AUREKA LIMITED — AGM Information 2019

Nov 17, 2019

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Annual General Meeting Melbourne, Victoria

Geoff McDermott Managing Director

18 November 2019

ASX: NML

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Forward-looking Statement & Disclaimer

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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 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. The Company is not aware of any new information or data that materially affects the information included in this presentation. All material assumptions and technical parameters underpinning the estimates in the Announcements referred to continue to apply and have not materially changed.

Navarre Minerals Ltd Navarre Minerals Limited ASX:NML Targeting Victoria’s next major mineral deposits

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GOAL:

• ❑ Define major mineral deposits by expanding our recent gold, silver and base metals discoveries

OBJECTIVES:

• ❑ Test potential for multi-million ounce gold systems :

• within 50km of existing mining infrastructure

• Drill Stawell Gold Corridor for next Stawell

• ▪ Drill Tandarra Gold Project for next Bendigo

• ❑ Test gold, silver & base metal potential in emerging Stavely Arc mineral province:

• Drill Glenlyle, Eclipse & Stavely

• ❑ Execute ~50,000m drilling campaign by end 2020

• ❑ Aiming for maiden mineral resource in H2 2020

3.

Navarre Minerals Ltd Victoria’s Gold Renaissance ASX:NML AND NOW ALSO VICTORIA’S EMERGING COPPER PROVINCE

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• ❑ The high-grade Swan discovery at Kirkland Lakes’ Fosterville Gold Mine renews focus on Victorian goldfields:

  • Ore Reserves upgraded to 2.7Moz @ 31 g/t gold*

  • Production guidance of 550,000 – 610,000ozpa for the next 3 years*

  • Record YTD 2019 production: 371Kt milled @ 36.4 g/t gold for 427Koz recovered ozs[+]

• Tony Makuch, President & CEO of Kirkland Lake, said:*

• “ Fosterville has been transformed into one of the world’s highest grade, most profitable gold mines”

• ❑ Arete Capital acquires Stawell Gold Mine and re-starts production in January 2019[#]

• ❑ Hancock Prospecting acquires 50% of Four Eagles Project near Bendigo in December 2017[1]

• ❑ Newmont Goldcorp secures exploration ground in Victorian goldfields in January 2019[2]

• ❑ 32m @ 5.9% Cu & 1g/t Au3 discovery by Stavely Minerals at Thursdays Gossan drives Victoria’s second exploration front

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sources: *KLA ASX release 21 Feb 2019;[+] KLA ASX release 9 Oct 2019;[#] Stawell Gold Mines Facebook page[1] CYL ASX release 31 Jan 2018;[2] Vic Gov’t GeoVic website;[3] SVY ASX release 26 Sep 2019

4.

Navarre Minerals Ltd Navarre Minerals Limited ASX:NML 2019 Milestones

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Projects:

• ❑ High-grade gold mineralisation (up to 33.6 g/t[1] ) in maiden AC drilling at Langi Logan

• ❑ Gold shoots expanded at Irvine with AC and RC drilling

• ❑ Further High-grade gold mineralisation (up to 131 g/t[2] ) in RC drilling at Tandarra Gold Project

• ❑ Highest grade silver (up to 390 g/t[3] ) and gold (up to 4 g/t[3] ) in massive sulphide drill chips at Glenlyle

• ❑ 50,000m drilling campaign commenced across 5 project areas

Corporate:

• ❑ $9 million capital raised to accelerate evaluation of gold and base metal assets

• ❑ Introduction of 1832 Asset Management as a key investor with 8.5% equity interest

sources:[1] NML ASX release 12 Feb 2019;[2] NML ASX release 1 July 2019;[3] NML ASX release 21 March 2019

5.

Corporate Overview

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CAPITAL STRUCTURE SHARE PRICE & VOLUMES
$0.16 30
Shares on issue $0.14
478.2 million 25
$0.12
Share price $0.11 20
$0.10
Market capitalisation $52.6 million $0.08 15
$0.06
10
Cash (24 Oct 2019) ~$10.0 million $0.04
5
$0.02
Enterprise value $42.6 million
$0.00 0
Oct-18 Jan-19 Apr-19 Jul-19 Oct-19
BOARD OF DIRECTORS TOP SHAREHOLDERS
Kirkland Lake Gold ^
The Victor Smorgon Group
Kevin Wilson Chairman 10.0% Board of Directors
Geoff McDermott Managing Director 9.1% 1832 Asset Management
Other top 20
John Dorward Non Executive Director 8.8%
Others
55.9%
Colin Naylor Director & Company Secretary 8.5%
7.6%
Volume (m)
Share Price (A$)
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^ Owner and operator of Fosterville Gold Mine

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Navarre Minerals Ltd Navarre Minerals Limited ASX:NML Key player in Victoria’s gold renaissance

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Navarre specialise in the discovery of gold in Victoria and is aiming to deliver large mineral deposits from a pipeline of quality projects

• ❑ Two advanced projects near major operating gold mines:

• ➢ Irvine: Stawell Gold Corridor

• ➢ Tandarra JV: Bendigo Gold Corridor

• ❑ Several early-stage discoveries:

• ➢ Langi Logan : Stawell Gold Corridor

• ➢ St Arnaud : gold – silver

• ➢ Glenlyle : gold – silver – base metals

• ➢ Eclipse : copper – gold – base metals

7.

Stawell Corridor Gold Project

Aiming to deliver Victoria’s next multi-million ounce gold deposits

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❑ Proven gold corridor - 6Moz from Stawell & Ararat goldfields

❑ Led by Stawell’s operating +4Moz Magdala gold deposit

• ❑ Dominant (100%) ownership of 60km strike of “Corridor”

• ❑ Three gold discoveries by Navarre to date:

• ➢ Q4 2016 discovery of Resolution Lode - 6.0m @ 6.3 g/t Au*

• ➢ Q4 2017 discovery of Adventure Lode - 6.0m @ 5.1 g/t Au*

• ➢ Q4 2018 discovery at Langi Logan – 33m @ 2.9 g/t Au*

• ❑ 7 basalt domes – primary targets to host large gold deposits

* See NML ASX releases of 15 December 2016, 13 December 2017 & 12 February 2019

8.

Navarre Minerals Ltd ASX:NML Stawell Gold Corridor Exploration Model

Stawell’s Magdala Gold Mine: multiple gold lodes on margins of a large basalt dome

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0.9km Surface Footprint

• ❑ Gold mainly occurs within 50m of basalt contact

• ❑ Mined grade: 4 – 6 g/t Au

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1.6 km
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• ❑ Lode style gold occurs in multiple ore “shoots”

• ❑ Ore shoot size ~100koz of gold

• ❑ 0.5Moz gold every 200m depth slice

• ❑ How to discover +1Moz? … Find surface footprint and follow trend with progressively deeper drilling

9.

Irvine Basalt Dome

TWO RECENT GOLD DISCOVERIES:

• ❑ Resolution Lode : 1.6km surface footprint :*

• 6.0m @ 6.3 g/t Au (IAC018) – ‘ Discovery hole’ 18.7m @ 7.1 g/t Au (RD006) 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 : 1.3km surface footprint :*

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

• 6.0m @ 4.2 g/t Au (IRC013) 5.0m @ 4.0 g/t Au (IRC004)

• ❑ Irvine has advanced to next stage of deeper drilling with 2 diamond rigs operating to deliver a steady flow of results over coming months

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* See NML ASX releases of 2016, 2017, 2018, 2019

Resolution Lode

Longitudinal projection – room to grow

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▪ 1.6km gold footprint discovered with AC drilling ▪ 6,000m diamond drilling program underway ▪ 2019/20 EXPANSION DIAMOND DRILLING Grow gold inventory

See NML ASX release of 25 July 2018

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Adventure Lode

Longitudinal projection – gold shoots similar to Stawell Gold Mine

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▪ 1.3km gold footprint discovered with AC drilling

• Diamond drilling underway to expand gold shoots

▪ Grow gold inventory

2019/20 EXPANSION DIAMOND DRILLING

See NML ASX release of 29 January 2019

12.

Langi Logan Basalt Dome New Stawell-style gold discovery under shallow cover

▪ Gold discovered within 50m of basalt contact

▪ 10,000m follow-up air-core drilling program commenced

See NML ASX releases of 30 January 2019 & 12 February 2019

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Tandarra Gold Joint Venture

Finding the next Bendigo

❑ Victoria’s largest gold camp – 31Mozs & counting

• ❑ Tandarra + Four Eagles – similar gold footprint Fosterville & Bendigo goldfields

• ❑ High-grade gold under cover starting 20m below surface:

• 21m @ 6.5 g/t Au from 27m (RCT177)

• 10m @ 14.0 g/t Au from 47m (RCT172)

• 17m @ 7.1 g/t Au from 30m (RCT173)

• 24m @ 4.2 g/t Au, incl 6m @ 14.3 g/t Au (RCT249)

• 3m @ 44.6 g/t Au from 111m (RCT233)

• ❑ Several lines of reef requiring further exploration

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

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After Catalyst Metals Ltd
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(source: CYL ASX releases of 23 August 2017, 27 April 2018, 30 April 2019 & 1 July 2019)

Tandarra Joint Venture

Advancing Tandarra in partnership with CYL (49% NML)

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> 1.1km strike of gold mineralisation

(source: CYL ASX release of 1 July 2019)

15.

Stavely Arc Victoria’s emerging copper – gold province

• ❑ Stavely Arc is one of three volcanic arc systems in SE Australia

• ❑ Volcanic arcs host large mineral deposits:

• porphyry copper (Macquarie Arc: Cadia Valley & North Parkes)

• epithermal (Mt Read: Henty; Macquarie Arc: Lake Cowal)

• VMS (Mt Read: Mt Lyell, Rosebery, Hellyer)

• ultramafic shear-hosted nickel (Mt Read: Avebury)

• ❑ Stavely Arc is comparable to Macquarie Arc and Mt Read Volcanics but at an earlier stage of exploration

• ❑ Stavely Arc mineral systems are likely, yet remain undiscovered as 99% of volcanics are concealed by shallow younger cover (<100m)

SE Australia’s main volcanic terranes & metal endowment

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Stavely Arc (500-525 Ma)
0 Mines
67Kt contained copper
Under-explored
Limited exploration outside of
Thursdays Gossan
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Western Victoria Copper Project Three mineral projects in under-explored Stavely Arc Volcanics

Recent copper hits in Stavely Arc highlight emergence of new mineral province:

• ❑ 32m @ 5.9% Cu, 1g/t Au, 58g/t Ag from 62m at Thursdays Gossan (ASX: SVY 26 Sept 2019)

• ❑ Strong potential for Thursdays Gossan analogues in Navarre’s Western Victoria Copper Project - 3 projects areas in Stavely Arc:

• Glenlyle Project (100% Navarre - 46km[2] ) EL 5497

• Black Range Project (100% Navarre - 124km[2] ) EL 4590

• Stavely Project JV (100%, with Stavely Minerals earning 80% - 201km[2] ) EL 5425

• ❑ 9,000m AC, RC & diamond drilling to test multiple targets at Glenlyle and Eclipse to commence in December 2019

• ❑ Stavely Minerals Limited to commence diamond drilling on Stavely JV property before year end

17.

Glenlyle Silver – Gold Project Early signs encouraging…

ASXNML Target area concealed by post-mineral cover, ineffectively tested by historical work programs

• Circular volcanic complex >5km diameter

• On extension of same volcanic belt that hosts Thursdays Gossan

• First-pass air-core drilling intercepts up to 390g/t Ag, 4 g/t Au, 0.7% Zn, 0.3% Pb*

• Discovered >150m wide mineralised zone - open to N,S & E

• Under-explored with only 4 drill holes below 100m

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GAC057 - Quartz – sulphides (89-90m)
Assay: 248 g/t silver, 0.5 g/t gold & 0.2% zinc
GAC054 - Massive sulphides (88-89m)
Assay: 251 g/t silver, 0.6 g/t gold & 0.1% zinc
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• Further potential exists for VMS, epithermal, porphyry and shear-hosted ultramafic mineral systems like Thursdays Gossan

• Large air-core & diamond program planned to delineate and expand targets capable of yielding high value mineral deposits

18.

* See NML ASX release of 21 March 2019

Black Range Project - Eclipse Prospect Drill for source of enriched copper and gold blanket

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• ❑ Historical 1980s - 1990s CRAE Project, partially concealed under post mineral cover

• ❑ Eclipse Target partially tested to date:

• Discovery of enriched copper (chalcocite) blanket starting 30m below surface – up to 3.2% Cu and 3.6 g/t Au

• Chalcocite blanket implies potential deeper copper source

• Broad zones of primary copper, gold, silver & zinc in drilling beneath chalcocite:

136m @ 0.3g/t Au, 107m @ 0.2% Cu & 95m @ 0.1% Cu*

• Geophysics indicates Cu-Au zone offset from deeper and larger coincident magnetic & chargeability anomaly

• ❑ Diamond drill testing planned to commence in December 2019

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2019/20 Diamond
drill testing
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• See NML ASX release of 29 October 2014

19.

Indicative Activity Timeline & News flow Major drilling programs to drive significant news flow over 2019/20

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Stawell
Corridor
Tandarra JV
Western
VIC Copper
Project
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20.

Navarre 2019 - 2020

Key messages

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Navarre has a clear focus and strong outlook for the year ahead driven by:

1. Strong sentiment for Victorian gold and base metals, based not only on Fosterville but also major copper discovery in the Stavely Arc

2. Navarre has a well defined and fully funded 50,000m drilling program focussed on 5 key project areas

3. Navarre has a successful track record for mineral discoveries in Victoria

4. Potential for Navarre to declare a maiden resource during 2020

5. Strengthened balance sheet of ~$10M cash, incl. introduction of 1832 Asset Management as key investor

6. Strong support from major shareholders

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Conclusions

Execution of Company’s Gold Strategy is now underway 16,000m drilling program commenced at Stawell Corridor Gold Project >25,000m drilling program to resume at Tandarra JV in Q1’20

Western Victoria Copper Project has drill ready targets 9,000m drilling program kicks off in December 2019

– Exposure to Victoria’s two exploration hotspots north Bendigo & emerging Stavely Arc mineral province

Strong news flow expected over next 12 months with ~50,000m of drilling to be completed on Navarre’s mineral properties

Copper mineralisation from Eclipse prospect

22.

Navarre Minerals Limited

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Thank You:
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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

18.

Appendix 1: St Arnaud Gold Project Searching for high-grade gold mineralisation under shallow Murray Basin cover

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• ❑ Navarre’s drilling confirms:

• ➢ extension of historic goldfield north under shallow Murray Basin cover

• ➢ Mineralised x-cutting quartz veins with similar structural framework to Fosterville’s “Swan” and “Eagle” zones in the East Field prospect

• ❑ Encouraging early gold and silver intercepts*:

• ➢ 4m @ 6.6 g/t Au from 48m

• ➢ 6m @ 2.5 g/t Au from 80m

• ➢ 1m @ 67.4 g/t Ag from 50m

• ➢ 8m @ 19.8 g/t Ag from 74m

• ❑ s Further drilling required to expand discovery area

* See NML ASX releases of 30 July 2018 & 5 February 2019

24.