

Waitekauri – Tier 1 Brownfields
Gold Project

World Class Hauraki Goldfield

Minerals Exploration Limited ASX:MEX | NZX:MEX
8
WAITEKAURI GOLD PROJECT – COMPELLING
BROWNFIELDS OPPORTUNITY
•MEX owns 100% of four brownfields NZ gold exploration projects in
North (epithermal) and South (orogenic) Island gold belts
•Flagship asset is Waitekauri Gold Project – only 8km west of
OceanaGold Corporation’s (OGC) Waihi gold mine (+12Moz Au), and
4.5km southwest from OGC’s WKP (2.2Moz Au @ 14.3g/t) discovery
•Waitekauri is within the Hauraki Goldfield, sits in a NE/SW heavily
mineralised Au belt hosting three other +1Moz Au deposits
•Extensive epithermal gold mineralisation and numerous drilling
targets already identified at Waitekauri for maiden drill program
•Waitekauri historical production ~29koz at 48g/t Au+Ag (bullion)
•South Island orogenic gold projects – Invincible and Oturehua –
Oturehua is only 20km from Santana’s 2.2Moz Bendigo-Ophir and
50km from OGC’s Macraes
•Highly successful mining executive Norm Seckold is the largest MEX
shareholder and also Chairman
Investor Presentation - December 2025

Minerals Exploration Limited ASX:MEX | NZX:MEX
WAITEKAURI GOLD PROJECT OVERVIEW
•Waitekauricomprises58km
2
of highly prospective ground inthe rich Hauraki
Goldfield – over 160 years of gold production, 50 epithermal mines
•Historical production from Hauraki Goldfields of +15Moz Au and 60Moz Ag
3
•Located adjacent to four +1Moz Au-Ag deposits (Waihi, WKP, Golden Cross,
Karangahake) and on the NE/SW mineralised trend of three +1Moz Au-Ag
deposits – WKP, Golden Cross,Karangahake
•Waihi has well established mining infrastructure and skilled workforce
•Located along strike from both of OGC’s Golden Cross and WKP (2.2Moz Au)
deposits, where latest drilling extended known mineralisation towards
Waitekauri’s northern boundary
1,2
•Waitekauri has threehigh priority gold prospects – Jubilee, Scotia, Sovereign
•Historical production from Jubilee –29koz Au+Ag bullion@ 48g/t Au+Ag
4
9
Multi-million-ounce opportunity in world-class goldfield
Overview
1
https://oceanagold.com/operation/waihi/
2
https://oceanagold.com/operation/resources-and-reserves/
3
Christie, A.B., et al., 2007
:
Epithermal Au-Ag and Related Deposits of the Hauraki Goldfield, Coromandel
Volcanic Zone, New Zealand, Economic Geology, 102 (5): 785–816.
4
Downey, J.F., 1935, Gold mines of the Hauraki district: Wellington, NewZealand, Government Printer, 315 p.
Investor Presentation - December 2025

Minerals Exploration Limited ASX:MEX | NZX:MEX
WAITEKAURI GOLD PROJECT OVERVIEW
•Waitekauri Gold Project priority prospects on private farmland and active
forestry operations - permitting and approval processes for drilling fast-tracked
•Recent discovery by OGC in 2017- WKP deposit along known
NE/SW structural trend – 2.2Moz Au @ 14.3g/t Au & 3.1 Moz Ag
1
•OGC announced recent exploration results at WKP, with step out holes on
structure towards Waitekauri including:
13.9m @ 25.8g/t Au, 1.8m @ 108g/t Au and 3.2m @ 19.7g/t Au
2

4m @ 43.8g/t Au, 8m @ 11.8 g/t Au and 6m @ 14.7 g/t Au
3
•At Jubilee only 10 holes have been drilled along the strikeand only 3holes to
> 250m vertical depth- cannot be viewed as drill tested
Strong start by MEX
•Drilling commenced at Waitekauri in October 2025, following from recent assays
up to 18g/t Au from first rock chips – included visible gold
•Block modelling from historical data including UG channel samples from Jubilee
include 24.0m @ 45g/t Au, 13m @ 80g/t Au, 23.0m @ 42g/t Au
4
10
High grade along strike from WKP 2.2Moz Au discovery
1
https://oceanagold.com/operation/resources-and-reserves/
2
https://investors.oceanagold.com/2025-11-25-OceanaGold-Extends-High-Grade-Mineralization-at-
Wharekirauponga-and-Receives-Draft-Decision-and-Conditions-to-Approve-the-Waihi-North-Project
3
https://investors.oceanagold.com/2025-06-25-OceanaGold-Extends-Strike-Length-at-
Wharekirauponga
4
MEX ASX release dated 1 September 2025
Investor Presentation - December 2025

Minerals Exploration Limited ASX:MEX | NZX:MEX
Drilling began at Scotia South on 11 October 2025, with
the rig now drilling the Scotia gold prospect before moving
straight into a multi-hole program at the priority
brownfields Jubilee gold project.
•Access to morethan NZ$5 millionexploration work
completed historically
•Resampling of the historical drillcore from Jubilee by
previous operator Laneway Resources identified new Au
rich zone interpreted as a blind ore shoot
1
•ML-18 (170.5-170.8m) 0.3m @ 521g/t Au – approx. 50m,
parallel to historically stoped Jubilee vein
1
•3,000m diamond drilling program designed and
permitted
•Significant potential identified at depth and along strike
11
Exploration Target – Bonanza style Au-Ag
low sulphidation veins
DRILLING UNDERWAY AT
SCOTIA, JUBILEE TO FOLLOW
Investor Presentation - December 2025
1
Laneway Resources Limited Annual Report 30 June 2021, page 14

Minerals Exploration Limited ASX:MEX | NZX:MEX
WAITEKAURI – HIGH GRADE
UNDERGROUND TRENCHING
•Historical underground trenching along the vein at
Jubilee by Cyprus Gold NZ in 1991 delivered
significant high grade assay results including
1
:
Channel_JU28: 13.0m @ 80g/t Au
Channel_JU27: 24.0m @ 45g/t Au
Channel_JU22:23.0m @ 42g/t Au (shown in image
to the right)
•Historical production at Waitekauri graded 48g/t
Au+Ag (bullion)
•Drilling targeting will be based on the historical
mining, historical Cyprus trenching results and
recent strong rock chip assays including 18.4g/t Au
12
1
MEX ASX release dated 1 September 2025
Investor Presentation - December 2025

Minerals Exploration Limited ASX:MEX | NZX:MEX
13
EP31021 Waitekauri
DRILLING AT FLAGSHIP WAITEKAURI GOLD PROJECT COMMENCED
Target – bonanza style Au-Ag low sulphidation veins
Hole IDEastingNorthingRLAzi TDipTD (m)Primary Target
TGW0011845068585876818360-45250South of Scotia. Subcropping epithermal qtz
TGW00218451635859184233328-80250Scotia central – historical high grades
TGW00318442195859497319134-44150High grade channel samples in Jubilee vein at ~70m
TGW00418442195859497319200-75300Depth extent of Jubilee vein at 170m
TGW00518442195859497319205-50300ML-18 bonanza grade at 240m
TGW00618442685859578310120-50180Jubilee vein at 120m
TGW0071844359585967731198-52200Jubilee vein at 150m
TGW00818444515859781290115-75250Depth extension at 190m
TGW00918445505859934280120-50150Jubilee vein at 80m
TGW01018442295859357386317-50120Jubilee vein at 80m
TGW01118442295859357386316-49120Jubilee vein at 60m
TGW0121844359585967731193-65250Jubilee vein at 190m
TGW01318442525859376385315-45120Jubilee vein at 60m
TGW01418442525859376383314-56120Jubilee vein at 40m
TGW01518442975859415381314-56120
Jubilee vein at 60m
TGW01618442745859396332314-56120Jubilee vein at 60m
TOTAL3,000m
Investor Presentation - December 2025

Minerals Exploration Limited ASX:MEX | NZX:MEX
14
WAIORONGOMAI (WNG) EXPLORATION
PERMIT APPLICATION APPROVED
•Waiorongomai Exploration Permit Application (EPA) accepted by
NZPAM in November 2025
•EPA covers brownfield epithermal Au-Ag-(Cu-Pb -Zn) project in
the Waiorongomai goldfield, located approx. 5km south-east
from the Company’s flagship Waitekauri gold project
•Located in same geological Ohoi-Karangahake structural trend
•Mining activity began at Waiorongomai in the early 1880’s and
workings were established on at least 25 major quartz reefs,
until circa 1900
•Total historical production is estimated to 30koz @ 17.4 g/t Au
1
•Longer term brownfields exploration project for MEX, with
current focus on Waitekauri drilling programs
1
Smith, B. 2007: Technical Report & Data Hauraki PP39239. Glass Earth Ltd. Unpublished open file report MR4266. 87 p.
Investor Presentation - December 2025

South Island Orogenic Au
Brownfields Exploration Portfolio:
Otago Goldfields Projects

Minerals Exploration Limited ASX:MEX | NZX:MEX
INVINCIBLE GOLD PROJECT – HISTORIC MINE
16
•Invincible Gold Project, 164 km
2
prospecting
permit, targeting similar style mineralization as
Macreas (OGC) and Bendigo-Ophir (SMI) –
gold/tungsten bearing veins
•Historic Invincible Gold Mine - The
gold/tungsten veins produced at an average
grade of 30g/t Au in production from the 1880’s
– 1910’s
•Macraes and Bendigo-Ophir are bulk tonnage
with discrete high-grade gold and tungsten
zones - both commodities on New Zealand’s
critical minerals list
•No modern exploration of combining the
footwall tungsten mineralisation with hanging
wall gold zones (like Macraes and Bendigo-
Ophir)
Overview
Historic Invincible Mine –
separation circuit
Investor Presentation - December 2025

Minerals Exploration Limited ASX:MEX | NZX:MEX
OTUREHUA GOLD PROJECT – GOLDEN PROGRESS MINE
17
Overview
•32.4km
2
exploration permit, located
on privately owned farmland, new
MEX rock chips include 12.1g/t Au
•Golden Progress Gold Mine:
Historical production estimated at
15-20koz @ 48.8g/t Au
~30km South-Eastfrom Santana
Minerals (ASX-SMI) 2.2Moz @ 2.3g/t
Au Bendigo-Ophir deposit
~40km North-Westfrom OCG’s
Macraes>10Moz gold producer
•Gold in quartz-arsenopyrite-pyrite
veins initially discovered in 1868, and
mined until 1936
Headframe at Oturehua’s Golden
Progress Mine
Investor Presentation - December 2025

Minerals Exploration Limited ASX:MEX | NZX:MEX
MEX INVESTMENT SUMMARY
•Highly compelling gold exploration projects in a Tier-1 location, NZ fast track approvals process
•Brownfields Au Exploration Focus – Waitekauri, Oturehua and Invincible, all historic gold mines
•Well funded for exploration programs: ~$5m cash at bank and nil debt
1
•Led by Norm Seckold, outstanding ASX track record of mineral exploration and mining project
development = value creation for shareholders (NIC, A4N, SMI)
•Flagship Waitekauri drilling commenced October 2025, compelling brownfields exploration project,
with historic gold production located in the prolific Hauraki Goldfield, major Au mineralised system
•Waitekauri has potential to host major Au deposits, as shown by the four +1Moz deposits
neighbouring OceanaGold’s Waihi and along strike to WKP, Golden Cross and Karangahake
•Ongoing news pipeline with current drilling activity and results from Waitekauri, and through 2026 –
Waitekauri on North Island, Invincible and Oturehua on South Island
•Highly leveraged to exploration success - Enterprise Value of only ~$31m (@ 19c/share)
1
18
1
As at 28 November 2025
Investor Presentation - December 2025

3 Richardson Street
West Perth WA 6005
+61 8 6319 1900
admin@mineralsexploration.com.au
mineralsexploration.com.au
For enquiries contact:
Brett Mitchell
Executive Director
+61 8 6319 1900
bmitchell@mineralsexploration.com.au

Paul Armstrong
Read Corporate
Investor Relations
+61 8 9388 1474