AUREKA LIMITED — Capital/Financing Update 2020

Oct 21, 2020

ASX Announcement 22 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

SECOND DIAMOND DRILL RIG GETS TO WORK AT NAVARRE’S FLAGSHIP VICTORIAN GOLD PROJECT

DRILLING ON TRACK FOR A MAIDEN MINERAL RESOURCE AT IRVINE IN EARLY 2021

• Second diamond drill rig arrives at the Irvine Project to accelerate resource definition and extension drilling.

• Drill program increased from 10,000 metres to 12,000 metres , targeting a significant maiden mineral resource.

• Significant potential for further high-grade mineralisation.

• The style of gold mineralisation at Irvine is similar to the nearby multi-million ounce Magdala gold deposit in Stawell.

• Navarre is fully funded with a current cash balance of approximately $12 million.

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is pleased to announce the arrival of a second diamond drill rig at its fully-owned Irvine Project, 20 kilometres south of Stawell’s operating four million ounce gold mine in Victoria (Figures 1 & 2).

The second rig will accelerate an ongoing resource definition and extension drilling program at Resolution Lode, on the Irvine basalt dome (Figure 1). This program has been extended from 10,000 metres to 12,000 metres, with approximately 7,000 metres completed year to date.

The program includes drill testing of a geophysical anomaly 300 metres further south on-strike of the current drilling, interpreted as a potential extension of the Resolution Lode mineral system (Figure 3).

The overall drilling will scope out the depth and strike potential of the Resolution Lode discovery on the eastern flank of the Irvine basalt dome, with the aim of delivering a maiden mineral resource by the end of the March quarter 2021.

The drilling continues to demonstrate strong, consistent gold grades within a quartz-rich shear structure. This mineralisation continues from surface and extends beyond 350 metres depth, remaining open down-plunge (Figure 3).

The style and geometry of the gold mineralisation at Resolution Lode is similar to the Magdala gold deposit on-strike 20 kilometres further north, where gold has been mined from surface to 1.6 kilometres depth.

Navarre’s Managing Director, Mr Ian Holland said:

“We’re excited to be drilling out our first potential mineral resource at Resolution Lode, only 20 kilometres south from a fully permitted and operating processing facility.”

“We look forward to sharing further news flow from both drill rigs over the coming weeks as we continue to unlock the full potential of the Irvine basalt dome. Irvine is one of seven basalt dome targets within our 100 per cent owned and extensive (70 kilometre long) tenement package on the Stawell Corridor.”

With approximately $12 million in the bank, Navarre remains well funded to complete its drilling programs and to move a step closer to becoming a producing gold mining company.

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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Figure 1: Location of Navarre’s Stawell Corridor mineral properties.

BACKGROUND TO RESOLUTION LODE DRILLING

Navarre is executing a 12,000 metre diamond drilling program to scope the depth and strike potential of Resolution Lode with the aim of declaring a maiden mineral resource in early 2021.

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

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

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The drilling program is actively testing the continuity and extent of the shallow gold discovery by:

1. drilling beneath areas of the best air-core gold results to establish geometry, tenor and plunge direction of the gold mineralisation; and

2. scoping the dimensions of the mineralisation using a nominal 80 metre (N-S) by 80 metre (vertical) stepout drill pattern.

Highlight Resolution Lode[1] diamond drilling results (down hole widths) returned to date include:

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

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

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

• 0.9m @ 9.4 g/t Au[2] from 251.4m and 1.5m @ 4.6 g/t Au in RD026

• 18.7m @ 7.1 g/t Au[2] 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[2] from 72.0m in drill hole RD002

• 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[2] from 244.1m in drill hole RD013

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

• 18.7m @ 3.4 g/t Au in drill hole RD025 (hole ends in mineralisation)

• 2.5m @ 6.1 g/t Au[2] 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[2] 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 RD023

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

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

The drilling results are interpreted to occur in two steeply, west-dipping structures that cut across, at an acute angle, an interbedded package of meta-sediments and thin basalt flows within 100 metres of the main Irvine basalt dome (Figure 4).

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%), including arsenopyrite + pyrite + pyrrhotite and rare visible gold (see photo, Figure 5). Zones of anomalous gold are typically elevated in arsenic, an important pathfinder metal in most Victorian gold deposits.

1Refer NML ASX releases of 24 April 2017, 15 May 2017, 28 May 2018, 27 April 2020, 8 July 2020 & 25 September 2020. The Company confirms that it is not aware of any new information that affects the information contained in these announcements.

2 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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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 gently towards the south and remain open down-plunge (Figure 3). The South Shoot, with more drill information, has approximate dimensions of up to 350 metres in height, 600 metres down-plunge (open to the south) and between 1.5 – 6 metres in width. The North Shoot has been defined by shallow air-core drilling and has a lower tenor of grade when compared to the South Shoot. Deeper diamond core drilling is planned for the North Shoot later this year. The gold shoot geometry appears analogous to that of the Magdala gold deposit in Stawell (Figure 1).

NEXT STEPS – RESOLUTION LODE

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

• Options being pursued to deploy a third diamond drilling rig in the Stawell Gold Corridor, subject to rig availability.

• Commence preliminary metallurgical test work of key drill intercepts.

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

• Drill test an IP (& GAIP “Gradient Array Induced Polarisation”) chargeability anomaly located 300m southon-strike of the known limits of the South Shoot.

• Estimate a potential maiden Mineral Resource by end Q1 2021.

Approximately 5,000 metres of diamond drilling remains 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.

Navarre is fully funded to continue its resource definition drilling at the Resolution Lode with a current cash balance of approximately $12 million.

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Figure 2: Photograph of second diamond drilling rig at 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

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Figure 3: Longitudinal Projection of Resolution Lode showing targets and proposed drill holes.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625 e info@navarre.com.au | w navarre.com.au

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Figure 4: Cross-Section 5 881 420N interpretation.

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Figure 5: Example of high-grade gold drill core from Resolution Lode’s South Shoot Main Lode (RD028).

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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STAWELL CORRIDOR BACKGROUND

The Company is searching for large gold deposits in an extension of a corridor of rocks that host the 5 million ounce Stawell and 1 million ounce Ararat goldfields – “The Stawell 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 4million 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 regional potential of the Stawell Corridor is considered significant by the Company as demonstrated by Navarre’s discoveries at the Irvine and Langi Logan prospects where gold is proximal to large basalt dome structures.

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 1). Navarre has been testing the depth extents of the gold shoots at both lodes down to approximately 350 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 (133,000oz of gold recorded). Approximately 80% of the project area is covered by post-mineralisation Newer Volcanics ranging up to 30 metres in thickness.

This announcement is authorised for release by the board 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

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. Forwardlooking 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