AUREKA LIMITED — Capital/Financing Update 2017

Dec 12, 2017

ASX Announcement

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t P a g e | 13 December 20171

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Navarre Minerals Limited
ABN 66 125 140 105
ASX Code: NML
Corporate Details
Issued capital:
270.6M ordinary shares
26.3M 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)
Shane Mele
(Exploration Manager)
Contact Details
Geoff McDermott
Managing Director
Navarre Minerals Limited
40 – 44 Wimmera Street
Stawell VIC 3380
Australia
PO Box 385
Stawell VIC 3380
Australia
Tel: +61 (0)3 5358 8625
Email: info@navarre.com.au
Website: www.navarre.com.au
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New gold intercepts continue to expand strike potential at Irvine Gold Project

• New oxide drill intercepts confirm significant extensions of gold mineralisation north of Cullings and Resolution discoveries

• Latest results received include:

• 6m @ 5.1 g/t Au from 24m (IAC245), including 4m @ 7.0 g/t Au from 24m and 1m @ 11.2 g/t Au from 26m

• 4m @ 2.3 g/t Au from 11m (IAC241), including 1m @ 5.2 g/t Au from 13m

• 2m @ 2.5 g/t Au from 36m (IAC228) and 4m @ 1.2 g/t Au from 51m

• 8m @ 1.0 g/t Au from 30m (IAC250)

• Results analogous to the discovery drill hole at Resolution Lode (6m @ 6.3 g/t gold)

• Current drill program extended due to success with 7,200m now completed – drilling to be completed by end of year

• Further results pending from infill drilling at Cullings and first-pass drilling at untested Napoleon and Dutton targets

• Results continue to validate Navarre’s exploration model for Irvine to host a significant gold system similar to nearby 4Moz Magdala gold deposit

Navarre Minerals Limited ( Navarre or the Company; ASX: NML ) is pleased to announce significant new oxide assay results from its ongoing reconnaissance aircore (AC) drilling program at the highly prospective 100%-owned Irvine Gold Project in Victoria (Figure 1).

Following the recent discovery of the Cullings Prospect (ASX announcement 30 November 2017), new assay results from extensional drilling north of Cullings has confirmed continuity of strong gold mineralisation which remains open at depth.

Latest results include 6.0m @ 5.1 g/t gold from 24m down-hole depth in air-core drill hole IAC245 (Traverse C4). This intercept is interpreted to represent the margin of a potential high-grade ore shoot with the plunge direction unknown at this early stage.

The mineralisation style and results are analogous to the discovery drill hole at Resolution Lode of 6m @ 6.3 g/t gold (ASX announcement 1 December 2016), located 4kms to the north, and help further validate Navarre’s multi-lode exploration model at Irvine.

Navarre aims to develop the Irvine Gold Project into a multi-million ounce gold deposit similar to the nearby four-million ounce Magdala gold deposit.

Navarre Minerals Limited | ABN 66 125 140 105 Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625 t +61 3 5358 8625 e info@navarre.com.au | w navarre.com.au 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 ( N M L ) A S X A n n o u n c e m e n t P a g e | 2

The latest assay results from the Company’s current phase of drilling continues to build on the recently reported discovery holes at Cullings, including 5m @ 3.2 g/t gold and 7m @ 2.8 g/t gold located up to 800m further south (ASX announcement 30 November 2017).

A total of 7,200m of AC drilling has been completed in the program to date, and drilling is expected to be completed prior to the end of the year.

Further results will be reported as they become available.

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Figure 1: Location map of Navarre’s Irvine Gold Project. Navarre has 70 kilometres of strike of the prospective Stawell Corridor under exploration licence.

Air Core Drilling Program

Navarre’s reconnaissance AC drilling program is aimed at locating the presence of multiple zones of gold mineralisation along the flanks of the basalt dome akin to Stawell’s 4Moz Magdala gold deposit.

On 9 October 2017, Navarre commenced a 7,000m AC drilling program at the Irvine Gold project designed to extend the Project’s gold mineralisation footprint with testing of six target zones.

Exploration success at Irvine continues to exceed expectations with two mineralised prospects, Resolution Lode and Cullings Prospect, converting to discoveries from four targets tested to date. First-pass drilling of the two remaining targets is expected to be completed before the end of the year.

The Company believes the drill results released to date confirm the potential for the Irvine Gold Project to host a major gold system. In particular, step-out drilling undertaken to the north of both the Cullings Prospect and Resolution Lode is extending the shallow gold potential that remains open at depth.

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 ( N M L ) A S X A n n o u n c e m e n t P a g e | 3

Cullings Prospect

The Cullings Prospect is a new discovery located on the east flank of the Irvine basalt dome in the same geological position as the high-grade Resolution Lode, 4 kilometres further to the north (Figure 2).

Six drill traverses (C1 – C6) containing a total of 25 AC drill holes have been completed across a potential one kilometre strike extent of the Cullings Prospect.

Results for Drill Traverses C3 and C4 are now available with both intersecting a major quartz reef structure believed to be the extension of the shear zone intersected in Traverses C1 and C2 (Figure 2; reported to ASX on 30 November 2017).

Results from a further two infill drill traverses (C5 & C6 on Figure 2) are expected to follow shortly.

The northern C4 drill traverse intersected a major shear zone containing strong gold mineralisation that dips at approximately 40 degrees towards the west (Figure 3). This shear zone is up to 30 metres wide and has been confirmed over a strike length of one kilometre, remaining open at depth.

New drill results for the C4 drill traverses include (see Tables 1 & 2):

• 6m @ 5.1 g/t Au from 24m (IAC245), including 1m @ 11.2 g/t Au from 26m

• 2m @ 2.5 g/t Au from 36m (IAC228), and 4m @ 1.2 g/t Au from 51m

• 2m @ 1.6 g/t Au from 66m (IAC227)

These results complement the earlier results reported to the ASX (30 November 2017) for Traverses C3 and C4:

• 5m @ 3.2 g/t Au from 53m (IAC173) ending in mineralisation, including 1m @ 6.4 g/t Au from 55m

• 7m @ 2.8 g/t Au from 36m (IAC201), including 1m @ 6.0 g/t Au from 39m

• 2m @ 3.8 g/t Au from 26m (IAC161)

• 6m @ 1.6 g/t Au from 7m (IAC163)

• 6m @ 1.4 g/t Au from 42m (IAC160) ending in mineralisation

• 3m @ 2.2 g/t Au from 14m (IAC202)

• 5m @ 1.1 g/t Au from 5m (IAC190)

• 8m @ 1.1 g/t Au from 26m (IAC189)

As drilling is angled at 60 degrees to the interpreted quartz reef, it is estimated that most drill intercepts are close to true width.

Traverse C3 is interpreted to have intersected the same quartz-rich shear zone but failed to return significant gold values.

The first pass drilling has defined a mineralised zone (>1 g/t Au) at Cullings measuring approximately 800m in strike, with the mineralisation remaining open down-dip to the west.

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 2: Location of completed and planned regional AC drill traverses testing basalt dome targets along the +8km Irvine project area.

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 ( N M L ) A S X A n n o u n c e m e n t P a g e | 5

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Figure 3: Cullings Prospect cross-section (C4) showing interpreted geology and key drill intercepts

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Figure 4: Resolution Lode cross-section (RL2) showing interpreted geology and key drill intercepts

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 ( N M L ) A S X A n n o u n c e m e n t P a g e | 6

Resolution Lode

Two traverses of AC drilling (RL1-2) comprising 16 holes have been completed to test for the potential northern extension of the Resolution Lode. Drill Traverse RL2 confirmed the extension of Resolution Lode 800m north of previous drilling (Figures 2 & 4). This will require further infill drilling to be undertaken in the new year.

Significant results include (see Table 2):

• 4m @ 2.3 g/t Au from 11m (IAC241), including 1m @ 5.2 g/t Au from 13m

• 3m @ 1.0 g/t Au from 49m (IAC242)

• 1m @ 1.3 g/t Au from 3m (IAC243)

Drill traverse RL1 does not appear to have intersected the main structure but has picked up anomalous gold on an adjoining structure to the west of the main shear.

John Bull

Five follow-up traverses of AC drilling comprising 29 holes have been completed to confirm continuity of a gold bearing quartz-sulphide structure over a 1.5km strike length at John Bull.

Drill results for the last two drill traverses have now been received and include a best result of 8m @ 1.0 g/t gold from 30m down-hole depth in drill hole IAC250 (see Table 2).

All five drill traverses have intersected anomalous gold. The gold mineralisation is predominantly located on the footwall of a basalt flow that narrows or plunges towards the north.

A full assessment of this prospect is expected to completed following conclusion of the drilling program.

Napoleon and Dutton

First-pass AC drilling has commenced across the Napoleon and Dutton targets (Figure 2). Both targets are coincident geochemical and geophysical anomalies located on the flanks of the Irvine basalt.

Next Steps

The current AC program represents a key component of the Company’s regional exploration strategy at Irvine. The Company intends to complete systematic drill testing of six targets identified along the flanks of the Irvine basalt dome. Significant gold mineralisation is expected to be followed-up with deeper RC and DD drilling. Subject to results, Navarre anticipates undertaking a resource definition drilling program in 2018, with a view to delineating a maiden mineral resource for the project.

Navarre’s exploration activities at the Irvine Gold Project are aimed at defining a potential new multi-millionounce gold system, of similar style to the nearby four million-ounce Magdala deposit at Stawell, currently owned by Navarre’s largest shareholder, Kirkland Lake Gold Ltd., subject to an agreed acquisition by Arete Capital Partners, a Melbourne-based private equity group, as announced by Kirkland Lake Gold on 11 December 2017.

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 ( N M L ) A S X A n n o u n c e m e n t P a g e | 7

TABLE 1: Air-Core Drill Hole Collars (IAC221 to IAC261)

Hole ID	East (MGA)	North (MGA)	RL (AHD)	Prospect	Depth	Dip	Azimuth MGA (Degrees)
IAC221	667148	5878069	317.9	Cullings	49.0	-60	70
IAC222	667169	5878078	316.7	Cullings	43.0	-60	70
IAC223	667189	5878090	315.4	Cullings	39.0	-60	70
IAC224	667207	5878097	314.9	Cullings	45.0	-60	70
IAC225	667226	5878106	314.9	Cullings	66.0	-60	70
IAC226	667251	5878131	317.0	Cullings	45.0	-60	70
IAC227	666780	5878888	330.9	Hospital Hill	78.0	-60	50
IAC228	666802	5878908	331.9	Hospital Hill	90.0	-60	90
IAC229	665182	5882718	274.8	Resolution	21.0	-60	90
IAC230	665190	5882720	274.6	Resolution	27.0	-60	90
IAC231	665203	5882720	274.1	Resolution	30.0	-60	90
IAC232	665218	5882718	273.4	Resolution	24.0	-60	90
IAC233	665231	5882716	273.1	Resolution	21.0	-60	90
IAC234	665241	5882714	273.0	Resolution	26.0	-60	90
IAC235	665255	5882712	272.9	Resolution	30.0	-60	90
IAC236	665270	5882710	272.6	Resolution	30.0	-60	90
IAC237	665000	5883134	293.2	Resolution	57.0	-60	90
IAC238	665028	5883130	294.0	Resolution	63.0	-60	90
IAC239	665060	5883125	295.7	Resolution	60.0	-60	90
IAC240	665089	5883120	296.2	Resolution	45.0	-60	90
IAC241	665113	5883117	296.3	Resolution	60.0	-60	70
IAC242	665141	5883127	296.0	Resolution	55.0	-60	70
IAC243	665169	5883138	296.1	Resolution	52.0	-60	70
IAC244	665196	5883150	293.1	Resolution	33.0	-60	70
IAC245	666847	5878916	330.0	Cullings	84.0	-60	100
IAC246	666887	5878902	330.0	Cullings	78.0	-60	100
IAC247	666629	5879129	315.3	Hospital Hill	54.0	-60	70
IAC248	666655	5879162	314.3	Hospital Hill	57.0	-60	70
IAC249	666678	5879163	314.7	Hospital Hill	57.0	-60	70
IAC250	666692	5877300	359.0	John Bull	57.0	-60	60
IAC251	666723	5877313	355.3	John Bull	54.0	-60	60
IAC252	666746	5877326	353.4	John Bull	57.0	-60	60
IAC253	666772	5877339	352.2	John Bull	31.0	-60	60
IAC254	666785	5877345	351.9	John Bull	45.0	-60	60
IAC255	666638	5877248	363.4	John Bull	48.0	-60	60
IAC256	666671	5877262	361.4	John Bull	69.0	-60	60
IAC257	666661	5877243	362.7	John Bull	72.0	-60	60
IAC258	667021	5876891	352.4	Napoleon	54.0	-60	60
IAC259	667043	5876905	352.5	Napoleon	84.0	-60	60
IAC260	667084	5876923	352.2	Napoleon	67.1	-60	60
IAC261	667111	5876941	352.5	Napoleon	57.0	-60	60

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 ( N M L ) A S X A n n o u n c e m e n t P a g e | 8

TABLE 2: Significant Air-Core Drill Hole Results (> 0.3 g/t gold)

	Traverse	l	From	To	Interval (m)	Gold (g/t)	Comments
Prospect	No.	Hoe ID	(m)	(m)
Cullings	C3	IAC224	19	20	1	0.5	East Basalt Flank
Cullings	C3	IAC225	46	47	1	0.3	East Basalt Flank
Cullings	C4	IAC227 incl.	66 66	68 67	2 1	1.6 2.8	East Basalt Flank
Cullings	C4	IAC228 incl. incl. and	36 36 51 83	59 38 55 86	23 2 4 3	0.5 2.5 1.2 0.5	East Basalt Flank East Basalt Flank Composite sample, awaiting individual 1m sample assays
Cullings	C4	IAC245 incl. incl.	24 24 26	30 28 27	6 4 1	5.1 7.0 11.2	East Basalt Flank
Resolution	RL1	IAC230	8	9	1	0.3	East Basalt Flank
Resolution	RL1	IAC231 incl.	24 24	27 25	3 1	0.4 0.8	East Basalt Flank
Resolution	RL1	IAC234 incl.	9 10	12 11	3 1	0.5 0.8	East Basalt Flank
Resolution	RL2	IAC240	30	31	1	0.5	East Basalt Flank
Resolution	RL2	IAC241 incl. and	11 13 28	15 14 29	4 1 1	2.3 5.2 0.6	East Basalt Flank
Resolution	RL2	IAC242 incl. incl. and incl.	16 16 20 48 49	21 17 21 55 52	5 1 1 7 3	0.7 1.0 2.2 0.7 1.0	East Basalt Flank East Basalt Flank, Hole ends in mineralisation
Resolution	RL2	IAC243 incl.	0 3	5 4	5 1	0.7 1.3	Alluvial gold?
Resolution	RL2	IAC244	0	2	2	0.4	East Basalt Flank
John Bull	JB5	IAC250	30	38	8	1.0	Stawell Fault Composite sample, awaiting individual 1m sample assays

Notes to Table 2:

1. The accuracy of dip, strike and controls on mineralisation is based on interpretation and the true width of the mineralisation is not yet confirmed.

2. Sample returns from each metre drilled of every drill hole has been collected and stored on plastic sheeting. Sub-samples submitted for analysis are selected on the basis of geology and mineralisation and range from 1 to 5m composite grab samples.

3. All samples were submitted to ALS Laboratories in Orange NSW and were analysed using a 50g fire assay with AA finish (method: AuAA25) (0.01ppm detection limit). A 35 element Aqua Regia ICP-AES (method: ME-ICP41) analysis was also performed on each sample to assist interpretation of pathfinder elements.

4. g/t (grams per tonne).

5. Assay intersections are continuous zones with less than 1m of internal dilution.

6. No high-grade cut-off has been applied to individual assays.

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 ( N M L ) A S X A n n o u n c e m e n t P a g e | 9

– ENDS –

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

Geoff McDermott Media and Investor Relations Managing Director James Moses Navarre Minerals Mandate Corporate E: info@navarre.com.au E: james@mandatecorporate.com.au T: +61 (0)3 5358 8625 T: +61 (0) 420 991 574

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 Shane Mele, who is a Member of The Australasian Institute of Mining and Metallurgy and who is Exploration Manager of Navarre Minerals Limited. Mr Mele has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Mele consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

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 projects in Victoria, Australia.

Navarre is searching for gold deposits in the extension of a corridor of rocks that host the Stawell (~five million ounce) and Ararat (~one million ounce) goldfields. The discovery of outcropping gold at the Irvine prospect is a prime focus for the Company in 2017. This is located 15km south of the Stawell Gold Mine, which Melbournebased Arete Capital Partners has recently agreed to acquire from Kirkland Lake Gold Ltd.

At the high-grade Tandarra Gold Project 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 to September 2018 by advancing the project towards mineral resource status.

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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Appendix 1 JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	 Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report.  In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Air Core Drilling  All air-core (AC) drill holes have been routinely sampled at 1m intervals downhole directly from a rig mounted cyclone. Each metre is collected and placed on a plastic sheet on the ground and preserved for assay sub-sampling analysis as required.  Sub-samples for assaying were generated from the 1m preserved samples and were prepared at the drill site by a grab sampling method based on logged geology and mineralisation intervals. Sub-samples were taken at 1m intervals or as composites ranging from 2-5m intervals ensuring a sample weight of between 2 to 3 kg per sub- sample.  The sample size is deemed appropriate for the expected grain size of the material being sampled.  Certified reference material and sample duplicates were inserted at regular intervals with laboratory sample submissions.
Drilling techniques	 Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is _oriented and if so, by what method, etc). _	Air Core Drilling  AC drilling was carried out using a Wallis Mantis 80 Air- core rig mounted on a Marooka base. The AC rig used a 3.5” blade bit to refusal, generally just below the fresh rock interface.
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Air Core Drilling  AC drill recoveries were visually estimated as a semi- quantitative range and recorded in the log.  Recoveries were generally high (>90%), with reduced recovery in the initial near-surface sample.  Samples were generally dry, but many became wet at the point of refusal in hard ground below the water table.  No sampling issue, recovery issue or bias was picked up and is considered that both sample recovery and quality is adequate for the drilling technique employed.
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.	 Geological logging of samples followed Company and industry common practice. Qualitative logging of samples included (but was not limited to); lithology, mineralogy, alteration, veining and weathering.  All logging is quantitative, based on visual field estimates.  A small representative sample was retained in a plastic chip tray for future reference and logging checks.  Detailed chip logging, with digital capture, was conducted for 100% of chips logged by Navarre’s geological team.
Sub-sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and	 Company procedures were followed to ensure sub- sampling adequacy and consistency. These included (but were not limited to), daily work place inspections of sampling equipment and practices.  Blanks and certified reference materials are submitted

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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Criteria	JORC Code explanation	Commentary
	appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	with the samples to the laboratory as part of the quality control procedures. Air Core Drilling  AC composite, 1m individual and EOH samples were collected as grab samples.  Samples were recorded as dry, damp or wet.  Drill sample preparation and base metal and precious metal analysis is undertaken by a registered laboratory (ALS Orange, NSW). Sample preparation by dry pulverisation to 85% passing 75 microns.  The sample sizes are considered appropriate to correctly give an accurate indication of mineralisation given the qualitative nature of the technique and the style of gold mineralisation sought.
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	 Analysis for gold is undertaken at ALS Orange, NSW by 50g Fire Assay with an AAS finish to a lower detection limit of 0.01ppm Au using ALS technique Au-AA26.  ALS also conducted a 35 element Aqua Regia ICP-AES (method: ME-ICP41) analysis on each sample to assist interpretation of pathfinder elements.  No field non-assay analysis instruments were used in the analyses reported.  A review of certified reference material and sample blanks inserted by the Company indicate no significant analytical bias or preparation errors in the reported analyses  Internal laboratory QAQC checks are reported by the laboratory and a review of the QAQC reports suggests the laboratory is performing within acceptable limits.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	 Samples are verified by Navarre geologists before importing into the drill hole database.  No twin holes have been drilled by Navarre during this program.  Primary data was collected for drill holes using a Geobase logging template on a Panasonic Toughbook laptop using lookup codes. The information was sent to a database consultant for validation and compilation into a SQL database.  Reported drill results were compiled by the Company’s geologists and verified by the Exploration Manager and Managing Director.  No adjustments to assay data were made.
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control.	 All maps and locations are in UTM Grid (GDA94 zone 54).  All drill collars are initially measured by hand-held GPS with an accuracy of+3metres. On completion of program, a contract surveyor picks-up collar positions utilising a differential GPS system to an accuracy of+0.02m.  At the Irvine gold project, topographic control is achieved via use of DTM developed from a 2005 ground gravity survey measuring relative height using radar techniques. Air Core Drilling  Down-hole surveys have not been undertaken
Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.	 Variable drill hole spacings are used to adequately test targets and are determined from geochemical, geophysical and geological data together with historic mining information.  Drilling reported in this program is of an early exploration nature and has not been used to estimate any mineral resource or ore reserves.

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Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
		 Refer to sampling techniques, above for sample compositing
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	 Exploration is at an early stage and, as such, knowledge on exact location of mineralisation, in relation to lithological and structural boundaries, is not accurately known.  The drill orientation is attempting to drill perpendicular to the geology and mineralised trends previously identified from earlier AC drilling. Due to the early stage of exploration it is unknown if the drill orientation has introduced any sampling bias. This will become more apparent as further drilling is completed.
Sample security	 The measures taken to ensure sample security.	 Chain of custody is managed by internal staff. Drill samples are stored on site and transported by a licenced reputable transport company to a registered laboratory in Orange, NSW (ALS Laboratories). At the laboratory samples are stored in a locked yard before being processed and tracked through preparation and analysis.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 There has been no external audit or review of the Company’s sampling techniques or data at this stage.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	 The Irvine project is located within Navarre’s 100% owned “Ararat” exploration licence EL 5476 which was granted on 25 February 2015 for an initial period of 5 years.  The tenement is current and in good standing.  The project occurs mainly on freehold land.  Crown land, subject to possible Native Title, is under separate exploration licence applications currently being considered by Earth Resources Regulation, Victorian Government.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 Centaur Mining & Exploration held licence EL 1224 in the 1980s and conducted surface mapping, and shallow RAB drilling along road verges in proximity to the Irvine prospect. The main focus of their exploration activities became the Mt Ararat base-metal sulphide deposit further to the SW.  CRA Exploration held licences EL 2651 & EL 3429 (which were amalgamated into EL 3450) in the early 1990s. It was recognised that basalt lavas and associated meta- sediments at the northern end of the field held gold potential of the Stawell-style (which itself was relatively poorly understood at that time). CRA drilled 12 RC holes (average 48m depth) and 2 diamond holes in the Irvine area. This work was initially focused along two north- trending outcrops of ironstone to the west of the Irvine Basalt, now referred to as the Great Western Trend (or Stawell Fault). Significant gold grades of 4m @ 0.88 g/t Au (RC92AA021 from 32m) and 2m @ 2.84 g/t Au (RC92AA027 from 24m) were recorded. Mapping and rock chip sampling across the entire Ararat Goldfield was also undertaken at this time with several >1 g/t Au results obtained.  A single diamond drill hole following up two shallow RC holes on the western flank of the Irvine Basalt generated a 0.5m@7.2g/t Au intersection from 86.5m in a “classic

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Criteria	JORC Code explanation	Commentary
		Magdala footwall sequence” of high arsenopyrite and pyrrhotite from meta-sediments in DD92AA254. This was the only hole to pass through the Irvine basalt contact.  From 1995 to 1996, under Joint Venture with CRAE, Stawell Gold Mines undertook exploration which included 4 lines of shallow vertical air-core drilling across the trend of the Irvine Basalt. Owing to weather and drill penetration difficulties, no basalt contacts were intersected in any SGM holes and no significant gold results were obtained. The air-core program helped deduce the broad outline of the western basalt contact. A few selected trays from CRAE’s regional drill program are held by the Geological Survey of Victoria in their core farm facility in Werribee.
Geology	 Deposit type, geological setting and style of mineralisation.	 The project area is considered prospective for the discovery of gold deposits of similar character to those in the nearby Stawell Gold Mine, particularly the 4Moz Magdala gold deposit. The Stawell Goldfield has produced approximately 5 million ounces of gold from hard rock and alluvial sources. More than 2.3 million ounces of gold have been produced since 1980 across more than 3 decades of continuous operation.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	 Reported results are summarised in Figures 2-4 and Tables 1 & 2 within the main body of the announcement.  Drill collar elevation is defined as height above sea level in metres (RL)  Drill holes were drilled at an angle deemed appropriate to the local structure and stratigraphy and is tabulated in Table 1.  Hole length of each drill hole is the distance from the surface to the end of hole, as measured along the drill trace.
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	 All reported assays have been average weighted according to sample interval.  No top cuts have been applied.  An average nominal 0.3g/t Au or greater lower cut-off is reported as being potentially significant in the context of this drill program.  No metal equivalent reporting is used or applied.
Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width _not known’). _	Air Core Drilling  The exact geometry and extent of any primary mineralisation is not known at present due to the early stage of exploration.  Mineralisation results are reported as “down hole” intervals as true widths are not yet known.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625

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Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	 Refer to diagrams in body of text
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 All drill hole results received and pending have been reported in this announcement.  No holes are omitted for which complete results have been received.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	 All relevant exploration data is shown in diagrams and discussed in text.
Further work	 The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	 Navarre has completed approximately 7,200m of an ongoing regional air-core (AC) drilling program. The program is designed to test six targets along both flanks of the Irvine basalt dome.  Areas of positive AC drill results are expected to be followed up with deeper RC and Diamond drilling in 2018.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625

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