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1 ASX Announcement 14 May 2013 DORAY MINERALS TO PRESENT AT RIU SYDNEY RESOURCES ROUNDUP CONFERENCE Doray Minerals Limited (ASX: DRM, the Company) is pleased to advise that Managing Director, Mr Allan Kelly, will be presenting an update on the Company at the 2013 RIU Sydney Resources Roundup Conference today at 4:30pm (EST) at the Sofitel Sydney Wentworth Hotel. Mr Kelly will outline the Company s progress at its Andy Well Gold Project, in the Murchison region of Western Australia, as it continues mining and development work, and edges closer to first production. Mr Kelly said the recent commencement of the underground development was another key milestone in Doray s aim to become Western Australia s next high-grade gold producer and the Company was on track for the first gold production from Andy Well to occur in the September Quarter. In addition to Mr Kelly presenting at the conference, Doray representatives will be at Booth number 52 to meet existing and potential investors. For further information, please contact: Allan Kelly Anna Staples Managing Director Director Doray Minerals Limited AMN Corporate +61 (08) (0) info@dorayminerals.com.au anna@amncorporate.com About Doray Minerals Limited Gold miner and explorer Doray Minerals Limited (ASX: DRM) listed on the ASX in February 2010, was one of Australia's best performing IPOs in 2010 and was named Gold Explorer of the Year by the Gold Mining Journal in December Doray has a strategic portfolio of gold exploration projects within WA and South Australia and has recently commenced mining at the high-grade Andy Well Gold Project, north of Meekatharra. About the Andy Well Gold Project Doray s 100%-owned Andy Well Gold Project is located approximately 45km north of Meekatharra, in Western Australia s northern Murchison region. In March 2010, Doray announced the discovery of the very high-grade Wilber Lode gold deposit, adjacent to the Great Northern Highway. Since announcing a maiden high-grade JORC-compliant gold Mineral Resource for the Wilber Lode in February 2011, the Company has announced subsequent increases to the Wilber Lode Resource in December 2011 and again in March During 2012, Doray announced the maiden high-grade open pit and underground Mining Reserve for the project, completed a positive Bankable Feasibility Study, made a formal decision to mine, increased its ownership of the project to 100%, secured a project finance facility from the Commonwealth Bank of Australia and completed a capital raising to fund all operating, exploration and corporate costs prior to first gold production. Open pit mining commenced in November 2012 and first gold production is scheduled for the Sept Quarter of In March 2013 Doray announced a maiden high-grade JORC-compliant gold Mineral resource for the Judy Lode, a second high grade deposit within the project, increasing the overall Andy Well Project resource inventory by 30%.

2 For personal use only DORAY MINERALS LIMITED Western Australia s next high-grade gold producer RIU Sydney Resources Roundup Conference 14 May 2013 Allan Kelly - Managing Director

3 Disclaimer This presentation is not a prospectus nor an offer for securities in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions in connection with any acquisition of securities, investors should rely on their own examination of Doray Minerals Ltd and consult their own legal, business and/or financial advisers. The information contained in this presentation has been prepared in good faith by Doray Minerals Ltd, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, Doray Minerals Ltd, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted from this presentation. Certain information in this presentation refers to the intentions of Doray Minerals Ltd, but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Doray Minerals Ltd s actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, Doray Minerals Ltd, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in the presentation will actually occur as contemplated.

4 WA s next high-grade gold producer Listed Feb (most successful ASX IPO of 2010) Targeting first gold production from high-grade Andy Well Gold Project in Sept Quarter 2013 High-grade/low-cost/high-margin start-up operation with initial 3.7 year mine life Near-term project upside with potential for additional deposits (e.g. Maiden Judy Lode resource) Mining and construction progressing on schedule (underground development commenced) Strategic exploration project portfolio in WA and SA Experienced Board and Management team with track record of discovery, development and production Gold Explorer of the Year, 2011 Due for near-term rerating as low-cost gold producer

5 $M For personal use only Growing a new gold business... Production Resource drill out Feasibility/ construction Discovery 50 Listing 0 Feb-10 Dec-10 Dec-11 Dec-12 Sep-13 Net Cash EV

6 Andy Well Gold Project WA s newest high-grade gold mine Highest grade gold development project in Australia First new gold operation in the Murchison in over 10 years Mining operations commenced - first gold production scheduled for Sept Qtr years from discovery to mining Excellent metallurgy very high gravity recoveries Initial 3.7 year mine life with substantial exploration upside and potential for multiple deposits

7 Andy Well Gold Project Layout For personal use only

8 Wilber/Judy Lodes - Long Section For personal use only

9 Andy Well Resources and Reserves Wilber Lode quartz vein Resource 15.1g/t Au (338koz) Reserve 11.7g/t Au (248koz) High conversion rate Judy Lode quartz vein Judy South 19.3g/t Au (85koz) Potential near-term increase to mining Reserve from high grade Judy Lode Resource 500, , , , , , , , ,000 50,000 0 Feb-10 Feb-11 Dec-11 Mar-12 Jun-12 Sep-12 Mar-13 TOTAL RESOURCES TOTAL RESERVES Wilber Lode Reserve Proven Probable Total Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Open Pit Stage , ,000 32, ,000 Open Pit Stage , ,000 28, ,000 Underground , , , ,000 Open Pit Low Grade , ,000 73, ,000 TOTAL WILBER LODE RESERVE , , , ,000

10 Murchison Region Gold Projects Source: Company ASX Announcements

11 BFS Summary Key Metrics Physical Total ore tonnes mined Mined head grade Average mill throughput 717kt 11.4g/t 197ktpa Financial (A$) Capex (100% debt funded) $55M Operating Cash Cost (onsite C1) $A/oz $592 Total Cash Cost (C1 + C2) $A/oz $868 Metallurgical recovery 97.5% Gold price assumed ($A/oz) $1600 Average annualised production Total recovered ounces Initial mine life (does not include Judy Lode) 74koz 256koz 3.7 years LOM Revenue $409M LOM EBIT cash surplus (@ A$1600) (incl. royalties) $118M IRR (@A$1600) 70% Project payback (@A$1600/oz) (45,000oz hedged at A$1620/oz) 14 months

12 Andy Well - Development Timeline Mining and construction progressing on schedule... FY FY Quarter Sep Dec Mar Jun Sep Dec Mar Jun Project funding complete Contracts/Permitting complete Village construction complete Mine site works Processing plant construction Stage 1 Open pit mining Underground development/mining In progress In progress complete commenced Gold production

13 Wilber Lode Mine Design Stage 1 open pit Approx. 480m Initial 3.7 year mine plan* * Note: Does not include Judy Lode

14 Stage 1 Open Pit Nov 2012 For personal use only

15 Stage 1 Open Pit Jan 2013 For personal use only

16 Stage 1 Open Pit - completed For personal use only

17 Underground Development For personal use only

18 Processing Plant Design For personal use only

19 Construction Progress May 2013 For personal use only

20 Construction Progress May 2013 For personal use only

21 Construction Progress May 2013 For personal use only

22 Andy Well Mine Life Upside Significant near - term upside potential for increases to initial mine life High-grade/narrow vein gold deposits generally have short initial/ongoing mine life (<2 years is common) initial mine life of 3.7 years Difficult and expensive to completely drill out from surface most efficiently drilled from underground - Wilber Lode drill tested to 480m so far and remains open at depth (Judy Lode tested to 250m and remains open) Potential for parallel lodes increases potential mine life Maiden high-grade 106koz Judy Lode Resource Company Deposit Initial reserve (koz) Initial Mine life Ounces produced (koz) NST Paulsens 45 8 months 87 SLR Mt Monger DOM/KCN Challenger years 800 RMS Wattle Dam 13 3 months 250 Doray Andy Well years?

23 Judy Lode Maiden JORC Resource For personal use only

24 For personal use only Murchison Projects Strategic landholding in world-class gold province Large tenement positions on major mineralised structures Substantial exploration upside within existing project portfolio Excellent access and prospectivity Northern Murchison focus on finding additional ounces within trucking distance of Andy Well processing plant

25 Corporate Snapshot ASX Code: DRM Shares on issue 141.8m Options 9.9m 12 month Share Price range $0.50 $1.13 Market Cap $0.52) $74m Cash (March 2013) $31.8m Debt (March 2013) $35m # of shareholders 2,720 Substantial Shareholders Directors/Management 10.8% Renaissance Asset Mgt 6.5% Lion Selection 5.5% Ramelius Resources Ltd 5.3% Top 20 shareholders 51.6% Share Price Performance (since $0.20)

26 Experienced Board Board Peter Alexander - Non-Executive Chairman 30 years experience in mineral exploration and mining in Australia and overseas. Former MD, Dominion Mining Ltd with extensive experience in Meekatharra region ( Gold Miner of the Year 3 years in succession for Challenger Gold Mine) Allan Kelly - Managing Director 20 years experience in exploration geology, geochemistry and project management in Australia and the Americas. Formerly WMC and Avoca Resources Ltd. Management experience in resources, tourism, hospitality and manufacturing sectors Heath Hellewell - Technical Director 20 years experience in mineral exploration geology and project management in Australia, Africa, Philippines and Scandinavia. Formerly Resolute and Independence Group (part of team responsible for pegging Tropicana gold deposit). Jay Stephenson - Non Executive Director 20 years financial experience in resources, manufacturing, wine, hotels and property sectors Leigh Junk - Non Executive Director Over 20 years practical experience in project evaluation, feasibility studies, production scheduling, mine design and operations throughout WA.

27 ...and Management Team Operations Peter Bamford General Manager, Operations Andy Well Gold Project Peter Sperring Operations Manager, Andy Well Richard Hingston Chief Mine Geologist Chad Moloney Underground Mine Manager Barrie Clarke Chief Mine Surveyor Business Development Mark Cossom Business Development Manager Finance/Admin Grant Dyker Chief Financial Officer Iain Garrett - Financial Controller/Company Secretary Exploration Brad Drabsch - Exploration Manager

28 Why invest in Doray? Doray Minerals Limited is on track to become Western Australia s newest low-cost gold producer and self-funded explorer Doray has commenced mining and underground development at its 100% owned high-grade Andy Well Gold Project and is expected to produce first gold on schedule in the Sept Quarter of Andy Well is a high-grade, low-cost/high-margin start-up gold project with substantial near-term upside and is the first new gold mining operation in the Murchison in over 10 years. Listing > discovery > development > mining in 2.5 years. Doray has an experienced Board and Management Team with key operations staff hired. Doray has a highly prospective strategic exploration portfolio outside Andy Well within the Murchison goldfields region and South Australia. Doray offers unmatched leverage to a near-term rerating as a low-cost gold producer and further exploration success.

29 For personal use only ASX:DRM

30 Appendices Andy Well Reserve Inventory July 2012 Reserve Proven Probable Total Tonnes Grade Grade Grade Ounces Tonnes Ounces Tonnes (g/t) (g/t) (g/t) Ounces Open Pit Stage , ,000 32, ,000 Open Pit Stage , ,000 28, ,000 Underground , , , ,000 Open Pit Low Grade , ,000 73, ,000 TOTAL ANDY WELL RESERVE , , , ,000 Note: Open Pit High Grade Reserves are based on a 1.4g/t Au lower cut-off grade, with Open Pit Low Grade Reserves based on a 0.3g/t Au lower cut-off grade. Rounding errors may occur

31 Appendices Andy Well Resource Inventory March 2013 (inclusive of reserves where applicable) Indicated Inferred Total Grade Grade Grade Tonnes g/t Ounces Tonnes g/t Ounces Tonnes g/t Ounces Wilber Lodes* 540, , , , , ,000 Wilber Shear Zone 117, , , ,000 Judy South 80, ,000 57, , , ,000 Judy North 145, , , , , ,000 TOTAL ANDY WELL 882, , , ,000 1,224, ,000 Note: No lower cutoff applied to Wilber and Judy lodes, 0.5g/t lower cutoff applied to Shear Zone. Upper cutoff applied as follows: Shear Zone - 3g/t, Wilber Lodes 10g/t and 75g/t, Judy Lode 75g/t. Rounding errors may occur * Includes Wilber footwall lodes

32 Appendices COMPETENT PERSONS STATEMENT The information in this presentation that relates to Exploration Results is based on information compiled by Brad Drabsch. Mr Drabsch is a full-time employee of Doray Minerals Ltd and a member of the Australian Institute of Geoscientists (AIG) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking. This qualifies Mr Drabsch 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 Drabsch consents to the inclusion of information in this announcement in the form and context in which it appears. The information in this announcement that relates to Mineral Resources is based on information compiled by Mark Cossom. The information in this announcement that relates to Ore Reserves is based on information compiled by Peter Bamford. Mr Cossom and Mr Bamford are full-time employees of Doray Minerals Ltd and are a Member and Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) respectively. Both Mr Cossom and Mr Bamford have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which they are undertaking. This qualifies Mr Cossom and Mr Bamford as Competent Persons as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Cossom and Mr Bamford both consent to the inclusion of information in this announcement in the form and context in which it appears.