ABN 48 116 296 541

SEPTEMBER 2015 QUARTERLY ACTIVITIES REPORT

HIGHLIGHTS

26 October 2015

BAOBAB PHOSPHATE PROJECT (Minemakers Ltd 100% equity)

• MOU signed with operator of Port of Dakar - ASX announcement 22 July

• Shareholders vote in favour of acquisition of Baobab Project - ASX announcement 21 August

• Baobab Project acquisition completes - ASX announcement 24 September

• Favourable forecast prices of predicted product quality determined by industry recognised consultant CRU

• Continued positive overall project development toward decision to mine

  
  

  JDCPHOSPHATE, INC. (JDCP) (Minemakers Ltd approx. 8.0% equity)

• Extensive laboratory scale test work continued, focussed on technical enhancements and operational efficiency

• JDCP's capital raising to fund commercialisation continues, led by Macquarie Capital (USA)

  
  

  CORPORATE

• Sale of South African legacy assets realising A$1.18m - ASX announcement 16 July

• Foster Stockbroking initiates coverage - ASX announcement 25 September

• Cash balance at 30 September 2015 of A$13.6m

Cliff Lawrenson, Managing Director, commented 'Minemakers has continued to make positive progress in the Baobab Phosphate Project as we move closer to a decision to commence mining. The final environmental approvals are due shortly and the feasibility and preparation work continue to support the low cost, near production opportunity we always envisaged. We appreciate shareholders support in voting overwhelmingly in favour of the acquisition of the project and we look forward to commencing production and delivering an accretive outcome'.

MINEMAKERS LIMITED

ABN 48 116 296 541

Ground Floor, 20 Kings Park Road, West Perth, Western Australia 6005 (PO Box 1704 West Perth WA 6872)

Phone: +61 8 9264 7000 Email: [email protected] Web: www.minemakers.com.au ASX/TSX Code: MAK

For further information: Mr Cliff Lawrenson

Managing Director and CEO, Minemakers Limited

Mr Rod Wheatley

CFO and Company Secretary, Minemakers Limited

1. BAOBAB PHOSPHATE PROJECT

On 21 August 2015 Minemakers shareholders voted overwhelmingly in favour of the acquisition of the Baobab Phosphate Project in the Republic of Senegal ('the Project'), with the acquisition subsequently closing on 23 September. The Project advances Minemakers' focus on the nutrient and fertiliser sector and advances the Company's nearer-term strategic objective of early cash flow generation with minimal capital expenditure and no new technology risk. Figure 1 below shows the tenement as well as the Small Mine Permit area.

Figure 1: Tenement and Gadde Bissik prospect location

1.1 GEOLOGY AND EXPLORATION

Exploration activity during the September quarter was focussed on 125 x 125 metre grid-spaced infill diamond drilling within the Small Mine Permit ('SMP') area at the Gadde Bissik prospect and extension of the 250 x 250 metre grid immediately to the east of the SMP. A break in the drill program commenced on 12 September to coincide with the short local cropping season. Drilling statistics for the quarter are included in Table 1 below and Figure 2 shows drill hole locations within the SMP and immediate environs, being the current focus of exploration activities. For more detailed information on the drilling program completed during this quarter please refer to Minemakers' market announcement on 22 September 2015.

Table 1 Drilling statistics - September quarter

Figure 2 Drill status plan - SMP and environs

The drilling conducted during the quarter has confirmed that there is a significant body of mineralisation in the north-east sector, Area C, and that the mineralisation extends to the south and east. There is also a significant thickness of mineralisation to the east of the SMP with further drilling required to determine whether it is a separate body to the SMP. Thick mineralisation in the north-west and south sectors of the SMP have been defined by 250 x 250 metre grid spacing and will be infilled to 125 x 125 metre grid spacing over the next 12 months. Mineralisation to the south of Area C has been shown to be less continuous than defined by the wider-spaced drilling.

The infill drilling has continued to demonstrate the consistent and relatively simple stratigraphic succession in the Gadde Bissik area. Basal units of the Senegal Sedimentary Basin comprise a sequence of limestone or dolostones which have been rarely intersected by drilling. These units are overlain by marls and local zones of nummulitic limestones and they underlie the phosphatic sediments. The contact between basement units and phosphatic sediments is commonly marked by a variably developed but distinctive ferruginous marly clay layer, uncomfortably overlaying the basement. Where present this layer generally ranges from around 1 to 3 metres in thickness. This layer typically carries low to medium grade phosphate mineralisation.

The main phosphate zone comprises poorly consolidated clayey sandstone generally ranging from around two to twelve metres thick and averaging around three metres thick. Within this layer phosphate mineralisation is variably developed and occurs as soft to hard pebbles of phosphate of lime, gravels of phosphate of alumina and ferruginous gravels. In higher grade zones the phosphate generally occurs as pebbles varying from brown to beigeto white. Phosphate grades range from 5% up to 38% P2O5.

Themain phosphate layer is typically overlain by a gravelly layer containing aluminium phosphates with P2O5 grades generally less than 5%. Where present, this layer is generally around one to rarely five metres thick. The aluminium phosphate zone is overlain by clayey sands.

Figure3 shows the thickness of mineralisation at a cut-off grade of 5% P2O5 modelledwith ordinary kriging. The data source is from drill results and from geological logging for holes that have not been analysed. Phosphate mineralisation is relatively coarse-grained and easily visible in both air core and diamond drill core. Figure 4 depictsmodelling of grade x metre (5% P2O5 cut-off,ordinary kriging), used as a proxy for contained phosphate. There is generally a good correlation between contained phosphate and thickness of mineralisation.

Figure 3 Modelled phosphate layer thickness - SMP and environs