AUREKA LIMITED — AGM Information 2011

Nov 24, 2011

CHAIRMAN’S ADDRESS - 25NOVEMBER 2011

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On behalf of the Directors of Navarre Minerals Limited, I am delighted to welcome you to our first Annual General Meeting as a listed company on the Australian Securities Exchange. In the relatively short time since listing on 31 March 2011 your Company has met with significant exploration success at our Bendigo North Gold Project, which I will outline later.

Navarre’s focus is in Victoria, a State which has been the home of a great deal of Australia’s mineral wealth. Exploration efforts have however languished in recent decades, relative to other States. Until recently, exploration for mineral resources under cover rocks was not feasible. New techniques have changed the situation. Their application, to search for buried deposits, together with new geological thinking, is the basis upon which we intend to build the company. In Victoria, overlying sands and clays have masked buried gold deposits from our pioneering miners. This means of course that if further mineral deposits exist (and we think they do) and we find one (and we think we have) the deposits are unlikely to have been depleted of any gold!

Navarre has taken some giant steps since the successful completion of our $3.5 million Initial Public Offering (IPO). We extend a warm welcome to all investors who participated in the IPO as well as thanking our seed investors for their support and patience over several years. Leviathan Resources Pty Ltd, the owner of the Stawell Gold Mine and a wholly owned subsidiary of AuRico Gold Inc. is the Company’s largest shareholder and we thank AuRico for its continued support.

We started exploration activities soon after listing, with an air-core drilling campaign at Bendigo North. Our team of geologists delivered some very exciting gold intercepts from air-core holes targeting quartz reefs, which your Managing Director will describe more fully following today’s meeting. Our interpretation is that the quartz reefs are an extension of the 22 million ounce Bendigo Goldfield, 40 kilometres to the south of Tandarra. We have geophysical evidence of more than 20 sub-parallel quartz reefs. The presence of ten reefs has been confirmed with drilling. The quartz reefs are hidden under a shallow blanket of Murray Basin clays and sands. We have confirmed gold in three of these quartz reefs and have earmarked these for follow-up resource definition RC drilling. An intense follow up exploration program is currently in progress and will continue well into 2012. Bendigo North is your Company’s flagship property. We have extended our footprint in the area by securing vacant ground and farm-in arrangements with owners of neighbouring ground. Notwithstanding the importance of Bendigo North, we will also

Navarre Minerals Limited ABN 66 125 140 105 Level 4, 448 St Kilda Road, Melbourne VIC 3004 | PO Box 7693, St Kilda Road VIC 8004 T +61 3 9252 0250 F +61 3 9252 0252 E info@navarre.com.au W www.navarre.com.au

pursue exploration programs for gold at Kingston, northwest of Stawell and for base metals in the Stavely belt in western Victoria.

To strengthen the Company’s cash position and fund this current program of exploration, an entitlement offer was undertaken in August 2011. The offer delivered a further $3.2 million of funding. We enjoyed support from both existing and new shareholders in this capital raising.

Navarre is committed to working harmoniously and cooperatively with all stakeholders and in particular, the farmers and landowners upon whose land we are exploring. Our aim is to limit the impact of our activities and respect the environment in which we operate. We thank the local communities for the positive way in which we have been received.

Managing Director Geoff McDermott has built a solid team of exploration professionals and the Company’s exploration success, to date, is testament to the dedication and skill of his team. On behalf of shareholders, I take this opportunity to thank Managing Director Geoff McDermott and his team. Geoff worked hard to ensure that the Company hit the ground running after starting life as a listed entity. An aggressive systematic approach to testing concepts and the application of cutting edge exploration science delivered positive results. I would also like to acknowledge my fellow directors who played pivotal roles in the listing of the Company and are providing guidance and support to myself and the Navarre team. We have a good mix of skills and experience around the Board table to take the Company forward.

To summarise, I can say that your Board is most encouraged by the Company’s early success and we are optimistic about the prospects for further exploration success at Bendigo North. We are pursuing one of the largest exploration programs in Victoria in recent years and are well funded to do this. This activity will be set against a background of financial instability in Europe which we think will underpin the pricing of gold, our key exploration target in the coming year.

Thank you all for your support and interest and we look forward to further success from our exploration efforts over the next twelve months.

Kevin Wilson Chairman

CHAIRMAN’S ADDRESS NAVARRE MINERALS ANNUAL GENERAL MEETING | 25 November 2011