AUREKA LIMITED — AGM Information 2011

Nov 24, 2011

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2011 Annual General Meeting Presentation

Geoff McDermott - Managing Director 25 November 2011

Forward-looking statement & disclaimer

The information contained in this presentation has been provided by Navarre and other sources identified herein. No representation or warranty, express or implied, is made by Navarre or any adviser or any of their respective affiliates or representatives as to the accuracy or completeness of such information. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation by any of Navarre or any such advisers, their respective affiliates or representatives.

The information contained in this presentation is for informational purposes only and is not a recommendation as to whether to invest in Navarre shares. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Unless otherwise specified, data and tables set out in this presentation are based on Navarre management estimates.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Navarre or its directors, or any of their employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts , p ro j ections , p ros p ects or returns contained in this p resentation nor is an y obli g ation assumed to u p date such information. Such forecasts , p ros p ects or returns are by their nature subject to significant uncertainties and contingencies. Past performance is no guarantee of future performance.

This presentation includes “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Navarre and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward-looking statements and Navarre assumes no obligation to update such information.

The contents of this presentation are strictly confidential and must not be photocopied, reproduced, disclosed or distributed to any other person without the prior written consent of Navarre.

The information in this presentation that relates to Exploration Results, Mineral Resources and Exploration Potential is based on information compiled by Mr Geoff McDermott. Mr McDermott is an employee of Navarre Minerals Ltd, is a member of the Australian Institute of Geoscientists and is a Competent Person under the definition of the 2004 JORC Code. The Exploration Potential described in this Presentation is conceptual in nature, and there is insufficient information to establish whether further exploration will result in the determination of a Mineral Resource. Mr McDermott consents to the publication of this information in the form and content in which it appears.

Our pathway to exploration success

Our goal is to define a maiden mineral resource by December 2012 and then to become a low-cost, significant Victorian gold producer.

Our pathway is built on four pillars:

• Quality assets

• Science to reduce time and cost to discovery

• Growth in resources

• Strength in execution using our outstanding expertise and track-record in exploration, operations and business development

2011 milestones

Focused and streamlined

1) Initial Public Offering completed

• Raised $3.5 million & listed on ASX on 31 March 2011

2) Exploration success at Bendigo North Gold Project

• Greenfields gold discovery under shallow cover

• • - 10m @ 34 . 4g Au/t from 37m down hole in ACT015 , incl . 2m @ 161 . 2g Au/t

• • Significant strike length now confirmed

• 40km north of world class 22 million ounce Bendigo Goldfield

• New geophysics method detects quartz reefs below shallow cover

• 3) 1 for 3 Entitlement Offer completed

• Raised $3.2 million in September 2011

• 4) $4.2 million Bendigo North Gold Project initiated

• Program of up to 50,000 metres of drilling underway

Investment case

• Quality: Portfolio of properties along high-grade mineral corridors below shallow cover in areas that have seen little or no previous exploration

• Science: Apply innovative technology and new geological thinking to reduce time and cost to discovery

• Growth: Ownership of a potential new mineral district and strong pipeline of targets to test

• Strength: Well funded $4.2 million program and no debt. Outstanding expertise and track-record in exploration, operations and business development

Management team Experience & results

• Geoff McDermott – Managing Director & CEO

• –

• John Dorward Business Development

• –

• Steve Harper Chief Geologist

• –

• Zac Dornom Pro ect Geo og st j l i

• –

• Jodi Ford Financial Controller

• –

• Anthea Perry Administration & Logistics

• Board & Management

• Combined 55 years of exploration and operational experience in Victoria

• Track-record of bringing projects into production

Victorian Projects

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Victorian footprint Excellent exposure to gold and base metals growth

Ballarat – Bendigo Corridor Bendigo North Project

• Quartz Reef & Secondary gold

Ballarat South Project

• Quartz Reef gold

• L an d s b oroug h F au lt C orr id or Kingston Project

• Quartz Reef gold

Grampians –Stavely Corridor Black Ranges Project

• VMS Cu – Zn – Au

• • Porphyry Cu –Au

1,700 km[2] of tenements

Pathway to exploration success Bendigo North (Tandarra) our flagship asset

Our goal is to define a mineral resource and then be a significant gold producer by advancing this project sequentially over the near-term. We believe Tandarra has the potential to be a company-maker.

This conceptual chart represents an estimated timeline of activity at the Company’s Tandarra prospect. As new information is received from exploration activities this timeline may be subject to change. To date, there has been insufficient exploration to estimate a mineral resource and there is no guarantee that further exploration will result in a mineral resource.

Tandarra

An emerging gold district

• 100% ownership of flagship project

• New Farm-in tenements expand our footprint

• Optimum position in this emerging gold district

• Near surface greenfields gold discovery with potential for open pit mining

• Target concept: multiple “Bendigo-style” gold in quartz reefs & secondary gold

• Whitelaw Fault controls gold mineralisation (22 million ounce Bendigo Goldfield)

• Geophysics used to detect multiple quartz reef structures for drill testing

• AuRico Gold “back-in” option

Tandarra

Best gold prospect in Victoria

• We believe that Tandarra is the highest quality new gold discovery in Victoria in the past 100 years

• Our objective is to advance Tandarra to mineral resource status as efficiently as poss i b l e

• Exploration has identified six high-grade gold (>20g Au/t) intercepts over a 2km strike at west Tandarra

• We have a strong treasury to fund the project’s advancement: 9 month, $4.2 million program of geophysics & up to 50,000m of drilling underway

Tandarra

High-quality project

Tandarra drill hi hli hts* g g

• Gold results are: moderate to high-grade; close to surface; potentially open-pit mineable; near established infrastructure and large workforce; open in all directions • 28 potential lines of reef identified to date by geophysics - only 10 tested so far. Depth from 20 - 80m below surface • Gold mineralisation identified over 7 kilometres of strike • Resource definition drilling scheduled to commence on or about 30 November 2011	Hole ID	Length (m)	Minimum Gold AssayRange(gAu/t)	Maximum Gold AssayRange(gAu/t)
	ACT024 includes includes	12.0 1.0 1.0	0.3 2.6 0.2	2.8 26.2 6.7
	ACT015 includes	10.0 2.0	17.9 78.1	44.3 211.3
	TAC102 includes	15.0 1.0	0.9 0.8	2.6 12.1
	TAC105	2.0	0.4	8.0
	TAC125 includes and includes	4.0 1.0 3.0 1.0	6.6 0.01 1.9 3.1	7.2 24.7 87.5 259.8
	TAC136 includes includes includes	17.0 1.0 1.0 1.0	0.4 0.9 2.8 1.5	4.8 36.5 11.2 31.9
	TAC146 includes	2.0 1.0	4.9 8.6	5.7 10.5
	TDD007 includes	4.2 0.6	6.8 8.2	6.8 9.2

*See Navarre’s September 2011 Quarterly Report to Shareholders (28 October 2011)

Tandarra

Project growth

2007 Drilling

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2011 Drilling

Tandarra

2011-12 Strategy

• $4.2 million exploration program

• 110 line kilometres of geophysics

• Up to 50,000 metres of drilling

• Commence geophysics and air-core drilling on new Farm-in ground

• Resource definition drilling commences on or about 30 November 2011

• Targeting maiden resource by December 2012

• Initiate feasibility and bulk sample in second half of 2012

Tandarra

Comparison to the Bendigo Goldfield

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Tandarra and Bendigo Goldfield at same scale
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Tandarra summary An emerging gold district

New greenfields discovery

• No previous mining

• Multiple lines of reef detected

• Potential for secondary gold

concealed under shallow sands & clays potential for repetition at depth alluvials, deep leads

Near surface mining opportunity from multiple lines of reef

• Lower risk

• Lower opex

easier to assess from surface compared to underground mining

Potential for scale from large gold footprint

• 28 potential lines of reef

• Currently 5 km (E-W) x 7 km (N-S)

• New Farm-in tenements

10 confirmed by drilling to date open in all directions additional exposure to Whitelaw Fault

Attractive grades

• Near surface gold

• Victorian lodes 2.0g Au/t – 15g Au/t

not high-graded by historic miners attractive if open pit potential

Bendigo Goldfield analogy

• Similar rocks, mineralisation, structure

Tandarra 40km north on same control Fault

• About 5-7 Moz’s gold mined in top 100m

Project Pipeline

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Kingston

Emerging gold project close to established infrastructure

• At-surface, oxide gold mineralisation with shallow high-grade gold intercepts to follow up

• 100% owned with dominant position along prospective Landsborough Fault

• Historic mining over 1,000 metres of strike to 75 metres deep - high-grade gold, silver and lead mined

• Active mining jurisdiction – Stawell Gold Mines operation 30 kilometres away

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Kingston Gold Mine circa 1900
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Kingston

Previous high-grade gold intercepts to follow up

• Diamond drill program scheduled to commence in December 2011

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Black Ranges Significant copper-zinc-gold prospect

• We believe that the Black Ranges Volcanic rocks are similar in age and geology to Tasmania’s Mt Read Volcanics - host to large deposits such as Mt Lyell, Rosebery, Henty & Hellyer

• Under-explored due to poor outcrop and s h a ll ow cover

• 100% owned

• Large copper-zinc-gold mineralisation of potential volcanic massive sulfide (VMS) system identified at Eclipse

• We have engaged experts on Tasmanian VMS rocks and VMS geophysics to assist exploration targeting

2011-12 catalysts & milestones

This conceptual chart represents an estimated timeline of the Company’s projects. As new information is received from exploration activities this timeline may be subject to change. To date, there has been insufficient exploration to estimate a mineral resource and there is no guarantee that further exploration will result in a mineral resource.

Drill program for Raydarra and Sebastian in preparation.

2012 exploration plan Poised for growth

• Drilling phases at Tandarra, Kingston, Raydarra and Sebastian

• Geo p h y sics p ro g rams at Tandarra , Kin g ston , Ra y darra and Black Ran g es

• Resource modelling and grade estimation at Tandarra

• Subject to success … bulk sampling, metallurgical test work and commence feasibility studies at Tandarra

For more information contact

Navarre Minerals Limited Operations Office: 40 – 44 Wimmera Street Stawell VIC 3380 Tel: 03 5358 8623 Website: www.navarre.com.au Email: info@navarre.com.au

Appendix

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Corporate

ASX code NML (listed 31 March 2011) Shares on issue 55.8 million Options 1.8 million (unlisted) Share Price 27c (24 November 2011) Market Cap $15 million Cash $5.4 million (30 September 2011) Major Shareholders AuRico Gold (Northgate) 9.3% Board & Management 26.5% Top 20 shareholders 63.5%

Experienced board

	Kevin Wilson	Chairman	Rey Resources, Leviathan Resources, Merrill Lynch, Anglo American
	Geoff McDermott	Managing Director	Leviathan Resources, MPI Mines, WMC, Rio Tinto
	John Dorward	Non executive Director -	Fronteer Gold Mineral Deposits , , Leviathan Resources, MPI Mines, Bank West
	Colin Naylor	Non-executive Director	MEO, Leviathan Resources, MPI Mines, BHP, Woodside, Newcrest
	Trevor Shard	Company Secretary	Cobar Consolidated Resources, Leviathan Resources, MPI Mines, Pasminco

Bendigo Goldfield World class gold deposit

Source: Catalyst Metals Limited ASX release 20 July 2011