AUREKA LIMITED — Capital/Financing Update 2018

Feb 11, 2018

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 | 12 February 20181

NAVARRE COMMENCES 2018 DRILLING

Major drilling campaign of up to 25,000m

at five Navarre projects over next 6 months

Key Points:

• 25,000m drilling campaign comprising air-core, reverse circulation and diamond drilling underway

• Majority of drilling allocated to flagship Irvine and Tandarra gold projects to further define extent of gold mineralisation

• First-pass drilling planned on regional plays: St Arnaud and Stawell Granite gold projects (newly granted) and the Glenlyle project

• Drilling commenced at Stawell Granite and Tandarra gold projects

• Drilling at Irvine Gold Project planned to commence this month

• Results to be released as they become available

Colin Naylor

Navarre Minerals Limited ( Navarre or the Company; ASX: NML ) is pleased to announce the commencement of a major drilling campaign across its key projects and several regional prospects in central and western Victoria (Figure 1).

The drilling programs on Navarre’s tenements over the next six months are scheduled to total approximately 25,000 metres of air-core (AC), reverse circulation (RC) and diamond core drilling (DD) across five project areas.

These exploration programs represent a significant investment in gold exploration in Victoria, and it is the Company’s most expansive field season to date.

In summary, the five programs are:

• 8,000 metres of AC, RC and DD infill and extension drilling at the 100%-owned Irvine Gold Project, targeting additional Stawell-style gold mineralisation on the east flank of the Irvine basalt dome, similar to the recent discoveries at the Resolution and Adventure Lodes, and the Dutton prospect;

• 2,500 metres of first-pass AC drilling testing for potential Fosterville-style high-grade gold mineralisation in four targets at the St Arnaud Gold Project (100% Navarre), where the historic St Arnaud Goldfield is believed to project north under shallow Murray Basin cover;

• 1,200 metres of first-pass AC drilling targeting potential gold hosted in granite at the Stawell Granite Gold Project (100% Navarre);

• 1,800 metres of first-pass and infill AC and RC drilling at the 100%-owned Glenlyle Project, targeting a potential porphyry copper-gold system in an extension of the same volcanic package that hosts the nearby Thursdays Gossan deposit; and

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

• Up to 12,000 metres of an ongoing program of AC, RC and DD drilling targeting repetitions and extensions of Bendigo/Fosterville style high-grade gold at the Tandarra Gold Project (100% Navarre; Catalyst Metals Ltd (Catalyst, ASX: CYL) earning 51%).

Navarre advises that the first-pass AC drilling campaign at the Stawell Granite Gold Project (see Figure 2) has commenced and that DD drilling is expected to commence at the Irvine Project within the next two weeks. Diamond and RC drilling has recently recommenced at the Tandarra Gold Project after the Christmas-New year period. Catalyst is funding and managing this program under its Farm-out Agreement with Navarre.

The remaining programs will be commenced progressively over the coming months, and the Company will update the market on their progress and developments. Results are expected to be released on an ongoing basis, as they become available.

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Figure 1: 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 | 3

These drilling programs are expected to be funded through a combination of:

• existing cash reserves ($2.6M as of 1 January 2018);

• proceeds of exercise of “in the money” 5c NML unlisted options (c. $0.8M if fully exercised);

• Victorian Government TARGET Minerals Exploration Initiative co-funding grant (up to $0.4M); and

• Navarre free-carried on exploration expenditure for Tandarra Gold Project while Catalyst earns its 51% equity interest.

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Figure 2: AC drilling underway at the Stawell Granite Gold Project

Background to Navarre’s Projects

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 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.

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

The Stawell Granite Gold Project incorporates the regionally significant Coongee Fault which is considered to be a major conduit for gold mineralisation in the adjacent Stawell and Ararat goldfields. Available data indicates the potential for a large-scale mineralisation system associated with reactivation of this fault with multiple structural and geochemical targets apparent. This conceptual target has never been drill tested.

At the Glenlyle Project the Company has identified a potential porphyry copper-gold system that occurs in the same volcanic package that hosts the nearby Thursdays Gossan deposit. Several targets have been generated for reconnaissance drilling.

In line with the Company’s strategy of targeting gold mineralisation near multi-million ounce gold mines, the Company secured an area of 479km[2] surrounding the historic St Arnaud Goldfield (Figure 1). Available data has highlighted considerable potential for a Fosterville-style high-grade gold mineralisation system at the St Arnaud Gold Project containing multiple structural targets beneath shallow cover. Four priority, untested, targets have been generated for a reconnaissance AC drilling program.

– 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.

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