AUREKA LIMITED — AGM Information 2017

Nov 16, 2017

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2017 Annual General Meeting

Company Update

17 November 2017

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ASX: NML

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Navarre Minerals Ltd
ASX:NML
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Forward-looking Statement & Disclaimer

This presentation has been prepared by Navarre Minerals Limited ( Navarre or the Company ). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation.

This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information 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.

This presentation does not include all available information on Navarre, and any potential investor should also refer to Navarre’s Annual Reports and ASX releases and take independent professional advice before considering investing in Navarre. For more information about Navarre Minerals Limited, visit the website at www.navarre.com.au.

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, projections, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Past performance is no guarantee of future performance.

This presentation may contain “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.

Information contained in this presentation is confidential and the property of Navarre. This presentation must not be disclosed, copied, published, reproduced or distributed in whole or in part at any time without the prior written consent of Navarre and by accepting the delivery of this presentation, the recipient agrees not to do so and to return any written copy of this presentation to Navarre at its request.

COMPETENT PERSON STATEMENT

The information in this presentation that relates to exploration results is based on information compiled by Geoff McDermott, who is a Member of the Australian Institute of Geoscientists and who is Managing Director of Navarre Minerals Limited. Mr McDermott 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr McDermott consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

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Navarre Minerals Ltd
ASX:NML
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Navarre Minerals Limited

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• Active gold exploration company

• Focussed on discovery & development of large, high-grade gold projects in Victoria’s golden triangle

• Two key projects – Irvine & Tandarra and a pipeline of exploration project assets

• Board & management with track record of discovery, development & mining success in the region

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Navarre Minerals Ltd
ASX:NML
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Corporate

• Capital Structure  ASX Code: NML

52 week trading range 0.028 – 0.081 NML:ASX

• Fully paid shares on issue 265.6M - Unlisted Options 31.3M

• Share price range (12 months) 3c – 8c

• Market Cap (@ ~6c/share) $15M

• Debt $Nil

• Cash on hand (1 Nov 2017) $2.7M

• Top 20 Shareholders (as at 17 Nov 2017) - Board & Management 14%

• • Kirkland Lake Gold Ltd.^ 10%
• • VBS Exchange Pty Ltd 6%

• Top 20 54%

^ owner and operator of Fosterville & Stawell Gold Mines

NML Directors – former Stawell Gold Mines executive team

Kevin Wilson Non-Executive Chairman – geologist & investment banker Geoff McDermott Managing Director - geologist

John Dorward Non-Executive Director - mining, finance & corporate Colin Naylor Non-Executive Director - accountant

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Navarre Minerals Ltd
ASX:NML
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Significant milestones 2017

Exploration

Irvine Gold Project (100%)

• Maiden drilling program completed - >10,000m of aircore and diamond drilling in 166 holes

• New gold discovery (Resolution Lode) – north-east flank of Irvine basalt dome

• Five similar targets identified on southern end of dome – significant gold confirmed in firstpass drilling at John Bull and Hospital Hill prospects, others not yet tested.

• October 2017 commencement of 7,000m AC drilling program - 100-120 holes to test three potential new gold zones (Cullings, Napoleon and Dutton) and expand three confirmed gold prospects (Resolution Lode, Hospital Hill and John Bull)

Tandarra Gold Project (farming out 51% to manager Catalyst Metals Limited)

• Catalyst hits high-grade gold in 3,000m RC blade drilling program (Tomorrow Zone)

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• Q4 2017 - 3,000m of diamond drilling to commence testing for repetitions of the

• high-grade gold mineralisation intersected in top 100m of Tomorrow Zone

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Navarre Minerals Ltd
ASX:NML
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Significant milestones 2017

Corporate

• Shane Mele appointed as Exploration Manager

• Ex-Kirkland Lake geologist, Sarah Heard, joins Navarre as Senior Exploration Geologist

• Successful capital raisings net $2.95M (before costs) mainly to fund exploration at Irvine Gold Project

• $193K received from Victorian Government for reimbursement of exploration expenditure at Irvine under the TARGET Minerals Exploration Initiative (TARGET) co-funding grant

• Victorian Government awards round 2 TARGET co-funding grant for Tandarra exploration (up to $224K)

• Shareholders receive Exploration Development Incentive credits

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Navarre Minerals Ltd
ASX:NML
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Navarre – high impact gold exploration dollars

Irvine Gold Project (100%)

• Stawell-style gold, recent discovery, grades up to 41.5 g/t gold*

• $1m spend to end 2017: 7,000m AC drilling program of approx. 100-120 holes on 6 gold zones – drilling underway

• Resource definition drilling to follow current program, subject to results - H1 2018

• Targeting a multi-million ounce gold deposit similar to nearby 4Moz Magdala Gold Mine

Tandarra (farming out to 49%, fully funded by operator, Catalyst Metals)

• Bendigo-style high grade gold discovery, grades up to 98.4 g/t gold[#]

• ~$1.8M to be spent by September 2018 to complete farm-out

• 2018: Diamond drilling & further Air-core drilling

• See NML ASX release 1 Dec 2016[#] See CYL ASX release 26 July 2017

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Navarre Minerals Ltd
ASX:NML
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Irvine Gold Project Potential for a multi-million ounce gold deposit, 15kms south of Stawell Gold Mine (SGM)

• 40kms of prospective Stawell Gold Corridor rocks outcrop

• Two goldfields for combined 6 Mozs of gold

• Ararat was alluvial field- primary gold source sought

• Primary gold occurs close to large basalt domes (yellow zone at Stawell)

• +8km long Irvine basalt dome found under Ararat GF, and primary gold discovered

• Q1 2017 discovery of Resolution Lode at Irvine Gold Project (Ararat)

• Excellent infrastructure and gold plant next door

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Navarre Minerals Ltd
ASX:NML
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Stawell: a multi-lode, million ounce gold deposit

Multi-lode exploration model

• Underground mine with decline access (now on care & maintenance)

• +4Moz gold mined

• Mined grade: 4 – 6 g/t Au

• Deposit strike length: 2,500m

• Vertical mining extent: 1,640m

• Gold occurs in multiple “lodes” along the flanks of a basalt dome

• Shoot sizes: average 100koz – 200koz of gold

• 2,500 - 4,000 ounce gold endowment per vertical metre

• Every 250 metre depth slice contained 0.6 –

• 1.0 million ounces of gold

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Navarre Minerals Ltd
ASX:NML
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Irvine Gold Project Finding the next Stawell

• 15km alluvial gold footprint (1 Moz)

• Alluvial gold controlled by structures – basalt and adjacent faults

• Irvine basalt dome over 8km remains open to the south

• The location and shape of primary gold zones are controlled by the shape of the basalt dome

• Q1 2017 discovery of the Resolution Lode

• Grades up to 41.5 g/t gold

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Navarre Minerals Ltd
ASX:NML
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Irvine Gold Project

 4Q17: drilling underway in all six gold zones identified

• Resolution Lode: best drill results from previous drilling*

18.7m @ 7.1 g/t Au (RD006)

• 4.0m @ 9.8 g/t Au (RD002)

• 2.9m @ 12.9 g/t Au (RD001)

• 6.0m @ 6.3 g/t Au (IAC018)

• 2.0m @ 41.5 g/t Au (IAC018)

• Gold discovered in first-pass drilling at John Bull & Hospital Hill prospects

• Napoleon, Dutton and Cullings to undergo first-pass drilling

• $626K co-funding grant through Vic Govt’s TARGET Minerals Exploration Initiative

  • See NML ASX releases 1 & 15 Dec 2016 and 16 Jan, 24 Apr, 15 May & 28 July 2017

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Q4 2017 Drilling
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Navarre Minerals Ltd
ASX:NML
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Resolution Lode

Longitudinal projection – room to grow

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Navarre Minerals Ltd
ASX:NML
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Tandarra Gold Project

Finding the next Bendigo

• Bendigo, Australia’s 2[nd] largest goldfield (22Moz)

• Tandarra gold discovery 40km north of Bendigo Goldfield under shallow cover

• Tandarra is 60km from Kirkland Lake’s Fosterville Gold Mine

• High grade gold at less than 20m depth

• Open pit potential at Tomorrow prospect

• Large areas of potential gold below shallow cover (<60m)

• Operator, Catalyst Metals to spend ~$1.8M to earn 51% interest in Tandarra by September 2018

• High-grade drill hits[] 11m @ 17.8 g/t Au; 17m @ 6.6 g/t Au; 21m @ 6.9 g/t Au*

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After Catalyst Metals Ltd
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* Catalyst Metals Ltd ASX release 26 July 2017

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Navarre Minerals Ltd
ASX:NML
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Tandarra Gold Project Tomorrow zone - High grade gold at less than 20m from surface

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Diagrams courtesy of CYL’s ASX release, 26 July 2017

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Navarre Minerals Ltd
ASX:NML
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Indicative Activity Timeline & News flow

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Navarre Minerals Ltd
ASX:NML
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Investment Case Summary

Two flagship gold projects next door to multi-million ounce gold mines

Irvine Gold Project

• Drilling six gold zones in 4Q 2017

• 7,000m AC program underway

• High-grade gold up to 41.5 g/t from first drilling (see NML ASX release 1 Dec 2016)

• Discovery of Resolution Lode - up to 30m wide & over 800m long - open north and at depth

• Irvine = source to Ararat Goldfield’s alluvial gold? Alluvials shedding from margins of Irvine Basalt?  Possibility of ‘multiples of Stawell’ over 15km length of Ararat Goldfield  Aiming to define a potential multi-million ounce gold deposit

Tandarra Gold Project

• Bendigo analogue – confirmed high-grade gold, close to Fosterville Mine

• Diamond drilling program to commence in first quarter 2018

• Navarre free-carried with Catalyst to spend ~$1.8 million to earn 51% interest by September 2018

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