Building Australia's next great gold company‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌

Doray Minerals Limited

UK/European roadshow presentation - April 2016

This presentation has been prepared by Doray Minerals Limited ("Doray") to provide an update regarding the company to investors.

Presentation information: This presentation is for information purposes only and does not constitute a prospectus or prospectus equivalent document. The information in this presentation is provided in summary form, has not been independently verified, and should not be considered to be comprehensive or complete. It is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase or otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, nor shall there be any offer, sale, issuance or transfer of securities in any jurisdiction in contravention of any applicable law.

Not financial product advice: This presentation is not financial product or investment advice, nor a recommendation to acquire Doray securities. It has been prepared without taking into account the objectives, financial situation or needs of individuals and is not intended to be relied upon as advice to investors or potential investors. Before making an investment decision, investors or prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Doray is not licensed to provide financial product advice in respect of its securities or any other financial products. Cooling off rights do not apply to the acquisition of Doray securities. Doray assumes that the recipient is capable of making its own independent assessment, without reliance on this document, of the information and any potential investment and will conduct its own investigation.

Disclaimer: Doray and its related bodies corporate and each of their respective directors, officers, employees, agents and contractors disclaims, to the maximum extent permitted by law, all liability and responsibility for any direct or indirect loss or damage which may be suffered by any person (including because of fault or negligence or otherwise) through use or reliance on anything contained in or omitted from this presentation. In particular, this presentation does not constitute, and shall not be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Doray.

Forward looking statements: This presentation contains forward looking statements. Forward looking statements are often, but not always, identified by the use of words such as "seek", "target", "anticipate", "forecast", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Indications of, and guidance on, future expected production or earnings and financial position and performance are also forward looking statements.

The forward looking statements in this presentation are based on current expectations, estimates, assumptions, forecasts and projections about Doray and the industry in which it operates as well as other factors that management believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. The forward looking statements relate to future matters and are subject to various inherent risks and uncertainties. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results expressed or implied by any forward looking statements. Such factors include, among others, changes in market conditions, future prices of gold and exchange rate movements, the actual results of production, development and/or exploration activities, variations in grade or recovery rates, plant and/or equipment failure and the possibility of cost overruns. Neither Doray, its related bodies corporate nor any of their directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy, correctness, completeness, adequacy, reliability or likelihood of fulfilment of any forward looking statement, or any events or results expressed or implied in any forward looking statement, except to the extent required by law.

You are cautioned not to place undue reliance on any forward looking statement. The forward looking statements in this presentation reflect views held only as at the date of this presentation. Other than as required by law and the ASX Listing Rules, Doray disclaims any duty to update forward looking statements to reflect new developments.

"Reserve" and "LOM": This presentation refers to both "Reserve" and "LOM (Life of Mine) Inventory" in reference to Mutiny. LOM metrics include inferred resources. Unless otherwise stated the metrics presented in this presentation refer to LOM Inventory. The financial metrics quoted in this presentation are those determined before any hedging, gold streaming, gearing or taxation.

Gold Equivalent Ounces: This presentation also refers to Gold Equivalent Ounces (AuEq). The Resource oz (AuEq) shows estimated AuEq ounces which relates specifically to the time the resource estimate was done and the metal prices quoted in those estimates. Slide 30 and slide 31 of this presentation shows a graph of "Mine Peers, Reserve Grade and Production". This graph uses AuEq oz for comparative purposes only against gold only mines. Doray advises that the use of metal equivalents is not recommended for detailed financial analysis.

Doray Minerals Limited is Australia's highest grade gold producer, a proven project developer and an award-winning explorer with substantial upside

• Increasing production to 140koz pa from two high-grade WA gold operations from mid-2016

  • Targeting average AISC

• Andy Well

  • Highest grade gold operation in Australia

  • "Australian Mine of the Year - 2015"

  • On track for upper end of 2016FY guidance (78-85koz)

  • Substantial mine life upside being uncovered

• Deflector

  • Open pit mining commenced (Jan 2016)

  • Commissioning commenced (April 2016)

  • First production scheduled for mid-2016

  • 60kozpa (+Cu+Ag) with initial 6-year mine life

  • Significant exploration upside

• High-grade Resource and Reserve Inventory

• Highly prospective regional exploration portfolio

• Track record of delivery against guidance

Since listing in early 2010, Doray has:

• Discovered, funded and developed the highest grade gold mine currently in operation in Australia;

• Had ongoing exploration success across a number of projects; and

• Acquired, funded and started constructing our second high-grade gold mine…

2010

2011

2012

2013

2014

2015

2016

•Listed on ASX

•Wilber Lode discovery

•Most successful IPO of 2010

•Maiden high-grade Wilber Lode resource

•"Gold Explorer of the Year"

•Mining Lease granted

•Debt and equity funding

•Open pit mining commences

•Underground mining commenced

•Plant commissioned

•First Gold Pour

•77koz produced

•A$43M debt repaid

•Judy and Suzie Lode discoveries

•Exploration JV's

•Mutiny Takeover

•89koz produced

•Mutiny deal completed

•Deflector funding completed and construction underway

•Horse Well discovery

Deflector open pit mining commenced