AUREKA LIMITED — AGM Information 2020

Oct 26, 2020

NAVARRE MINERALS LIMITED ABN 66 125 140 105

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Notice of Annual General Meeting Explanatory Statement and Proxy Form

Date of Meeting: Friday, 27 November 2020

Time of Meeting:

10.30am (AEDT)

Due to the ongoing COVID-19 pandemic, the meeting will be held virtually via a webinar conferencing facility. If you are a shareholder who wishes to participate in the virtual meeting, please register in advance as per the instructions outlined in this Notice of Meeting. Shareholders are strongly encouraged to lodge their completed proxy forms in accordance with the instructions in this Notice of Meeting.

Following recent modifications brought to the Corporations Act and the Corporations Regulations 2001 (Cth) under the Corporations (Coronavirus Economic Response) Determination (no.1) 2020 , no hard copy of the Notice of Annual General Meeting and Explanatory Memorandum will be circulated. The Notice of Meeting has been given to those entitled to receive by use of one or more technologies. The Notice of Meeting is also available on ASX’s announcement platform and on the Company’s website www.navarre.com.au.

This Notice of Annual General Meeting and Explanatory Statement should be read in its entirety. If shareholders are in doubt as to how they should vote, they should seek advice from their accountant, solicitor or other professional advisor without delay

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NAVARRE MINERALS LIMITED

ABN 66 125 140 105

Notice of Annual General Meeting

Notice is given that the Annual General Meeting of Shareholders of Navarre Minerals Limited (“Company”) will be held virtually via a webinar conferencing facility at 10.30am (AEDT) on Friday, 27 November 2020 (“Annual General Meeting” or “Meeting”).

The health and safety of Members, Company personnel and other stakeholders is the highest priority and the Company is acutely aware of the current circumstances that result from COVID-19. While the COVID-19 situation continues to change and remains uncertain, based on the best information available to the Board at the time of the Notice, the Company intends to conduct a poll on all resolutions in the Notice using the proxies filed prior to the Meeting.

Shareholders are strongly encouraged to submit their proxies as early as possible and in any event prior to the cut-off for proxy voting as set out in the Notice. To lodge your proxy, please follow the directions on your personalised proxy form, which is enclosed. Shareholders are encouraged to submit votes ahead of the meeting.

Details on the Resolutions being put to Shareholders this year, and how to attend and vote at the Meeting, are set out in the Notice of Meeting for the Annual General Meeting. A copy of the Notice of Meeting (and the Online Voting User Guide ) can be accessed from the Company’s website at www.navarre.com.au.

Shareholders attending the Annual General Meeting virtually will be able to ask questions and the Company has made provision for Shareholders who register their attendance before the start of the meeting to also cast their votes on the proposed resolutions.

Shareholders who wish to participate in the Annual General Meeting online may do so:

• a. From their computer, by entering the URL into their browser: https://web.lumiagm.com/313302321

• b. From their mobile device by either entering the URL in their browser:

• https://web.lumiagm.com/313302321 or by using the ‘Lumi AGM app’, which is available by downloading the app from the Apple App Store or Google Play Store.

If you choose to participate in the Annual General Meeting online or through the ‘Lumi AGM app’, you can log in to the meeting by entering:

1. Your username , which is your Voting Access Code (VAC) , which can be located on the first page of your proxy form or Notice of Meeting email.

2. Your password , which is the postcode registered to your holding if you are an Australian shareholder. Overseas shareholders should refer to the user guide for their password details.

3. If you have been nominated as a third party proxy, please contact Boardroom Pty Limited on 1300 737 760 or via enquiries@boardroomlimited.com.au.

Attending the meeting online enables shareholders to view the Annual General meeting live and to ask questions and cast direct votes at the appropriate times whilst the meeting is in progress.

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AGENDA

ITEMS OF BUSINESS

Ordinary Business

• Annual Accounts and Reports

To receive and consider the Directors’ Report, Financial Report and Auditor’s Report of Navarre for the financial year ended 30 June 2020.

• Remuneration Report (Resolution 1 – non-binding)

To consider and, if thought fit, pass the following resolution as an ordinary resolution:

That the Remuneration Report set out in the Directors’ Report of the Company for the financial year ended 30 June 2020 be adopted.

• Election of Mr Ian Holland as a Director (Resolution 2)

To consider and, if thought fit, pass the following resolution as an ordinary resolution:

That Mr Ian Holland, who retires in accordance with the Constitution, being eligible, be elected as a Director.

Special Business

• Approval of issue of Performance Rights to Mr Ian Holland (Resolution 3)

To consider and, if thought fit, pass the following resolution as an ordinary resolution:

That for the purposes of Listing Rule 10.14 and for all other purposes, Shareholder approval is given for the issue of 1,500,000 Performance Rights to Mr Ian Holland, the Joint Managing Director, under the Performance Rights Plan on the terms described in the Explanatory Statement.

• Ratification of prior issue of securities under Listing Rule 7.1 (Resolution 4)

To consider and, if thought fit, pass the following resolution as an ordinary resolution:

That for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 63,675,875 fully paid ordinary shares in the Company to qualified professional and sophisticated investors on 22 July 2020 at an issue price of $0.125 per share, as detailed in the Explanatory Statement.

• Ratification of Prior Issue of Shares under Listing Rule 7.1A (Resolution 5)

To consider and, if thought fit, pass the following resolution as an ordinary resolution:

That for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 324,125 fully paid ordinary shares in the Company to qualified professional and sophisticated investors on 22 July 2020 at an issue price of $0.125 per share, as detailed in the Explanatory Statement.

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• Approval of Additional Capacity to Issue Ordinary Shares (Resolution 6)

To consider and, if thought fit, pass the following resolution as a special resolution:

That for the purposes of Listing Rule 7.1A and for all other purposes, Shareholder approval is given for the issue of Shares by the Company pursuant to Listing Rule 7.1A, such that, subject to the conditions described in the Explanatory Statement, the Company will have the benefit of the additional capacity to issue Shares as contemplated by Listing Rule 7.1A.

• Renewal of Proportional Takeover Provisions (Resolution 7)

To consider and, if thought fit, pass the following resolution as a special resolution:

That the proportional takeover provisions contained in Rule 37 of the Constitution be renewed for a period of three years, commencing from the day on which this resolution is passed by Shareholders at the Annual General Meeting.

By order of the Board

Colin Naylor Company Secretary

22 October 2020

Important Notice – Accessing the Annual Report

The Annual Report is now available on the Company’s website at www.navarre.com.au/annual-half-yearreports.

You will only receive a printed copy of the Annual Report if you have elected to continue receiving shareholder communications in hard copy.

If you have not elected to continue to receive a printed copy of the Annual Report but now (or sometime in the future) wish to do so, please contact the Company’s share registry, Boardroom Pty Limited, to change your shareholder communication preferences.

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Voting Entitlements

The Company has determined that for the purpose of voting at the Meeting, Shareholders eligible to vote at the Meeting are those persons who are the registered holders of Shares at 7.00pm AEDT on Wednesday 25 November 2020.

How to vote

Your vote is important. You may cast your vote in the following ways :

Online Voting Procedures during the Annual General Meeting:

• Shareholders who wish to participate in the Annual General Meeting online may do so:

• a. From their computer, by entering the URL into their browser: https://web.lumiagm.com/313302321

• b. From their mobile device by either entering the URL in their browser:

  • https://web.lumiagm.com/313302321 or by using the ‘Lumi AGM app’, which is available by downloading the app from the Apple App Store or Google Play Store.

If you choose to participate in the Annual General Meeting online or through the ‘Lumi AGM app’, you can log in to the meeting by entering:

1. Your username , which is your Voting Access Code (VAC) , which can be located on the first page of your proxy form or Notice of Meeting email.

2. Your password , which is the postcode registered to your holding if you are an Australian shareholder. Overseas shareholders should refer to the user guide for their password details.

3. If you have been nominated as a third party proxy, please contact Boardroom Pty Limited on 1300 737 760 or via enquiries@boardroomlimited.com.au

Attending the meeting online enables shareholders to view the Annual General Meeting live and to also ask questions and cast direct votes at the appropriate times whilst the meeting is in progress

• By completing and returning the enclosed proxy form so that it is received by the Company’s share registry by 10.30am AEDT on Wednesday 25 November 2020; or

• in the case of a corporate shareholder, by appointing a corporate representative to attend the Meeting in person (using a certificate of appointment obtained from the Company’s share registry).

Voting by proxy

To vote by proxy, the attached proxy form and the power of attorney or other authority (if any) under which it is signed must be provided to the Company’s share registry, Boardroom Pty Limited, in the enclosed Reply Paid envelope, or in any of the following ways:

• Online at https://www.votingonline.com.au/nmlagm2020

• By post to Boardroom Pty Limited, GPO Box 3993, Sydney NSW 2001, Australia

• By hand delivery to Boardroom Pty Limited, Level 12, 225 George Street, Sydney NSW 2000, Australia

• By fax on +61 2 9290 9655

Proxy forms must be received by the share registry no later than 10.30am AEDT on Wednesday 25 November 2020 (or, if the Meeting is adjourned, by no later than 48 hours before the commencement of the resumed meeting).

Proxies must be signed by the Shareholder or the Shareholder’s attorney. Proxies given by corporations must be signed by an attorney or executed by the corporation in accordance with the Corporations Act.

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Voting through a corporate representative

A body corporate that is a Shareholder may appoint an individual to act as its representative at the Meeting in accordance with section 250D of the Corporations Act. The Company will require a certificate of appointment of the corporate representative, executed in accordance with the Corporations Act.

The certificate of appointment must be lodged with the Company’s share registry (see details above) before the Meeting. Please contact the Company or Boardroom Pty Limited on +61 1300 737 760 to obtain a certificate of appointment.

Information about proxy voting

Please read the following information carefully if you intend to appoint a proxy to attend the Meeting and vote on your behalf.

Appointment of proxies

A Shareholder entitled to attend and vote at the Meeting may appoint one or, if the Shareholder is entitled to cast two or more votes at the Meeting, two proxies to attend and vote on their behalf. Each proxy will have the right to vote on a poll and also to speak at the Meeting. A proxy need not be a member of the Company and can be either an individual or a body corporate.

Voting by proxies

The appointment of a proxy may specify the proportion or the number of votes that the proxy may exercise. Where two proxies are appointed and the appointment does not specify the proportion or number of the Shareholder’s votes each proxy may exercise, the votes will be divided equally among the proxies (i.e. each proxy may exercise half the votes). If a proxy is not directed how to vote on a resolution, the proxy may vote or abstain from voting on that resolution as they see fit.

Non-attendance by nominated proxy

If a proxy form is returned and no person or body corporate is named as the proxy or the nominated proxy does not attend the meeting, or does not vote on the resolution, the chair of the Meeting will act as proxy and vote in accordance with any instructions.

How the chair of the meeting will vote undirected proxies

The chair of the Meeting will vote undirected proxies in favour of each Resolution on which the chair is entitled to vote as proxy. Proxy appointments in favour of any other Director or the Company Secretary that do not contain a direction on how to vote will be used where possible to support the resolutions proposed in the Notice.

Important information concerning proxy votes for Resolution 1 and Resolution 3

The Corporations Act places certain restrictions on the ability of Key Management Personnel and their Closely Related Parties to vote on the advisory resolution to adopt the Remuneration Report and resolutions connected directly or indirectly with the remuneration of the Key Management Personnel.

For these reasons, Shareholders who intend to vote by proxy should carefully consider the identity of their proxy and are encouraged to direct their proxy as to how to vote on all Resolutions. If you do not do so, you risk your vote not being cast.

If you appoint the chair of the Meeting as your proxy but do not direct the chair how to vote in respect of Resolution 1, you are providing express authorisation for the chair of the Meeting to vote your proxy in relation to Resolution 1, notwithstanding that Resolution 1 is connected directly or indirectly with the remuneration of a member of the Key Management Personnel, which includes the chair of the Meeting .

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As noted above, the chair of the Meeting intends to vote undirected proxies in favour of Resolution 1 and Resolution 3. Accordingly, if you appoint the chair of the Meeting as your proxy (including an appointment by default) and you wish to vote differently to how the chair of the Meeting intends to vote on Resolution 1 and Resolution 3, you must mark ‘against’ or ‘abstain’ on the proxy form for Resolution 1 and Resolution 3.

Voting Exclusions and Prohibitions

Resolution 1 and Resolution 3 – In accordance with the Corporations Act, a vote on Resolution 1 and Resolution 3 must not be cast (in any capacity) by or on behalf of:

• a member of Key Management Personnel whose details are included in the Remuneration Report or one who may participate in the Performance Rights Plan; or

• a Closely Related Party of such a member.

However, a person described above may vote on Resolution 1 or Resolution 3 as a proxy if the vote is not cast on behalf of a person described above and:

• the person does so as a proxy appointed by writing that specifies the way the proxy is to vote on Resolution 1 or Resolution 3; or

• the person is the chair of the Meeting and the appointment:

• does not specify the way the proxy is to vote on Resolution 1 or Resolution 3; and

• expressly authorises the chair to exercise the proxy even if the resolution is connected directly or indirectly with remuneration of a member of the Key Management Personnel; or

• the person is a holder acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met:

  • the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting and is not an associate of a person excluded from voting on the resolution; and

  • the holder votes on the resolution in accordance with the directions given by beneficiary to the holder to vote in that way.

Resolution 3 – The Company will disregard any votes cast in favour of this resolution (in any capacity) by or on behalf of any Director (including Mr Ian Holland, Mr Geoff McDermott, Mr Kevin Wilson and Mr Colin Naylor) and any of their associates. However, the Company need not disregard a vote if it is cast by:

• a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or

• the chair of the Meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides; or

• the person is a holder acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met:

• the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting and is not an associate of a person excluded from voting on the resolution; and

• the holder votes on the resolution in accordance with the directions given by beneficiary to the holder to vote in that way.

In accordance with the Corporations Act, a person appointed as a proxy must not vote, on the basis of that appointment, on Resolution 3 if the proxy is either:

• a member of Key Management Personnel; or

• a Closely Related Party of such a member,

and the appointment does not specify the way the proxy is to vote on that particular resolution.

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However, this prohibition does not apply if the proxy is the chair of the Meeting and the appointment expressly authorises the chair to exercise the proxy even if the resolution is connected directly or indirectly with remuneration of a member of the Key Management Personnel of the Company.

Resolution 4 – In accordance with Listing Rule 14.11.1, the Company is required to disregard any votes cast in favour of Resolution 4 by a person or an associate of a person who participated in the placement described in the Explanatory Statement. However, the Company need not disregard a vote if:

• it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or

• it is cast by the chair of the Meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides; or

• it is cast by a person acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met:

• the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting and is not an associate of a person excluded from voting on the resolution; and

• the holder votes on the resolution in accordance with the directions given by beneficiary to the holder to vote in that way.

Resolution 5 – In accordance with Listing Rule 14.11.1, the Company is required to disregard any votes cast in favour of Resolution 5 by a person or an associate of a person who participated in the placement described in the Explanatory Statement. However, the Company need not disregard a vote if:

• it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or

• it is cast by the chair of the Meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides; or

• it is cast by a person acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met:

• the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting and is not an associate of a person excluded from voting on the resolution; and

• the holder votes on the resolution in accordance with the directions given by beneficiary to the holder to vote in that way.

Resolution 6 – In accordance with Listing Rule 14.11.1, the Company is required to disregard any votes cast in favour of Resolution 6 by a person or an associate of a person who is expected to participate in the proposed issue of Shares or who will obtain a material benefit, except a benefit solely in the capacity of a holder of Shares, if the resolution is passed. However, the Company need not disregard a vote if:

• it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or

• if it is cast by the chair of the Meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides; or

• it is cast by a person acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met:

• the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting and is not an associate of a person excluded from voting on the resolution; and

• the holder votes on the resolution in accordance with the directions given by beneficiary to the holder to vote in that way.

At this stage, the proposed allottees of the Shares are not known and identified.

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Explanatory Statement

The purpose of this Explanatory Statement is to explain the resolutions in the accompanying Notice and to provide Shareholders with all information known to the Company that is material to a decision on how to vote on those resolutions.

The Directors recommend Shareholders read the Notice and this Explanatory Statement in full before making any decision in relation to the Resolutions.

Capitalised terms in this Explanatory Statement are defined in the glossary at the end of this document.

Item 1: Annual Accounts and Reports

The Corporations Act requires the Director’s Report, Financial Report and Auditor’s Report of the Company to be laid before the Meeting. Accordingly, the reports for the financial year ended 30 June 2020 will be presented for consideration by Shareholders. No resolution is required on these reports.

The chair of the Meeting will allow a reasonable opportunity for Shareholders to ask questions or make comments about those reports and the management of the Company. Shareholders will also be given a reasonable opportunity to ask the auditor questions about the conduct of the audit and the preparation and content of the Auditor’s Report.

Item 2: Remuneration Report (Resolution 1 – non-binding)

The Remuneration Report for the financial year ended 30 June 2020 is set out in the Annual Report. The Remuneration Report sets out the Company’s remuneration policies and remuneration details for each Director and other member of the Key Management Personnel.

Shareholders attending the Meeting will be given a reasonable opportunity to ask questions about, or make comments on, the Remuneration Report.

Under the Corporations Act, a listed entity is required to put to the vote a resolution that the Remuneration Report be adopted. The vote on this resolution is advisory only and does not bind the Directors or the Company. However, if at least 25% of the votes cast on Resolution 1 are cast against the adoption of the Remuneration Report at two consecutive annual general meetings, then a ‘board spill resolution’ must be put to the Shareholders proposing the calling of a Shareholder meeting to consider the appointment of Directors.

If a board spill resolution is passed by the Shareholders, the Company is required to hold a further meeting of Shareholders within 90 days to consider replacing those Directors (other than the Managing Director) in office at the time the Remuneration Report was approved by the Board.

Less than 25% of votes cast at the last Annual General Meeting of the Company were cast against the resolution to adopt the Remuneration Report for the financial year ended 30 June 2019.

Item 3: Election of Mr Ian Holland as a Director (Resolution 2)

Mr Ian Holland, who was appointed a director on 25 May 2020 to fill a casual vacancy, retires in accordance with the Constitution and, being eligible, offers himself for election as a Director. Details of Mr Holland’s qualifications and experience are set out in the Annual Report.

Directors’ Recommendation

The Directors (other than Mr Holland) recommend that Shareholders vote in favour of this resolution. Mr Holland makes no recommendation.

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Item 4: Approval of Issue of Performance Rights to Mr Ian Holland (Resolution 3)

Background

Listing Rule 10.14 requires a listed company to obtain shareholder approval by ordinary resolution prior to the issue of securities to a director of the company under an employee incentive scheme, such as the Performance Rights Plan.

In accordance with Listing Rule 10.14, Shareholder approval is sought for the proposed grant of 1,500,000 Performance Rights to the Joint Managing Director, Mr Ian Holland, by way of short term and long-term incentive under the Performance Rights Plan on the terms of the Performance Rights Plan and the additional terms set out below.

Mr Holland was appointed Joint Managing Director of the Company, effective 1 September 2020. As set out in the Company’s announcement dated 1 September 2020, the Directors (excluding Mr Holland) agreed to grant 1,500,000 Performance Rights with appropriate performance hurdles, which is considered the most effective incentive arrangement, and is consistent with the incentive arrangement used in the previous year for Joint Managing Director, Mr Geoff McDermott.

Based on the annual value of prior year short term and long term incentive arrangements, the Directors (excluding Mr Holland) determined that the value of the 2020 incentive arrangement is $225,000, and, based on 15 cents per Share being the 10 day VWAP to 1 October 2020 for the Shares, the quantum of Performance Rights to grant totals 1.5 million.

If Shareholder approval is obtained, it is intended the Performance Rights will be issued shortly after the Meeting, but in any event no later than three months after the Meeting or any adjournment of that Meeting. Details of these Performance Rights will be published in the 2021 Navarre Annual Report together with a statement that approval for the issue was obtained under Listing Rule 10.14.

Specific terms applicable to the proposed grant to the Managing Director, Mr Ian Holland

Mr Holland will be granted 1,500,000 Performance Rights as follows:

Number of Performance Rights	Service Condition
500,000	These Performance Rights will vest and become exercisable when the Share price exceeds a closing price of 20 cents per Share for 10 consecutive Trading Days while holding the position of Managing Director in the period from 1 September 2020 to 31 December 2021.
500,000	These Performance Rights will vest and become exercisable when the Share price exceeds a closing price of 25 cents per Share for 10 consecutive Trading Days while holding the position of Managing Director in the period from 1 September 2020 to 31 December 2022.
500,000	These Performance Rights will vest and become exercisable when the Share price exceeds a closing price of 30 cents per Share for 10 consecutive Trading Days while holding the position of Managing Director in the period from 1 September 2020 to 31 December 2023.

If the Share price exceeds the thresholds referred to in the table above, the applicable Performance Rights will vest and become exercisable.

If in the period from 1 September 2020 up to 31 December 2023, the Share price exceeds a closing price of 30 cents per Share for 10 consecutive Trading Days, 500,000 Performance Rights will vest and become exercisable.

If in the period from 1 September 2020 up to 31 December 2022, the Share price exceeds a closing price of 25 cents per Share for 10 consecutive Trading Days but less than 30 cents per Share for 10 consecutive Trading Days, 500,000 Performance Rights will vest and become exercisable.

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If in the period from 1 September 2020 up to 31 December 2021, the Share price exceeds a closing price of 20 cents per Share for 10 consecutive Trading Days but less than 25 cents per Share for 10 consecutive Trading Days, 500,000 Performance Rights will vest and become exercisable.

If the Share price in the period from 1 September 2020 up to 31 December 2023 does not exceed a closing price of 20 cents per Share for 10 consecutive Trading Days, nil applicable Performance Rights vest and none are exercisable.

The exercise period for the Performance Rights is one year following 31 December 2023; that is, they expire, if unexercised, at 5pm (Melbourne time) on 31 December 2024.

Nothing is payable by Mr Holland upon exercise of the Performance Rights. On exercise, each Performance Right entitles Mr Holland to one (1) Share. If all Performance Rights are exercised, the impact on the Company’s capital structure will be that the Company will have an additional 1,500,000 Shares on issue.

Other Information

• Each of the Directors (including the Joint Managing Directors (Mr Ian Holland & Mr Geoff McDermott), Director & Company Secretary (Mr Colin Naylor) and Non-executive Director (Mr Kevin Wilson)) are entitled to participate in the Performance Rights Plan. However, Resolution 3 only seeks approval in respect of the issue of Performance Rights to Joint Managing Director, Mr Holland.

• While the Performance Rights will be issued to the Mr Holland at zero cost, the Performance Rights are in lieu of cash remuneration which the Company has used as a short term incentive together with the value of Options which the Company has used as a long term incentive.

• If Shareholders do not approve the proposed grant of Performance Rights to Mr Holland, Mr Holland’s cash remuneration will remain at $245,940 per annum plus statutory superannuation.

• A voting exclusion statement applies to Resolution 3 as set out in the Notice.

• The ASX requires, under Listing Rule 10.14, that Shareholders approve the grant of new securities to a director. Approval is being sought to allow the Company flexibility to either issue new shares or to purchase shares on-market for allocation to Mr Holland upon exercise of the Performance Rights. It is the Company’s current intention to issue new shares to Mr Holland upon exercise of the Performance Rights.

• No Performance Rights have ever been issued to Mr Holland by the Company.

• If Shareholder approval is given in accordance with Listing Rule 10.14, approval for the issue of the Shares upon exercise of the Performance Rights will not be required for Listing Rule 7.1.

Directors’ Recommendation

The Board (other than Mr Holland) unanimously recommends that Shareholders vote in favour of Resolution 3. Mr Holland makes no recommendation.

Item 5: Ratification of Prior Issue of Securities under Listing Rule 7.1 (Resolution 4)

Background

In July 2020, the Company raised $8.0 million (before transaction costs) from a placement to qualified professional and sophisticated investors (“Placement”) of 64,000,000 Shares (“Placement Shares”). The Placement Shares were issued under the Listing Rules as follows:

• 63,675,875 Placement Shares were issued under Listing Rule 7.1 and are the subject of Resolution 4; and

• 324,125 Placement Shares were issued under Listing Rule 7.1A and are the subject of Resolution 5.

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Listing Rule 7.1

Listing Rule 7.1, known as the “15% rule”, provides that, subject to certain exceptions, prior approval of shareholders is required for the issue of equity securities if the equity securities will, when aggregated with the equity securities issued by a company during the previous 12 months, exceed 15% of the number of equity securities on issue at the commencement of that 12 month period.

Listing Rule 7.4

Listing Rule 7.4 permits the ratification of previous issues of securities made without prior shareholder approval under Listing Rule 7.1, provided the issue did not breach Listing Rule 7.1. The effect of such ratification is to restore a company’s maximum discretionary power to issue further securities up to the limit imposed by Listing Rule 7.1. The Company confirms that the issue of the Placement Shares that are the subject of Resolution 4 did not breach Listing Rule 7.1.

Purpose of Resolution 4

Shareholder approval of Resolution 4 will replenish the Company’s placement capacity under the 15% rule and maximise the Company’s flexibility to make further placements to investors without prior Shareholder approval if the Board considers that it is in the Company’s interests to do so.

If Resolution 4 is not passed, the Placement Shares that are the subject of Resolution 4 will be counted towards the 15% limit under Listing Rule 7.1 for a period of 12 months from the date of issue.

Additional information required by Listing Rule 7.5

The following information is provided in accordance with Listing Rule 7.5 with respect to Resolution 4:

Additional information required by Listing Rule 7.5

The following information is provided in accordance with Listing Rule 7.5 with respect to Resolution 4:

Date of issue	22 July 2020
Securities issued	63,675,875 Shares
Issue price	$0.125 per Share
Terms of issue of securities	Fully paid ordinary shares in the Company, ranking equally with, and having identical rights to, the Shares already on issue.
Allottees	Sophisticated and professional investors and clients of Hartleys Limited (manager of the Placement) and supporting brokers.
Intended use of funds from Placement	Funds raised (after payment of issue costs and expenses) will be applied to exploration and resource drilling at the Resolution Lode within the Stawell Corridor Gold, exploration drilling at other advanced Stawell Gold Corridor prospects, a maiden diamond drill program at the recently acquired Jubilee Gold Project, contributing to Navarre’s 49% joint venture share of drilling costs for the Tandarra Project, and for working capital.

A voting exclusion statement applies to Resolution 4, as set out in the Notice.

Directors’ Recommendation

The Board unanimously recommends that Shareholders vote in favour of Resolution 4.

Item 6: Ratification of Prior Issue of Shares under Listing Rule 7.1A (Resolution 5)

Background

Resolution 5 seeks Shareholder ratification of the issue of 324,125 Placement Shares under Listing Rule 7.1A as outlined under the heading ‘Background’ in relation to Resolution 4.

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Listing Rule 7.1A

Listing Rule 7.1A permits eligible entities that have obtained shareholder approval by special resolution at the Company’s annual general meeting to issue equity securities up to an additional 10% of its issued capacity by placements over a 12 month period after the Company’s annual general meeting (“ 10% Placement Capacity ”).

Approval for the 10% Placement Capacity may only be obtained at the Company’s annual general meeting. The Placement Shares that are the subject of Resolution 5 were issued pursuant to Shareholder approval for the 10% Placement Capacity that was given at the Company’s annual general meeting held on 18 November 2019.

Listing Rule 7.4

Listing Rule 7.4 permits the ratification of previous issues of securities made without prior shareholder approval under Listing Rule 7.1A, provided the issue did not breach Listing Rule 7.1A. The effect of such ratification is to restore a company’s maximum discretionary power to issue further securities up to the limit imposed by Listing Rule 7.1A. The Company confirms the issue of the Placement Shares that are the subject of Resolution 5 did not breach Listing Rule 7.1A.

Purpose of Resolution 5

Shareholder approval of Resolution 5 will replenish the Company’s additional 10% Placement Capacity and maximise the Company’s flexibility to make further placements to investors without prior Shareholder approval if the Board considers that it is in the Company’s interests to do so.

If Resolution 5 is not passed, the Placement Shares that are the subject of Resolution 5 will be counted towards the 10% Placement Capacity under Listing Rule 7.1A for a period of 12 months from the date of issue.

Additional information required by Listing Rule 7.5

The following information is provided in accordance with Listing Rule 7.5 with respect to Resolution 5:

Date of issue	22 July 2020
Securities issued	324,125 Shares
Issue price	$0.125 per Share
Terms of issue of securities	Sophisticated and professional investors and clients of Hartleys Limited (manager of the Placement) and supporting brokers.
Allottees	Professional and sophisticated investor clients of an Australian Financial Service Licence holder
Intended use of funds from Placement	Funds raised (after payment of issue costs and expenses) will be applied to exploration and resource drilling at the Resolution Lode within the Stawell Corridor Gold, exploration drilling at other advanced Stawell Gold Corridor prospects, a maiden diamond drill program at the recently acquired Jubilee Gold Project, contributing to Navarre’s 49% joint venture share of drilling costs for the Tandarra Project, and for working capital

Other information

A voting exclusion statement applies to Resolution 5, as set out in the Notice.

Directors’ Recommendation

The Board unanimously recommends that Shareholders vote in favour of Resolution 5.

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Item 7 Approval of Additional Capacity to issue Ordinary Shares (Resolution 6)

Listing Rule 7.1A entitles eligible entities to issue equity securities of up to 10% of the Company’s existing issued capital, subject to shareholder approval. In this regard, approval is sought from the Shareholders for the issue of Shares by the Company pursuant to Listing Rule 7.1A, such that the Company will have the benefit of the additional capacity to issue Shares as contemplated by Listing Rule 7.1A.

Resolution 6 is a special resolution and therefore must be approved by at least 75% of the total number of votes cast by Shareholders entitled to vote on the resolution (in person, by proxy, by attorney or, in the case of a body corporate, by a corporate representative).

An eligible entity for the purposes of Listing Rule 7.1A is an entity that, at the time of its annual general meeting, is not included in the S&P/ASX300 Index and has a market capitalisation of $300 million or less. The Company is an eligible entity.

If Resolution 6 is passed, the maximum number of Shares that the Company will be entitled to issue is the number calculated in accordance with the following formula (as set out in Listing Rule 7.1A.2):

(A x D) - E

where:

• A = the number of fully paid ordinary securities on issue 12 months before the date of issue or agreement,

• plus the number of fully paid ordinary securities issued in the 12 months under an exception in Listing Rule 7.2,

• plus the number of partly paid ordinary securities that became fully paid in the 12 months,

• plus the number of fully paid ordinary securities issued in the 12 months with the approval of Shareholders under Listing Rule 7.1 or Listing Rule 7.4,

• less the number of fully paid ordinary securities cancelled in the 12 months.

• D = 10%

• E = the number of equity securities issued or agreed to be issued under Listing Rule 7.1A.2 in the 12 months before the date of issue or agreement to issue that are not issued with the approval of Shareholders under Listing Rule 7.1 or Listing Rule 7.4.

For example, on 1 October 2020, the Company had 542,442,151 Shares on issue. The Company will, for the period to 1 October 2021, be able to issue up to 54,244,215 Shares.

The ability to issue Shares under Listing Rule 7.1A is in addition to the Company’s ability to issue Shares of up to 15% of its existing issued capital over a 12 month period without Shareholder approval permitted by Listing Rule 7.1.

Additional information required by Listing Rule 7.3A

The following information is provided in accordance with Listing Rule 7.3A with respect to Resolution 6:

• Minimum Price: The issue price of each Share will be no less than 75% of the VWAP over the 15 Trading Days on which trades in that class were recorded immediately before:

• the date on which the price at which the Shares are to be issued is agreed; or

• if the Shares are not issued within 5 Trading Days of the date on which the price is agreed, the date on which the Shares are issued.

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• Dilution: If Resolution 6 is passed, and the Company issues Shares pursuant to the approval under Listing Rule 7.1A, the existing Shareholders’ voting power in the Company will be diluted with examples of such dilution being set out in the table below. There is a risk that:

• the market price for the Shares may be significantly lower on the issue date than on the date of the approval under Listing Rule 7.1A; and

• the Shares may be issued at a price that is at a discount to the market price for those Shares on the issue date,

which may have an effect on the amount of funds raised by the issue of the Shares.

As required by Listing Rule 7.3A.2, the table below shows the potential dilution of existing Shareholders on the basis of three different assumed issue prices and values for the variable “A” calculated in accordance with the formula in Listing Rule 7.1A.2 (as set out above). The following assumptions are made in the table:

• the issue price is the closing price of the Shares on 1 October 2020;

• the number of Shares on issue is at 1 October 2020. This could increase as a result of the issue of Shares either with or without Shareholder approval; and

• the Company issues the maximum number of Shares as are permitted under Resolution 6.

Variable “A” in Listing Rule 7.1A.2 (Number of Shares on issue)	50% decrease in issue price $0.08	50% decrease in issue price $0.08	Issue price $0.16	Issue price $0.16	100% increase in issue price $0.32	100% increase in issue price $0.32
	10% Voting Dilution	Capital Raised	10% Voting Dilution	Capital Raised	10% Voting Dilution	Capital Raised
542,442,151 (Current)	54,244,215	$4,339,537	54,244,215	$8,679,074	54,244,215	$17,358,148
813,663,226 (50% increase in Current Variable A)	81,366,322	$6,509,305	81,366,322	$13,018,611	81,366,322	$26,037,223
1,084,884,302 (100% increase in Current Variable A)	108,488,430	$8,679,074	108,488,430	$17,358,148	108,488,430	$34,716,297

• Issue Date: Shareholder approval obtained under Listing Rule 7.1A is valid for a period commencing on the date of the Meeting and expiring on the first to occur of the following:

• the date that is 12 months after the date of the Meeting, being 27 November 2020; and

• the date of approval by the Shareholders of a transaction under Listing Rule 11.1.2 (significant change to the nature or scale of the Company’s activities) or Listing Rule 11.2 (disposal by the Company of its main undertaking).

• Purpose: The purpose for which Shares may be issued pursuant to the approval under Listing Rule 7.1A may be to raise funds for the Company. Funds raised from the issue, if undertaken, would be used for exploration expenses, general working capital requirements and, potentially, the acquisition of new resources (including tenements and expenses associated with such acquisitions).

• Allocation Policy: The allottees may comprise existing Shareholders or new investors or a combination of both. The allottees will be determined by the Board, taking into account:

• alternative options for raising funds if applicable. For example, the Board will consider whether it is appropriate to raise required funds by way of an entitlement issue;

• the purpose of the issue;

• the impact of the issue on the control of the Company;

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• market conditions and the financial position of the Company; and

• if applicable, advice from external advisors.

The Company does not yet know the names of the allottees or, other than described above, the basis on which they will be identified or selected. The Company notes that:

• the Board has formed no specific intentions to offer any placement to any existing Shareholders, class of Shareholder or new investors;

• the Board will, prior to making any placement, consider whether the raising of funds could be achieved by means of an entitlement issue to existing Shareholders; and

• if any placement is announced, the Company would, in accordance with Listing Rule 3.10.5A, disclose its reasons for undertaking that particular issue as a placement, rather than an entitlements issue to existing Shareholders.

• Previous approval under Listing Rule 7.1A: The Company previously obtained Shareholder approval under Listing Rule 7.1A at its previous Annual General Meeting held on 18 November 2019.

• Issue of equity securities in the 12 months preceding the Meeting: For the purposes of Listing Rule 7.3A.6(a), the table below shows the total number of equity securities issued under rule 7.1A.2 in the 12 months preceding the date of the Meeting (being the 12 months to 27 November 2020) and the percentage those issues represent of the total number of equity securities on issue at the commencement of the 12 month period.

Equity securities issued under rule 7.1A.2 in the prior 12 month period	324,125 Shares
Percentage previous issues represent of total diluted number of 501,492,151 equity securities on issue at commencement of 12 month period (478,242,151 Shares, 21,750,000 Options and 1,500,000 Performance Rights)	0.06%

• For the purposes of Listing Rule 7.3A.6(b), set out below are details of each issue of equity securities under rule 7.1A.2 that has taken place in the 12 month period preceding the date of the Meeting (being the 12 months to 27 November 2020):

Date of issue	Type of equity securities	Number of equity securities	Details (including % premium/(discount) to closing market price of Shares on date of issue)	Persons to whom equity securities were issued
22/7/2020	Shares	324,125	Issued via a placement at an issue price of $0.125 per Share for a total cash consideration of $40,515 before costs. Issue price ($0.125) represents 0% discount to closing price of Shares on date of issue ($0.125).	Sophisticated and professional investors

• The total cash consideration raised from the equity issues described above was $40,515 before expenses. As at the date of this Notice, none of that cash has been spent on exploration or administration costs.

• A voting exclusion statement applies to Resolution 6, as set out in the Notice.

Directors’ Recommendation

The Board unanimously recommends that Shareholders vote in favour of Resolution 6.

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Item 8: Renewal of Proportional Takeover Provisions (Resolution 7)

Rule 37 of the Constitution currently contains provisions dealing with proportional takeover bids for Shares in the Company in accordance with the Corporations Act. Under the Corporations Act and Rule 37, the provisions must be renewed every three years or they will cease to have effect. The current provisions will automatically cease to have effect after 21 November 2020 and, accordingly, it is proposed to renew them in the Constitution. If renewed, Rule 37 will operate on the same basis as the existing Rule 37 for a period of three years from the date of the Meeting.

The Corporations Act requires that the following information be provided to shareholders when they are considering the renewal of proportional takeover provisions in a constitution.

What is a proportional takeover bid, and why do we need the proportional takeover approval provisions?

A proportional takeover bid involves the bidder offering to buy a proportion only of each shareholder’s shares in a company. This means that control of the company may pass without shareholders having the chance to sell all their shares to the bidder. It also means the bidder may take control of the company without paying an adequate amount for gaining control.

In order to deal with this possibility, a company may provide in its constitution, as the Company has provided in Rule 37 of its Constitution, that:

• in the event of a proportional takeover bid being made for shares in the Company, shareholders are required to vote by ordinary resolution and collectively decide whether to accept or reject the offer; and

• the majority decision of the Shareholders will be binding on all individual Shareholders.

The Directors consider that Shareholders should be able to vote on whether a proportional takeover bid ought to proceed given such a bid might otherwise allow control of the Company to change without Shareholders being given the opportunity to dispose of all of their Shares for a satisfactory control premium. The Directors also believe that the right to vote on a proportional takeover bid may avoid Shareholders feeling pressure to accept the bid even if they do not want it to succeed.

What is the effect of the proportional takeover approval provisions?

If a proportional takeover bid is made, the Directors must ensure that Shareholders vote on a resolution to approve the bid more than 14 days before the bid period closes.

The vote is decided on a simple majority. Each person who, as at the end of the day on which the first offer under the bid was made, held bid class securities is entitled to vote. However, the bidder and their associates are not allowed to vote.

If the resolution is not passed, transfer which would have resulted from the acceptance of a bid will not be registered and the bid will be taken to have been withdrawn. If the bid is approved (or taken to have been approved), the transfers must be registered if they comply with the Corporations Act and the Constitution.

The bid will be taken to have been approved if the resolution is not voted on within the deadline specified under the Corporations Act. However, the Directors will breach the Corporations Act if they fail to ensure the approving resolution is voted on.

The proportional takeover approval provisions do not apply to full takeover bids, and only apply for three years after the date they are renewed. The provisions may be renewed or reinserted upon the expiry of the initial three-year period, but only by a special resolution passed by Shareholders.

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Potential advantages and disadvantages

While the renewal of Rule 37 will allow the Directors to ascertain Shareholders’ views on a proportional takeover bid, it does not otherwise offer any advantage or disadvantage to the Directors who remain free to make their own recommendation as to whether the bid should be accepted.

The provisions in Rule 37 ensure that all Shareholders will have an opportunity to study a proportional bid proposal and vote on the bid at a general meeting. This is likely to ensure a potential bidder structures its offer in a way which is attractive to a majority of Shareholders, including appropriate pricing. Similarly, knowing the view of the majority of Shareholders may help individual Shareholders assess the likely outcome of the proportional takeover when determining whether to accept or reject the offer.

However, it is also possible that the inclusion of such provisions in the Constitution may discourage proportional takeover bids, and may reduce any speculative element in the market price of Shares arising from the possibility of a takeover offer being made. The inclusion of the provisions may also be considered to constitute an unwarranted additional restriction of the ability of Shareholders to freely deal with their Shares.

The Board considers that the potential advantages for Shareholders of the proportional takeover approval provisions outweigh the potential disadvantages.

As at the date on which this Explanatory Statement was prepared, no Director is aware of any proposal by any person to acquire, or to increase the extent of, a substantial interest in the Company.

Directors’ Recommendation

The Board unanimously recommends that Shareholders vote in favour of Resolution 7.

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Glossary

AEDT Australian Eastern Daylight Time as observed in Melbourne, Australia Annual Report the Company’s 2020 Annual Report ASX ASX Limited (ACN 008 624 691) Board the board of Directors Business Day a Trading Day on the financial market operated by ASX Closely Related Party in respect of a member of Key Management Personnel, certain family

Closely Related Party in respect of a member of Key Management Personnel, certain family members and dependants of the member and companies controlled by the member, as defined in section 9 of the Corporations Act Company or Navarre Navarre Minerals Limited (ACN 125 140 105) Constitution the constitution of the Company Corporations Act Corporations Act 2001 (Cth) Director a director of the Company Explanatory Statement this explanatory statement Key Management Personnel has the meaning given to that term in the accounting standards and broadly includes those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, including any Director (whether executive or otherwise)

the Listing Rules of ASX

Listing Rules the Listing Rules of ASX Meeting the Annual General Meeting of the Company to be held on Friday 27 November 2020 at 10:30am AEDT

Non-Executive Director Notice

the Company’s non-executive Director is Mr Kevin Wilson

the Notice of Annual General Meeting accompanying this Explanatory Statement

Option Participant

an option issued to subscribe for a Share

a participant in the Performance Rights Plan as determined by the Board in its absolute discretion

Performance Rights rights issue pursuant to the terms of the Performance Rights Plan Performance Rights Plan the Navarre Minerals Limited Performance Rights Plan Remuneration Report contained in the Director’s Report section of the Annual Report Resolution a resolution contained in the Notice Share a fully paid ordinary share in the capital of the Company Shareholder (or Member ) a registered member of the Company Trading Day a day determined by ASX to be a trading day and notified to market participants

Unvested Performance Rights Performance Rights that are not yet exercisable in accordance with the Performance Rights Plan

Vested Performance Rights Performance Rights that are immediately exercisable in accordance with the Performance Rights Plan

VWAP the volume weighted average price of Shares

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All Correspondence to:

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 By Mail Boardroom Pty Limited GPO Box 3993 Sydney NSW 2001 Australia

 By Fax: +61 2 9290 9655

 Online: www.boardroomlimited.com.au

 By Phone: (within Australia) 1300 737 760 (outside Australia) +61 2 9290 9600

YOUR VOTE IS IMPORTANT

For your proxy appointment to be effective it must be recorded before 10:30am (AEDT) on Wednesday, 25 November 2020.

 TO VOTE ONLINE

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BY SMARTPHONE

STEP 1: VISIT https://www.votingonline.com.au/nmlagm2020 STEP 2: Enter your Postcode OR Country of Residence (if outside Australia) STEP 3: Enter your Voting Access Code (VAC):

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Scan QR Code using smartphone QR Reader App

TO VOTE BY COMPLETING THE PROXY FORM

STEP 1 APPOINTMENT OF PROXY

Indicate who you want to appoint as your Proxy.

If you wish to appoint the Chair of the Meeting as your proxy, mark the box. If you wish to appoint someone other than the Chair of the Meeting as your proxy please write the full name of that individual or body corporate. If you leave this section blank, or your named proxy does not attend the meeting, the Chair of the Meeting will be your proxy. A proxy need not be a securityholder of the company. Do not write the name of the issuer company or the registered securityholder in the space.

Appointment of a Second Proxy

You are entitled to appoint up to two proxies to attend the meeting and vote. If you wish to appoint a second proxy, an additional Proxy Form may be obtained by contacting the company’s securities registry or you may copy this form.

STEP 3 SIGN THE FORM

The form must be signed as follows: Individual: This form is to be signed by the securityholder.

Joint Holding : where the holding is in more than one name, all the securityholders should sign.

Power of Attorney: to sign under a Power of Attorney, you must have already lodged it with the registry. Alternatively, attach a certified photocopy of the Power of Attorney to this form when you return it.

Companies: this form must be signed by a Director jointly with either another Director or a Company Secretary. Where the company has a Sole Director who is also the Sole Company Secretary, this form should be signed by that person. Please indicate the office held by signing in the appropriate place.

STEP 4 LODGEMENT

To appoint a second proxy you must: (a) complete two Proxy Forms. On each Proxy Form state the percentage of your voting rights or the number of securities applicable to that form. If the appointments do not specify the percentage or number of votes that each proxy may exercise, each proxy may exercise half your votes. Fractions of votes will be disregarded. (b) return both forms together in the same envelope.

STEP 2 VOTING DIRECTIONS TO YOUR PROXY

To direct your proxy how to vote, mark one of the boxes opposite each item of business. All your securities will be voted in accordance with such a direction unless you indicate only a portion of securities are to be voted on any item by inserting the percentage or number that you wish to vote in the appropriate box or boxes. If you do not mark any of the boxes on a given item, your proxy may vote as he or she chooses. If you mark more than one box on an item for all your securities your vote on that item will be invalid.

Proxy which is a Body Corporate

Where a body corporate is appointed as your proxy, the representative of that body corporate attending the meeting must have provided an “Appointment of Corporate Representative” prior to admission. An Appointment of Corporate Representative form can be obtained from the company’s securities registry.

Proxy forms (and any Power of Attorney under which it is signed) must be received no later than 48 hours before the commencement of the meeting, therefore by 10:30am on Wednesday, 25 November 2020 (AEDT). Any Proxy Form received after that time will not be valid for the scheduled meeting.

Proxy forms may be lodged:

 Online https://www.votingonline.com.au/nmlagm2020

 By Fax + 61 2 9290 9655  By Mail Boardroom Pty Limited GPO Box 3993, Sydney NSW 2001 Australia  In Person Boardroom Pty Limited Level 12, 225 George Street, Sydney NSW 2000 Australia

Attending the Meeting

The health and safety of members, Company personnel and other stakeholders is the highest priority and the Company is acutely aware of the current circumstances that result from COVID-19. While the COVID-19 situation continues to change and remains uncertain, based on the best information available to the Board at the time of the Notice, the Company intends to conduct a poll on all resolutions in the Notice using the proxies filed prior to the Meeting. Shareholders are strongly encouraged to submit their proxies as early as possible and in any event prior to the cut-off for proxy voting as set out in the Notice. Shareholders attending the General Meeting virtually will be able to ask questions and the Company has made provision for Shareholders who register their attendance before the start of the meeting to also cast their votes on the proposed resolutions.

Navarre Minerals Limited ABN 66 125 140 105

Your Address

This is your address as it appears on the company’s share register. If this is incorrect, please mark the box with an “X” and make the correction in the space to the left. Securityholders sponsored by a broker should advise their broker of any changes. Please note, you cannot change ownership of your securities using this form.

PROXY FORM

STEP 1 APPOINT A PROXY

I/We being a member/s of Navarre Minerals Limited and entitled to attend and vote hereby appoint:

the Chair of the Meeting (mark box)

OR if you are NOT appointing the Chair of the Meeting as your proxy, please write the name of the person or body corporate (excluding the registered securityholder) you are appointing as your proxy below

or failing the individual or body corporate named, or if no individual or body corporate is named, the Chair of the Meeting as my/our proxy at the Annual General Meeting of the Company to be held Virtually on Friday, 27 November, 2020 at 10:30am (AEDT) and at any adjournment of that meeting, to act on my/our behalf and to vote in accordance with the following directions or if no directions have been given, as the proxy sees fit.

Chair of the Meeting authorised to exercise undirected proxies on remuneration related matters: If I/we have appointed the Chair of the Meeting as my/our proxy or the Chair of the Meeting becomes my/our proxy by default and I/we have not directed my/our proxy how to vote in respect of Resolutions 1 and 3, I/we expressly authorise the Chair of the Meeting to exercise my/our proxy in respect of these Resolutions even though Resolutions 1 and 3 are connected with the remuneration of a member of the key management personnel for the Company.

Chair of the Meeting will vote all undirected proxies in favour of all Items of business (including Resolutions 1 and 3). If you wish to appoint the Chair of the Meeting as your proxy with a direction to vote against, or to abstain from voting on an item, you must provide a direction by marking the 'Against' or 'Abstain' box opposite that resolution.

STEP 2 VOTING DIRECTIONS

• If you mark the Abstain box for a particular item, you are directing your proxy not to vote on your behalf at the meeting on a poll and your vote will not be counted in calculating the required majority if a poll is called.

For Against Abstain*

Resolution 1 To Adopt the Remuneration Report Resolution 2 Election of Mr Ian Holland as a Director Resolution 3 Approval of issue of Performance Rights to Mr Ian Holland Resolution 4 Ratification of prior issue of securities under ASX Listing Rule 7.1 Resolution 5 Ratification of Prior Issue of Shares under Listing Rule 7.1A Resolution 6 Approval of Additional Capacity to Issue Ordinary Shares Resolution 7 Renewal of Proportional Takeover Provisions

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STEP 3 SIGNATURE OF SECURITYHOLDERS

This form must be signed to enable your directions to be implemented.

Individual or Securityholder 1	Securityholder 2	Securityholder 3
Sole Director and Sole Company Secretary	Director	Director / Company Secretary
Contact Name……………………………………………....	Contact Daytime Telephone………………………................................ Date / / 2020