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2 Contents I Transaction Overview II The Future III Next Steps Disclaimer This document is not a disclosure document nor does it constitute the provision of financial product advice. None of Minotaur Resources Limited ( Minotaur ), its related bodies corporate, officers, employees and advisors makes or gives any representation, warranty or guarantee in relation to this document (whether orally, in document form or in any form whatsoever) ( Information ) to the recipient of this document ( Recipient ) or any of its related bodies corporate, officers, employees and advisors. The Information is provided expressly on the basis that the Recipient will carry out its own independent inquiries into the Information and make its own independent decisions about the affairs, financial position or prospects of Minotaur. Minotaur reserves the right to update, amend or supplement the Information at any time in its absolute discretion (without incurring any obligation to do so).

3 I Transaction Overview Scheme of Arrangement whereby: Oxiana acquires Prominent Hill; and Minotaur Exploration is spun-off Minotaur shareholders receive for each share: 1.85 Oxiana shares; 1 Minotaur Exploration share This delivers total value of $2.29 (1) per share, a premium of: 10 days : 42% 30 days : 49% 90 days : 63% The implied value placed on Prominent Hill is $98 million. The implied value of Minotaur Exploration is $24 million. (1) Based on the closing price of Oxiana shares on 5 November 2004 of $1.02 and an implied value of ~$0.40 per share for Minotaur Exploration (see below).

4 I Transaction Overview (cont d) Under the Scheme, Oxiana will also: Assume Minotaur s final payment to BHP Billiton of $4.5 million; Subscribe for a$2 million placement (8.8%) in Minotaur Exploration at $0.40 per share (1); Pay up to $1 million of Minotaur s costs to implement the Scheme; and Negotiate, in good faith, a strategic alliance with Minotaur Exploration. Mutual $1 million break fee payable in certain circumstances. (1) Subject to no material adverse change.

5 I Transaction Overview (cont d) Current Post-Scheme Minotaur Shareholders Minotaur Shareholders 100% 7% 91.2% Oxiana Minotaur Resources 8.8% Oxiana (Mkt cap: $1.2 bn) Minotaur Exploration (Implied value: ~$24m) * 100%* Prominent Hill Project Minotaur Exploration Sepon Gold Prominent Hill * Oxiana earning a 65% interest Khanong Copper

6 I Transaction Overview (cont d) Minotaur Exploration Ltd 100% 100% 100% Minotaur Resources Investments Pty Ltd Minotaur Ventures Pty Ltd Minotaur Operations Pty Ltd Petratherm (42,8%) Mithril (19.8%) New Alliance (?) Existing Tenements and Joint Ventures

7 I Transaction Overview (cont d) Crystallises value for Prominent Hill at a significant uplift to both 2003 purchase and recent share price. Creates amore liquid investment. Ongoing participation in Prominent Hill plus Sepon and Khanong. Oxiana better placed to fund development of Prominent Hill. Ongoing g exposure to a well funded, strong exploration portfolio within Minotaur Exploration, managed by a proven management team. Tax effective.

8 II The Future - Minotaur Exploration Current cash and net receivables $10.0 million Oxiana $2.0 million Strategic investments - Mithril (19.8%), nickel explorer $2.6 million - Petratherm (42.9%), geothermal power $5.6 million - Options (5 m 6, 7.5 m 21 ) $1.9 million Prospective copper, gold and base metal exploration (SA, NSW, Qld), at cost $2.5 million (1) Based on market prices as 5 November 2004 and the unaudited 30 September 2004 balance sheet. (2) Assuming 56.9 million shares on issue. $24.0 million (1) 43 per share (2)

9 II Minotaur Exploration - Proven Performer December 2000: Minotaur Resources list at 20 per share November 2001: Prominent Hill discovery announced November 2002: Mithril IPO August / September 2003: Minotaur acquires Prominent Hill interests: July 2004: Petratherm IPO. - 51% BHP Billiton for $8 million; - 30% Newmont /others for $4 million. Oxiana agrees to earn 65% for $34 million. November 2004: Oxiana acquires Minotaur s Prominent Hill interest for $98 million. Minotaur shareholders retain exposure to cashed up exploration vehicle. Value implied $ per share

10 II Minotaur Exploration - Exciting Portfolio GAWLER JVs with BHPB, Dominion, Marathon, Eagle Bay Alliance with Oxiana 5 targets being drilled 5 tenements to be drilled mid 2005

11 Gravity


13 II Minotaur Exploration - Existing Portfolio CURNAMONA JVs with BHP Billiton, CBH 6 licences Drill ready targets

14 Moving Loop SIROTEM and Bouguer Gravity Data. White Roo Prospect Ch10 Bouguer Gravity Anomaly TEM Amplitude (uv/a) Ch15 Ch Bougue er Gravity (mgals s) Metres

15 II Minotaur Exploration - Existing Portfolio Naraku Duchess

16 DUCHESS Haematite-Magnetite Ironstone hydrothermal, microcrystalline haematite-magnetite-silica Aggregate 55% Fe, 0.1% Cu

17 Crackle veined and red rock altered argillite Crackle-veined and red-rock altered argillite Wispy veinlets of carbonate and limonite 55% potassic feldspar, 5% haematite 395 ppm Ce+La, 7ppm U, 0.13%Cu DUCHESS

18 II Minotaur Exploration - Mithril Market capitalisation : $13 million Cash balance : $6 m Mithril Projects 2004 Minotaur holding : 19.8% Darwin Exploration portfolio : Andrew Young JV Barrow Creek JV Alice Springs Parker Range West Musgrave Border JV Hay River Musgrave SA Brisbane Plumridge JV Cooper Hill JV Talia Hill JV Perth Streaky Bay Adelaide Nagel Hill Sydney Mithril Project 100% Melbourne

19 II Minotaur Exploration - Petratherm Market capitalisation : $12 million Cash balance : $3.5 m Minotaur holding : 42.8% Exploration portfolio : R & D application - $3 m

20 III Next Steps The Scheme is conditional, amongst other things on : Minotaur shareholder approval Minotaur optionholder approval Court approval 50% of shareholders by number 75% by value Based on the indicative scheme timetable, the transaction is expected to be completed in late February Indicative Timing for the Scheme Minotaur First Court Hearing Information Memorandum dispatched Minotaur Scheme Meeting Second Court Hearing Expected Date of Completion Mid December 2004 Early January 2005 Mid January 2005 Early February 2005 Late February 2005