AUREKA LIMITED — Capital/Financing Update 2018

Jul 29, 2018

ASX Announcement

30 July 2018

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Navarre Minerals Limited
ABN 66 125 140 105
ASX Code: NML
Corporate Details
Issued capital:
294.7M ordinary shares
9.7M unlisted options
Directors & Management:
Kevin Wilson
(Non-Executive Chairman)
Geoff McDermott
(Managing Director)
John Dorward
(Non-Executive Director)
Colin Naylor
(Non-Executive Director)
Jodi Ford
(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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Drilling confirms new discovery at St Arnaud Gold Project

• All results received for maiden 80 hole, 6,512m air core drilling program at St Arnaud Gold Project reaffirm strong potential for economic gold and silver mineralisation

• Discovery hole, SAC022 4m @ 6.6 g/t Au, confirmed by independent interpretation

• All four widely spaced traverses of drilling intersected gold or silver mineralisation highlighting the large scale potential of the Project

• Drilling confirms mineralisation extends north under shallow cover on the Nelson Trend, host to the historic, high-grade 0.3Moz Lord Nelson Mine

• Significant gold and silver results of program include:

• 1m @ 67.4 g/t Ag (Silver) from 50m (SAC055) (New this release)

• 1m @ 6.3 g/t Ag (Silver) from 18m (SAC074)

• Other Notable results – Gold

• 4m @ 6.6 g/t Au from 48m (SAC022) (Discovery hole)

• 1m @ 1.3 g/t Au from 67m (SAC024)

• 1m @ 1.1 g/t Au from within a broader zone of 15m @ 0.2 g/t Au from 57m (SAC025)

Other Notable results – Silver

• 4m @ 5.5 g/t Ag from 36m (SAC015)

• o 6m @ 2.8 g/t Ag from 59m (SAC019)

• All mineralised zones remain open along strike and at depth and will be subject of targeted follow up drilling

• Application for additional exploration acreage lodged to increase exposure to St Arnaud discovery area

Navarre Minerals Limited ( Navarre or the Company; ASX: NML ) is pleased to announce final assay results from its recently completed maiden air-core (AC) drilling program across several previously undrilled targets at its 100%-owned St Arnaud Gold Project, 250km northwest of Melbourne in Victoria (Figure 1).

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 | 2

Navarre completed four traverses (T1 – T4) of regional reconnaissance air core (AC) drilling totalling 6,512 metres across 80 holes at the St Arnaud Gold Project (Figure 2). Drilling was designed to test for early indications of a potential high-grade gold system of similar style to the world-class 6 million-ounce Fosterville Gold Project, located 130km to the east.

The Company has now received assay results for the remaining two of the four completed traverses of drilling and these results reaffirm the strong potential of the St Arnaud Gold Project to host economic gold and silver deposits. The results from the first two traverses of drilling were released last month (ASX announcement, 6 June 2018).

The drilling program has delivered multiple significant intersections of gold and silver mineralisation in all four drill traverses and successfully demonstrates the potential for economic mineralisation to exist under cover more than 5 kilometres beyond the limits of the historic workings of the St Arnaud Goldfield. This mineralisation remains open along strike and at depth and warrants follow-up drilling. The Company considers this an outstanding result given the early stage of greenfields exploration (wide-spaced reconnaissance drilling) and targeting through Murray Basin cover.

The best gold result was 4m @ 6.6g/t Au from 48m (SAC022 – previously reported) from Traverse 2 and the best silver results was 1m @ 67.4 g/t Ag from 50m on Traverse 3 (SAC055).

Highlight results from reconnaissance drilling include (See Tables 1 – 2 and Figure 2):

• 1m @ 67.4 g/t Ag from 50m down hole (SAC055)

• 4m @ 6.6 g/t Au from 48m down hole (SAC022)*

• 1m @ 6.3 g/t Ag from 18m down hole (SAC074)

• 1m @ 1.3 g/t Au from within a broader zone of 2m @ 0.8 g/t Au from 67m down hole (SAC024)*

• 1m @ 1.1 g/t Au from within a broader zone of 15m @ 0.2 g/t Au from 57m down hole (SAC025)*

• 4m @ 5.5 g/t Ag from 36m and 2m @ 0.6 g/t Au from 11m down hole (SAC015)*

• 6m @ 2.8 g/t Ag from 59m down hole (SAC019)*

• 1m @ 0.9 g/t Au from within a broader zone of 21m @ 0.2 g/t Au from 42m down hole (SAC047)

• 1m @ 2.6 g/t Ag from 9m down hole (SAC080)

*First reported in NML ASX release of 6 June 2018

The drill targets are situated to the northwest of the historic 0.4Moz St Arnaud Goldfield and are interpreted to be the northward projection of the St Arnaud Goldfield where it occurs beneath shallow Murray Basin cover (of 2 to 25 metres) (Figure 2). This area has not previously been subject to drilling.

Navarre believes the St Arnaud Gold Project exhibits several similarities to the world-class Fosterville Project. Navarre is utilising its extensive knowledge base of the Fosterville and other Victorian gold deposits plus the methodologies developed and applied in the exploration of Navarre’s Tandarra gold discovery in western Victoria (Figure 1) in its exploration approach at the St Arnaud Gold Project.

Navarre Managing Director, Geoff McDermott said:

“These are outstanding drilling results for a first-pass program into previous undrilled areas. They have exceeded initial expectations and demonstrate the strong potential for the discovery of further economic gold and silver mineralisation associated with the northward projection of the historic St Arnaud Goldfield, under shallow Murray Basin cover.

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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The drilling has delivered compelling new exploration targets that we intend to further assess in the coming months and has provided an important insight into the geometry and structure of the gold and silver mineralised zones that have remained hidden below Murray Basin cover.

Further drilling plans will be announced in due course.”

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Figure 1: Map showing location of Navarre’s Victorian tenement holdings

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: St Arnaud Gold Project map showing historic gold production, interpreted mineralised trends and location of four AC drill traverses. (ELA6819 is a new exploration licence application lodged recently by Navarre).

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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AC drilling Program

An AC drilling program has been completed over three structural targets identified below an extensive blanket of transported cover (Murray Basin sediments) of up to 25m in thickness. These initial targets were selected based on analysis of a legacy airborne magnetic survey which is interpreted to show the potential mineralised trends of the historic St Arnaud Goldfield projecting up to 10kms north under the Murray Basin cover (Figure 2). Drill targets were refined by comparing the magnetic signatures of the historic St Arnaud gold mines with similar patterns observed in the buried basement rocks.

The AC program was completed in four east-west drill traverses (T1 – T4 on Figure 2) designed to cross each broad target area. Average drill hole spacing was approximately 40m (east -west) and drill traverse lengths ranged from 600m – 800m long. On average, the AC holes penetrated basement to around 60 - 80m before refusal. Weathering of the basement rocks is reasonably deep at approximately 60m below surface.

Drilling aimed to test intersecting magnetic trends identified along strike from historic hard rock gold workings. Drilling was angled at 60 degrees towards the east ‘heel-to-toe’ style to ensure a thorough test across the target areas. The drilling generated a significant number of samples assaying above 0.2g/t gold and 1.0g/t Ag which is extremely encouraging for initial first-pass testing.

Results for drill traverses T1 and T2 were previously reported to the ASX on 6 June 2018.

Drill Traverse T3

The 740m long drill traverse T3 (SAC040 – SAC060) targeted the potential northern extension of the Nelson Trend, host to the richest gold mine in the St Arnaud Goldfield, the 0.3Moz Lord Nelson Mine (Figure 2). Drilling intersected two discrete zones of mineralisation within a sequence of foliated and quartz- veined sediments beneath approximately 10m of Murray Basin cover. A stand-out high-grade result of 1m @ 67.4 g/t silver was intersected in SAC055 and a broad zone of anomalous gold mineralisation averaging 0.2 grams per tonne over a 21 metres interval was returned from hole SAC047.

Based on drilling to date there is evidence to suggest that these two mineralised zones may connect with mineralisation detected on traverse T4.

Drill Traverse T4

Drill Traverse T4, comprising holes SAC061 – SAC080, is a 660m line of drilling also targeting the Nelson Trend 800m north of T3. Two zones of mineralisation were detected in drilling. The best result on this traverse, 1m @ 6.3 g/t silver, appears to align with the 1m @ 67.4 g/t silver intercept on traverse T3.

The mineralisation in this initial phase of drilling is interpreted to be orientated sub-vertical, parallel to either bedding and cleavage observed in several sticks of core returned in the AC drilling. This observation is consistent with the geometry of the gold workings at the St Arnaud Goldfield.

The Company believes the gold – silver mineralisation intersected in drill traverses T3 and T4 confirms a significant extension of the St Arnaud Goldfield under shallow Murray Basin cover.

All mineralised zones intersected by the AC drilling program remain open.

Given the outstanding results from this initial phase of drilling, the Company has applied for additional exploration acreage to increase its exposure to the St Arnaud discovery area (Figure 2).

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

Next Steps

The Company has commenced its next phase of exploration:

1. Mapping and rock chip sampling of gossanous exposure in the East Field Trend is currently underway to better understand the structural controls on emplacement of gold mineralisation, define additional targets and to refine Navarre’s exploration model for this area (see Figure 2 & 3);

2. The Company is also in the process of conducting a program of orientation soil sampling over several of the recently completed reconnaissance AC drill traverses to test if the metal signatures of the basement rocks can be detected through Murray Basin cover. If successful, the program will be expanded over the key mineralised trends to refine target positions for drilling; and

3. Following receipt of results of 1 and 2 above, follow-up AC drilling will be planned and executed in 4Q18.

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Figure 3: Geological mapping underway at exposed gossanous reef areas of the St Arnaud Gold Project

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

Background to St Arnaud Goldfield

Alluvial gold was first discovered at St Arnaud in 1855 and was quickly traced to its source in outcropping quartz reefs. By 1860, 47 hard rock mines were in operation. From 1855 to 1916, approximately 400,000ozs of gold were produced at a recovered grade of over 15 grams per tonne of gold from the hard rock mines.

The St Arnaud Goldfield comprises several lines of reefs which were worked to the edge of the Murray Basin cover. These reef trends are known as the West Field, New Bendigo (Bristol), Nelson (including New Chum line) and East Field (Figure 2).

The Nelson line produced the most gold and was worked over a strike length of 3.2 kilometres to a maximum depth of 685 metres in the goldfields deepest mine, the Lord Nelson Mine. The Lord Nelson Mine was the only mine to produce gold from sulphide ores below a depth of 120m with records showing a total of 323,000 recovered ounces (80% of total goldfield production). Most other mines closed on reaching the water table because the technology was not available to economically treat the sulphide ores in addition to the added cost of pumping mine water.

The Lord Nelson Mine demonstrates the prospectivity of the area in terms of vertical continuity of auriferous reef systems. Ten steep west dipping auriferous quartz reefs of up to 7.5m width were worked between 1864 and 1916. Historically, silver was a common occurrence with gold mineralisation in the St Arnaud Goldfield.

- 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 Shane Mele, who is a Member of The Australasian Institute of Mining and Metallurgy and who is the Exploration Manager at 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.

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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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 (Figure 1).

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 Gold Project is a prime focus for the Company. The Project is located 15km south of the Stawell Gold Mine, which Arete Capital Partners has recently acquired from Kirkland Lake Gold Ltd.

The high-grade Tandarra Gold Project is located in close proximity to Kirkland Lake Gold’s world class Fosterville Gold Mine, and 40kms north of the 22 million-ounce Bendigo Goldfield. Exploration at Tandarra is targeting the next generation of gold deposits under shallow cover in the region. Under a farm-out agreement, Catalyst may earn a 51% equity interest in Navarre’s Tandarra Project by spending $3 million over four years to September 2018 by advancing the project towards mineral resource status.

At the Glenlyle Project the Company has identified an epithermal gold-silver system above a potential porphyry copper-gold target that occurs in the same volcanic package that hosts the nearby Thursdays Gossan deposit.

The Company is searching for a potential Fosterville-style high-grade gold mineralisation system at the St Arnaud Gold Project. Recent reconnaissance drilling has identified potential ore grade gold mineralisation under shallow cover which the Company believes may be an extension of the historic 0.4Moz St Arnaud Goldfield.

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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TABLE 1: Significant Air-Core Drill Hole Results

Traverse No.	Hole ID	From (m)	To (m)	Interval (m)	Gold (Au g/t)	Silver (Ag g/t)
T1	SAC004	17	19	2	0.4
T1	SAC015 and	11	13	2	0.6	1.4
		36	40	4		5.5
T1	SAC018	81	83	2	0.1	0.3
T1	SAC019	59	65	6	0.1	2.8
T2	SAC022	48	52	4	6.6
T2	SAC023	35	37	2	0.3
T2	SAC024 incl.	67	69	2	0.8
		67	68	1	1.3
T2	SAC025 incl.	57	72	15	0.2
		62	63	1	1.1
T2	SAC026	47	50	3	0.2
T2	SAC037	41	42	1	0.2
T3	SAC047 and incl. and	29	30	1	0.6
		42	63	21	0.2
		42	43	1	0.9
		81	86	5		0.7
T3	SAC050 and	71	72	1	0.3
		106	107	1	0.3
T3	SAC055	50	51	1		67.4
T3	SAC058	29	30	1	0.6
T4	SAC074 and	18	19	1		6.3
		50	58	8	0.2
T4	SAC080	9	10	1	0.1	2.6

Notes to Table 1:

1. The accuracy of dip, strike and controls on mineralisation is based on interpretation.

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 based on geology and mineralisation and range from 1 to 4m composite spear 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 nominally less than 2m 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

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TABLE 2: Air-Core Drill Hole Collars (SAC040 to SAC080)

Hole ID	East (MGA)	North (MGA)	RL (AHD)	Traverse No.	Depth (m)	Dip (degrees)	Azimuth MGA (degrees)
SAC040	698969.6	5951069.2	198.8	T3	66	-60	65
SAC041	699007.5	5951085.7	198.9	T3	78	-60	65
SAC042	699044.5	5951101.2	198.7	T3	75	-60	65
SAC043	699079.4	5951119.6	198.0	T3	72	-60	65
SAC044	699113.8	5951136.6	197.4	T3	84	-60	65
SAC045	699149.7	5951153.0	197.0	T3	74	-60	65
SAC046	699186.3	5951170.7	196.4	T3	102	-60	65
SAC047	699221.6	5951187.3	195.9	T3	99	-60	65
SAC048	699258.4	5951205.5	195.5	T3	99	-60	65
SAC049	699293.9	5951221.9	195.3	T3	98	-60	65
SAC050	699330.3	5951239.3	195.3	T3	114	-60	65
SAC051	699366.8	5951256.5	195.1	T3	96	-60	65
SAC052	699403.8	5951273.4	195.1	T3	96	-60	65
SAC053	699439.7	5951289.7	195.1	T3	96	-60	65
SAC054	699475.9	5951307.1	195.2	T3	96	-60	65
SAC055	699513.2	5951324.6	194.9	T3	96	-60	65
SAC056	699550.0	5951341.3	194.8	T3	96	-60	65
SAC057	699585.6	5951358.0	194.8	T3	96	-60	65
SAC058	699617.9	5951372.3	194.9	T3	105	-60	65
SAC059	699673.7	5951398.5	194.9	T3	96	-60	65
SAC060	699709.4	5951416.1	194.9	T3	90	-60	65
SAC061	698439.8	5951799.4	187.5	T4	81	-60	65
SAC062	698478.2	5951812.4	187.7	T4	78	-60	65
SAC063	698516.5	5951824.3	187.9	T4	84	-60	65
SAC064	698555.1	5951836.2	188.0	T4	78	-60	65
SAC065	698591.9	5951849.0	188.1	T4	78	-60	65
SAC066	698630.2	5951860.7	188.4	T4	78	-60	65
SAC067	698671.1	5951873.1	188.6	T4	81	-60	65
SAC068	698710.5	5951883.9	188.7	T4	87	-60	65
SAC069	698748.3	5951896.2	188.7	T4	90	-60	60
SAC070	698785.3	5951913.5	188.8	T4	90	-60	60
SAC071	698822.6	5951930.8	188.9	T4	108	-60	60
SAC072	698860.3	5951948.7	188.9	T4	99	-60	60
SAC073	698896.2	5951967.0	188.9	T4	75	-60	60
SAC074	698930.5	5951988.8	188.9	T4	96	-60	60
SAC075	699016.4	5951967.7	189.3	T4	75	-60	60
SAC076	699043.9	5951997.0	189.3	T4	70	-60	60
SAC077	699074.2	5952022.9	189.4	T4	90.5	-60	60
SAC078	699097.5	5952057.1	189.4	T4	80	-60	60
SAC079	698804.7	5951923.1	188.9	T4	96	-60	60
SAC080	698841.1	5951939.4	188.8	T4	90	-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

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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 generally 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 spear sampling method based on logged geology and mineralisation intervals. Sub-samples were taken at 1m intervals or as composites ranging from 2-4m 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 Landcruiser 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.	• 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.

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
	• For all sample types, the nature, quality and 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.	• Blanks and certified reference materials are submitted 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 spear 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 often picks-up collar positions utilising a differential GPS system to an accuracy of+0.02m. • At the St Arnaud Gold Project, topographic control is achieved via using DGPS co-ordinates from contract surveyors. 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	• Variable drill hole spacings are used to adequately test targets and are determined from geochemical, geophysical and geological data together with historic mining information. • Drillingreported in thisprogram is of an earlyexploration

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Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
	procedure(s) and classifications applied. • Whether sample compositing has been applied.	nature and has not been used to estimate any mineral resource or ore reserves. • 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. 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 St Arnaud gold project is located within Navarre’s 100% owned “St Arnaud” exploration licence EL 6556 which was granted on 21 August 2017 for an initial period of 5 years. • The tenement is current and in good standing. • The project occurs on a combination of freehold and crown land.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Most exploration in the area has concentrated on the known extents of the historic St Arnaud Goldfield. • In the late 1960’s Planet Metals undertook an assessment of the historic St Arnaud Goldfield. Ten diamond drill holes were proposed to test the potential of the field however, these were not drilled. • In 1984, General Gold Resources NL undertook a 10 hole diamond drill program of approximately 2,500m testing targets on the New Bendigo and Nelson Lines. • Compass Minerals took over the exploration licence and formed a Joint Venture with WMC who tested the shallow potential of the northern end of the field. The licence then passed to Glenburn Manor in 1992 (International Minerals NL) who carried out further shallow percussion and diamond drilling and mined a small open pit. This operation ceased in 1995. • Sedimentary Holdings Ltd drilled 2 diamond holes in 2006, to test the possible extensions of the Lord Nelson workings. These drill holes confirmed the continuation of the mineralised structure. • In 2008 Rex Minerals Ltd undertook a 4,800m drilling program targeting gold mineralisation below several of the richest historic hard rock mine workings. A detailed

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Criteria	JORC Code explanation	Commentary
		airborne magnetic survey was also flown to identify if the mineralised lines of the St Arnaud Goldfield project north under Murray Basin cover.
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 historically mined in the adjacent St Arnaud Goldfield. The St Arnaud Goldfield has produced approximately 0.4 million ounces of gold from hard rock sources. The St Arnaud Goldfield comprises several lines of reefs which were worked to the edge of the Murray Basin cover. These reefs were known as the West Field, New Bendigo (Bristol), Nelson (including New Chum line) and East Field. • The Nelson line produced the most gold and was worked over a strike length of 3.2km to a maximum depth of 685m in the goldfields deepest mine, the Lord Nelson Mine. The Lord Nelson Mine was the only mine to produce gold from sulphide ores below a depth of 120m with records showing a total of 323,000 recovered ounces (80% of total goldfield production). • The Lord Nelson Mine demonstrates the prospectivity of the area in terms of vertical continuity of auriferous reef systems. Mineralisation is associated with steep west dipping faults ranging in size from 10cm to several metres. Gold is commonly located within laminated quartz veins in the fault zone or in low angle extension quartz veins extending up to 5m from the related fault zone. Ten auriferous quartz reefs of between 0.8m to 7.5m width were worked in the Lord Nelson Mine between 1864 and 1916.
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 Figure 2 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 2. • 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 0.1g/t Au and 0.3g/t Ag 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	• These relationships are particularly important in the reporting of Exploration Results.	Air Core Drilling • The exactgeometryand extent of any primary

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Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
mineralisation widths and intercept lengths	• 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’). _	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.
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 to date 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.	• Areas of positive AC drill results are expected to be followed up with geochemical soil sampling and further drilling.

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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