AUREKA LIMITED — Capital/Financing Update 2020

Oct 25, 2020

ASX Announcement 26 OctobN a v a r r e r 2020 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 COMPLETES JUBILEE GOLD PROJECT ACQUISITION

INITIAL DRILLING PLANNED TO COMMENCE IN NOVEMBER

• Navarre completes acquisition of Jubilee Gold Project in central Victoria, following transfer of exploration licence, EL6689 and final cash payment to vendor.

• The Project is in a world-class gold district , 25 kilometres from LionGold Corps’ Ballarat gold operations.

• Historically the Jubilee Gold Mine produced approximately 130,000 ounces of gold at a recovered grade of 12 g/t[1] , but area has remained virtually untouched for more than a century.

• An initial air-core drilling program is scheduled to start in November as a precursor to potential diamond drilling testing of new geophysical anomalies thought to represent repetitions and extensions of the Jubilee quartz reefs.

Victorian gold exploration company, Navarre Minerals Limited (ASX:NML) (Navarre or the Company) has finalised an agreement to acquire 100% of the Jubilee Gold Project following transfer of exploration licence EL6689 and a final cash payment of $20,000 to the vendor. The deal delivers the Company full control over a complementary and strategic high-grade gold exploration asset, 25km south-west of Ballarat, Victoria (Figure 1).

The 122km[2] Jubilee Project includes the historical 619m deep Jubilee Gold Mine (mined 1887 – 1913) that produced approximately 130,000 ounces of gold at a recovered grade of around 12 g/t[1] from a single east-west trending (transverse) quartz reef. Since the mine closed, there have been no reported modern attempts at sustained exploration and no drilling.

The property occurs within a highly prospective and prolific mining district, in close proximity to a significant operating gold mine and processing facility located nearby within the historical 12 million-ounce Ballarat Goldfield (Figure 1).

Since gaining access to the property, Navarre geologists have uncovered three main target areas thought to be potential repetitions and extensions of the historical Jubilee quartz reefs (Targets A–C in Figures 2 & 3). This is a result of compiling historical reports, surface geological mapping and completing a geophysics program using both Gradient Array Induced Polarisation (GAIP) and magnetic methods. An initial air-core drilling program to test these targets is scheduled to commence in November 2020 as a precursor to potential diamond drill testing.

Navarre’s Managing Director, Ian Holland, said:

“This acquisition is an exciting expansion of the Company’s regional gold assets in Victoria.”

“The Jubilee mine workings have seen no real exploration in over a century despite having a history of delivering relatively uniform and continuous high-grade gold mineralisation from within quartz lode structures, all just 25 kilometres from an operating mine with significant processing capacity. The existence of transverse quartz reefs represents a rare opportunity for exploration as these structures have never been drill tested.”

1 Source: W. Baragwanath. 1914: Geol. Survey of Vic Bulletin No.35 – The Jubilee Mines, Scarsdale (click to see full report).

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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EXPLORATION POTENTIAL

The exploration potential of the Project includes extensions and repetitions of the mineralised envelope and highgrade shoots historically mined throughout the Jubilee Mine underground workings.

Although operations ceased in 1913 in mineralised quartz at the bottom level of the Jubilee Mine[2] , no extraction or exploration is known to have occurred since that time.

In addition, recent mapping has identified several other prospect areas on the tenement which will also be targeted during the drilling season.

Navarre is presently preparing for its maiden air-core drilling program ahead of a later diamond core program. Since acquiring the project the Company in June 2020 has completed:

• compilation and review of historical reports and datasets;

• prospect mapping and surveying of geology and historical mine workings;

• computer modelling of historical Jubilee mine workings, geology and structure;

• GAIP and magnetics geophysical surveys to outline key stratigraphic units and potential mineralised structures surrounding the Jubilee workings; and

• planning and regulatory approvals for an initial drilling program.

==> picture [387 x 356] intentionally omitted <==

Figure 1: Location of exploration licence EL6689 which hosts the Jubilee Gold Project, in proximity to the Ballarat Goldfield, Victoria.

2 Source: W. Baragwanath. 1914: Geol. Survey of Vic Bulletin No.35 – The Jubilee Mines, Scarsdale (click to see full report).

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 [418 x 685] intentionally omitted <==

Figure 2: Jubilee plan view showing interpreted GAIP chargeability and resistivity targets.

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 [511 x 393] intentionally omitted <==

Figure 3: Jubilee perspective view showing reconstruction of historical mine workings (black), Jubilee Main Lode (red) and interpreted geophysical (GAIP chargeability and resistivity) target areas (yellow & red dash).

DETAILS OF TENEMENT ACQUISITION

The exploration licence has been purchased on the following basis:

KEY TERMS OF THE AGREEMENT	KEY TERMS OF THE AGREEMENT
Assets	• EL6689 and related mining, exploration information.
Payments	• $20,000 cash payment on execution (paid June 2020).
	• $20,000 cashpayment on transfer of EL6689(paid October 2020).
Deferred Payment	• $50,000 cash payment on announcement of a JORC 2012 or equivalent mineral resource.
Royalty	• 1.0% Net Smelter Return (NSR) on gold and metal production.

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 (Resolution and Adventure lodes) 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 a 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.

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 are similar to the high-grade Swan – Eagle system at Fosterville.

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.

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

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

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Appendix 1 JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representativity 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 30 g 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.	Not applicable to geophysical survey
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). _	Not applicable to geophysical survey
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.	Not applicable to geophysical survey
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.	Not applicable to geophysical survey
Sub-sampling & 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 appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representativity 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.	Not applicable to geophysical survey

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

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

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Criteria	JORC Code explanation	Commentary
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.	2020 Induced Polarisation Survey – Jubilee Mine The ground based Induced Polarisation survey was undertaken by Khumsup Geophysical Data Acquisition Pty Ltd, an independent geophysical contractor / service provider. Geophysical Technique: Time Domain Induced Polarisation / Resistivity Array: Gradient Array (GAIP) Rx Dipole Separation: 25m Tx Dipole Separation: 2300m Station Separation: 25m Line Separation: 50m Line Length: 1.2km Transmitter Frequency: 0.0125 Hz (2 sec time base) Program Size: 21 lkm Line Direction: 017 (GDA94, zone 54) Chargeability Integration: 590 – 1450mS Typical Current: 4.4 A
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.	Not applicable to geophysical survey
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.	Grid system used for reporting is GDA94, zone 54
Data spacing & 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.	Not applicable to geophysical survey
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.	Not applicable to geophysical survey
Sample security	• The measures taken to ensure sample security.	Not applicable to geophysical survey
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	Not applicable to geophysical survey

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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Section 2 Reporting of Exploration Results

Criteria		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.	• Navarre completed acquisition of 100% ownership of exploration licence EL 6689 (the “Jubilee Gold Project”) in October 2020 through a purchase and sale agreement for $40,000 cash, a deferred payment of $50,000 cash on announcement of a JORC 2012 or equivalent mineral resource and a 1% NSR on future metal production. • The Jubilee Project is located 25km SW of Ballarat, and 120km from Melbourne, Victoria. • EL 6689 was granted on 7 August 2019 for an initial period of 5 years. • The tenement is current and in good standing. • The Project occurs on a combination of freehold and crown land, which is not subject to Native Title. • Land use is dominated by state forest with several small acreage blocks on the fringes of the townships of Scarsdale and Newtown. • The Project area includes the historical Jubilee Mine which is listed on the Victorian Heritage register.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• It is estimated there are 293 historic hard-rock mines and 505 historic placer mines on, or within, 2km of EL 6689 that pre-date World War One. • Recorded historic gold production totals 563,000 ozs of which 294,000 ozs, at an average grade of 7.5 g/t Au, was derived from primary sources. • The main gold producing area, and Navarre’s main focus, within EL 6689 is the historic Jubilee Gold Mine which produced 134,000 ozs of gold at an average recovered grade of 12 g/t Au during the period 1887 – 1913 (Baragwanath 1914, GSV Bulletin No.35). The Jubilee Mine targeted a single sheet of fissure mineralisation hosted in the east limb of a regionally significant anticline. The fissure reef has a 150m east- west strike and 600m dip-extent (open at depth) and is discordant with the meridional trend of the slate belt host rocks. The Mine was shut for non-geological reasons and enjoys significant open depth extensions from immediately beneath the lowest level. • Despite a long list of previous tenement holders since 1965, exploration near the old Jubilee mine site is virtually non-existent, other than the odd soil sampling program and some regional mapping. To Navarre’s knowledge, the Jubilee mine area has never been subjected to drill testing. • The importance of the Jubilee Mine target has only recently come to prominence since the 2015 discovery of the high-grade Swan and Eagle zones at Fosterville, near Bendigo, in an almost identical structural setting.
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 central Victorian slate belt hosted quartz reefs. In particular, extensions and repetitions of Jubilee’s historically mined transverse quartz reefs that are similar to the high-grade Swan – Eagle system at Fosterville.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following informationfor all Material drill holes: easting	• Not applicable - to the best of our knowledge, no drilling has occurred in and around the historic Jubilee Mine site.

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

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

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Criteria		Commentary
	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.
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	• Not applicable to geophysical survey
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’).	• Not applicable to geophysical survey
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.	• Not applicable to geophysical survey
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 is preparing to undertake a systematic exploration program targeting extensions and repetitions of Jubilee’s historically mined transverse quartz reefs that are similar in character to the high- grade Swan – Eagle system at Fosterville. The Company will undertake a first-pass shallow air-core drilling program to test recently detected IP targets which is expected to commence in November 2020, weatherpermitting.

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