MAY 2014

EAST COAST AUSTRALIA & SOUTH EAST ASIA ROADSHOW

Gold producer focused on organic growth in the Philippines

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CAPITAL STRUCTURE

SHARE CAPITAL Ordinary Shares: 207,794,301 Unlisted Options: 1,575,000 Market Capitalisation (as at 8th May 2014) ~ A$364m

SHAREHOLDER INFORMATION Major Shareholders

Wellington 7.85%

Van Eck 7.30%

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OUTLOOK

Un-hedged, low cost gold producer focused on organic growth

Forecast Co-O Mine production of 140,000 to 160,000 ounces per year in FY 2015 at a grade of 5g/t – 7g/t.

The SAG Mill, currently operating between 2,000 to 2,500 tonnes per day at 90% to 95% recoveries

Cash Costs forecast at $US400 per ounce for FY 2015

Increase in Free Cash Flow to strengthen the balance sheet

Future growth from Tambis Region: • Bananghilig Gold Deposit (B1)- 1,000,000 ounce resource

• Drilling between B1 and B2

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During the year the following activities were undertaken:

a comprehensive Safety Review of the Company's operations by an external consultant (this is the 3rd audit completed and is conducted annually)

continued comprehensive health checks for all employees

expanded training activities for all underground personnel

first aid training for all mine employees for use at work and home

Regular intensive training for well-equipped mine rescue and firefighting teams who participate in annual national competitions

regular safety meetings that emphasize workforce participation in ensuring safety and hazard minimization

SAFETY

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SAFETY GRAPH - LTIFR

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0.5

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1.5

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2.5

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3.5

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4.5

2008-09 2009-10 2010-11 2011-12 2012-13 2013 - 2014

Lost Time Incident Frequency Rate ("LTIFR") Underground WALost Time Incident Frequency Rate ("LTIFR") Co-O

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PRODUCTION STATISTICS

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(1)Net of development costs and includes royalties and local business taxes but no by-product credits

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Unit Qtr ended

31 Mar 2014 Qtr ended

31 Dec 2013 Qtr ended

30 Sep 2013 Qtr ended

30 Jun 2013 Qtr ended

31 Mar 2013

Tonnes mined WMT 146,017 108,264 114,380 103,028 83,134

Ore milled DMT 140,879 98,590 91,461 92,567 73,273

Head grade g/t 4.20 4.51 5.68 5.97 6.76

Recovery % 85% 85% 87% 88% 89%

Gold produced ozs 16,200 11,587 14,502 15,642 14,021

Cash costs (1) US$/oz $398 $526 $339 $355 $296

Gold sold ozs 15,843 11,774 15,560 16,236 17,760

Average gold price received US$ $1,299 $1,262 $1,336 $1,410 $1,630

NEW INFRASTRUCTURE

New administration building

New geology office

New junior staff house

Core Farm

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New core shed

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New mill is operating between 2,000 – 2,500 tonnes per day

Grid hydro power at mine and mill (standby diesel power at Mine and Mill)

New tailings dam No.5 constructed

99% local workforce

Grind size and recoveries being optimized through plant modifications

On site assay laboratory and support services

Co-O MILL

Co-O Mill - Crushing Circuit

Co-O Laboratory

Mine management team

New Jaw Crusher Foundations

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SAG Mill

Crushed ore

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25 year Mining Licence

(renewable by another 25 years)

8 levels at 50 metre spacing ~ 50 headings on ore ~ 10 headings on waste

Development of ≥1,500 metres per month being achieved

Stoping on all 8 levels

100 stopes

900m of development completed on 8L to the end of December 2013

Winze from 8L to 9L completed

Co-O MINE

New Mine Office at Co-O

Saga Shaft temporary headframe

Construction of SAGA shaft Saga Shaft

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L8 Shaft

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Underground train unloading

UNDERGROUND MINING

Loading ore truck

Underground miner Underground loader Miners headed to work

Safety at minesite

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Co-O REGIONAL SETTING

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The Co-O Mine is currently undergoing revised resource estimation studies and the results expected to be reported during the September quarter 2014. As there has been material changes to the total resources reported prior to Dec 01 2013 (due to new data and mining depletion), resources tables will not be published until the completion of the current resource estimation studies.

Co-O MINE LONG PROJECTION (Drilling up to 30 June 2013)

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*8 LEVEL DEVELOPMENT

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Intermediate sulphidation, epithermal gold, breccia system, alteration approximately 7km x 3km

Coincident radiometric and alteration zones within regional aeromagnetic signature

Gold mineralisation styles: extensive vein systems stockworks Disseminated

Two drill rigs operating at B1/B2 on a 150m x 150m pattern

TAMBIS INTRUSIVE-BRECCIA COMPLEX

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Environmental Protection Enhancement

Environmental monitoring

Re-afforestation using rubber plantations

Rehabilitation of tailings dam

ENVIRONMENTAL

Water monitoring

Rubber plantation

Tailings dam rehabilitation

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Education Scholarships and assistance

Adopt-a-school programs in 23 schools

Over 5,500 students benefitting

Co-O Mine 16 bed hospital with doctors

Community Development Micro loans to rice farmers

Day care & community health centres

Road maintenance and bridge building

Construction of community buildings

Water projects

SOCIAL PROGRAMMES

Back to school

Sponsored rice farming Tailings dam rehabilitation Tailings dam rehabilitation

Sampling water

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This presentation contains only a brief overview of Medusa Mining Limited and its associated entities (“Medusa”) and their respective activities and operations. The contents of this presentation (including matters relating to the geology of Medusa’s projects), may rely on various assumptions and subjective interpretations which 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, as well as factors outside of Medusa’s control, may cause the actual results, performance and achievements of Medusa to differ materially from those expressed or implied in this presentation. Medusa does not warrant the accuracy, currency or completeness of the information with respect to forward-looking statements contained in this presentation, nor the future performance of Medusa.

To the maximum extent permitted by law, Medusa and its officers, employees and advisers are not liable for any loss or damage (including, without limitation, any direct, indirect or consequential loss or damage) suffered by any person directly or indirectly as a result of relying on this presentation or otherwise in connection with it.

This presentation is not intended to be an offer for subscription, invitation, solicitation or recommendation with respect to securities in Medusa in any jurisdiction including the United States. No securities in Medusa have been nor will be registered under the US Securities Act of 1933,(USA) as amended. This presentation does not constitute an advertisement for an offer or proposed offer of securities under Australian law, US law or any other law and is for general information purposes only.

The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue and has been prepared without consideration of your objectives and needs and financial position. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Medusa or its activities.

IMPORTANT NOTICE

JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS

Information in this report 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 report of the matters based on his information in the form and context in which it appears

Information in this report 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 report of the matters based on his information in the form and context in which it appears.

Information in this report 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 report of the matters based on his information in the form and context in which it appears.

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Board of Directors: Andrew Teo (Non-Executive Chairman)

Peter Hepburn-Brown (Managing Director/CEO)

Raul Villanueva (Executive Director)

Robert Weinberg (Non-Executive Director)

Ciceron Angeles (Non-Executive Director)

Gary Powell (Non-Executive Director)

Address and Contact Details: PO Box 860

Canning Bridge WA 6153

Australia

Telephone: +618 9367 0601

Facsimile: +618 9367 0602

Email: admin@medusamining.com.au

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