INVESTOR PRESENTATION

MAY 2015

This presentation contains only a brief overview of Millennium Minerals Limited. 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.

DISCLAIMER

2

Corporate

3

MANAGEMENT

GLENN DOVASTON Chief Executive Officer

RICHARD HILL Chief Financial Officer

HARDY CIERLITZA Chief Geologist

CHRIS PYKE General Manager –

Nullagine Operations

PIERRE MALHERBE Company Secretary

BOARD

RICHARD PROCTER Non Executive Chairman

MICHAEL CHYE Non Executive Director

ROSS GILLON Non Executive Director

GREG BITTAR Executive Director

Profitable gold producer with highly prospective tenement portfolio in the Pilbara Region

CORPORATE SNAPSHOT

ASX Code MOY

Market Capitalisation $6.5M

Shares on issue 218M

Share Price $0.03

Cash at 31 March 20151 $3.6M

Debt at 31 March 20151 $30.7M

Enterprise Value $33.6M

1. Including 750oz Bullion of $1.17M

2. Senior Debt $15.2M, Subordinated Debt $12.9M, Finance Lease $2.6M

REGISTER BREAKDOWN %

IMC GROUP 34.6%

DAVID TEOH 5.9%

JULIUS BAER BANK 2.6%

THOMAS FAMILY 1.5%

OTHER 55.4%

Company Summary

4

Significant financial and operational leverage driven by multiple production sources in close

proximity to a strategic 1.8 Mtpa mill

Focused on the Nullagine Gold Project

o Located in the East Pilbara region of Western Australia

o One of the oldest and perhaps least explored gold fields in Australia

o Comprises thirteen open pit deposits on granted mining leases

o Commissioned new CIL processing plant at Nullagine Aug 2012

o First gold pour in September 2012

2.5 year Reserve mine life supported by a 1.2 Moz resource at 1.15 g/t

Project tenements cover a total area of 640 km2

Simple open pit mining feeding a centralised processing facility

o New processing plant significantly outperforming nameplate capacity

with additional throughput scalability for low incremental cost

Target FY15 production of 75 koz with C1 cash costs of ~A$1,075/oz and

all in sustaining cash cost of ~A$1,300/oz

Significant financial and operational flexibility

o Multiple production ore sources de-risks single mill production and

grade

Asset Overview

Millennium has 188 koz of gold reserves and 1.2 Moz of gold resources and continues to develop

and maintain a strong pipeline of deposits at various points of the exploration/development cycle

Key Operations

5

Nullagine Mine Project Commentary

6

Significant Mining Camp With Industry Standard Operations

Project

Infrastructure

Construction of CIL gold processing facility completed in

September 2012 by the Company's EPCM contractor

Consists of primary jaw crusher, a SAG mill, a Knelson gravity

concentrator followed by a conventional CIL circuit with a 30

hour residence time, and AARL elution and electrowinning

Mill availability ~93% & uptime 99% with annualised throughput

rates as high as 1.75 Mtpa

Power supplied by diesel generators owned and managed by

contractor

Water provided by dewatering bores in and around the Golden

Eagle deposit and a new bore field developed to the east of the

process plant which was completed in December 2013

Nullagine has a 140 person accommodation village with [85]

staff on site at any one time on a predominantly FIFO basis

Mining

Methodology

Open pit mining conducted using dry hire mining fleet under

owner operator model

Campaign mining and primary crushing operation operate one

shift per day at 12 hours per shift

o Mining fleet includes 120 tonne and 80 tonne excavators,

777’s and 40 t Volvos across multiple pits

Industry standard grade control to reduce dilution and

maximise ore recovery

Nullagine Mine Project Commentary

7

Operational performance is now tracking in line with company guidance, but additional funds

now required for exploration drilling to extend mine life

Updated LOM

Schedule

Revised reserves based on 20%-35% reduction in

contained gold compared to resource model.

Increased mill throughput of 1.8mtpa due to effective

blending and optimisation of process circuit

Updated LOM schedule includes an ore reserve for a 2.5

year mine life based on mining and processing 4.2 Mt at

1.4 g/t Au

LOM based on achieving a mill run time of 96% based on

better SAG mill liner life

Milling Golden Eagle fresh rock from mid 2016 impacts

cash flows

Metallurgical testwork on Golden Eagle fresh material

indicates higher recoveries possible with upgrade on

existing plant. Studies put on hold until further fresh

reserves can be sourced

Production profile in 2017-19 constrained by current Ore

Reserve, however we expect this will change following in-

fill drilling and resource conversion studies

o Additional funds required for exploration drilling

Operating Performance Summary

Quarter Ended Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

Total Volume Mined (bcm) 827,083 951,235 1,004,260 895,178 790,632

Strip Ratio 4.46 4.86 6.06 2.99 3.23

Head Grade (g/t Au) 1.49 1.58 1.70 1.92 1.76

Metallurgical Recovery (%) 0.89 0.86 0.87 0.86 0.85

Gold Sold (ounces) 18.93 17.79 18.13 19.70 20.04

Average Gold Price ($) 1,458.0 1,558.0 1,516.0 1,565.0 1,508.0

Gold Revenue ($M) 27.63 27.79 27.51 32.98 30.27

Operating Costs ($M) (27.63) (25.62) (25.56) (32.73) (25.62)

Net Operating Cashflows ($M) 0.00 2.17 1.95 0.25 4.65

Positive first quarter 2015 operating cashflow and sale of Beatons Creek tenements used to pay

down senior bank debt

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Operational and Financial Snapshot

Strong March 15 first quarter operating cashflow a result of restructured managements focus

on costs whilst maintaining above nameplate production performance

Gold Production and Cash Costs

Key Cashflows

Gold Production (koz) C1 Cash Cost ($/oz)

Cashflow ($M)

12

17 16 16 14

19 18 18

20 20

n.m.

826 761

924

1,069

1,065 1,178 1,081 1,294

1,024

-

200

400

600

800

1,000

1,200

1,400

(3)

2

7

12

17

22

Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

Gold Production C1 Cash Cost

(15)

(10)

(5)

-

5

10

Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

Net Investing Cashflows Net Operating Cashflows Free Cashflows9

Operational Improvements

Management restructure has bought significant operational improvements resulting in over

$12 M in annualised savings thus far

Savings Realised Savings (pa)

• Flights – change supplier, 43% reduction in costs $0.96M

• Mining Equipment – Reduced fixed monthly charges $1.32M

• Haulage contractor changed 30% reduction in haulage costs $2.40M

• Upgrade public road to RAV 10 further reduction in haulage costs $0.42M

• Re-negotiated insurance costs $0.30M

• Optimise leach circuit – reduced cyanide usage $0.85M

• Optimise gold room - reduce carbon strips $1.20M

• Reduce MOY personnel numbers 143 to 113 $4.20M

• Other cost reductions (freight, catering, camp motelling, corporate costs etc) $0.50M

Cost Saving being reviewed – diesel delivery, processing consumables suppliers, drill and blast

contract, reducing hire equipment onsite, continues review of all site personnel, salary review, town

property, rain water capture, blast hole stemming and many others

2,051x 1,998x

1,942x 1,911x

1,800x

1,583x

1,124x

640x

448x 441x

165x

Saracen Evolution Regis Northern Star St Barbara Norton GoldFields

Doray Silver Lake Ramelius Millennium Unity

Peer Analysis

Millennium compares favourably to its peers on an EV/ Production basis

EV / FY 15 Production (x)

Average: 1,282x

11 Source: Argonaut

Peer Analysis

Millennium compares favourably to its peers on Resource and Reserve metrics

212x

108x

75x 75x

49x 44x 33x 32x 27x

16x 15x

Northern Star Evolution Regis Doray Saracen St Barbara Silver Lake Norton GoldFields

Millennium Ramelius Unity

986x

302x 296x 274x 238x 203x 176x

154x 113x 84x

29x

Northern Star Silver Lake Norton GoldFields

Evolution Regis Saracen Millennium Doray St Barbara Ramelius Unity

EV / Resources (x)

EV / Reserve (x)

Average: 62.3x

Average: 259.6x

12 Source: Argonaut

Forecast

Quarterly Production Schedule – Life of Mine Plan

-

0.50

1.00

1.50

2.00

2.50

3.00

-

50

100

150

200

250

300

350

400

450

500

Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

g/t Kt Fresh Tonnes

Oxide Tonnes

Average Grade

Quarterly Forecast – Revenue, Operating Cashflow and Gold Production

(10)

(5)

-

5

10

15

20

25

(15)

(10)

(5)

-

5

10

15

20

25

30

35

40

Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

Koz A$m Revenue

CFADS

Production

Source: Company Site Budget 2015 Version 11.5

Under the current Life of Mine Plan, operations become more challenging from mid 2016

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Future

resource

development

Future

resource

development

FORECAST

Quarter Ended Mar-15

Actual Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17

Total Volume Mined (bcm) 790,632 835,677 758,018 719,534 628,959 751,327 504,772 370,929 697,284 690,983 92,954

Strip Ratio 3.23 3.23 2.11 4.05 2.23 2.76 4.72 6.15 5.16 3.36 1.53

Head Grade (g/t Au) 1.76 1.61 1.62 1.42 1.49 1.24 1.09 0.97 1.20 1.60 1.13

Metallurgical Recovery (%) 85% 88% 92% 92% 93% 93% 85% 77% 78% 74% 71%

Gold Sold (ounces) 20,040 20,522 21,317 18,563 19,898 16,152 13,078 9,918 12,561 16,140 7,517

Average Gold Price (A$) 1,508 1,579 1,541 1,481 1,476 1,456 1,599 1,599 1,599 1,599 1,599

Gold Revenue (A$m) 30.27 32.40 32.86 27.48 29.36 23.51 20.91 15.86 20.08 25.81 12.02

Operating Costs (A$m) (25.62) (26.83) (25.64) (25.34) (25.58) (21.71) (19.25) (16.59) (16.89) (17.10) (14.72)

Operating Cashflows (A$m) 4.65 4.81 6.33 0.56 3.66 0.43 0.29 (0.85) 2.45 8.06 6.22

Cumulative (A$m) 9.46 15.79 16.35 20.01 20.44 20.73 19.88 22.33 30.39 36.61

Golden Eagle fresh rock milled from mid-2016 negatively impacting cashflows

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Cashflows exclude Salvage, final reclamation and redundancy costs – net ~$0.5M

Reduce overall debt and maximise cash flow through operational

improvements

Cost reduction

Production efficiencies

Effective personnel - right people, in the right roles doing the right

things

Extend LOM through

Brownfields exploration – existing tenements

Greenfields exploration – farm in and purchase surrounding

tenements

Identify regional opportunities within haulage distance of the

processing plant

Acquisitions

Strategy

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Golden Gate Condor – NW

extension - 200m+ strike,

outcropping mineralisation

with rock chips 9- 24 g/t Au; 2

parallel zones

Bartons east and south -

extension existing pit, parallel

load to south

AU81 east/west – Extensions

to existing pit

Shearers/Otways west – 2

zones at Shearers west,

250m strike, recent RC holes

4m @ 1.72 g/t Au, 33m @

0.59 g/t Au

Resource Development – Existing pit extensions

16

Ann de Videa - 200m strike

of RAB-defined ore grades,

walk up RC target, 2

parallel trends, adjacent

Castlemaine prospect

historical grades of >5,600

g/t Au

Golden Eagle North -

750m+ strike, strong soil

anomaly, historical

workings, recent rock chip

7.2 g/t Au,

Mountain Maid -150m+

strike of substantial

historical workings, only

RAB on W margins: 4m @

4.8 g/t Au;

Mundalla –200m+ strike

similarities to Golden Gate,

deep historical shafts, only

4 historical drill holes

Brownfields Exploration, Existing tenements

– low tonnes/high grade

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Thank You