AUREKA LIMITED — Capital/Financing Update 2014

Jun 4, 2014

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ASX Announcement

5 June 2014

Navarre Minerals Limited

ABN 66 125 140 105

Navarre Minerals commences drilling at Eclipse copper-gold prospect

ASX Code: NML

Corporate Details

Issued capital:

64.2M ordinary shares 4.2M unlisted options

Directors & Management: Kevin Wilson (Non-Executive Chairman)

Geoff McDermott (Managing Director)

John Dorward (Non-Executive Director)

Colin Naylor (Non-Executive Director)

Jane Nosworthy (Company Secretary)

Wessley Edgar (Exploration Manager)

Contact Details

Geoff McDermott Managing Director

• 3,000m drilling program commenced

• Program expected to complete by end of June

• Share Purchase Plan set to close 5pm (Melbourne time) tomorrow (Friday 6 June 2014)

Navarre Minerals Limited (ASX: NML) announces that it has commenced a reverse circulation (RC) drilling program at its 100%-owned Eclipse porphyry copper-gold prospect in the emerging Miga Arc region in western Victoria (Figure 1).

The drill program is following up a previous RC drill campaign in January 2014 that resulted in the discovery of significant near-surface copper and gold mineralisation up to 2.8% Cu and 3.6g/t Au starting at only 30 metres from surface (see NML’s ASX release 24 March 2014 & Figure 2). This shallow mineralisation is believed to be associated with a deeper porphyry source, which is the focus of the current drill program. The program is being guided by an induced polarisation geophysical survey, which highlighted a large undrilled target directly beneath this shallow mineralisation (Figure 3) that is also coincident with a gold-in-soils anomaly.

The drill program is expected to comprise of 25-30 RC holes of between 60 to 150 metres depth for approximately 3,000 metres of drilling. Drill samples will be geologically logged and scanned on-site using a Field Portable X-Ray Fluorescence (FPXRF) instrument. Samples from anomalous intervals identified by FPXRF scanning will be assayed at a commercial laboratory using standard analytical methods. Assay results are expected in July.

Navarre Minerals Limited 40 – 44 Wimmera Street Stawell VIC 3380 Australia

PO Box 385 Stawell VIC 3380 Australia

Share Purchase Plan closing tomorrow

The Company also advises eligible shareholders that the Navarre 2014 Share Purchase Plan (SPP) will close at 5pm (Melbourne time) tomorrow (Friday 6 June 2014), as announced on 12 May 2014.

Proceeds of the SPP will advance exploration on the Company’s 100%-owned Eclipse copper-gold prospect and the broader Western Victoria Copper Project, located 300km west of Melbourne in the Miga Arc copper belt.

Tel: +61 (0)3 5358 8625

– ENDS –

Email: info@navarre.com.au Website: www.navarre.com.au

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625 e info@navarre.com.au | w navarre.com.au

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About Navarre Minerals Limited:

Navarre Minerals Limited (ASX: NML) is an Australian-based resources company that is creating value from a portfolio of early to advanced stage copper and gold projects in western Victoria, Australia. Navarre’s aim is to discover and develop large low-cost copper and gold production through its exploration successes.

The Company is targeting giant porphyry- copper and gold deposits. Its flagship Eclipse prospect is one of four initial porphyry targets identified within the Western Victoria Copper Project. The Project captures multiple, largely untested targets in 130km of western Victoria’s newly uncovered Miga Arc volcanics. The Miga Arc is similar in setting to the Andes in South America, host to the world’s largest known collection of porphyry copper deposits. Grassroots exploration of the Company’s extensive exploration permits is at an early stage and more than 50 new targets remain to be thoroughly drill tested.

The high-grade North Bendigo Goldfield, Tandarra prospect in central Victoria is targeting the next generation of gold deposits under shallow cover 40km north of the 22 million ounce Bendigo Goldfield. Subject to final documentation of the terms of a farm-out to Catalyst Metals Limited that was announced on 31 March 2014, Catalyst may earn a 51% equity interest in Tandarra by spending $3 million over four years by advancing the project towards mineral resource status.

Navarre has a highly experienced leadership team with 120 combined years of exploration, mining and finance industry experience with a proven track-record of discovery and project development.

For further information, please visit www.navarre.com.au or contact:

Geoff McDermott Managing Director E: info@navarre.com.au T: +61 (0)3 5358 8625

Competent Person Declaration

The information in this release that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Wessley Edgar, who is a Member of The Australasian Institute of Mining and Metallurgy and who is Exploration Manager of Navarre Minerals Limited. Mr Edgar 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 Edgar consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements

This announcement contains “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forwardlooking 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. Exploration potential is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward-looking statements and Navarre assumes no obligation to update such information.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625 e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d A S X A n n o u n c e m e n t P a g e | 3

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Figure 1: Location of Navarre’s Victorian mineral projects relative to the Miga Arc copper belt shown in green

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Figure 2: Eclipse RC drill activity, January 2014

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625 e info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d A S X A n n o u n c e m e n t P a g e | 4

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Figure 3: Geological cross-section through the Eclipse prospect showing interpretation of recent drill results with newly acquired geophysical survey data. The background image is a vertical section through an IP chargeability inversion model and a magnetic susceptibility model (shown as the 0.25 SI contour). It illustrates the strong correlation between the upper chargeability anomaly and known sulphide copper mineralisation intersected in drilling. Navarre believes this chargeability model indicates high potential for further discovery of copper and gold in both the upper and lower chargeability zones.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625 e info@navarre.com.au | w navarre.com.au