AF LEGAL GROUP LTD — Investor Presentation 2011

Feb 27, 2011

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28 February 2011

The Manager Company Announcements Office Australian Stock Exchange Limited PO Box H224 Australia Square SYDNEY NSW 2000

Dear Sir/Madam

SHAREHOLDER BRIEFINGS PRESENTATION

Please find attached a copy of a presentation to be given during the Shareholder Briefing Roadshow this week.

Navigator Resources Limited conducts twice-yearly visits to major Australian cities to meet with shareholders and provide an update on the Company’s activities. Details of the briefings are provided below:

City	Date	Time	Venue
Brisbane	Monday 28 February 2011	6.00pm	Tattersall’s Club 215 Queen Street BRISBANE QLD 4000
Sydney	Tuesday 1 March 2011	6.00pm	Tattersall’s Club 181 Elizabeth Street SYDNEY NSW 2000
Perth	Tuesday 1 March 2011	6.00pm	Navigator Resources (office) 45 Richardson Street WEST PERTH WA 6005
Melbourne	Wednesday 2 March 2011	6.00pm	Amora Hotel Riverwalk Melbourne 649 Bridge Road RICHMOND VIC 3121
Adelaide	Thursday 3 March 2011	6.00pm	Stamford Plaza Adelaide 150 North Terrace ADELAIDESA5000

Further information is available on the Company website www.navigatorresources.com.au.

Yours sincerely

NAVIGATOR RESOURCES LTD

Gerry Kaczmarek Company Secretary

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Ground Floor, 45 Richardson Street WEST PERTH WA 6005 PO Box 276 WEST PERTH WA 6872

Telephone: (08) 9214 1000 Facsimile: (08) 9214 1001 Email: navigator@navigatorresources.com.au Website: www.navigatorresources.com.au

ASX Code: NAV ACN: 063 366 487

PRODUCING & EXPLORING SHAREHOLDER BRIEFING

DAVID HATCH Managing Director & TREVOR COOK Chief Operating Officer

www.navigatorresources.com.au

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DISCLAIMER

• The information contained in this presentation is not financial product advice. The presentation is for information purposes and is of a general and summary nature only. It does not constitute an offer. Navigator Resources Limited (Navigator) gives no warranties in relation to the statements and information in this presentation. Investors should seek appropriate advice on their own objectives, financial situation and needs.

• This presentation contains certain statements which may constitute “forward-looking statements”. Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values, performance or achievements to differ materially from those expressed, implied or projected in any forward looking statements.

• Navigator disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Investors are cautioned that forward-looking statements are not guarantees of future performance and investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

• This presentation does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment or investment decision relating to any securities in the Company. Any decision regarding any proposed subscription for securities in the Company must be made solely on the basis of information on the Company that is publicly available.

• This presentation does not constitute an offer of securities for sale.

COMPETENT PERSONS STATEMENT

Sections of information contained within this report that relate to Exploration Results, Mineral Resources or Ore Reserves at the Bronzewing Gold Project, the Leonora Gold Project and Cummins Range Rare Earth Project are based on information reviewed by Bernie Kirkpatrick who is a full-time employee of Navigator Resources Limited and a Member of the Australasian Institute of Mining and Metallurgy. Bernie Kirkpatrick has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken 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”. Bernie Kirkpatrick consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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CORPORATE OVERVIEW

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ASX Code: NAV
Ordinary Shares	465,490,350
Market Capitalisation ($0.19)	A$88.4 million
12 month High-Low	A$0.250-0.115
Cash (31 December 2010)	A$20.2 million
Debt Drawn (June 2011 repayment)	A$12.2 million
Hedging	Nil

ASX Code: NAVO Listed Options 121,450,685 Market Capitalisation ($0.046) A$5.6 million Unlisted Options 71,535,815

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NAV Share Price January 2010 - February 2011 (A$)
0.30
0.25
0.20
0.15
0.10
0.05
0.00
4/01/2010 4/02/2010 4/03/2010 4/04/2010 4/05/2010 4/06/2010 4/07/2010 4/08/2010 4/09/2010 4/10/2010 4/11/2010 4/12/2010 4/01/2011 4/02/2011
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EXPERIENCED DIRECTORS & MANAGEMENT

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Board of Directors

Management Team

• Allan Trench Non-Executive Chairman

• David Hatch

Managing Director

• David Hatch Managing Director

• Matt Healy Non-Executive Director

• Trevor Cook Chief Operating Officer

• Gerry Kaczmarek CFO/Company Secretary

• Ian Macpherson Non-Executive Director

• Bernie Kirkpatrick Exploration Manager

• John Shipp Non-Executive Director

• Michelle Simson Manager Corporate Affairs

• Ian Bignell GM Bronzewing Operations

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DIVERSE PORTFOLIO OF WESTERN AUSTRALIAN MINING ASSETS

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Bronzewing (Au)
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Leonora (Au)

Cummins Range (REE)

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BRONZEWING ACQUISITION

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• Completed September 2009 for A$9.55 million + A$6.45 million environmental bonds

• Starting 5 year open pit mine plan comprising 9.27Mt @ 1.8g/t 490,000oz recovered gold

• Acquired infrastructure with replacement value of +A$200 million

• Acquisition cost A$14/Resource ounce and A$20/Reserve ounce

• Project fast-tracked back into production, with first gold poured in April 2010

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BRONZEWING MINE PLAN

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• Ore mined from 5 open pits in current mine plan

• Main ore source is Cockburn Pit, which has already been mined to approximately 140m depth

• Access to deeper ore requires a series of sequential waste cutbacks

• Waste cutbacks will be funded from cashflow

• Ultimate pit depth 250m

• Total project operating costs are therefore higher in early years as waste cutbacks are completed

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– BRONZEWING MINE PLAN CENTRAL PIT

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COCKBURN SLIDE
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Potential Bonus Ounces

Final Design

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– BRONZEWING MINE PLAN COCKBURN PIT

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Mine Ore Blocks

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– BRONZEWING MINE PLAN CHALLENGER PIT

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• Further drilling expected to result in additional open pits

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BRONZEWING MINE PLAN SUMMARY

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	Year 1	Year 2	Year 3	Year 4	Year 5
BCMs Mined (million)	11.3	11.7	8.6	5.3	0.6
Gold Production (‘000 ounces)	85-95	90-100	95-105	105-115	75-85
Cash Operating Cost (A$/oz)	950-1,000	850-900	930-980	870-920	600-650

 Average life-of-mine total operating cost A$875/oz (excluding royalties) taking into account actual production and costs for HY to 31 December 2010

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BRONZEWING GOLD PRODUCTION

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2010/11 Quarterly Gold Production
30,000 FORECAST
~25,000
25,000 ~23,000
22,667
18,609
20,000
15,000
14,101
10,000
5,000
0
Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011
oz (Gold)
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LEONORA GOLD PROJECT

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• +100,000t ore mining and milling trial in 2010 produced +7,000oz Au and net cashflow of +A$2 million

• NAV received formal tenders for circa 0.5Mtpa oxide milling facility in late 2010, with all up capital cost estimates in A$25-A$30 million range

• Refinements to mine plan and firm capital costs estimates also being obtained for circa 0.75Mtpa processing facility

• Preliminary business case more favourable than 2009 PFS with indicative unit operating cost of A$900-A$925/oz

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LEONORA GOLD PROJECT

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• Objective to upgrade project economics to achieve unit operating costs of A$600-A$700/oz

• Anticipate project development decision mid-year

• Cardinia pits to be mined in order of profitability ranking

Cardinia Pit Designs based on A$1,300/oz

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REGIONAL EXPLORATION

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• Comprehensive database of NAV and third party owned prospects/resources almost completed

• Ranking to date confirms high level of prospectivity of NAV owned gold prospects

• Aggressive 2011 exploration campaign to progress and test a series of greenfields, brownfields and advanced targets

• Intending to drill test higher ranked conceptual/ structural targets

• Exploration to be funded from cashflow

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BRONZEWING EXPLORATION

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• Objective to extend mine life and improve the quality of resource and

• reserve ounces

• Discovery of higher grade material will result in reduced unit costs

• First round of drill testing at Eagle and Woorana in December 2010 quarter produced encouraging results

• Numerous other targets being prepared for drilling

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BRONZEWING EXPLORATION

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Eagle Prospect

• Discovered late 2009

• 10km from Bronzewing processing plant

• Followed up nugget anomalies with soil sampling

• 5km long soil anomaly

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BRONZEWING EXPLORATION

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Eagle Prospect

 Spectacular aircore hole 4m @ 66.6g/t Au from 28m

 Next stage of 7,000m air core drilling scheduled to commence early March 2011

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VRERA0046
9m @ 4.8g/t Au
from 78m
631ppb Au
178ppb Au
NEAC019
4m @ 66.6g/t Au
from 28m
1,954ppb Au
252ppb Au
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BRONZEWING EXPLORATION

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Woorana Prospect

• 18km from Bronzewing processing plant

 2,610m of RC drilling completed in December 2010 quarter out of planned 6,000m program

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BRONZEWING EXPLORATION

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Woorana Prospect

 2,610m of RC drilling completed in December 2010 quarter out of planned 6,000m program

• Preliminary pit optimisation confirms further drilling warranted

 Balance of RC program to commence March 2011

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LEONORA EXPLORATION

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• Comprehensive database of NAV and third party owned prospects/resources almost completed

 Scheduled to RC drill test near-surface, oxide prospects (Kurrajong North, Hobby) in March 2011 to follow up previous high grade mineralisation

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CUMMINS RANGE RARE EARTH PROJECT

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Independent Realisation
Discovered by CRA Successful drill program Resource announced of plan to
Exploration
bring
Review of data by
Preliminary Independent maximum
Navigator shows high
Resource valuation benefit to
grade zone suitable for
announced A$10-20
delineation shareholders
Aerosurveying by million
Navigator (2002)
1978 2002-6 2007 2008 2009 2010
Part of Navigator Good RC
Resources IPO intersections Independent
72kt REO,
(2003) announced valuation
459kt
Strong aircore 69kt REO,
Estimated A$20-30
intersections 398kt phosphate &
mineralisation of million
announced phosphate & 780t U3O8
3-4Mt @ 2-4% REO Deposit confirmed as a 765t U3O8 Mineralogical studies
(60-160kt of REO)
laterite with potential for Deposit confirmed to have confirm deposit primarily
enrichment (eg. Mt Weld) low thorium levels reducing apatite and monazite
environmental risk
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KRE INCORPORATION & FLOAT

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• Float new specialist rare earths company – Kimberley Rare Earths Limited (KRE)

• Sell 25% interest in Cummins Range Rare Earth Project to KRE for shares

• Distribute for free the majority of these KRE shares to NAV shareholders on a 1 for 20 basis

• Each eligible NAV shareholder also entitled to a priority offer of one new KRE share for each 10 NAV shares held to raise approximately A$9.3 million

• Public offering of A$5 million

• KRE funded to +A$14 million

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KRE INCORPORATION & FLOAT

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• KRE will have immediate 25% ownership of Cummins Range

• KRE can earn up to 80% by spending under JV agreement with NAV

• Board members recruited except for Managing Director; executive search underway

• NAV will have approximately 10% holding in KRE post-listing

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KRE TIMETABLE

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Activity	Expected Completion
Record Date for Priority Offer	late-March 2011
Prospectus dispatched/Priority & Public Offers open	late-March 2011
NAV Notice of Meeting dispatched	late-March 2011
Priority Offer closes	early-April 2011
Public Offer closes	1 week later
Allotment of new KRE shares	late-April 2011
NAV Extraordinary General Meeting	late-April 2011
In-specie Distribution Record Date	early-May 2011
KRE commences trading on ASX	early-May 2011
In-specie Distribution made to NAV shareholders	within 1 month of listing

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SO, WHERE ARE WE GOING?

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CONCLUSIONS

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• NAV’s committed Board and management have demonstrated an ability to successfully operate challenging projects

• NAV is producing gold and generating cashflow

• NAV is intent on growth by mine life extension and project development

• NAV is pursuing an aggressive exploration program in 2011 at Bronzewing and Leonora to be funded from cashflow

• NAV is focussed on the discovery of higher grade, more profitable ounces

• NAV is receptive to acquisitional growth

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RESOURCES & RESERVES

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Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010	Bronzewing Reserves – August 2010
				Mt			g/t Au			oz
Probable				8.157			1.8			480,500
Total				8.157			1.8			480,500
Bronzewing Resources – June 2010(inclusive of Reserves)
				Mt			g/t Au			oz
Indicated				10.30			2.1			690,000
Inferred				3.20			2.4			246,000
Total				13.50			2.1			936,000
Leonora Resources – June 2010
				Mt			g/t Au			oz
Indicated				8.16			2.0			533,000
Inferred				4.13			1.6			212,000
Total				1229			19			745000
				.			.			,
Cummins Range Inferred Resource – June 2010
COG%	Tonnage Mt	TREO %	P2O5 %		U3O8 ppm	Th ppm		TREO kt	LREO %		MREO %	HREO%
1.0	4.17	1.72	11.0		187	41		71.7	95.6		4.1	0.3