AUREKA LIMITED — Capital/Financing Update 2015

Mar 18, 2015

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ASX Announcement

19 March 2015

Navarre Minerals Limited

Completion of Capital Raising & Stawell Corridor Gold Project Exploration Update

ABN 66 125 140 105 ASX Code: NML

ASX Code: NML Navarre Minerals Limited ABN 66 125 140 105 Corporate Details Corporate Details Issued capital: 87.58M ordinary shares Issued capital: 2.27M unlisted options 72.6M ordinary shares 2.1M unlisted options Directors & Management: Directors & Management: Kevin Wilson Kevi(No n -Executive Chairman) Wilson (Non-Executive Chairman) Geoff McDermott Geoff McDermot(Managing Direc t or) (Managing Director) John Dorward John Dorward (Non-Executive Director) (Non-Executive Director) Colin Naylor Colin Naylor (Non-Executive Director) (Non-Executive Director) Jane Nosworthy Jane Nosworthy (Company Secretary) (Company Secretary) Wessley Edgar Wessley Edgar (Exploration Manager) (Exploration Manager)

• Capital raising successfully completed raising approximately $450,000

• Funds to be used for a drilling program at Tatyoon’s Grange gold prospect which is expected to commence in late March

• Historic 1Moz Ararat Goldfield held under new exploration licence

• Navarre now owns 100% of a 60km section of the prospective southern Stawell Gold Corridor, south of the 5Moz Stawell Goldfield

Navarre Minerals Limited (ASX: NML) (“ Navarre ” or “ the Company ”) has successfully completed its capital raising announced on 12 February 2015, which comprised a 1 for 4 entitlement offer to existing shareholders (“ Entitlement Offer ”) and a placement of approximately 5.8 million shares (“ Placement ”) to Navarre’s largest shareholder, Crocodile Gold Corp., in each case at an issue price of $0.03 per new share.

The total proceeds of the capital raising were approximately $450,000 before costs, comprising $175,000 from the Placement and approximately $274,000 from the Entitlement Offer (representing approximately 50% take-up, by value, from eligible shareholders).

The Company has today issued 9,139,286 new shares under the Entitlement Offer. These shares are expected to commence trading on market on a normal settlement basis on Friday, 20 March 2015. The despatch of holding statements will be completed today.

Contact Details

Use of Proceeds

Contact Details

Geoff McDermott Funds raised from the capital raising will enable the Company to undertake its Geoff McDermott Managing Director proposed drilling program at its Stawell Corridor Gold Project in western Victoria, Managing Director Navarre Minerals Limited where significant gold potential has been identified for immediate drill testing on the Navarre M40 – 44 W mmera Stre i nerals Limit e d t Grange prospect (Figures 1 & 2). 40 – 44 Wimmera Street Stawell VIC 3380 Navarre has planned, and expects to commence, an RC and diamond drilling program Stawell VIC 3380 Australia of up to 2,000m at its Grange prospect in late March. The focus of drilling will be Australia

Navarre has planned, and expects to commence, an RC and diamond drilling program of up to 2,000m at its Grange prospect in late March. The focus of drilling will be potentially mineralised sediments located on the western flank of an interpreted basalt dome structure. This is believed to be similar to the basalt dome controlling gold mineralisation at Stawell’s Magdala Gold Mine, currently being mined by Crocodile Gold Corp. The program comprises at least 3 diamond holes designed to intersect several IP chargeability anomalies located on the west flank of the Grange basalt and several RC holes testing for shallower gold mineralisation (Figures 8 & 9).

PO Box 385 basalt dome structure. This is believed to be similar to the basalt dome controlling gold

PO Box 385 Stawell VIC 3380 mineralisation at Stawell’s Magdala Gold Mine, currently being mined by Crocodile

Stawell VIC 3380 Australia Gold Corp. The program comprises at least 3 diamond holes designed to intersect

Australia several IP chargeability anomalies located on the west flank of the Grange basalt and Tel: +61 (0)3 5358 8625 several RC holes testing for shallower gold mineralisation (Figures 8 & 9). Tel: +61 (0)3 5358 8625 Email: info@navarre.com.au The Company has finalised its work plan, selected a preferred drill contractor and is Email: Website:info@www. na varre.com.auvarre.com.au working towards finalising other preparations with the objective of commencing Website: www.navarre.com.au drilling before the end of March 2015 .

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: Plan of the Stawell Gold Corridor showing location of basalt dome targets and the recently granted Ararat exploration licence, EL5476

Grange Exploration Target

The primary target of the proposed drill program is the previously announced Grange Exploration Target, which is situated within the Tatyoon exploration licence, on the western flank of the Grange basalt dome (see Figure 3). 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 estimation of a Mineral Resource.

The Grange Exploration Target is a Stawell-style gold exploration target identified by Navarre following the compilation of geology and geophysical research undertaken by Navarre. The target is approximately 1,500 metres in length and is located at shallow depths from approximately 35m to 350m (vertical depth) below surface (see Figure 4). Using the analogy of Stawell’s Magdala gold deposit as a predictive model, in particular the attributes of Stawell’s Central Lode orebody (average thickness of about 5m), the Company’s Competent Person has estimated the Exploration Target for the western flank of the Grange basalt dome of between approximately 6 to 10 million tonnes with gold grade of between approximately 4 g/t Au and 6 g/t Au (approximately 0.8 to 1.9 million ounces of contained gold; Table 1). It should be noted that the Grange Exploration Target is conceptual in nature as it is not based upon existing drill data and, as yet, has not been drill tested.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

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Figure 2: Interpretive geological longitudinal projection along the Stawell Gold Corridor showing location of the Stawell and Ararat goldfields, the extents of un-mineralised cover, the location of the Magdala basalt dome, Grange dome and other basalt dome targets, together with known areas of gold mineralisation. The Grange Exploration Target is located on the Grange Basalt Dome. The 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 estimation of a Mineral Resource.

Table 1: Grange Exploration Target parameters

	Low case	High case
Approximate Strike Length(m)	1,500	1,500
Micromine model wire-frame volume(m3)	6,620,000	6,620,000
Estimated Specific Gravity (t/m3)	2.7	3.0
Estimated Tonnes	17,900,000	19,900,000
Potential Economic Payability Factor(%)	33	50
Potential Estimated Payable Tonnes(millions)	6	10
Potential Estimated Goldgrade(g/t)	4	6
Potential Estimated Total Contained Gold(ounces)	800,000	1,900,000

Note: Figures have been rounded and are not supported by drill testing.

Note: 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 estimation of a Mineral Resource.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

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Figure 3: Perspective view locating the Grange Exploration Target with respect to geophysical sections and previous drilling. Yellow targets are interpreted as ‘Waterloo’-style structures familiar to the Stawell Gold Mine (see Figure 5). Exploration Targets are conceptual in nature and there is insufficient information to establish if further exploration will result in the determination of a Mineral Resource. The Grange Exploration Target is conceptual and is not based upon any existing drill data.

In accordance with clause 17 of the JORC Code (2012 edition), the following background information supports the Exploration Target which was stated in the Company’s Quarterly Activities Report dated 21 January 2015, and remains unchanged.

Background – Stawell Corridor Gold Project:

Navarre’s Stawell Corridor Gold Project, incorporating a 2004 discovery of gold under-cover at Tatyoon and the historic Ararat Goldfield, is located between 10 and 70 kilometres south-east of the operating Stawell Gold Mine which is owned by Navarre’s largest shareholder and leading Victorian gold producer, Crocodile Gold Corp.

Ninety percent of the prospective Stawell Corridor lies buried beneath shallow cover, only to surface between Stawell and Ararat where approximately 6 million ounces of gold has been historically mined (Figures 1 & 2).

Gold mineralisation of the Stawell-type is located on the flanks of large basalt dome structures. The style of the gold mineralisation is much finer grained, more continuous and more predictable than the gold deposits typically found at Victoria’s largest two goldfields at Bendigo and Ballarat.

Work conducted at Tatyoon before grant of Exploration Licence to Navarre

In 2004 previous explorer, Leviathan Resources Limited (“Leviathan”) made a gold discovery at Grange Road, Tatyoon, in the last hole of a 21 air-core drill program. Aircore drill hole AAC021 pierced through a 30m thickness of Newer Volcanics cover to intersect 5 metres at 1.4 grams per tonne of gold (starting at 35m) from within an interval of 20 metres at 0.5 grams per tonne of gold (starting from 30m depth; Figure 4). A further higher grade gold intercept of 2 metres at 2.6 grams per tonne of gold was also reported from 66m near the base of the hole.

Discovery drill hole AAC021 highlighted the gold potential of the Grange basalt dome target and together with other drill holes into the weathered basement have confirmed the main geological elements for potential Stawell-style mineralisation at Tatyoon.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

In 2005 Leviathan conducted a follow-up drill program, which resulted in diamond hole TTD001 being drilled beneath AAC021, intersecting 1.8 metres at 4.2 grams per tonne of gold from 91.4m. This was the length-weighted average of the 3 fire assay analyses for each of the 2 samples comprising the 1.8m interval and included a maximum grade of 0.8 metres at 8.3 grams per tonne of gold from 92.4m (see Appendix 1; Tatyoon Historical Exploration Results). The gold mineralisation is hosted within strongly altered sulphide-rich sediments which inter-finger with the basalt (historically referred to in the Stawell Goldfield as ‘Waterloo’ structures) on the top of the basalt dome structure (see Figures 3 & 6).

Subsequent drilling of two further diamond holes was undertaken by Leviathan in 2005, one beneath TTD001 and another approximately 350m on-strike to the south. Both drill holes intersected altered and highly sulphide-rich sediments within a ‘Waterloo’ structure but with lesser gold contents than previous drilling. No previous drilling has been undertaken on the western flank of the Grange basalt dome .

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Figure 4: The Discovery cross-section along Grange Road with assay results from 2004-2005 drilling by Leviathan. The diagram also shows the location of the northern end of the conceptual Grange Exploration Target. 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 estimation of a Mineral Resource.

Since 2006 no further exploration drilling has been undertaken at Tatyoon and the licence was allowed to expire. A new exploration licence (EL 5480) was granted to Navarre for a period of 5 years in September 2014.

Work conducted by Navarre at Tatyoon

Recently after grant of EL 5480, the Company completed a compilation and assessment of historical exploration data, including re-processing and modelling of all existing geophysical surveys across the Tatyoon area.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

Gravity Geophysics

Navarre generated a geologically-constrained model of the existing gravity data using geological information collected from existing drill holes and rock density information from similar rocks within the Magdala Gold Mine at Stawell. This defined a cluster of three shallow basalt dome structures in the centre of the Tatyoon tenement (see Figure 5 below). A study of the new Tatyoon gravity model indicates that the Grange basalt dome is similar in size and shape to the Magdala basalt dome that controls the long-life, multi-million ounce Magdala gold deposit at Stawell. Furthermore, the sparse drilling of 2005 shows the gold mineralisation starts at approximately 30m from surface, offering a shallow target.

All three historic Grange prospect diamond drill cores have been recovered, examined and confirm Navarre’s understanding of the subsurface geology.

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Figure 5: Perspective view of three shallow Tatyoon basalt domes generated from gravity modelling. The inset shows a plan of Stawell Gold Mine’s Magdala deposit at the same scale for comparison (The Stawell Magdala plan is reproduced courtesy of Stawell Gold Mines) .

Induced Polarisation Geophysics

Navarre re-processed raw data from existing Induced Polarisation (“IP”) geophysical surveys, originally collected over several programs between 2005 and 2011, to generate inversion sections representative of the electrical properties of the subsurface geology. IP is an electrical technique commonly used to detect disseminated sulphides below the surface which are usually recorded as areas of high and low electrical chargeability. Stawell-style gold mineralisation has a strong association with sulphide minerals such as pyrite, pyrrhotite and arsenopyrite which are usually represented as IP high chargeability zones.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

The results of Navarre’s work show:

• The presence of 4 consecutive high chargeability anomalies occurring in similar positions on four of the five IP sections across the Grange basalt dome. Correlation of these IP anomalies with the independently derived gravity model reveals an approximately 1,500 metre long target coincident with the western flank of the Grange basalt dome (see Figures 3 & 6).

• The existence of three other high chargeability anomalies interpreted to represent potential ‘Waterloo’ surfaces on the top of the Grange basalt dome (Figures 3 & 6). One of these ‘Waterloo’ structures detected in the IP geophysics is confirmed by previous drilling to have sulphide-bearing sediments containing gold (see TTD002 in Figure 9).

• Potential IP chargeability anomalies also occur in some areas of the adjacent Hermitage basalt dome. These anomalies are less certain than at Grange due to potential electrical interference from fences intersected in the IP survey lines. Further data validation will be required.

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• Figure 6: Cross-section comparison, at the same scale, of the Magdala Gold Mine and Grange prospect. 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 estimation of a Mineral Resource. (The Magdala cross-section is reproduced courtesy of Crocodile Gold Corp.) .

Basis for the Grange Exploration Target

The Grange Exploration Target at Tatyoon was estimated using historic data that was collected by Leviathan during 2004 – 2011. Data generated during this period included gravity surveys, IP geophysics, scout air-core drilling and three diamond drill holes. As outlined above, Navarre has compiled this information, reviewed the diamond drill core, reprocessed the geophysics and undertaken an interpretation of the geology guided by Stawell’s Magdala Gold deposit as its predictive model.

The Grange Exploration Target is a geophysical target of approximately 1,500m length comprising 4 evenly spaced IP chargeability highs that align along the western flank of the Grange basalt dome as determined from the gravity model. Although the Exploration Target does not contain any drill information, existing 2005 diamond drill data (130m east of

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

the target) supports the gravity model in geological architecture and the possibility that IP chargeability anomalies within the Exploration Target are the result of sulphide-rich sediments which may be gold bearing (see Figures 3 & 4).

The general slope of the western flank sediment–basalt contact, where the IP chargeability anomalies occur, is derived from Navarre’s gravity model. The shape of the Exploration Target is conceptualised as being a folded lobe of basalt similar to Stawell’s Magdala Mine’s west flank and is supported by the irregular geometry of several of the Grange IP chargeability anomalies (see Figures 6 & 7).

Estimation of grade and tonnage ranges for the Grange Exploration Target

The volume of possible gold mineralisation contained within the Exploration Target was generated with wire-framing methods using three-dimensional Micromine mine planning software. The wireframe model was constructed by digitising a series of polygons, at regular intervals, perpendicular to the strike of the western dome basalt-sediment contact where the IP chargeability anomalies occur.

As is the case at Magdala, the digitised polygons have a “folded” shape to account for the extra prospective sedimentbasalt contact areas due to repetition caused by basalt-sediment inter-fingering (see Figure 7).

The polygon shapes were tapered at the models extremities, while being thicker in roll-over positions around basalt “noses” representing potential stockwork vein zones typically seen in the Magdala deposit (see Figure 7). These polygons were then linked together to form a valid wireframe solid that was used to derive a volume.

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Figure 7: Representative cross-section of the Grange Exploration Target model (red) showing the interpreted sediment-basalt inter-fingering and thickening over the basalt nose regions. 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 estimation of a Mineral Resource.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

The key factors used to develop the tonnage estimates were:

• The true thickness of gold mineralisation used in the construction of the wireframe 3D model is assumed to vary between 3m and 5m corresponding with typical thickness ranges for Magdala’s Central Lode deposit;

• The approximate 1,500m strike length is open to the south but is restricted by the dome margin in that direction. It is modelled to a tapered termination close to the Grange road section where the IP response is of low confidence owing to potential interference from steel fences bordering the road (see Figure 3); and

• The specific gravity is based on the Stawell-style sulphide-rich mineralisation of 2.85 + 0.15 t/m[3] (Big Hill bulk density physical tests sourced from; Crocodile Gold Corporation NI 43-101 Technical Report – Big Hill Enhanced Development Project at Stawell Gold Mine–Mineral Resources & Reserves, 6 June 2014).

These factors resulted in a tonnage range estimate of between approximately 17.9Mt and 19.9Mt from the modelled volume (see Table 1).

The following factors were then applied to arrive at the final Grange Exploration Target estimate:

• Study of stope distribution within Stawell’s Magdala Mine indicates 33% to 50% of the total mineralised surface area along the western flank is generally economic. It was decided to discount the estimated tonnage ranges by these payability factors; and

• The average historical mineral resource gold grades mined from within ore reserves of Stawell’s Magdala mine is between 4 and 6 g/t Au. These grades are consistent with recent exploration intersections announced by Stawell Gold Mine owners Crocodile Gold Corp. (TSX:CRK) on 19 February 2015 and historical Stawell mine gold grades for the Central Lode. This grade range is assumed possible for the Grange Exploration Target.

From these constraints a Grange Exploration Target tonnage range of 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 contained gold mineralisation is estimated (see Table 1). Please note this Exploration Target is conceptual in nature and there is insufficient information to establish whether further exploration will result in the determination of a Mineral Resource. It is also noted that this Exploration Target is conceptual and is not based upon any existing drill data.

Further evidence supporting the Grange Exploration Target is:

• The estimated dimensions of the Grange basalt dome are similar to the producing Magdala Mine basalt dome at Stawell;

• 80% of the gold produced from the Magdala Mine was derived from the western flank of the Magdala Basalt dome. Similarly, the largest geophysical target at Grange is located on the western flank of the basalt dome; and

• Alteration and mineralisation styles observed in Grange diamond core are similar to Stawell’s Magdala mine with high arsenopyrite-pyrite contents and pervasive chlorite-silica alteration.

Planned drilling program to test the Grange Exploration Target

As mentioned above, Navarre expects to commence, an RC and diamond drilling program of up to 2,000m at its Grange prospect in late March. The following diagrams (Figures 8 & 9) provide a visual representation of the proposed drill program.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

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Figure 8: Long Section (north-south) of the western flank of the Grange Basalt Dome showing the IP Chargeability sections with anomalously high areas shown as red relative to the locations of drilling sections intended to start in March 2015 (blue and red arrows). 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 estimation of a Mineral Resource .

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TTD001
AAC021
TTD003
TTD002
Grange Basalt Dome
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• Figure 9: Oblique view looking down towards the north across the Grange basalt dome and thematically coloured IP chargeability sections. The location of significant pre-existing drill holes are highlighted (diamond holes TTD001-03 and discovery aircore hole AAC021). Planned RC (light-blue circles) and diamond (red diamonds) drill collar sites are also shown together with the western flank area of IP anomalies (yellow). 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 estimation of a Mineral Resource.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

New exploration licence granted covering historic Ararat Goldfield

The Company is pleased to announce the grant of Victorian Mineral Exploration Licence EL 5476, which includes the historic one million ounce Ararat Goldfield. The 100%-owned licence was granted on 25 February 2015 for a period of 5 years. Together with Tatyoon, the Company now controls a 60km section of the prospective Stawell Gold Corridor immediately south of Crocodile’s producing Stawell Gold Mine and their northern Stawell Corridor exploration leases (Figures 1 & 2). The new Ararat licence contains the Garden Gully prospect which Navarre considers has high potential for another Stawell look-alike target (see Figures 1 & 2).

- ENDS –

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.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

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 exciting Tatyoon discovery is the Company’s prime focus for early 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 farm-out 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.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

Appendix 1 – “JORC Code Table 1” Tatyoon Historical Exploration Results

Section 1 Sampling Techniques and Data

The following table of information relates to the historical drill hole database for the Tatyoon Gold Project. Navarre is yet to undertake a drilling program on the Project.

Criteria	Commentary	Commentary
Sampling		Aircore samples were collected from the base of the transported profile (interface) and composite
techniques		samples below this in bedrock or weathered saprolitic basement.
		Sampling was by hand grab of drill material with no splitter used.
		Diamond core samples were ½ diamond saw cut at the Stawell Gold Mine (SGM).
Drilling		Reverse circulation (“RC”) percussion drilling was used to first drill through the surface Tertiary Newer
techniques		Volcanics cover.
		All RC/aircore holes were drilled vertically
		Diamond drilling is NQ2 core size
Drill sample		No record of sample recovery or wet samples is known. RC pre-collars to aircore and diamond drilling
recovery		were not sampled.
		Some areas of high volumes of groundwater beneath the Newer Volcanics were recorded and noted
		by a local farmers and the relevant catchment authority.
Logging		All aircore and diamond core material was geologically logged by SGM staff on a 1m and nominally 1m
		geological basis respectively. Intervals logged are consistent with those viewed by the Competent
		Person for the diamond core. Each interval logged includes primary lithology, oxidation and colour to
		establish geological boundaries, with alteration, sulphide and quartz type and strength (or % for
		quartz) recorded where present.
		Logging is quantative and based on visual field estimates.
		Chip trays only remain for the last 6 aircore holes drilled (AAC050-056) which have been reviewed by
		Navarre geologists.
Sub-sampling		Nominal 3kg calico bag aircore sub-samples were collected for assay analysis.
and sample		Diamond core assays are from ½ core samples as per typical Genalysis laboratory crush and pulverize
preparation		processes.
		It is not known what quality control measures may have been used for sub-sampling and sample
		preparation processes.
Quality of		During a 2004 drill program (Grange aircore hole AAC021) samples were analysed for low level (ppb)
assay data and		Au, As, Cu, Pb and Zn at Aminya Laboratories, Ballarat with selected samples analysed for an ICP suite
laboratory		of elements at SGS Laboratories, Perth. During 2005 all samples were analysed at Genalysis
tests		Laboratory Services as follows:
		i) Sample preparation at Genalysis, Adelaide.
		ii) Oxide samples for Au by aqua regia and As, Cu, Pb, Zn by AAS
		iii) Sulphide samples for Au aqua regia with furnace finish and an ICP suite of elements.
		The assay techniques for gold and base metals are total.
		Pulp repeat and field duplicate re-assaying of anomalous intervals is known to have been done for
		selected aircore and diamond drill samples
		It is unknown what, if any, assay quality control procedures were used by SGM.
Verification of		Assay and geological results have been checked against historical plans, sections and tables of
sampling and		significant assay results generated near the time of drilling by SGM.
assaying		Diamond drill core has been retrieved from storage at SGM and recently laid out and reviewed by the
		Competent Person and Navarre’s managing director. Assay and logging intervals were found
		consistent with database records.
		Original digital lab assay files as received by SGM from Genalysis laboratories have been obtained by
		Navarre to verify the high grade assays in TTD001.
		The significant gold assay in TTD001 from 91.4m to 93.2m was originally assayed for gold using a ppb
		detection limit(Genalysis method FA25/SAAS)upon reporting>1g/t Au results the 2 samples

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

Criteria	Commentary	Commentary
		concerned were subsequently assayed 3 times each using a fire assay with AAS determination
		method (Genalysis code FA25/AAS) and 0.01 ppm Au detection limit which is a total gold method and
		limit considered suitable for the sample material type and high gold concentrations. The gold grade
		reported for this interval is the length- weighted average of the 3 fire assay results and is thus
		consistent with the grade publicly reported by Leviathan Resources Ltd in their September 2005
		quarterly report and associated cross-section figure.
		For transparency the length weighted gold grades for each repeat analysis of this 1.8m interval (from
		91.4m in TTD001) are; 4.70 g/t Au, 1.14 g/t Au, and 6.78 g/t Au. The maximum individual gold grade
		of all in this interval is 0.8m @ 8.34 g/t Au from 92.4m (see Table in section 2).
Location of		Grid system used is GDA94, zone 54
data points		diamond drill hole azimuths were measured relative to magnetic north, the stored as AMG84/GDA94
		following correction (magnetic+11.5°)
		It is unknown how the drill holes were location surveyed but is thought to by via handheld GPS by
		SGM staff who were employed in 2005 in the exploration department.
		A topographic DTM was gained from government sources at 30m station spacing and used by Navarre
		to assign collar heights with previous work having an arbitrarily constant height assigned to all holes at
		Tatyoon.
		Downhole survey file for the diamond holes contains survey information on 20-30m lengths as is
		standard for this type of drilling. Quality could not be verified by Navarre but is not considered
		material to the exploration results being reported and discussed.
Data spacing &		Data spacing is not yet considered appropriate for Mineral Resource or Ore Reserve Estimations
distribution		Aircore samples have been routinely composited to 5m or less, especially in the saprolite beneath the
		Newer Volcanics.
		The degree of mineralisation or gold continuity cannot be defined at this early stage of low level drill
		information.
geological		The orientation of gold bearing veins or structures is not well known at this stage of exploration.
structure		Existing gold intersections upon Grange Rd and section 5847500mN (AMGz54) are interpreted to be
		within sulphidic sediments occurring as inter-fingers into the basalt dome and to the east of the
		western flank of the Grange basalt dome as 3D gravity inversion modelled. It is postulated that this
		inter-finger wedge may migrate to the western flank contact towards the south as with the IP
		chargeability. Therefore this western contact may occur as a gently south plunging fold or lobe surface
		similar to those known at the Magdala underground mine.
Sample		Diamond core of relevance is kept at the SGM with no public access. Selected aircore chip trays below
security		the Newer Volcanics from the last campaign (AAC050 – AAC056) have been found at the SGM and are
		now retained in the Navarre office for reference.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

Section 2 Reporting of Exploration Results

Table 1: List of significant historic Tatyoon drill results (GDA94z54):

Table 1: List	of significant historic Tatyoon drill results(GDA94z54):
Hole ID	Prospect East North RL Depth Significant Assay Results
AAC021	TATYOON-Grange 672471.5 5847846.7 279 69 20m @ 0.46 g/t Aufrom 30m (including 5m @ 1.42 g/t Au from 35m), 3m @ 1.87 g/t Aufrom 66m (including2m@2.6g/t Au from 66m)
AAC022 AAC023 AAC024 AAC025 AAC026 AAC027 AAC028 AAC029 AAC030 AAC031 AAC032 AAC033 AAC034 AAC035 AAC036 AAC037 AAC038 AAC039 AAC040 AAC041 AAC042 AAC043 AAC044 AAC045 AAC046 AAC047 AAC048 AAC050 AAC051 AAC052 AAC053 AAC054 AAC055 AAC056	TATYOON-Grange 672444.5 5847874.7 279 52 NSR TATYOON-Grange 672484.5 5847839.7 279 62 19m @ 19 ppb Au from 31m TATYOON-Grange 672663.5 5847810.7 281 69.5 NSR TATYOON-Grange 672860.5 5847773.7 280 90 NSR TATYOON-Grange 673021.5 5847746.7 283 78 NSR TATYOON-Grange 673174.5 5847722.7 283 87 2m @ 23 ppb Au from 85m TATYOON-Grange 672286.5 5847874.7 276 66 5m @ 0.89 * g/t Aufrom 50m TATYOON-Grange 672121.4 5947927.0 278 89 NSR TATYOON-Grange 671961.5 5847956.7 278 88 NSR TATYOON-Grange 672246.5 5847902.7 274 72 30m @ 41 ppb Au from 30m TATYOON-Grange 672464.5 5847859.7 279 58 5m @ 50 ppb Au from 35m TATYOON-Grange 673645.5 5847629.7 283 101 8m @ 28 ppb Au from 66m TATYOON-Grange 673724.5 5847614.7 284 111 NSR TATYOON-Grange 673806.5 5847597.7 286 99 5m @ 85 ppb Au from 72m TATYOON-Grange 673222.5 5847874.7 282 97 5m @ 0.51 g/t Aufrom 77m TATYOON-Grange 673253.5 5848031.7 282 80 17m @ 32 ppb Au from 60m TATYOON-Grange 673277.5 5848186.7 284 90 3m @ 169 ppm As from 54m TATYOON-Grange 673313.5 5848346.7 282 94 NSR TATYOON-Grange 673163.5 5847559.7 284 112 3m @ 57 ppb Au from 108m TATYOON-Grange 673081.5 5847266.7 282 106 NSR TATYOON-Grange 672981.5 5846746.7 271 75 NSR TATYOON-Grange 672921.5 5846346.7 280 90 NSR TATYOON-Grange 672841.5 5846066.7 281 84 1m@117ppm As from 30m
	TATYOON-Hermitage 670921.5 5848156.7 268 70 NSR TATYOON-Hermitage 670431.5 5848256.7 265 50 3m @ 0.23 g/t Aufrom 47m TATYOON-Hermitage 669741.5 5848376.7 266 69 NSR TATYOON-Hermitage 669801.5 5846626.7 274 84 NSR
	TATYOON-Grange 672341.5 5847846.7 280 28 NSR TATYOON-Grange 672341.5 5847536.7 277 25 NSR TATYOON-Grange 672501.5 5847536.7 278 29 NSR TATYOON-Grange 673381.5 5847876.7 282 37 NSR TATYOON-Grange 672364.5 5847853.7 282 84 9m @ 62 ppb Au from 61m TATYOON-Grange 672421.5 5848178.7 280 72 NSR TATYOON-Grange 672338.5 5848181.7 278 81 NSR
TTD001 TTD002 TTD003	TATYOON-Grange 672401.5 5847896.7 282 184.4 1.8m @ 4.21 g/t Aufrom 91.4m TATYOON-Grange 672271.5 5847536.7 275 337.1 0.3m @ 0.75 g/t Aufrom 141.1m TATYOON-Grange 672301.5 5847871.7 277 256.2 0.9m@ 0.59g/t Aufrom 213.9m
AAC prefix = aircore holes with RC pre-collar, TTD prefix = Diamond drill holes, NSR = No significant result * is a recorded assay interval from 2005-06 which is probably due to repeat assaying but cannot be verified against the Stawell Gold Mine data base which reports a 50ppb Au value across the 5m composite starting at 50m downhole. SGM staff are yet to locate the original laboratoryfiles which mayrelate to the 890ppb result shown in the table and this result should be treated with caution.

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ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project

Criteria	Commentary
Tenement and land tenure	 The Grange prospect lies within Navarre’s 100% owned exploration licence EL 5480 which was granted on 9 September 2014 for 5 years.  Theprospect occurspredominantlyacross freeholdpastoral land and lesserpublic road reserves.
Exploration done by other parties	 The exploration results reported are wholly from activities conducted by SGM since 2004. Initial works was done by SGM owners MPI under a farm-in to licence EL 4695 then held by Reliance Mining Ltd. Following de-merger of MPI resulting in ASX float of Leviathan Resource Ltd in late 2004 the licence was purchased by Northgate Australian Ventures (now owner of SGM following 2 successive corporate takeovers). In 2008 Northgate offered Rimfire Australia PL a partnership option to explore EL 4695 at Tatyoon and surrounds which ended in 2012 and the previous licence was allowed to expire in April 2013.  SGM and Rimfire conducted a series of gravity surveys and IP geophysical lines across basalt targets including Tatyoon, Langi Logan and Westmere now held 100% by Navarre Minerals. This data has recently been utilised by Navarre to model the location of IP anomalies and gold in drilling relative to the basement basalt dome at Grange and Hermitage prospects.  Further open file information concerning the exploration upon EL 4695 can be found with the Victorian Geological Survey.
Geology	 The project area is considered highly prospective for the discovery of economic deposits of similar character to the deposits in the nearby Stawell gold mine, particularly the Magdala gold deposit. The Stawell Goldfield has produced approximately 5 million ounces of gold from all sources and more than 2.3 million ounces from underground and open pit sources during the modern mining era across more than 3 decades.  Drilling intersects thin Newer Volcanics (28 to 66m), quartz gravels, clay and thin coal beds, then saprolitic to fresh Palaeozoic bedrock. The northern (and probably eastern) margin of the basalt dome is in close contact to the Ararat Granite.
Drill hole Information	 A summary of drill hole information is provided in the above Table of significant results. All holes at Tatyoon are listed in Table 1. All exploration drill assays reported are expressed as downhole intervals.  Diamond holes were collared as follows Hole Dip GDA_Azimuth TTD001 -55 99.5 TTD002 -58.5 99.8 assumed same as 30m dhole survey TTD003 -61.7 90.3 assumed same as 30m dhole survey  A single deep diamond hole was drilled into the Hermitage dome in 1983 by Australian Anglo- American (AA5 668947.2m GDA_E, 5848927.4m GDA_N, 256.76m RL, -60otowards 081oGDA94). Geology logs for this 265.5m deep hole are scant and describe the basement rock intersected as “amphibolite” suggesting a possible higher metamorphic grade than known from diamond core at Grange. Disseminated sulphides are recorded from 60m downhole and anomalous copper grades to 0.2% Cu and silver grades to 33 ppm Ag. These results have not been verified.  Two other historical RC percussion holes are recorded being drilled near the Hermitage dome, however, their location is poorly recorded and no lithological logs exist. No significant assays are reported.
Data aggregation	 Significant gold intercepts are calculated using a 0.1g/t Au cut off for diamond drill results and 15ppb Au for aircore results. No topcuts are used
Mineralisation relationship	 The relationship between mineralisation widths and intercept grades is not known due to insufficient diamond drill information to define thegeometryof mineralised structures.
Balanced reporting	 Comprehensive reporting has been undertaken with both mineralised and unmineralised holes/samples listed in attached tables and figures.  All existingdrill holes at Grange and Hermitage are reported.
Further work	 This western flank will be the main target for RC and diamond drilling on each IP section in the upcoming drill program. Maximum depths to be tested are likely to be 350m with most holes being 120m or less in total depth.

ASX Announcement 19 March 2015 – Completion of Capital Raising & Exploration Update - Stawell Corridor Gold Project