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1 For personal use only RIU Conference - Sydney 12 May 2011 ASX:MDS

2 Disclosure Statement DISCLAIMER Nothing in this material should be construed as an invitation or an offer to purchase or subscribe for securities in any jurisdiction. In particular, this material does not constitute an invitation or offer in the United States of America. The distribution of this material in jurisdictions outside Australia may be restricted by law and persons who come into possession of this material should seek advice and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable security laws. FORWARD LOOKING STATEMENTS Statements made in this material, particularly those regarding possible or assumed future performance, costs, production levels or rates prices, reserves or potential growth of Midas Resources Limited, industry growth or other trend projections are or may be forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors and potential investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company s business are more fully disclosed in the Company s disclosure documents filed from time to time with Australian securities authorities.

3 Corporate Summary Shares on issue 324,948,892 Options ( 3c 30/11/12) Unlisted options (Directors/employees) 48.1 million 4.4 million Market 3c Cash (March 31) $9.7m $1.2M Director Participation: Terry Streeter 55.8M (18.4%) Don Boyer 30.9M (9.5%) Geoff Balfe 8.4M (2.5%) An SPP raised $1.44M in October 2010.

4 Directors Don Boyer Chairman Geologist and resource developer with more than 35 years experience in gold and base metals, responsible for technical operations from project acquisition through discovery to production. Experience at Director level in the identification development, public listing and ultimate sale of resource projects. Also currently chairman of Bass Metals Ltd. Terry Streeter Non-Executive Director Investor with long involvement and track record in identifying and developing successful mining projects, particularly nickel. Chairman of Western Areas and Fox Resources and a founding investor and Director of Jubilee Mines. Geoff Balfe Managing Director Geologist with more than 30 years exploration and evaluation experience in Australia and overseas. Involved in the discovery and development of nickel deposits at Silver Swan and Forrestania, and multi million ounce gold deposits in Turkey and Nevada. Has previous mining company Board experience.

5 Iron Ore Gold Base Metals GOLD PROJECTS: Lake Carey (MDS 100%) 356,000oz Resource at Fortitude Deposit multiple exploration targets ready for drilling in Q3/Q New Resource estimate for Gallant Leonora (MDS 100%) Exploration Target at Sunset Well and a Mining Lease applied for. Program of infill drilling and met testwork planned at Sunset Well for Q3/Q Exploration Licences south of Gwalia proceeding to grant and drill targets identified.

6 Iron Ore Gold Base Metals IRON ORE PROJECTS: West Pilbara (MDS 100%) Maiden CID Resource established and Scoping Study completed by Evans & Peck. Objective is to expand the resource base. COPPER/URANIUM PROJECTS: Paterson Province (MDS 100%) Exploration Licence applications expand tenement area to a total of 1,101km 2 Copper and uranium potential between Nifty Copper Mine and Kintyre uranium. No objections to tenements which are moving through the approvals system.

7 Lake Carey Leonora Gold Projects Expanding the Tenement Holdings and Building the Resource Base

8 Lake Carey Project Lake Carey 356,000oz total Resource at Fortitude deposit - open pit potential 20,000oz total Resource estimated for Gallant open pit potential Multiple drill targets with 6,000m aircore drill program and geophysical surveys in Q3/Q Pipeline of new drill targets being generated by sophisticated geophysical analysis.

9 Fortitude North Prospect Geophysical work highlights thickening of the Fortitude Shear Zone (FSZ) to the east of the existing drill coverage Significant gap in drill coverage Magnetic lows possibly due to magnetite destruction associated with mineralisation Northeast structures jogs are offsetting the FSZ to the east 4,000m aircore drill program planned Q3/Q

10 Gallant - Intrepid Prospects Major structural corridor Resource estimation underway at Gallant Drilled mineralisation at Bravado and Intrepid Structural corridor not well defined by drilling Geophysical SAM and microgravity surveys are planned to define structure and work up future targets.

11 New Mineral Resource for Gallant New JORC compliant Inferred Mineral Resource estimate on Bindah Shear Zone Good quality RC/DDH and A/C drill information with drilling on 25m x 50m and 25m x 100m grid Resource modeled to 180m and mineralisation drilled to 240m depth Potential to open pit Resource estimated by Runge Limited May 2011

12 Fortitude Mineral Resource Estimate Ordinary Kriged Estimate Tonnes (Mt) Grade (g/t Au) Metal (ozs Au) Indicated ,000 Inferred ,300 Total ,000 Selective Uniform Conditioning Tonnes (Mt) Grade (g/t Au) Metal (ozs Au) Indicated g/t Cut Off Inferred ,000 Total ,000 As per Resource Estimate by Runge Limited - ASX release 6 th May 2010 Rounding discrepancies may occur

13 Leonora Gold Projects Leonora Sunset Well - Mining Lease applied for over Prospero Exploration Target* of 0.5 to 1.0 to 2.0g/t (16,000 to 129,000oz) Two EL s applied for south of Gwalia and E40/294 recently granted. Drill target already identified by rock chip sampling at Reach ; other targets at Bluebell and Hawk Big structures and many old gold workings. * The potential size and grade of the Exploration Target is conceptual in nature and it is uncertain if further exploration will result in the determination of a Mineral Resource

14 Sunset Well Project Max Gold in Drillhole Mineralised shear zone with prospects at Prospero, Oberon and Talbot Zones of Mineralisation > 1.0 g/t 0.5 to 1 g/t 0.3 to 0.5 g/t < 0.3 g/t Oxidised gold mineralisation at Prospero tested by 41 RC holes and 2 DDH s over 1,000m strike and to 80m depth Prospecting Licences remain alive under the Mining Lease application so exploration and evaluation can continue. Prospero Exploration Target Range: 0.5 to to 2.0 g/t Au kilometres Talbot Prospect 2.8 g/t Au from 22m 1 Oberon Prospect 0.71 g/t Au from 32m Program of infill drilling and metallurgical testwork being planned at Prospero. Saprolite 10,100mE 10,200mE 0 RL Overburden Drill intercepts include: Saprolite g/t Au from 36m in SWR g/t Au from 28m in SWRC g/t Au from 32m in SWR133 Felsic Dyke Felsic Schist Felsic Schist Felsic Dyke Basalt 100 RL Shear Cross Section 6000mN

15 Rock Chip Results from Hawk Prospect: For personal use only

16 Pilbara Iron Ore Project Maiden Iron Ore Resource (Indicated) of 53% Fe at West Pilbara defined by 40 RC drill holes in May High level concept study by Evans & Peck indicates possible development and infrastructure pathway. West Pilbara Project located close to future rail infrastructure. Additional CID s are in proximity to Midas West Pilbara Project Potential to grow Resource by JV s & acquisitions. Existing Rail Network is Shown

17 Maiden CID Resource Category Tonnes Fe% P% SiO2% Al2O3% LOI% Perspective view of CID Indicated 11,500, CID Resource estimated by CSA Global at 50% Fe cut off grade

18 Paterson Province Copper/Uranium Targets All tenements are applications

19 For personal use only Paterson Province - Magnetics

20 Paterson Province Highly mineralised multi-metal Province: Nifty Copper mine, Kintyre Uranium, Telfer Gold mine. Four Exploration Licences under application ~ 1,101km 2 Tenements moving through approvals system with no outstanding objections. Target generation by Midas is already producing a pipeline of quality targets for testing: Copper targets in the Broadhurst Formation are associated with magnetic anomalies (c.f. Encounter Resources BM-1 and BM-2). Uranium targets are associated with unconformity between Rudall Metamorphics and overlying Coolboro Sandstone

21 Summary - Drill Targets + Upside Lake Carey 6,000m A/C drill program testing four targets in Q3/Q4 CY2011 Resource estimate for Gallant Geophysical program and pipeline of targets Sunset Well/Leonora Drilling and testwork at Prospero to produce an initial Resource estimate in 2011 Other targets at Talbot and Oberon Drill target at Reach in E40/294 Iron Ore Investigating potential to expand the Resource base at West Pilbara Paterson Province Tenements moving through the approvals system; quality targets identified

22 Competent Persons Statement The information in this report as it relates to exploration results and geology was compiled by Mr John Downing, who is a Member of the Australasian Institute of Geoscientists and a full time employee of the Company. Mr Downing 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 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 Downing consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

23 Thank you Geoff Balfe Managing Director P F E. Investor Relations Warrick Hazeldine P F E. Level 1, 282 Rokeby Road Subiaco Western Australia

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