AUREKA LIMITED — Capital/Financing Update 2018

May 9, 2018

ASX Announcement

a g e |

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 10 May 20181

==> picture [180 x 709] intentionally omitted <==

----- Start of picture text -----

Navarre Minerals Limited
Navarre Minerals Limited
ABN 66 125 140 105
ABN 66 125 140 105
ASX Code: NML
ASX Code: NML
Corporate Details
Corporate Details
Issued capital:
Issued capital:
294.6M ordinary shares
278.3M ordinary shares
11.4M unlisted options
18.3M unlisted options
Directors & Management:
Directors & Management:
Kevin Wilson
Kevin Wilson
(Non-Executive Chairman)
(Non-Executive Chairman)
Geoff McDermott
Geoff McDermott
(Managing Director)
(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)
Shane Mele
Shane Mele
(Exploration Manager)
(Exploration Manager)
Contact Details
Contact Details
Geoff McDermott
Geoff McDermott
Managing Director
Managing Director
Navarre Minerals Limited
Navarre Minerals Limited
40 – 44 Wimmera Street
40 – 44 Wimmera Street
Stawell VIC 3380
Stawell VIC 3380
Australia
Australia
PO Box 385
PO Box 385
Stawell VIC 3380
Stawell VIC 3380
Australia
Australia
Tel: +61 (0)3 5358 8625
Tel: +61 (0)3 5358 8625
Email: info@navarre.com.au
Email: info@navarre.com.au
Website: www.navarre.com.au
Website: www.navarre.com.au
----- End of picture text -----

==> picture [136 x 65] intentionally omitted <==

Continued strong gold intercepts at Navarre’s Irvine Gold Project

• Continued shallow gold mineralisation intersected in air core drilling at Adventure Lode within the Irvine Gold Project

• The results, from the remaining 23 holes of a 54 hole (3,200m) drilling program, continue to confirm the strong continuity of gold mineralisation at the Adventure Lode

• Latest results from Adventure Lode include:

• 8m @ 2.0 g/t Au from 52m, including 2m @ 4.0 g/t Au and

  • 6m @ 1.4 g/t Au from 40m in IAC354

• 6m @ 2.2 g/t Au from 32m, including 2m @ 4.8 g/t Au in IAC344

• 3m @ 3.8 g/t Au from 75m, including 1m @ 7.9 g/t Au in IAC358

• 11m @ 1.6 g/t Au from 16m, including 1m @ 7.6 g/t Au in IAC356

• 8m @ 1.0 g/t Au from 31m, including 1m @ 2.4 g/t Au in IAC343

• 3,000m resource definition RC drilling program to commence at Adventure Lode in late May 2018

• Results from diamond drilling program at the Resolution Lode discovery at the Irvine Gold Project will be reported in the near future

• Results reinforce Navarre’s confidence for the Irvine Gold Project to potentially host a significant gold system similar to the 4Moz Magdala gold deposit

Navarre Minerals Limited ( Navarre or the Company; ASX: NML ) is pleased to announce further significant, shallow gold intersections from its current phase of drilling at its highly prospective 100%-owned Irvine Gold Project, located 15 kilometres south of Stawell in western Victoria (Figure 1).

The results are from the final batch of assays received for the remaining 23 holes (holes IAC343 – IAC365) of a 54 hole air-core (AC) drilling program totalling approximately 3,200m at the Adventure Lode discovery and the Dutton prospect, within the Irvine Gold Project. The latest results complement those of the first 31 AC holes previously reported to the ASX on 1 May 2018.

Drilling at the Adventure Lode has been highly successful. All 16 AC drill traverses recently completed have intersected the main quartz structure resulting in the definition of a higher-grade zone of gold mineralisation, approximately 800m in length and similar in style to the orebody geometries of the nearby 4Moz Magdala gold deposit at Stawell.

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

==> picture [507 x 351] intentionally omitted <==

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

The latest results, reported in this announcement, confirm the continuity of strong gold mineralisation at the Irvine Project and continue to enhance the Project’s potential to host a major new gold system.

Planning for a 3,000m program of resource definition reverse circulation (RC) drilling is underway and is scheduled to commence in late May 2018 to extend the Adventure Lode at depth to approximately 120m below surface (Figure 4).

Assays for four diamond core holes completed at the Resolution Lode discovery within the Irvine Project will be reported to the market following receipt and geological interpretation.

The Company’s infill and expansion AC drilling at the Irvine Project is testing the surface oxide to transitional horizons. Drilling at the Adventure Lode was designed to locate the presence of higher grade gold shoots within the 1.2km long Adventure Lode, along the flanks of the Irvine basalt dome akin to the Magdala gold deposit. Infill drilling at the Adventure Lode has successfully followed-up shallow high grade gold intersections (of up to 6m @ 5.1 g/t gold) from Navarre’s previous AC program.

Adventure Lode drilling results

The Adventure Lode is located on the east flank of the Irvine basalt dome in the same geological position as the Resolution Lode located 4 kilometres to the north (Figure 2).

Sixteen drill traverses comprising 47 infill holes for 2,720m of drilling at nominal north-south spacings of between 50 and 100 metres have been completed across the 1.2km long Adventure Lode quartz structure (Figure 2). All drill traverses intersected the quartz structure with drilling defining a higher-grade zone of gold mineralisation.

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

The latest results include (see Tables 1 & 2; Figures 2, 3 & 4):

• 8m @ 2.0 g/t Au from 52m, including 2m @ 4.0 g/t Au and 6m @ 1.4 g/t Au from 40m in IAC354

• 6m @ 2.2 g/t Au from 32m, including 2m @ 4.8 g/t Au in IAC344

• 3m @ 3.8 g/t Au from 75m, including 1m @ 7.9 g/t Au in IAC358

• 11m @ 1.6 g/t Au from 16m, including 1m @ 7.6 g/t Au in IAC356

• 8m @ 1.0 g/t Au from 31m, including 1m @ 2.4 g/t Au in IAC343

The new results complement those previously reported from wider spaced drilling at Adventure Lode including (see NML’s ASX releases of 30 November 2017, 13 December 2017, 24 January 2018 & 1 May 2018):

• 5m @ 3.5 g/t Au from 33m within a broader zone of 13m @ 1.9 g/t Au from 32m in IAC332

• 4m @ 4.1 g/t Au from 38m within a broader zone of 10m @ 1.8 g/t Au from 32m in IAC317

• 2m @ 7.0 g/t Au from 24m within a broader zone of 13m @ 2.0 g/t Au from 21m in IAC331

• 4m @ 3.3 g/t Au from 7m within a broader zone of 9m @ 1.9 g/t Au from 3m in IAC327

• 3m @ 4.7 g/t Au from 16m, including 2m @ 6.8 g/t Au in IAC338

• 2m @ 5.2 g/t Au from 8m within a broader zone of 12m @ 1.1 g/t Au from 7m in IAC330

• 3m @ 3.0 g/t Au from 39m within a broader zone of 9m @ 1.1 g/t Au from 35m in IAC335

• 6m @ 1.7 g/t Au from 23m, including 1m @ 6.9 g/t Au in IAC328

• 3m @ 4.1 g/t Au from 31m within a broader zone of 8m @ 1.7 g/t Au from 27m in IAC295

• 2m @ 5.0 g/t Au from 29m within a broader zone of 13m @ 1.9 g/t Au from 28m in IAC274

• 5m @ 2.4 g/t Au from 14m, including 3m @ 3.6 g/t Au from 14m in IAC275

• 3m @ 3.4 g/t Au from 13m within a broader zone of 5m @ 2.2 g/t Au from 12m in IAC296

• 4m @ 2.5 g/t Au from 7m within a broader zone of 6m @ 1.9 g/t Au from 6m in IAC279

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

• 5m @ 3.2 g/t Au from 52m ending in mineralisation, including 1m @ 6.4 g/t Au from 55m in IAC173

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

• 6m @ 1.6 g/t Au from 7m in IAC163

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

• 5m @ 1.1 g/t Au from 5m in IAC190

• 8m @ 1.1 g/t Au from 26m in IAC189

The results continue to confirm the continuity of potential ore grade gold mineralisation hosted within a broad shear zone containing abundant quartz. The AC drilling has defined a strong zone of shallow gold mineralisation (>1 g/t Au) occurring from surface and extending over 1.2 kilometres in strike. The mineralisation remains open down-dip to the west where the gold tenor is expected to increase below the oxide zone in a pattern similar to that occurring at the Resolution Lode and at the Magdala gold deposit.

Each drill traverse in the current program intersected the same gold-bearing shear zone which is interpreted to dip between 40 and 60 degrees towards the west (Figure 5). It is estimated that most drill intercepts are close to true width, as drilling is generally angled at 60 degrees to the interpreted structure. The shear zone is up to 30 metres wide.

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 | 4

Planning for a 3,000m program of resource definition reverse circulation (RC) drilling is underway and is scheduled to commence in late May 2018 to extend the Adventure Lode at depth to approximately 120m below surface (Figure 4).

==> picture [432 x 621] intentionally omitted <==

Figure 2: Map of Irvine Gold Project area showing location of recent drilling activity at Dutton and Resolution Lode

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

==> picture [495 x 672] intentionally omitted <==

Figure 3: Location map of infill AC drill traverses at Adventure Lode

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

==> picture [511 x 321] intentionally omitted <==

Figure 4: Adventure Lode Longitudinal Projection showing key drill intercepts

==> picture [511 x 348] intentionally omitted <==

Figure 5: Adventure Lode cross-section 5878490N 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 | 7

Dutton Prospect

The Dutton prospect is located on the east flank of the Irvine basalt immediately south of Adventure Lode (Figure 2). Previous wide-spaced reconnaissance AC drilling by Navarre in 2017 has highlighted the potential for ore-grade gold mineralisation at Dutton.

Significant results previously reported to the ASX on 24 January 2018 include:

• 6m @ 1.6 g/t Au from 30m, including 1m @ 5.3 g/t Au from 31m in IAC291

• 3m @ 1.2 g/t Au from 4m in IAC292

The style and dip of the mineralisation is believed to be similar to Adventure Lode.

In March 2018 the Company drilled two, 200m spaced, expansion AC drill traverses totalling 7 holes for 503m off the southern end of the prospect (Drill Traverse D4 and D5 shown on Figure 2). No significant intercepts were returned from this phase of drilling. Focus now shifts to the central and northern areas of the Dutton prospect where the Company is awaiting regulatory approval of a work plan to undertake drilling.

In the meantime, reconnaissance AC drilling is planned to test for additional gold mineralisation up to 1 km further south of Dutton following a positive mapping and surface rock chip sampling program. This drilling is planned to follow completion of the St Arnaud program which is expected to conclude in 2 weeks.

Next Steps

The Company is presently planning a resource definition RC drilling program for Adventure Lode. All significant intercepts are expected to be followed-up with infill or deeper RC drilling. Subject to results, Navarre believes the resource definition drilling program has the potential to lead to a maiden mineral resource for the Irvine Gold Project.

The Company also plans a further AC drilling program for the central and northern areas of Dutton and a potential extension 1 km further south following positive mapping and rock chip sampling results from earlier in 2018.

Navarre believes the multiple zones of gold mineralisation it has discovered at the Irvine Gold Project have the potential to form part of a multi-million-ounce gold system, similar to the nearby four-million ounce Magdala gold deposit, and its targeted, ongoing exploration programs are focused on achieving this outcome.

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 1: Air-Core Drill Hole Collars (IAC343 to IAC365)

Hole ID	East (MGA)	North (MGA)	RL (AHD)	Prospect	Depth (m)	Dip (Degrees)	Azimuth MGA (Degrees)
IAC343	667064.5	5878391.6	327.1	Adventure	48	-60	70
IAC344	667087.7	5878355.4	332.1	Adventure	54	-60	70
IAC345	667094.1	5878317.0	334.0	Adventure	66	-60	70
IAC346	667019.8	5878528.4	317.2	Adventure	54	-60	70
IAC347	667314.6	5877967.5	322.7	Adventure	51	-60	70
IAC348	667297.6	5877960.9	322.5	Adventure	60	-60	70
IAC349	667279.1	5877955.5	322.3	Adventure	57	-60	70
IAC350	667140.8	5878169.6	318.5	Adventure	63	-60	70
IAC351	666898.9	5878827.0	330.1	Adventure	57	-60	60
IAC352	666883.2	5878816.5	327.7	Adventure	66	-60	60
IAC353	666867.6	5878806.5	326.2	Adventure	63	-60	60
IAC354	666852.9	5878795.3	325.4	Adventure	66	-60	60
IAC355	666823.1	5878975.3	330.5	Adventure	84	-60	60
IAC356	666801.5	5878960.0	333.4	Adventure	87	-60	60
IAC357	666781.4	5878948.7	335.4	Adventure	86	-60	60
IAC358	666754.6	5878946.2	334.3	Adventure	90	-60	60
IAC359	667839.1	5876801.0	333.3	Dutton	66	-60	70
IAC360	667870.1	5876810.6	332.2	Dutton	63	-60	70
IAC361	667897.5	5876818.3	331.3	Dutton	75	-60	70
IAC362	667924.3	5876815.7	329.9	Dutton	73	-60	70
IAC363	667924.4	5876607.6	336.7	Dutton	70	-60	70
IAC364	667971.3	5876622.3	336.6	Dutton	78	-60	70
IAC365	668012.3	5876641.1	333.8	Dutton	78	-60	70

TABLE 2: Significant New Air-Core Drill Hole Results (> 0.1 g/t gold)

Hole ID	From (m)	To (m)	Interval (m)	Gold (g/t)	Comments
IAC343 incl.	31	39	8	1.0	Adventure Lode
	34	35	1	2.4
IAC344 incl.	32	38	6	2.2	Adventure Lode
	32	34	2	4.8
IAC345 incl. incl.	37	50	13	0.8	Adventure Lode
	37	38	1	2.9
	48	50	2	2.5
IAC346 incl. Incl. and	29	44	15	0.7	Adventure Lode
	30	32	2	2.8
	43	44	1	1.1
	17	18	1	1.0	Adventure Lode
IAC347	0	2	2	0.1	Adventure Lode
IAC348	6	11	5	0.5	Adventure Lode
IAC349 incl.	30	39	9	0.4	Adventure Lode
	30	31	1	1.6
IAC351	17	20	3	2.0	Adventure Lode

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

Hole ID	From (m)	To (m)	Interval (m)	Gold (g/t)	Comments
IAC353 and incl. and	23	24	1	0.6	Adventure Lode
	41	47	6	0.8	Adventure Lode
	44	46	2	1.3
	62	63	1	1.5	Adventure Lode
IAC354 incl. and incl.	40	46	6	1.4	Adventure Lode
	42	43	1	3.9
	52	60	8	2.0	Adventure Lode
	55	57	2	4.0
IAC355 and	3	7	4	0.7	Adventure Lode
	38	39	1	0.5	Adventure Lode
IAC356 incl. and incl. and	16	27	11	1.6	Adventure Lode
	25	26	1	7.6
	43	45	2	1.1	Adventure Lode
	44	45	1	1.9
	70	71	1	0.6	Adventure Lode
IAC357	32	33	1	0.7	Adventure Lode
IAC358 and incl.	45	50	5	0.3	Adventure Lode
	75	78	3	3.8	Adventure Lode
	76	77	1	7.9

Notes to Table 2:

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 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 nominally less than 1m of internal dilution.

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

– ENDS –

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

Geoff McDermott Managing Director Navarre Minerals

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 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.

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 | 10

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 6).

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. Several targets have been generated for reconnaissance drilling.

A potential Fosterville-style high-grade gold mineralisation system is currently being drilled at the St Arnaud Gold Project. Several, previously untested, targets have been identified below shallow cover for a reconnaissance AC drilling program.

==> picture [311 x 363] intentionally omitted <==

Figure 6: Location of Navarre’s Victorian mineral projects

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 | 11

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

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 | 12

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 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.  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

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

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.

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 | 14

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

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 | 15

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 0.1g/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

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 | 16

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.	 Areas of positive AC drill results are expected to be followed up with infill and expansion AC drilling, 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

e info@navarre.com.au | w navarre.com.au