Shares in Issue

There are 154,595,548 shares in issue.

Major Shareholders

There are no restrictions on the transfer of
Minerva Resources AIM securities.

Directors' shareholdings

* The interest of Terry Ward is held by Terry Ward and Christine Ward, in their capacity as trustees of the Ward Superannuation Fund, a pension fund operated for the benefit of Terry Ward.

** The interest of Andrew Daley is held by Dalenier Enterprises Pty Limited, the trustee of The Bamfield Trust, a trust fund operated for the benefit of Andrew Daley and his family.

Shares not in public hands

Shares deemed not in public hands as at 30 October 2008, amounted to 54.18% (83,754,248 shares) of shares in issue.

Option schemes

Under the terms of the options the Group can issue up to 16% of the outstanding issued stock of the Company. As at 30 June 2008, 4,300,000 share options are held by Directors and Senior Managers of the company. These options vested on 11 June 2008, with a final exercise date of 1 June 2020.