MARCH 2015

Coringa – high grade gold in Brazil Nearing Completion of Feasibility Study (April 2015)

TSX-V: MNM | www.magellanminerals.com

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Forward Looking Information The material presented herein is private and confidential. The contents are not to be reproduced or distributed to any third party, including the public or press. Certain statements contained in this presentation constitute forward-looking statements. These statements relate to future events or the Corporation's future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date specified. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, results of exploration activities, the Corporation's limited experience with development-stage mining operations, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, changes in commodity and, particularly, gold prices, actual performance of facilities, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements. Qualified person John Kiernan P.Eng, Magellan’s VP Project Development and a "qualified person" within the definition of that term in NI 43-101, has reviewed the technical information contained in this presentation Preliminary Economic Assessment Certain financial information contained in this presentation is based on a Preliminary Economic Assessment contained in a report entitled “NI 43-101 Technical Report Coringa Project State of Para Brazil”, dated February 12, 2015 and available on the Sedar website at www.sedar.com. The Preliminary Economic Assessment is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Preliminary Economic Assessment will be realized. This presentation also describes mineral resources on the Coringa Project. Mineral resources are not mineral reserves and do not have demonstrated economic viability

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Magellan Minerals Coringa at a Glance

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Positive economics

750t/d underground mine producing an average of 51,000oz/yr. Operating costs of US$531/oz. Post-tax IRR of 27% @US$1250/oz2

Short time frame to production

April 2015

15%

35%

50%

Management Institutional Retail

Shareholders include Sprott, CIBC, Newmont, Kinross &

Sandstorm Gold

Share structure 164M shares issued

195M shares fully diluted Market Cap. $13M

Measured and Indicated grade of 7.2g/t1 gold. Estimated Capex of US$65M2

High grade / low capex

18-24 months to complete project financing, permitting and construction

Estimated completion date for Bankable Feasibility Study on high grade Coringa gold project

1 Assumes 2g/t cut-off; Measured resources of 0.93Mt @ 8.1g/t Au for 242,000oz and Indicated resources of 1.29Mt @ 6.6g/t Au for 274,000oz. Total Measured and Indicated resources of 2.22Mt @ 7.2g/t Au for 516,000oz + Inferred resources of 2.66Mt @ 4.7 g/t Au for 405,000oz.

2 See Amended PEA (43-101 technical report) filed Feb 2015. Post tax 1RR of 33% @1350/oz and 27% @ $1250/oz

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Magellan Minerals Poised for rapid growth

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Following completion of BFS at Coringa, permitting and construction is estimated at 18-24 months. Initial production of 50Koz/yr

Short time frame to production

Expand Coringa

Coringa plant is expected to have approx. 200t of unutilized capacity which could result in increased production within 2 years

Advance satellite deposits

Magellan owns the Mato Velho project located 15km to north. Early drilling suggests presence of second high grade deposit

Complete bankable Feasibility Study* on Coringa by end April 2015

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* Bankable Feasibility Study is 75% complete as of 19 Feb. 2015

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Jim Stypula Chairman

Financier with 25 years of

experience in mining. Founding director of Far

West Mining

Alan Carter President & CEO

25 years of experience, 13 with Rio Tinto + BHP

Billiton. Director of Peregrine Diamonds and

co-founder Peregrine Metals

John Kiernan VP Project Development

Mining Engineer with +25 years experience incl. 10

underground. Ex-Inco, AMEC, Wardrop, PI

Financial and Quadra

Derek White Director

President & CEO of KGHM

International +20 years experience

Ex-Quadra, Gencor and BHP Billiton

Officers and Directors

Dennis Moore Exploration Geologist with +30 years experience most of it in Latin America.

VP Business Development Responsible for discovery of Tocantinzinho deposit, now owned by Eldorado Gold

Paul Hansed 25+ years of accounting and finance experience including 19 years with KPMG in

CFO Canada and Europe

Guillermo Hughes 30 years of experience in the mineral exploration industry including experience in

Chief Geologist Argentina, Peru and Brazil

Mario Szotlender Financier, Director of Endeavour Silver and Radius Gold. 20+ years of experience

Director financing and managing companies in Latin America

Carlos Ulema 30+ years experience of gold projects in Brazil. Ex-Brascan, TVX, Noranda and Vale

Brazil Manager

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Why Brazil?

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$2.2 trillion economy is 6th largest. Total Net inflows of foreign investment have increased from $12B in 2003 to $67B in 2011

Economy

Geology

Mining law

Recognized Mining Friendly Jurisdiction. Vale, Kinross, Anglogold, Yamana are active

Mining friendly

1% government royalty rate on gold. Transparent title. Competitive tax rates

60% of the country is underlain by prospective Precambrian shield rocks. Under-explored using modern technology

Mining Law

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Key Land Position in Competitive Belt Para State and the Tapajos

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Para has a corporate tax rate of 15.25%2 compared to 34% in other states in Brazil

Tax Incentive

Mining friendly jurisdiction

Para has major bauxite, iron ore and copper mines

Improving infrastructure

BR-163 highway in eastern Para has recently been paved. PCH Curua hydroelectric power plant provides power to Novo Progresso

The Tapajos belt is the site of the world’s largest ever gold rush and produced 20-30Moz of (mainly placer) gold from 1978 to 19951

Historical production

1. Source : DNPM

2. This rate incorporates a tax benefit which reduces federal income tax (IRJP) by 75% for qualifying projects in the northern region of Brazil for up to 10 years. The tax

benefit approval deadline has been extended to December 2018 by the Brazilian Federal Government. While this program has been in place since 2000, there is no

guarantee that the program approvals will continue subsequent to December 2018 nor is it certain that the tax benefit will otherwise be ultimately granted to Magellan.

Strategy

Recently paved BR-163

Novo Progresso

Coringa

BR-163

Curua

hydroelectric

plant

Located 20km east of main BR-163 highway (recently paved) and mains power

Access and Power

28,700ha land position located 65km SE of Novo Progresso, town of 30,000 people

Large Land Position

Coringa Project

Study is being led by Ausenco with support from Snowden, Deswick, Kovit, GRE and Terra. Expected completion April 2015

Feasibility Study in Progress

138Kv power line

138kV power line

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Strategy

3 9 Camp at Coringa

of diamond drilling completed across 179 holes to maximum depth of 300m

28,436m

13.5km of veins mapped to date (9km = 43-101 resource) within granite and rhyolite host rocks. Good ground conditions.

0.5 - 3.5m Width of veins. Vertically dipping. All mineralized zones open at depth

Coringa Project

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Continuity

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Serra long section (grade x thickness)

Mineralized drill core : Serra zone

Coringa Project

5 mineralized zones identified thus far. 84% of M&I resource confined to Serra and Meio

Multiple zones

Continuity

Serra and Meio in particular have good grade continuity for +600m along strike

Excellent metallurgy

Test work completed as part of PEA and BFS show recoveries of 98-99% (50-60% of which is via gravity)

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0 200m

Polished section showing gold on surface of pyrite

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Coringa Resources

Summary Open Pit Resources1, All Areas Summary Underground Resources1, All Areas

1 Updated GRE Resource Statement Feb, 2015

Cutoff

Grade Au

2 gpt

Base Case

Measured

Tonnes 931,000

Grade Au gpt 8.06

Grams Au 7,505,000

Troy Oz Au 242,000

Indicated

Tonnes 1,290,000

Grade Au gpt 6.63

Grams Au 8,551,000

Troy Oz Au 274,000

Measured & Indicated

Tonnes 2,221,000

Grade Au gpt 7.23

Grams Au 16,056,000

Troy Oz Au 516,000

Inferred

Tonnes 2,660,000

Grade Au gpt 4.73

Grams Au 12,575,000

Troy Oz Au 405,000

Cutoff

Grade Au

1 gpt

Base Case

Measured

Tonnes 18,000

Grade Au gpt 1.22

Grams Au 22,000

Troy Oz Au 1,000

Indicated

Tonnes 227,000

Grade Au gpt 1.33

Grams Au 303,000

Troy Oz Au 10,000

Measured & Indicated

Tonnes 245,000

Grade Au gpt 1.33

Grams Au 325,000

Troy Oz Au 11,000

Inferred

Tonnes 1,661,000

Grade Au gpt 1.33

Grams Au 2,216,000

Troy Oz Au 71,000

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Coringa Resources

Summary of Underground Resources1 and different cut-off grades, All Areas

1 Updated GRE Resource Statement Feb, 2015

Resource

Category

Cutoff

Grade Au 1 gpt

2 gpt

Base Case 3 gpt 4 gpt 5 gpt

Measured

Tonnes 1,133,000 931,000 784,000 666,000 561,000

Grade Au gpt 6.90 8.06 9.10 10.10 11.16

Grams Au 7,813,000 7,505,000 7,134,000 6,727,000 6,259,000

Troy Oz Au 251,000 242,000 230,000 217,000 201,000

Indicated

Tonnes 1,796,000 1,290,000 877,000 690,000 593,000

Grade Au gpt 5.18 6.63 8.49 9.82 10.68

Grams Au 9,310,000 8,551,000 7,448,000 6,774,000 6,334,000

Troy Oz Au 299,000 274,000 240,000 218,000 203,000

Measured &

Indicated

Tonnes 2,929,000 2,221,000 1,661,000 1,356,000 1,154,000

Grade Au gpt 5.85 7.23 8.78 9.96 10.91

Grams Au 17,123,000 16,056,000 14,582,000 13,501,000 12,593,000

Troy Oz Au 550,000 516,000 470,000 435,000 404,000

Inferred

Tonnes 3,850,000 2,660,000 1,525,000 1,093,000 843,000

Grade Au gpt 3.74 4.73 6.38 7.52 8.44

Grams Au 14,398,000 12,575,000 9,722,000 8,215,000 7,114,000

Troy Oz Au 463,000 405,000 313,000 265,000 229,000

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Projected Summary Cash Flow Cash Flow Breakdown

($,000)

Annual

Average

Life of

Mine

Revenue

Revenue 1 $58,126 $499,883

Royalty 2 $2,438 $20,966

Net Revenue $55,688 $478,917

Direct Operating Costs (“OpEx”)

Mining Costs $6,357 $54,667

Power $5,613 $48,269

Processing $4,365 $37,539

Labor $7,018 $60,359

G&A (and Other) $1,336 $11,492

OpEx $24,689 $212,325

GROSS OPERATING CASH FLOW $30,999 $266,591

Other Costs and Expenses

Sustaining/Replacement/Ongoi

ng Mine Development $5,524 $47,507

Taxes 3 $3,166 $27,224

Other Costs/Expenses $8,690 $74,831

Net Free Cash Flow $22,765 $191,760

1 Based on Au price of $1250/oz and GRE Preliminary Economic Assessment Model of initial 8.6 year mine life 2 Royalties = Government and landowner royalties (1.5%), Sandstorm royalty (2.5%), Surface Rights Payment ($5k/month), and Exploration Permit Fee ($1.67/hectare) 3 Net Tax Rate is estimated at effective 15.25%. This rate incorporates a tax benefit which reduces federal income tax (IRJP) by 75% for qualifying projects in the

northern region of Brazil for up to 10 years. The tax benefit approval deadline has been extended to December 2018 by the Brazilian Federal Government. While

this program has been in place since 2000, there is no guarantee that the program approvals will continue subsequent to December 2018 nor is it certain that the

tax benefit will otherwise be ultimately granted to Magellan.

ROBUST FREE CASH FLOW

Garimpeiro workings at Coringa

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Projected Operating Highlights and Margins

1 Based on Au price of $1250/oz and GRE Preliminary Economic Assessment Model of initial 8.6 year mine life 2 Steady-state operating years 2-8 inclusive 3 OpEx = Direct operating cash costs, refining charges, and other project-specific costs such as G&A 4 AISC = OpEx plus sustaining costs and royalties 5 Tax Rate estimated at effective 15% 6 AIC = AISCT plus initial capital costs and closure costs 7 Gross Operating Cash flow = Gold price minus OpEx 8 Net Operating Cash flow = Gold price minus AISC 9 Net Free Cash Flow = Gold price minus AISCT 10 Net Investment Margin = Gold price minus AIC

Margins 1

Gross Operating Cash Flow 7 $719/oz.

Net Operating Cash Flow 8 $601/oz.

Net Free Cash Flow 9 $533/oz.

Net Investment Margin 10 $363/oz.

WELL-ABOVE-AVERAGE GRADE,

WELL-BELOW-AVERAGE COSTS, HIGH MARGINS

Costs 1

Average Cash Operating Costs (“OpEx”) 3 $531/oz.

Average All-In Sustaining Costs (“AISC”) 4 $649/oz.

Average AISC Plus Taxes 5 (“AISCT”) $717/oz.

Average All-In Costs (“AIC”) 6 $887/oz.

Production 1

Initial Mine Life 8.6 years

Average Gold Grade 6.7 g/t

Initial Life-of-Mine Gold Production 400,000 oz.

Steady-State Gold Production 2 51,000 oz. p.a.

Average Gold Production 46,500/oz. p.a.

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Projected Financial Metrics

STRONG FINANCIAL METRICS, LOW BREAKEVEN GOLD PRICE

1 Based on GRE Preliminary Economic Assessment Model of initial 8.6 year mine life and Au price of $1,250/oz. 2 BE = Gold price at which net free cash flow is $0 after AISCT (all-in sustaining costs plus taxes) 3 Debt Assumptions: Principal Amount = entire capex of $65M,, Coupon = 8%, Scheduled Tenor = 6 Years (1 construction, 5 operating), Remaining Reserve Tail =

40%@scheduled maturity, 50% sweep of excess free cash flow after scheduled annual debt service 4 DSCR = Periodic (annual) free cash flow / annual scheduled (Principal + 8% Interest) 5 LLCR = Discounted free cash flow (@8%) during scheduled loan life / Principal

6 LOMCR = Discounted free cash flow (@8%) during initial mine life / Principal

Select Financial Metrics 1

NPV 0% ($,000) $124,297

NPV 5% ($,000) $84,188

NPV 8% ($,000) $65,594

NPV 10% ($,000) $55,002

IRR 27%

Breakeven Gold Price (“BE”) After AISCT 2 $681/oz.

Debt Service Coverage Ratio (“DSCR”) 3,4 1.79x

Loan Life Coverage Ratio (“LLCR”) 3,5 1.62x

Life of Mine Coverage Ratio (“LOMCR”) 3,6 2.37x

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Projected Capital Expenditures

LOW CAPITAL COST

1 Based on Amended PEA (43-101 technical report) filed Feb 2015

Capital Budget ($,000) 1

Category Pre-Production Life-of-Mine

Permitting $0.7 $0.7

Feasibility Study & Site Investigations $3.2 $3.2

Mine Development $1.9 $26.9

Closure $0.0 $3.1

Mine Equipment $11.6 $11.6

Surface Facilities $46.4 $48.4

Replacement/Sustaining Capital $0.0 $18.5

Working Capital $0.6 $2.6

Total $64.4 $115.0

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Drilling at Coringa

Coringa Feasibility Study

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• BFS is currently 75% complete and is expected to be

completed during April 2015

• Study is being completed by group of leading

engineering firms with extensive Latin American

experience including :-

• Ausenco is responsible for the overall study

compilation, mill design and site infrastructure

• Snowden is responsible for Resources, Reserves and

underground geotechnical work for the mine plan

• Deswik is completing the mine plan

• Kovit is accountable for the design and costing of the

tailings and backfill

• Global Resource Engineering is responsible for

hydrogeology and the site water balance

• Terra is responsible for environmental aspects

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Coringa Feasibility Study

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• Resources - completed

• Mine plan - mine infrastructure and stope plan in progress

• Geotechnical - geotechnical analysis completed - ground

conditions in country rock and vein are good, and confirm

proposed use of resue mining to reduce dilution.

• Plant - the mill design incorporating conventional crushing,

grinding, gravity and CIL, is complete. Expected mill

recoveries of 96%.

• Environmental - completed. No significant environmental

issues are envisaged.

• Tailings - testing for process tailings dewatering and

rheology has been completed. Tailings thicken well and

readily consolidate to form a dense and stable deposit.

Suitable for supplying backfill to the mine.

• Groundwater - groundwater modeling and water balance

work in progress

• Acid rock drainage - testing in progress. No issues of

concern are anticipated

• Power supply - completed. Grid power is the preferred

option

• Camp - general site layout completed

• Financial Model - work is ongoing in all areas on capital

and operating costs.

Hydroelectric power station at Curua

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Map of Coringa showing distribution of resource blocks, drill holes and gold in soils

Coringa Upside

Of gold-in-soil anomalies (totaling 30km ) on surface remain untested

by drilling

+75%

100% Of ore zones remain open at depth

3 Number of zones that are open along

strike: Serra, Meio, Demetrio

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Coringa camp

Coringa Permitting

Two approaches are currently being pursued in parallel; an application for 3 trial mining licenses and a full environmental license (LP)

Two parallel approaches

Trial Mining Licence

Each license allows for the extraction of 50,000t of ore per year and unlimited development. 6 month process

Full permitting

Three step process commencing with Environmental License (LP) followed by LI and LO. Application exp. submission Q2 2015. Est 6 month approval process

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Timeline

2015 2016 2017

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Preliminary License (LP) / LP Application

Operation License Report (LO)

Environmental Evaluation/ Public Audience/ License (LP)

Operation License (LO)

Application/SEMA Audit/LO Issuance

Implementation (Construction) License Report (LI)

Implementation License (LI) Application / LI Issuance

Trial Mining License (Guia) Application

Trial Mining License (Guia) Issuance

Completion of Bankable Feasibility Study

Project Financing

Construction

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Mato Velho camp

Mato Velho

Distance from Coringa. Claims consist of 4,913ha and are contiguous with Coringa

15km

6km Strike extent of veins mapped to date. An additional 2.2km of gold-in soil anomalies have been identified

13 holes Completed, totaling 1980m encouraging intercepts of 8m @ 8.32 g/t gold and 1m @ 18g/t gold

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1.5 - 2Moz

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Cuiu Cuiu 2Moz from streams

+1.5Moz resource to date

Tocantinzinho 0.2Moz from streams

2.5Moz resource

Cuiu Cuiu Village

Cuiu Cuiu Project

1.5 - 2Moz

Indicated resources of 3.4Mt @ 1.0g/t gold (100Koz) + Inferred resources of 31Mt @ 1.2g/t gold (1.2Moz)

Proximity to Eldorado

Claims (40,403ha) are contiguous with Eldorado’s Tocantinzinho deposit (2.5Moz @ 1.2g/t Au) 25km to east

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NI 43-101 Resource

Of historic placer gold produced from Cuiu Cuiu. Largest garimpo in Tapajos

19km

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Jerimum de Baixo 105m @ 0.6 g/t gold

Jerimum de Cima 39m @ 5.13 g/t gold

Central South 27m @ 6.94 g/t,

8m @ 8.40 g/t gold

Central North 39m @ 1.25 g/t gold

Pau da Merenda 47m @ 1.76 g/t,

9m @ 5.07 g/t gold

Ivo 8m @ 2.78 g/t

9m @ 1.47 g/t gold

Stockwork mineralisation at Central

Central deposit at Cuiu Cuiu

Cuiu Cuiu Project

Including 22,070m which was drilled following resource estimate - two new zones discovered

48,025m of drilling

19km

Length of gold in soil anomaly. Significant drill intersections in 6 zones outside current resources

Open-pit potential

Mineralization is near surface. Metallurgical work indicates gold recoveries of 94-97%

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Cuiu Cuiu Upside

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Gold bearing quartz veins

Pau da Merenda 47m @ 1.76 g/t 30m @ 1.1 g/t

9m 5.07 g/t

Jerimum de Cima 39m @ 5.13 g/t 18m @ 1.17 g/t

Jerimum de Baixo 105m @ 0.6 g/t

Incl 41m @ 1.29 g/t 38m @ 0.67 g/t

Ivo 8m @ 2.78 g/t 9m @ 1.47 g/t

Central North 39m @ 1.25 g/t 20m @ 0.59 g/t

Central South 27m @ 6.94 g/t 8m @ 8.40 g/t

Central

Indicated: 3.4Mt @ 1.0g/t; 100,000oz

Inferred: 17Mt @ 0.9g/t; 500,000oz

Moreira Gomez

Inferred: 14Mt @ 1.5g/t; 700,000oz

Gold-in-soil anomaly and drill results from other areas

outside the current resource

Colors in red indicate soils containing +70ppb gold

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Investment Summary

Average cash cost: $531/oz2 ,NPV5 of $84M on 750 tpd underground mine producing

average of 51,000oz per year for 8.5 years

Positive economics

Feasibility nearing completion

Feasibility study is 75% complete and should be complete during April 2015. Permitting is in progress. Construction expected in 2016

Near term expansion

Mitigation of underground dilution should result in significant spare processing capacity

in the plant allowing near term expansion

Coringa is high grade undeveloped gold deposit in northern Brazil. M&I grade =

7.2gpt1. Low capex cost of US$65M High grade asset

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1 Assumes 2g/t cut-off; Measured and Indicated resources of 2.22Mt @ 7.2g/t Au for 516,000oz + Inferred resources of 2.66Mt @ 4.7 g/t Au for 405,000oz

2 Amended PEA (43-101 technical report) filed Feb 2015

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Tel: +1 (604) 676-5660 Website: www.magellanminerals.com E-mail: info@magellanmminerals.com

Corporate Head Office: Suite 1500 - 409 Granville Street

Vancouver, British Columbia Canada, V6C 1T2

Chairman: Jim Stypula President & CEO: Alan Carter

Contact Information

Corporate Council: Morton Law LLP Auditors: PWC

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