AUREKA LIMITED — Capital/Financing Update 2015

Apr 9, 2015

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ASX Announcement

10 April 2015

Navarre Minerals Limited Navarre Minerals commences drilling at Stawell

ABN 66 125 140 105 Corridor Gold Project, Victoria ASX Code: NML

• Up to 2,000m of combined reverse circulation (RC) and diamond drilling planned in 10 - 15 holes. Drilling expected to complete in 4 to 6

• Corporate Details weeks with results due in May - June

• Issued capital: 87.6M ordinary shares • Drilling will test for gold mineralisation associated with induced 2.3M unlisted options polarisation (IP) anomalies on a concealed Stawell Magdala look-alike target

Directors & Management: Kevin Wilson • IP anomalies are thought to represent mineralisation and (Non-Executive Chairman) hydrothermal alteration on the west flank of the Grange basalt dome Geoff McDermott at depths of approximately 30m to more than 350m below surface (Managing Director) John Dorward (Non-Executive Director) Navarre Minerals Limited (ASX: NML) has commenced drilling operations at its 100%-owned Stawell Corridor Gold Project, located 170km west of Melbourne Colin Naylor (Figures 1, 2 & 3). (Non-Executive Director) The drill program is targeting gold mineralisation believed to occur over a strike Jane Nosworthy length of 1,500m and revealed as four IP anomalies coincident with the west flank (Company Secretary) of the interpreted Grange basalt dome. The Grange prospect is thought to have Wessley Edgar similar geology to the nearby 5 million ounce Magdala Gold deposit, currently being (Exploration Manager) mined by Navarre’s largest shareholder, Crocodile Gold Corp. The target area is concealed by approximately 30m of recent un-mineralised cover and has never been drill tested.

Contact Details

Geoff McDermott Managing Director

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

PO Box 385 Stawell VIC 3380 Australia

The objective of the drill program is to test the Grange Exploration Target located on the western flank of the Grange basalt dome (see ASX release of 19 March 2015 and Figure 4). Using an analogy to Stawell’s Magdala gold deposit, it is estimated that the Grange Exploration Target contains between approximately 6Mt and 10Mt at a gold grade of between approximately 4 g/t Au and 6 g/t Au for approximately 800,000 to 1,900,000 ounces of possible contained gold mineralisation. Note the potential quantity and grade of the Grange Exploration Target is conceptual in nature and is not based upon existing drill data. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The 2,000m drill program comprises at least 3 diamond holes and up to 12 RC Tel: +61 (0)3 5358 8625 holes. Drill samples will be geologically logged and scanned on-site using a Field Portable X-Ray Fluorescence (FPXRF) instrument. Samples from anomalous Email: info@navarre.com.au intervals identified by FPXRF scanning will be assayed at a commercial laboratory Website: www.navarre.com.au using standard analytical methods. Assay results are expected in May to June.

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 gold and copper projects in Victoria, Australia. Navarre’s aim is to discover and develop large low-cost copper and gold production through its exploration successes.

Navarre is searching for new long-life gold deposits in the partially covered extension of a corridor of rocks that host the Stawell (~5 million ounce) and Ararat (~1 million ounce) gold deposits. The Tatyoon discovery is the Company’s prime focus for 2015, located 50km south-east of the operating Stawell Gold Mine which is owned by Navarre’s largest shareholder and leading Victorian gold producer, Crocodile Gold Corp.

The Company is also targeting large porphyry- copper, VMS and gold deposits. The Eclipse, Lexington, Pollockdale and Glenlyle prospects are four initial porphyry and/ or VMS 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.

At the high-grade Tandarra prospect within the North Bendigo Goldfield of central Victoria, exploration work is targeting the next generation of gold deposits under shallow cover 40kms north of the 22 million ounce Bendigo Goldfield. Under a farmout agreement, Catalyst Metals Limited is earning 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. 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. 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

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Figure 1: Location of Navarre’s Victorian mineral projects

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Figure 2: Plan of the Stawell Corridor showing location of basalt domes and prospects within Navarre’s tenements

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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Figure 3: RC drilling operations at the Grange prospect

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Figure 4: Perspective view locating the Grange Exploration Target with respect to geophysical sections and previous drilling. The potential quantity and grade of the Grange Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. The Grange Exploration Target is not based upon existing drill data.

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