Investor Presentation

Medusa Mining Limited

("Medusa Mining" or "the Company")

9 May 2014

INVESTOR PRESENTATION

Please find attached an updated Investor Presentation which the Company will present on its East Coast Australia & South East Asia Roadshow in May 2014. The Investor Presentation can be accessed through the following link:

http://www.rns-pdf.londonstockexchange.com/rns/5796G_1-2014-5-8.pdf

Please find below the Competent Person's consent in relation to resource and reserve information which appears therein.

JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS

Information in the attached presentation relating to Exploration Results is based on information compiled by Mr Gary Powell, who is a member of The Australian Institute of Geoscientists and the Australasian Institute of Mining and Metallurgy. Mr Powell is a Non-Executive Director of the Board of Medusa Mining Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposits 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" and is a "Qualified Person" as defined in "National Instrument 43-101" of the Canadian Securities Administrators. Mr Powell consents to the inclusion in the attached presentation of the matters based on his information in the form and context in which it appears.

Information in the attached presentation relating to Mineral Resources has been estimated and compiled by Mr Mark Zammit of Cube Consulting Pty Ltd of Perth, Western Australia. Mr Zammit is a member of The Australasian Institute of Mining & Metallurgy and has sufficient experience that 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 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Zammit consents to the inclusion in the attached presentation of the matters based on his information in the form and context in which it appears.

Information in the attached presentation relating to Ore Reserves is based on information compiled by Dr Spero Carras, FAusIMM of Carras Mining Pty Ltd. Dr Carras has 30 years of experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Carras consents to the inclusion in the attached presentation of the matters based on his information in the form and context in which it appears.

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