AUREKA LIMITED — Capital/Financing Update 2020

Dec 22, 2020

ASX Announcement 23 December 2020 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 | 1 ASX: NML

NAVARRE REPORTS MORE HIGH-GRADE DRILL RESULTS FROM ITS IRVINE GOLD PROJECT, VICTORIA

THE COMPANY IS ON TRACK TO DELIVER ITS FIRST MINERAL RESOURCE BY END Q1 2021

• The Resolution Lode prospect on the Irvine basalt dome continues to deliver strong intercepts of gold mineralisation in an ongoing 12,000 metre diamond core drilling program, targeting a significant maiden mineral resource.

• Latest results received (not true widths) include:

• 0.6 metres @ 55.0 g/t Au from 494.1m in RD032

• 7.9 metres @ 4.3 g/t Au from 441.4m, including 1.0 metres @ 11.7 g/t Au in RD032

• 3.7 metres @ 3.8 g/t Au from 381.3m in RD030

• Results continue to expand the known limits of the gold lode system and demonstrate potential to define a substantial mineral resource.

• The style of gold mineralisation is similar to the multi-million ounce Magdala gold deposit , on-strike 20 kilometres further north, where gold has been mined from surface to 1.6 km depth.

• With cash of $11.9 million as of 30 September 2020, Navarre is fully funded to continue its diamond drilling at the Irvine Gold Project.

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is pleased to report further significant gold assay results from drilling on its 100 per cent owned Irvine Gold Project, 20 kilometres south of Stawell’s five million ounce Magdala Gold Mine in Victoria (Figure 1).

The latest drill hits relate to the Resolution Lode prospect on the Irvine Project, which has been subject to an extensive 12,000 metre diamond drilling campaign (Figure 2).

Revealing grades of up to 55 grams per tonne, the results extend the known strike length of gold mineralisation at Resolution Lode’s South Shoot (the bigger of Resolution’s two lode channels) to approximately 1.3 kilometres as well as materially enhancing its depth potential (see Figures 3 & 4).

The drilling continues to expand the extents of a strongly mineralised quartz-rich shear structure (referred to as the Main Zone) that continues from surface and extends beyond 400 metres depth, remaining open down-plunge.

The recent assays also show evidence of high-grade mineralised structures and associated quartz veining on the western side (hangingwall) of the Main Zone that will require further investigation.

Three diamond drilling rigs are currently operating on the Irvine basalt dome: two rigs at Resolution Lode and another on a separate 2,000 metre program at Adventure Lode, three kilometres further south (see NML ASX release 1 December 2020).

This release outlines results for four of seven diamond holes recently completed at Resolution Lode and follows the earlier release of fifteen diamond holes reported to the ASX on 27 April 2020, 8 July 2020 and 25 September 2020.

Assay results for three further diamond holes remain pending and are expected to be reported early in 2021. The turnaround time of assay results has increased and Navarre is working closely with its assay laboratory partner to minimise any impact on the program.

Navarre Minerals Limited | ABN 66 125 140 105 Navarre Minerals Limited | ABN 66 125 140 105 | ASX: NML 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

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Across all drilling at Irvine, year to date, the best results returned from the Main Zone include: 5 metres @ 10.0 g/t, 9.4 metres @ 5.3 g/t Au and 7.7 metres at 5.6 g/t Au ; and from the Hangingwall Zones: 10.8 metres @ 4.5 g/t Au, 0.6 metres @ 55 g/t Au and 1.0 metre at 20.8 g/t Au.

Navarre Managing Director Ian Holland said:

“Our ongoing diamond drilling program at Resolution Lode continues to deliver consistently strong intersections of gold mineralisation from within a well-defined lode channel. The recognition of parallel zones of high-grade gold mineralisation in the hangingwall of the Main Zone is providing further confidence that Resolution Lode has the potential to grow into a large deposit similar to the nearby Magdala system.

“We are presently on track to deliver our maiden mineral resource in 2021 and look forward to sharing the next round of results as we near the completion of our initial 12,000 metre resource definition drilling program.”

With the 12,000 metre Resolution Lode drilling campaign about 80 per cent completed, work is now focused on the northern aspects of the South Shoot where the mineralisation is unconstrained at depth, with final assays targeted by the end of February 2021.

The Company is planning to continue diamond drilling beyond the Resolution Lode resource estimation period, with a focused strategy to expand the potential resource base with infill and step-out drilling.

==> picture [477 x 406] intentionally omitted <==

Figure 1: Location of Navarre’s premier mineral properties.

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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NEW DIAMOND DRILLING RESULTS – RESOLUTION LODE

Navarre is executing a 12,000 million diamond drilling program (about 80 per cent complete) to scope the depth and strike potential of the Resolution Lode discovery, with the aim of delivering a maiden mineral resource in early 2021.

To date 22 diamond core holes have been completed at Resolution Lode (Figure 4). The drill program is testing the continuity and extent of the Resolution Lode gold discovery by scoping the dimensions of the gold mineralisation using a nominal 80 metre (North-South) by 80 metre (vertical) step-out drill pattern.

The Company has reported significant new assays results from the ongoing drilling program at Resolution Lode. Highlight new results (not true widths) include (see Tables 1 & 2 and Figures 3 & 4):

• 0.6m @ 55.0 g/t Au from 494.1m in drill hole RD032

• 7.9m @ 4.3 g/t Au from 441.4m, including 1.0m @ 11.7 g/t Au in drill hole RD032

• 3.7m @ 3.8 g/t Au from 381.3m and 4.0m @ 2.1 g/t Au from 370.5m in drill hole RD030

• 1.4m @ 1.1 g/t Au containing visible gold from 456.0m in drill hole RD031

These intercepts complement previously reported drill intercepts[1] from Resolution Lode[2] :

• 18.7m @ 7.1 g/t Au[3] from 196.3m, including 5.7m @ 11.6 g/t Au in drill hole RD006

• 10.6m @ 6.2 g/t Au from 135.7m, including 3.3m @ 16.9 g/t Au in drill hole RD012

• 4.0m @ 9.8 g/t Au[3] from 72.0m in drill hole RD002

• 6.0m @ 6.3 g/t Au from 66m in drill hole IAC018

• 2.9m @ 12.9 g/t Au from 79.7m, including 0.7m @ 47.2 g/t Au in drill hole RD001

• 4.6m @ 6.2 g/t Au and 1.8m @ 6.4 g/t Au from within a broader zone of quartz stockwork veining of 10.8m @ 3.8 g/t Au[3] from 244.1m in drill hole RD013

• 3.8m @ 3.3 g/t Au from 107.1m in drill hole RD011

• 7.7m @ 5.6 g/t Au from 141.8m and 3.9m @ 4.4 g/t Au from 154.8m within a broader zone of 18.7m @ 3.4 g/t Au in drill hole RD025 (hole ends in mineralisation)

• 2.5m @ 6.1 g/t Au[3] from 373.2m and 2.4m @ 6.0 g/t Au from 428.5m in drill hole RD016

• 2.6m @ 5.5 g/t Au[3] from 301.9m in drill hole RD015

• 2.4m @ 4.4 g/t Au from 293.7m in drill hole RD018

• 3.1m @ 3.1 g/t Au from 204.3m in drill hole RD019

• 2.9m @ 6.2 g/t Au from 187.3m within a broader zone of 9.4m @ 2.6 g/t Au in drill hole RD023

• 2.0m @ 9.9 g/t Au from 235.8m within a broader zone of 11.9m @ 1.8 g/t Au in drill hole RD024

• 1.0m @ 20.8 g/t Au from 358.6m within a broader zone of 10.3m @ 2.2 g/t Au in drill hole RD024

1 All intercepts are reported as down-hole intervals.

2 Refer NML ASX releases of 1 Dec 2016, 24 Apr 2017, 15 May 2017, 28 May 2018, 27 Apr 2020, 8 Jul 2020 & 25 Sep 2020.

3 Drill intercept contains visible gold .

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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• 5.0m @ 10.0 g/t Au from 273.9m in drill hole RD027

• 9.4m @ 5.3 g/t Au from 355.6m, including 3.4m @ 9.2 g/t Au in drill hole RD028

• 10.8m @ 4.5 g/t Au from 483.6m, including 4.2m @ 7.5 g/t Au in drill hole RD028

• 0.9m @ 9.4 g/t Au[3] from 251.4m and 1.5m @ 4.6 g/t Au in drill hole RD026

Note: all drill intercepts are reported as down-hole intervals.

The mineralisation is characterised by significant quartz veining (or quartz tension vein arrays), occurring with strong chlorite alteration containing minor amounts of sulphides (typically less than 3 per cent), including arsenopyrite + pyrite + pyrrhotite and rare visible gold. Zones of anomalous gold are typically elevated in arsenic, an important pathfinder metal in most Victorian gold deposits.

The higher-grade gold mineralisation has been interpreted to occur within two lode channels or shoots (referred to as the North and South Shoots) that plunge moderately towards the south and remain open down-plunge (see Figure 4). The South Shoot, with more drill information, has approximate dimensions of up to 400 metres in height, 700 metres down-plunge (open to the south) and between 1.5 metres and 6 metres in width. The North Shoot has been defined by shallow air-core drilling with diamond core drilling planned for next year.

In summary, interpretation of the diamond results for the South Shoot of Resolution Lode indicates:

• gold mineralisation occurs in several sub-parallel, higher-grade structures referred to as the Main and Hangingwall zones;

• gold tenor is relatively uniform, typically ranging between 3 g/t and 10 g/t below the base of oxidation;

• the estimated true width of gold mineralisation generally ranges between 1.5 metres and 6 metres;

• the estimated down-plunge extent of high-grade gold mineralisation is approximately 700 metres and remains open; and

• the drilling results returned to date continue to demonstrate the continuity, predictability and robustness of the mineralised system at Resolution Lode.

NEXT STEPS – RESOLUTION LODE

• Complete 12,000 metre resource definition diamond drilling program.

• Preliminary metallurgical test work of key drill intercepts.

• Continue to update geological and structural models with additional drilling information.

• Estimate a potential maiden mineral resource by end of March 2021.

Approximately 2,000 metres of diamond drilling remain to be completed with results expected to be reported in batches of between three and five drill holes following receipt of assays and interpretation of geology. With a current cash balance of approximately $11.9 million (30 September 2020), Navarre is fully funded to continue its resource definition at the Resolution Lode.

STAWELL GOLD CORRIDOR BACKGROUND

The Company is searching for large gold deposits in an extension of a corridor of rocks that host the five million ounce Stawell and one million ounce Ararat goldfields – “The Stawell Gold Corridor” (Figure 1). A key feature of major gold deposits along the Stawell Gold Corridor is that they are hosted in meta-sediments on the margins of Cambrian basalt domes. The five million ounce Magdala gold deposit at Stawell is the best example of this style of mineralisation.

Navarre has identified seven basalt dome structures within the Company’s 70 kilometre long tenement package to date. The Company believes the regional potential of the Stawell Gold Corridor is significant, as shown by Navarre’s discoveries at the Irvine and Langi Logan prospects where gold is close to large basalt dome structures.

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 Irvine basalt dome is Navarre’s most advanced prospect. Previous drilling has confirmed extensive shallow gold footprints at the Resolution and Adventure lodes, with a combined strike length of 2.9 kilometres along the eastern contact of the Irvine basalt dome (Figure 2). Navarre has been testing the depth extents of the gold shoots at both lodes down to approximately 400 metres below surface through targeted diamond drilling programs.

The Langi Logan basalt dome is the next major prospect for Magdala-style mineralisation south of the Irvine basalt dome within the Stawell Corridor Gold Project (Figure 1). It consists of the Langi Logan North, Langi Logan Central and the Langi Logan South Cambrian basalt domes with a combined 12 kilometre strike length and occurs in an area of significant historical deep lead production (133,000 ounces of gold recorded). Approximately 80 per cent of the project area is covered by post-mineralisation Newer Volcanics ranging up to 30 metres in thickness.

==> picture [373 x 498] intentionally omitted <==

Figure 2: Location of the Irvine basalt dome (yellow) and Resolution and Adventure lodes, relative to alluvial gold workings of the historical 1Moz Ararat 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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==> picture [507 x 696] intentionally omitted <==

Figure 3: Cross-Section 5 881 600N interpretation.

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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==> picture [723 x 443] intentionally omitted <==

Figure 4: Longitudinal Projection of Resolution Lode’s South Shoot showing significant 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

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Table 1. Resolution Lode Diamond Drill Hole Collar Locations

Hole ID	East (GDA94)	North (GDA94)	RL (AHD)	Depth (m)	Dip (0)	Azimuth (MGA0)	Shoot
RD029	665706.2	5881524.4	288.0	449.0	-45	244.8	South
RD030	665707.3	5881523.8	288.1	582.2	-53	226.8	South
RD031	665706.6	5881525.6	288.0	581.1	-56	261.8	South
RD032	665706.4	5881526.3	287.9	561.1	-51	274.8	South
RD033	665750.5	5881628.7	284.3	654.1	-55	243.8	South
RD034	665148.0	5881789.0	295.0	449.1	-42	118.0	South
RD035	665148.0	5881789.0	295.0	439.0	-59	095.0	South

Table 2. Resolution Lode Significant Diamond Drill Results (>0.3 g/t Au)

Hole ID	From (m)	To (m)	Interval (m)	Gold (g/t)	Comment
RD029	256.0	257.7	1.7	0.8	Main Zone – on upper margin of South Shoot
RD030 and	370.5	374.5	4.0	2.1	Main Zone
	381.3	385.0	3.7	3.8
RD031	456.0	457.4	1.4	1.1	Main Zone – visible gold noted in drill core
RD032 and Including Including and	373.5	374.9	1.4	1.5	Mineralisation in Footwall shear zone Main Zone Hangingwall Zone
	441.4	449.3	7.9	4.3
	441.4	442.2	0.8	10.5
	447.7	448.7	1.0	11.7
	494.1	494.7	0.6	55.0
RD033					Results Pending
RD034					Results Pending
RD035					Results Pending

This announcement has been approved for release by the Board of Directors of Navarre Minerals Limited.

– ENDS –

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

Ian Holland Managing Director Navarre Minerals

E: info@navarre.com.au T: +61 (0)3 5358 8625

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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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.

About Navarre Minerals Limited:

Navarre Minerals Limited (ASX: NML) is an Australian-based gold exploration company focused on discovering large, long-life and high-grade gold deposits in under-explored areas of Victoria’s premier gold districts.

Navarre is searching for gold deposits in an extension of a corridor of rocks that host the Stawell (~five million ounce) and Ararat (~one million ounce) goldfields ( The Stawell Corridor Gold Project ). The discovery of outcropping gold on the margins of the Irvine basalt dome and high-grade gold in shallow drilling at Langi Logan are a prime focus for the Company. These projects are located 20km and 40km respectively south of the operating 4Moz Stawell Gold Mine.

The high-grade Tandarra Gold Project is located 50km northwest of Kirkland Lake Gold’s world-class Fosterville Gold Mine, and 40km north of the 22 million-ounce Bendigo Goldfield. Exploration at Tandarra, in Joint Venture with Catalyst Metals Limited (Navarre 49%), is targeting the next generation of gold deposits under shallow cover in the region.

The Company is searching for high-grade gold at its St Arnaud Gold Project. Recent reconnaissance drilling has identified gold mineralisation under shallow cover, up to 5km north from the nearest historical mine workings, which the Company believes may be an extension of the 0.4Moz St Arnaud Goldfield.

The Company is also targeting volcanic massive sulphide, epithermal and porphyry copper-gold deposits in the Stavely Arc volcanics. The Project area captures multiple polymetallic targets in three project areas including Glenlyle, Eclipse and Stavely . All properties are currently 100% owned apart from Stavely (EL 5425) which is subject to a farm-in agreement where Stavely Minerals Limited may earn an 80% interest by spending $0.45M over 5 years.

At the Jubilee Gold Project, 25km southwest of LionGold’s Ballarat Gold Mine, the Company is undertaking a systematic exploration program targeting extensions and repetitions of historically mined transverse quartz reefs that bear similarity to the high-grade Swan – Eagle system at Fosterville.

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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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.	Diamond Core Drilling • The diamond drill core samples were selected on geological intervals varying from 0.2m to 1.6m in length. • All drill core was routinely cut in half (usually on the right of the marked orientation line) with a diamond saw and submitted for analysis. • Sample representivity was ensured by a combination of Company procedures regarding quality control (QC) and quality assurance/ Testing (QA). Certified standards and blanks were routinely inserted into assay batches.
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).	Diamond Core Drilling • Pre-collars were drilled to solid bedrock using an HWT (114.3mm) drill bit followed by diamond coring with a diameter of 63.5mm (HQ) and 50.6mm (NQ2). • Diamond drilling of HQ3 (triple-tube) was undertaken to ensure maximum core recovery. • All drill core was orientated with a Reflex ACT III core orientation tool then continuously marked with a line while on an angle iron cradle.
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.	Diamond Core Drilling • All diamond core was logged capturing any core loss, if present, and recorded in the database. • All drill depths are checked against the depth provided on the core blocks and rod counts are routinely carried out by the driller. • Core recovery for the areas sampled was generally good.
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. • Detailed diamond core logging, with digital capture, was conducted for 100% of the core 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.	Diamond Core Drilling • Detailed diamond core logging, with digital capture, was conducted for 100% of the core by Navarre’s geological team.

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

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Criteria	JORC Code explanation	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.	• Half core was sampled from NQ and HQ diameter drill core. • Company procedures were followed to ensure sub- sampling adequacy and consistency. These included (but were not limited to), daily workplace inspections of sampling equipment and practices. • Blanks and certified reference materials are submitted with the samples to the laboratory as part of the quality control procedures. • No second-half sampling has been conducted at this stage. • The sample sizes are appropriate to correctly represent the sought after mineralisation.
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 Perth, WA by 30g Fire Assay with an AAS finish to a lower detection limit of 0.01ppm Au using ALS technique Au-AA25. • Bulk-leach analysis for gold is also undertaken by ALS Perth, WA on selected samples from the Au-AA25 method. The bulk leach method utilises a ~2kg sample using ALS technique Au-AA15. Navarre does this to check for the effects of nuggety gold particularly in know regions containing this effect. • ALS also conduct a 35 element Aqua Regia ICP-AES (method: ME-ICP41) analysis on each sample to assist interpretation of pathfinder elements. • 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 database consultants (Geobase) and 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 Exploration Manager and verified by the 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. • A topographic control is achieved via use of DTM developed from a 2005 ground gravity survey measuring relative height using radar techniques. • Down-hole surveys were taken every 30m on the way down to verify correct orientation and dip then multi- shots taken every 6m on the way out of the drill hole.
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 andgrade continuity appropriatefor the Mineral	• Variable drill hole spacings are used to test targets and are determined from geochemical, geophysical and geological data together with historic mining information. • Drillingreported in thisprogram is of an earlyexploration

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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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

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
	Resource and Ore Reserve estimation 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 previously identified from earlier 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 Pooraka, SA (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 Gold Project is located within Navarre’s 100% owned “Stawell Corridor Gold Project” comprising granted exploration licence ELs 5476, 5480, 6525, 6526, 6527, 6528, 6702 & 6745. • The tenements are current and in good standing. • The project area occurs on a combination of freehold and crown land. • Two Crown land blocks south of the Irvine basalt dome, subject to Native Title applications, are under separate exploration licence applications currently being considered by Department of Earth Resources Regulation, Victorian Government.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	Irvine Gold Project • 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@2.84g/t Au

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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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

Criteria	JORC Code explanation	Commentary
		(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 @ 7.2 g/t Au intersection from 86.5m in a “classic 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. • Navarre has reviewed and assessed all previous exploration results available in the public domain.
Geology	• Deposit type, geological setting and style of mineralisation.	• The project areas are 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 3-4 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 Tables 1 & 2 of this release. • 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 usedfor any reporting of metal	• All reported assays have been average weighted according to sample interval. • No top cuts have been applied. • An average nominal 0.3g/t Au or greater lower cut-off is reported as being potentially significant in the context of this drill program. • No metal equivalent reporting is used or applied.

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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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

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
	equivalent values should be clearly stated.
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’).	Diamond Core Drilling • Estimated true widths are based on orientated drill core axis measurements and are interpreted to represent between 30% to 80% of total downhole widths.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Refer to diagrams in body of text
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All drill hole results received and pending have been reported in this announcement. • No holes are omitted for which complete results have been received.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• All relevant exploration data is shown in diagrams and discussed in text.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Navarre will continue testing of the basalt flanks at the Irvine basalt dome using air-core and diamond drilling techniques. • Areas of positive drill results are expected to be followed up with infill and expansion diamond 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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