AUREKA LIMITED — AGM Information 2018

Nov 22, 2018

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ASX : NML

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AGM PRESENTATION Geoff McDermott Managing Director

23 November 2018

Forward-looking Statement & Disclaimer

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This ASXNMLpresentation 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 Shane Mele, who is a Member of the Australasian Institute of Mining and Metallurgy and who is Exploration Manager of Navarre Minerals Limited. Mr Mele 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 Mele consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

Navarre Minerals Limited

2018 Milestones

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ASXNML ❑ Flagship Irvine Gold Project expanded & advanced

• ✓ 2nd gold discovery (1.7km long Adventure Lode)

• ✓ Deeper RC drilling completed at Adventure Lode – results pending

• ❑ Stawell Gold Mine re-opened – potential processing route for Irvine Gold Project

• ❑ Earn-in completed by Catalyst Metals (ASX: CYL) at Tandarra Gold Project – JV being finalised

• ❑ Two new gold-silver discoveries – St Arnaud & Glenlyle projects

• ❑ Farm-in and JV agreement executed with Stavely Minerals (ASX: SVY) for non-core Stavely asset

• ❑ Maiden drilling program underway at Langi Logan gold prospect - ‘the next Irvine’

• ❑ Cornerstone shareholders: The Victor Smorgon Group & Kirkland Lake Gold move to 10% ownership of NML

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Navarre Minerals Limited

Targeting major high-grade gold systems

• ❑ Key player in Victorian gold renaissance

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• ❑ Two flagship gold discoveries:

• ➢ Irvine – “Stawell-style” Au ➢ Tandarra – “Fosterville-style” Au

• ❑ Two early-stage discoveries:

• ➢ Glenlyle – epithermal Au + Ag

• ➢ St Arnaud – high-grade Au + Ag

• ❑ Outstanding project pipeline

• ❑ Proven Board & Management team

• ❑ Undervalued growth play leveraged for success

Navarre Minerals Limited

2019 Goal & Objectives

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GOAL

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• ➢ Deliver a multi-million ounce gold deposit by advancing our gold discoveries

ACTIONS:

• ➢ Drill Irvine Gold Project for next Stawell - 5Moz

• ➢ Drill Tandarra Gold Project for next Fosterville - 6Moz

• ➢ Expand gold – silver discoveries at St Arnaud and Glenlyle

• ➢ Advance other Stawell Gold Corridor assets – Langi Logan

• ➢ Maximise value from non-core assets

Corporate Overview

ASX Code	NML
Shares on Issue	355M
Share Price(22 Nov 2018)	$0.062
Cash on Hand(30 Sept 2018)	$3.8M
Debt	Nil
Market Capitalisation(@6.2c)	$22M
Liquidity (60 day volume)	~45M shares

Top Shareholders
Board & Management	12%
Kirkland Lake Gold	10%
The Victor Smorgon Group	10%
Wythenshawe Pty Ltd	3%
Chalice Gold Mines	2%
Top 20 Shareholders	37%

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NML 52 week trading range 0.04 – 0.15

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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 Co-Sec & Non-Executive Director – accountant

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Stawell Gold Corridor

Dominant land package south of 5Moz Stawell Goldfield

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• ❑ Navarre (100%) owns 60km strike of “Stawell Gold Corridor”

• ❑ Proven gold camp - 6Moz gold mined from Stawell & Ararat goldfields from 40km strike

• ❑ 7 basalt dome targets identified

• ❑ Fully funded and drilling now:

• ➢ 4,100m RC drilling completed at Irvine – results pending

• ➢ Maiden 4,000m AC drilling commenced at Langi Logan

• ❑ Under-drilled – excellent potential for further discoveries of multi-million oz gold deposits

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Irvine Gold Project

Analogous setting to Stawell Gold Mine

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Multiple high-grade drill intercepts:

❑ Resolution Lode* :

6.0m @ 6.3 g/t Au (IAC018) – ‘ Discovery hole’ 18.7m @ 7.1 g/t Au (RD006) 10.6m @ 6.2 g/t Au (RD012) 4.6m @ 6.2 g/t Au (RD013) 4.0m @ 9.8 g/t Au (RD002) 2.9m @ 12.9 g/t Au (RD001) 2.0m @ 41.5 g/t Au (IAC018)

• ❑ Adventure Lode* :

• 6.0m @ 5.1 g/t Au (IAC245) – ‘ Discovery hole’ 5.0m @ 3.5 g/t Au (IAC332) 7.0m @ 2.8 g/t Au (IAC201)

❑ Scoping drilling program commenced (approx. 6,000m RC / DDH)

An outstanding year of exploration success!

* See NML ASX releases 2016, 2017, 2018

Resolution Lode

Longitudinal projection – room to grow

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(refer to NML ASX release 25/7/2018)

Adventure Lode

Longitudinal projection – drilling depth potential

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✓ Discovered shallow gold footprint ✓ RC Program now complete - 33 holes ✓ Results Pending

Langi Logan prospect

Finding the ‘next Irvine’

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Panorama looking south over Langi Logan prospect
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Navarre Minerals Ltd
ASXNML
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• ❑ Confirmed Stawell-style basalt dome

• ❑ Historical drill intercepts*:

❑ 2.0m @ 9.2 g/t Au

• ❑ 1.6m @ 3.7 g/t Au

• ❑ 4.0m @ 2.5 g/t Au

• ❑ >120koz gold mined from historic deep lead workings draining prospect

• ❑ 4,000m maiden drilling program commenced

* See NML ASX release 20 November 2018

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Tandarra Gold Project

Finding the next Fosterville / Bendigo

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ASXNML ❑ Victoria’s largest gold camp ~ 28Mozs

• ❑ Tandarra + Four Eagles – similar gold footprint to Kirkland Lake’s Fosterville Gold Mine & Bendigo Goldfield

• ❑ High-grade gold under cover starting at 20m from surface

• ❑ Multiple lines of reef requiring further exploration

❑ Expansion & infill drilling commencing in 1Q19

❑ Finalising JV with operator, Catalyst Metals (NML 49%)

Tandarra Gold Project

Advancing Tandarra in partnership with CYL (49% NML)

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• ❑ Recent drill intercepts*:

• ❑ 21m @ 6.5 g/t Au from 27m, incl. 3m @ 33.3 g/t Au (RCT177)

• ❑ 10m @ 14.0 g/t Au from 47m (RCT172)

• ❑ 17m @ 7.1 g/t Au from 30m (RCT173)

(refer to CYL ASX release 27/4/2018)

Activity Timeline 2018 - 2019

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Conclusions

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• ❑ Significant exploration activity to drive Company growth:

• ✓ Multiple drilling programs for Irvine, Tandarra, Langi Logan, St Arnaud & Glenlyle

• ✓ Multiple new gold targets – not drill tested

• ❑ Track record of delivering new mineral discoveries 3 in 2018

• ❑ Strategic partnerships with Catalyst Metals (ASX: CYL) and Stavely Minerals (ASX: SVY)

• ❑ Management strategy for shareholder value creation

• ❑ Undervalued growth play leveraged for success

• ❑ Fully funded and drilling now

Navarre Minerals Limited

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For more information contact:

Navarre Minerals Limited - 40 44 Wimmera Street Stawell VIC Australia 3380 Tel: +61 3 5358 8625 Website: www.navarre.com.au Email: info@navarre.com.au

Appendix - Project Pipeline

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ST ARNAUD – Fosterville analogue

• Drilling confirms historic goldfield extends under cover

• Strong gold and silver in first drilling:

• ➢ 4m @ 6.6 g/t Au from 48m*

• ➢ 1m @ 67.4 g/t Ag from 50m*

(*refer to NML ASX release 30/7/2018)

GLENLYLE - new epithermal gold – silver discovery

• Multiple gold + base metal veins in broad silver zone ➢ 46m @ 8.1 g/t Ag from 53m to end of hole (GAC030)* including:

• ➢ 1m @ 252 g/t Ag, 3.1 g/t Au, 0.3% Pb, 0.3% Zn at eoh

(*refer to NML ASX release 23/4/2018)

LANGI LOGAN – Stawell analogue

• Next major basalt dome south of Irvine

• 4,000m AC drilling program commenced

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(refer to NML ASX release 20/11/2018)
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Glenlyle Gold - Silver Project

New epithermal discovery in Stavely Arc

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❑ Greenfields epithermal gold-silver discovery in Stavely Arc, western Victoria

❑ Multiple gold veins + base metals in broad (>100m wide) silver zone

❑ Drill holes end in mineralisation below a distinct depletion zone

• ❑ Follow-up drilling program planned to expand discovery area

(*refer to NML ASX release 23/4/2018)

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St Arnaud Gold Project

New discovery under cover north of historic goldfield

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ASXNML
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• ❑ Drilling confirms extension of historic goldfield north under shallow cover

• ❑ Strong gold and silver in first drilling*:

• ❑ 4m @ 6.6 g/t Au from 48m

• ❑ 1m @ 67.4 g/t Ag from 50m

• ❑ East Field – surface mapping reveals x- cutting quartz veins similar in geometry to Fosterville’s “Swan” zone

• ❑ Drilling program planned to expand discovery area and first drilling into East Field

(*refer to NML ASX release 30/7/2018)