AUREKA LIMITED — Capital/Financing Update 2021

Jun 15, 2021

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ASX Announcement
16 June 2021
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HIGH-GRADE GOLD AND SILVER FROM DRILLING AT ST ARNAUD

RECONNNAISSANCE AIR-CORE DRILLING HIGHLIGHTS MULTIPLE TARGET AREAS FOR POTENTIAL RESOURCE DISCOVERY WITHIN HISTORIC 400,000 OUNCE ST ARNAUD GOLDFIELD

• Strong gold and silver results in wide-spaced air-core (AC) drilling on the historic St Arnaud Goldfield highlight significant areas for immediate diamond drill testing as first step towards targeting a maiden mineral resource.

• The drilling targeted the main Nelson and New Bendigo lines of the St Arnaud Goldfield, which historically produced 400,000 ounces of gold at approximately 15 g/t.

• The latest assays include a standout gold intercept of 1 metre at 36.4 g/t gold and a standout silver intercept of 2m at 172.0 g/t silver from within a broader interval of 6m at 67.0 g/t silver and 1.2 g/t gold.

• The St Arnaud diamond core drilling program is underway and has been expanded to 4,000 metres.

Victorian-focused gold exploration company, Navarre Minerals Limited (ASX: NML) (Navarre or the Company) reports strong gold and silver intercepts from a recently completed reconnaissance air-core (AC) drilling program at its 100%-owned St Arnaud Gold Project, 240 kilometres northwest of Melbourne (Figure 1).

The latest assays include a standout gold intercept of 1 metre at 36.4 grams per tonne (g/t) gold in hole SAC223 from 41 metres depth and a standout silver intercept of 2m at 172.0 g/t silver from within a broader interval of 6m at 67.0 g/t silver and 1.2 g/t gold in hole SAC208.

Both holes are on the Nelson Line, the most prolific gold trend within the rich historical St Arnaud Goldfield. Along with other high-grade intercepts, these results confirm the strong potential to discover significant economic gold mineralisation beneath and about the shallow historical workings of the St Arnaud Goldfield. The AC drilling program consisted of 7,643 metres of drilling across 113 holes, testing mainly the New Bendigo and Nelson lines of reef as well as some regional targets.

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The results reported in this release are from the remaining 62 holes of the program and follows the initial release of results to the ASX on 26 March 2021.

Highlight drill intercepts include:

• 1m @ 36.4 grams per tonne (g/t) gold from 41 metres (SAC223)

• 6m @ 1.2 g/t gold and 67.0 g/t silver from 20m (SAC208), including:

• 2m @ 172.0 g/t silver and 2.5 g/t gold

• 4m @ 3.3 g/t gold and 5.6 g/t silver from 24m (SAC213)

• 1m @ 8.2 g/t gold from 20m (SAC226)

• 9m @ 1.5 g/t gold from 15m (SAC172)

• 1m @ 6.3 g/t gold from 65m (SAC189)

• 1m @ 5.7 g/t gold and 34.8 g/t silver from surface (SAC199)

• 7m @ 1.0 g/t gold from 32m (SAC227)

The program was Navarre’s first drill testing beneath the shallow gold workings of the recently granted exploration licence, EL 6819 (Figures 1 & 2). This permit covers most of the historical mines of the old St Arnaud Goldfield, which produced 400,000 ounces of gold between 1855 and 1916 at an average grade of 15 grams per tonne.

Exploration licence, EL 6819, includes the gold-bearing New Bendigo (Bristol), New Chum and Nelson lines of reef (Figure 3).

The results reported in this release relate mainly to reconnaissance AC testing of the prolific Nelson Line of reef. This line hosts the Lord Nelson Mine, which was St Arnaud’s largest gold producer with more than 300,000 ounces of gold production (Figure 3).

Navarre Managing Director, Ian Holland said:

“The Company is pleased with these strong results from our first drilling around the historical gold mines, which gives us confidence to forge ahead with an expanded program, in view of outlining a maiden resource.

“Navarre is currently diamond core drill testing below these exciting air-core intercepts on the New Bendigo Line and plans to do so on the Nelson Line too.

“Diamond core drill testing is the next logical step towards defining a maiden resource, which would add to our recently announced resource at our Stawell Corridor project.

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“St Arnaud is the second largest hard-rock goldfield in Victoria’s Stawell geological zone, which so far has missed out on Victoria’s gold resurgence but hopefully not for much longer.”

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Figure 1: Location of Navarre’s St Arnaud Gold Project.

These promising results follow Navarre’s successful institutional share placement in May 2021 that raised $10 million. A share purchase plan is underway to raise up to a further $2 million, with applications closing at 5pm on Friday June 18, 2021.

The funds will be used to accelerate exploration across the Company’s Victorian projects, including diamond drilling to support potential resource growth on the Stawell Corridor, a potential maiden mineral resource at St Arnaud and further exploratory drilling at Morning Bill on the Glenlyle tenement.

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Figure 2: Quartz vein containing galena (lead) from AC drill hole SAC197.

DETAILS OF THE RECONNAISSANCE AC DRILLING PROGRAM

This announcement pertains to a recently completed 7,643 metre reconnaissance AC drilling campaign across 113 holes. These holes were testing for potentially economic gold mineralisation along the New Bendigo and Nelson lines of workings, as well as testing regional targets under shallow Murray Basin cover on adjacent exploration licence EL 6556.

Significant new AC drilling intercepts include (see Tables 1 – 4 and Figures 3 & 4):

Nelson Line

• 1m @ 36.4 g/t gold from 41 metres (SAC223)

• 6m @ 1.2 g/t gold and 67.0 g/t silver from 20m (SAC208), including:

• 2m @ 172.0 g/t silver and 2.5 g/t gold

• 4m @ 3.3 g/t gold and 5.6 g/t silver from 24m (SAC213)

• 1m @ 8.2 g/t gold from 20m (SAC226)

• 14m @ 31.0 g/t silver from 20m (SAC208)

• 1m @ 5.7 g/t gold and 34.8 g/t silver from surface (SAC199)

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• 7m @ 1.0 g/t gold from 32m (SAC227)

• 2m @ 1.7 g/t gold from 39m (SAC215)

• 5m @ 1.1 g/t gold from 52m (SAC205)

• 4m @ 1.3 g/t gold, including 1m @ 4.4 g/t gold from 12m (SAC196)

• 19m @ 3.8 g/t silver from 40m, including 2m @ 22.9 g/t silver (SAC225)

New Bendigo Line

• 9m @ 1.5 g/t gold from within a broader interval of 24m @ 0.7 g/t gold from surface (SAC172)

• 1m @ 6.3 g/t gold from 65m (SAC189)

• 1m @ 2.1 g/t gold from within a broader interval of 29m @ 0.3 g/t gold from 10m (SAC182)

• 1m @ 1.2 g/t gold from within a broader interval of 16m @ 0.6 g/t gold from surface (SAC171)

The Company is reporting results for gold mineralisation intersected in multiple, wide-spaced, east-west orientated drill traverse lines, across the north trending New Bendigo and Nelson lines of reef.

The results indicate:

1. Exceptional potential to locate potentially economic areas of high-grade gold mineralisation in and around historic workings, to underpin a maiden mineral resource and complement existing resources recently reported for the Stawell Corridor Gold Project (see announcement of 30 March 2021).

2. Gold mineralisation is generally inclined steeply to the west at approximately 70 – 75 degrees.

3. The plunge of gold mineralisation appears to be approximately 30 degrees towards the north on both the Nelson and New Bendigo lines.

4. Based on historical mining records and recent drilling, higher grade gold shoots tend to develop at near vertical orientations, pitching steeply towards the south within the plane of the mineralisation. This contrasts with the shallow orientations typically developed in the central Victorian goldfields.

The next step is to complete the expanded 4,000 metre diamond core program, following up on the best AC drill results in addition to the rich legacy drill intercepts beneath the New Bendigo mine.

BACKGROUND TO ST ARNAUD GOLDFIELD

Alluvial gold was first discovered at St Arnaud in 1855 and was quickly traced to its source in outcropping quartz reefs. By 1860, 47 hard rock mines were in operation. From 1855 to 1916, approximately 400,000 ounces of gold were produced at a recovered grade of over 15 grams per tonne of gold from the hard rock mines.

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The St Arnaud Goldfield consists of several lines of reefs which were worked to the southern edge of the younger Murray Basin cover. These reef trends are known as the New Bendigo (Bristol), New Chum and Nelson lines (Figure 3).

The Nelson Line produced the most gold and was worked over a strike length of approximately five kilometres to a maximum depth of 685 metres in the goldfields deepest mine, the Lord Nelson Mine.

The Lord Nelson Mine was the only mine to produce gold from sulphide ores below a depth of 200m, with records showing a total of 323,000 recovered ounces (80 per cent of total goldfield production).

Most other mines closed on reaching the water table because the technology was not available to economically treat the sulphide ores in addition to the added cost of pumping mine water.

The Lord Nelson Mine demonstrates the prospectivity of the area in terms of vertical continuity of auriferous reef systems. Ten steep, west-dipping auriferous quartz reefs of up to 7.5 metres in width were worked between 1864 and 1916. Historically, silver was a common occurrence with gold mineralisation in the St Arnaud Goldfield.

In 2018, Navarre’s maiden reconnaissance drilling program demonstrated the potential for economic mineralisation of the St Arnaud Goldfield to extend under shallow Murray Basin cover more than 5 kilometres beyond the limits of historic workings (refer ASX release on 30 July 2018). This mineralisation remains open along strike and will be the subject of follow-up drilling. The best gold result was 4m @ 6.6 g/t gold from 48m (SAC022) and the best silver result was 1m @ 67.4 g/t silver from 50m (SAC055).

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Figure 3: Location of Navarre’s significant drill intercepts within the St Arnaud Goldfield.

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ASX Announcement

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Figure 4: Longsection of the Nelson Line showing Navarre and historical drilling results.

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TABLE 1: AC DRILL HOLE COLLARS (SAC166 TO SAC227)

Hole ID	East (GDA94)	North (GDA94)	RL (AHD)	Depth (m)	Dip	Azimuth GDA (Degrees)	Prospect
SAC166	699678	5946878	260.4	66	-60	48	New Bendigo Line
SAC167	700014	5946417	282.4	49	-60	48	New Bendigo Line
SAC168	699997	5946403	282.5	47	-60	48	New Bendigo Line
SAC169	699982	5946389	282.8	45	-60	48	New Bendigo Line
SAC170	699983	5946391	282.8	71	-60	224	New Bendigo Line
SAC171	699976	5946351	280.4	40	-60	48	New Bendigo Line
SAC172	699979	5946354	280.9	30	-60	228	New Bendigo Line
SAC173	700240	5945938	271.6	52	-60	48	New Bendigo Line
SAC174	700219	5945926	272.3	73	-60	48	New Bendigo Line
SAC175	700194	5945919	273.1	55	-60	48	New Bendigo Line
SAC176	700178	5945910	274.0	54	-60	48	New Bendigo Line
SAC177	700165	5945900	274.8	54	-60	48	New Bendigo Line
SAC178	700142	5945891	275.6	57	-60	48	New Bendigo Line
SAC179	700120	5945882	276.4	52	-60	48	New Bendigo Line
SAC180	700102	5945869	277.2	44	-60	42	New Bendigo Line
SAC181	700077	5945856	278.0	38	-60	48	New Bendigo Line
SAC182	699987	5946365	281.6	39	-60	211	New Bendigo Line
SAC183	700423	5945342	284.6	69	-60	59	New Bendigo Line
SAC184	700401	5945336	285.5	75	-60	59	New Bendigo Line
SAC185	700382	5945330	286.9	59	-60	59	New Bendigo Line
SAC186	700364	5945322	288.4	65	-60	59	New Bendigo Line
SAC187	700342	5945316	289.4	78	-60	59	New Bendigo Line
SAC188	700321	5945309	289.9	78	-60	55	New Bendigo Line
SAC189	700306	5945291	290.8	81	-60	59	New Bendigo Line
SAC190	700286	5945284	289.4	78	-60	59	Nelson Line
SAC191	701418	5947445	244.9	48	-60	55	Nelson Line
SAC191	701418	5947445	244.9	48	-60	55	Nelson Line
SAC192	701401	5947437	244.8	51	-60	55	Nelson Line
SAC193	701368	5947423	245.2	69	-60	55	Nelson Line
SAC194	701340	5947413	245.2	60	-60	55	Nelson Line
SAC195	701317	5947394	245.4	66	-60	38	Nelson Line
SAC196	701370	5947363	251.0	63	-60	58	Nelson Line
SAC197	701348	5947357	248.9	69	-60	58	Nelson Line
SAC198	701312	5947357	246.6	62	-60	78	Nelson Line
SAC199	701269	5947357	246.2	50	-60	78	Nelson Line

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ASX Announcement

Hole ID	East (GDA94)	North (GDA94)	RL (AHD)	Depth (m)	Dip	Azimuth GDA (Degrees)	Prospect
SAC200	701240	5947357	246.6	60	-60	78	Nelson Line
SAC201	701212	5947352	244.5	57	-60	78	Nelson Line
SAC202	701180	5947354	243.6	69	-60	90	Nelson Line
SAC203	701148	5947364	243.7	45	-60	90	Nelson Line
SAC204	701224	5947710	243.2	40	-60	48	Nelson Line
SAC205	701202	5947695	244.8	59	-60	48	Nelson Line
SAC206	701190	5947687	245.7	60	-60	48	Nelson Line
SAC207	701172	5947676	246.6	60	-60	48	Nelson Line
SAC208	701150	5947662	248.8	63	-60	48	Nelson Line
SAC209	701126	5947650	250.0	63	-60	48	Nelson Line
SAC210	701099	5947634	250.5	60	-60	48	Nelson Line
SAC211	701080	5947618	250.7	60	-60	48	Nelson Line
SAC212	701082	5947587	251.9	57	-60	48	Nelson Line
SAC213	701090	5947560	252.8	64	-60	48	Nelson Line
SAC214	701093	5947524	251.5	63	-60	48	Nelson Line
SAC215	701337	5947369	247.4	41	-60	58	Nelson Line
SAC216	700957	5947971	251.8	60	-60	48	Nelson Line
SAC217	700937	5947957	252.2	69	-60	48	Nelson Line
SAC218	700910	5947942	252.0	60	-60	48	Nelson Line
SAC219	700883	5947927	249.9	60	-60	48	Nelson Line
SAC220	700899	5948014	249.1	60	-60	26	Nelson Line
SAC221	700885	5947996	249.8	66	-60	26	Nelson Line
SAC222	700868	5948067	246.4	60	-60	30	Nelson Line
SAC223	700847	5948043	247.1	75	-60	30	Nelson Line
SAC224	700807	5948239	237.0	54	-60	82	Nelson Line
SAC225	700780	5948241	236.2	66	-60	82	Nelson Line
SAC226	700751	5948240	235.6	60	-60	82	Nelson Line
SAC227	700724	5948242	234.8	44	-60	82	Nelson Line

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TABLE 2: SIGNIFICANT GOLD AND SILVER INTERCEPTS (SAC166 – SAC227)

Hole ID	From (m)	To (m)	Interval (m)	Gold (g/t)	Silver (g/t)	Comment
SAC166 includes	40	44	4	1.3	-
	42	43	1	2.7	-
SAC170 includes includes	23	34	11	0.7	-
	23	24	1	2.9	-
	33	34	1	2.2	-
SAC171 and	0	16	16	0.6	-
	26	27	1	1.2	-
SAC172 includes and	0	24	24	0.7	-
	15	24	9	1.5	-
	18	19	1	3.8	-
SAC178 includes	21	26	5	0.7	-
	24	25	1	3.0	-
SAC182 includes	10	39	29	0.3	-
	37	38	1	2.1	-
SAC186	14	15	1	0.3	-
SAC187	38	39	1	0.3	-
SAC188	58	63	5	0.3	-
SAC189	65	66	1	6.3	-
SAC191	0	1	1	0.3	0.3	Possible alluvial / transported material
SAC192	0	1	1	0.3	0.7	Possible alluvial / transported material
SAC193 and	0	1	1	0.6	0.3	Possible alluvial / transported material Strong arsenic mineralisation
	11	13	2	0.8	-
SAC195	14	15	1	0.7	0.4
SAC196 includes	10	14	4	1.3	-	Strong arsenic mineralisation
	12	13	1	4.4	-
SAC197	36	46	10	0.3	0.6	Strong arsenic mineralisation
SAC199	0	1	1	5.7	34.8	Possible alluvial / transported material
SAC203 and includes	20	22	2	0.6	1.8	Strong arsenic mineralisation
	35	38	3	0.5	0.8
	35	36	1	1.0	1.4
SAC204 and	19	20	1	1.6	-
	25	26	1	0.4	-	Strong arsenic mineralisation
SAC205 includes	52	57	5	1.1	-
	52	53	1	3.0	-
SAC208 includes	20	26	6	1.2	67.0	Strong arsenic and lead mineralisation
	23	25	2	2.5	172.0

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Hole ID	From (m)	To (m)	Interval (m)	Gold (g/t)	Silver (g/t)	Comment
includes and	23	24	1	0.5	200.0
	24	25	1	4.4	144.0
SAC209 includes	56	62	6	0.3	5.9	Strong arsenic and zinc mineralisation
	60	61	1	0.7	11.5
SAC211 and	15	18	3	0.7	1.0	Strong arsenic mineralisation
	38	39	1	0.3	9.2
SAC212	25	26	1	1.2	7.1	Strong arsenic mineralisation
SAC213 includes and	24	28	4	3.3	5.6	Strong arsenic mineralisation Strong arsenic mineralisation
	24	26	2	5.8	8.4
	49	50	1	0.4	0.4
SAC215 includes	39	41	2	1.7	0.8	Strong arsenic mineralisation Hole ended in quartz reef at 41m
	40	41	1	3.0	1.3
SAC216	0	1	1	0.4	3.6	Possible alluvial / transported material
SAC217 includes and	2	10	8	0.3	1.9
	2	4	2	0.4	-
	8	10	2	0.6	4.7
SAC219	40	41	1	0.4	0.2	Strong arsenic mineralisation
SAC222	0	3	3	0.4	1.1
SAC223 and	29	30	1	0.7	0.4	Strong arsenic mineralisation
	41	42	1	36.4	-
SAC224	15	22	7	0.3	1.0
SAC225 and	47	48	1	0.3	2.0	Strong arsenic mineralisation
	58	59	1	1.2	39.1
SAC226	20	21	1	8.2	-
SAC227 and and includes	0	1	1	0.4	2.1	Possible alluvial / transported material
	26	27	1	0.6	-	Historic workings intersected – possibly includes mineralised backfilled stope material?
	32	39	7	1.0	-
	37	39	2	2.7	-

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TABLE 3: OTHER SIGNIFICANT SILVER ONLY INTERCEPTS (SAC166 – SAC227)

Hole ID	From (m)	To (m)	Interval (m)	Silver (g/t)	Comments
SAC208 includes includes and	20	34	14	31.0
	23	25	2	172.0
	23	24	1	200.0
	24	25	1	144.0
SAC214	38	42	4	7.4
SAC220	26	27	1	5.6
SAC221 includes	54	60	6	2.6
	55	56	1	6.3
SAC225 includes	40	59	19	3.8
	57	59	2	22.9

TABLE 4: SIGNIFICANT LEAD INTERCEPTS (SAC166 – SAC227)

Hole ID	From (m)	To (m)	Interval (m)	Lead (%)	Comments
SAC208 includes	23	25	2	1.2
	23	24	1	1.9

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

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

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JORC REPORTING OF HISTORICAL ST ARNAUD EXPLORATION RESULTS

The historical St Arnaud exploration results were accessed from:

1. Various public domain company annual technical reports and downloaded from the Victorian State Government’ GeoVic website; and

2. Rex Mineral Limited’s (ASX Code RXM) website (https://www.rexminerals.com.au/). Results for the visible gold intersection in hole STDD-004 was publicly reported by Rex Minerals Limited on 15 & 16 April 2008 under the JORC 2004 Code. This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was first reported.

Although Navarre has reviewed and assessed these exploration results, the Company has limited knowledge on how the data was collected and assayed and, as a consequence, has had to make assumptions based on the available historical data generated by these companies.

COMPETENT PERSON STATEMENT

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.

The information in this announcement that relates to Navarre’s Exploration Results have been extracted from various Navarre ASX announcements and are available to view on the Company's website at www.navarre.com.au or through the ASX website at www.asx.com.au (using ticker code "NML").

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

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FORWARD LOOKING STATEMENTS

This document may contain forward-looking information within the meaning of securities laws of applicable jurisdictions. These forward-looking statements are made as of the date of this document and Navarre Minerals Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, the estimation of mineral reserve and mineral resources, the realisation of mineral reserve estimates, the likelihood of exploration success at the St Arnaud Gold Project, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. 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. 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 (Figure 5).

Navarre is searching for gold deposits in an extension of a corridor of rocks that host the Stawell (~six 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 highgrade gold in shallow drilling at Langi Logan are a prime focus for the Company. These projects are located 20 kilometres and 40km respectively south of the operating five million ounce 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.

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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 400,000 ounce 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 have a similar structural setting 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 two project areas including Glenlyle and Stavely. The Stavely Project (EL 5425) is subject to a farm-in agreement by which Stavely Minerals Limited may earn an 80% interest by spending $450,000 over five years.

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Figure 5: Location of Navarre’s premier mineral properties in Victoria.

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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.	• 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. • 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).	• AC drilling was carried out using a Wallis Mantis 75 AC rig mounted on an Isuzu truck 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.	• 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.

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Criteria	JORC Code explanation	Commentary
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 follows Company and industry common practice. Qualitative logging of samples includes (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 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.	• 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. • 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 Perth, WA). Sample preparation by dry pulverisation to 85% passing 75 microns is undertaken by ALS Adelaide, SA. • 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	• Analysis for gold is undertaken at ALS Perth, WA 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

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Criteria	JORC Code explanation	JORC Code explanation
	(i.e. lack of bias) and precision have been established.	analysis • 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 St Arnaud, topographic control is achieved via use of a DTM developed from a 2008 ground gravity survey measuring relative height using radar techniques. • 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. • Refer to sampling techniques, above for sample compositing
Orientation of data in relation to	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	• 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.

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Criteria	JORC Code explanation	Commentary
geological structure	• 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.	• 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 Perth, WA (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 St Arnaud Gold Project is located within Navarre’s 100% owned “St Arnaud” exploration licences EL 6556, EL 6819, and EL7431 which were granted on 21 August 2017, 22 October 2020, and 26 March 2021 respectively for an initial period of 5 years. • EL 6556, EL 6819, and EL7431 are current and in good standing. • The project occurs on a combination of freehold and crown land.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• There have been several phases of previous exploration on and about the St Arnaud Gold Project, including a bonanza grade drill intercept referred to in this release. • Most exploration in the area has concentrated on the known extents of the historic St Arnaud Goldfield. • In the late 1960s Planet Metals undertook an assessment of the historic St Arnaud Goldfield. Ten diamond drill holes were proposed to test the potential of the field however, these were not drilled. • In 1984, General Gold Resources NL undertook a 10- hole diamond drill program of approximately 2,500m testing targets on the New Bendigo and Nelson lines.

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Criteria	JORC Code explanation	Commentary
		• Compass Minerals took over the exploration licence and formed a Joint Venture with WMC who tested the shallow potential of the northern end of the field. The licence then passed to Glenburn Manor in 1992 (International Minerals NL) who carried out further shallow percussion and diamond drilling and mined a small open pit. This operation ceased in 1995. • Sedimentary Holdings Ltd drilled 2 diamond holes in 2006, to test the possible extensions of the Lord Nelson workings. These drill holes confirmed the continuation of the mineralised structure. • In 2008 Rex Minerals Ltd undertook a 4,800m drilling program targeting gold mineralisation below several of the richest historic hard rock mine workings. This drilling included a bonanza gold intersection of 1m@ 1,174 g/t Au from 425m in STDD004 beneath the historical New Bendigo Shaft workings on the New Bendigo (Bristol Line) (see Rex ASX announcements of 15 & 16 April 2008). This intercept was reported at the time by Rex under the JORC 2004 Code. This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was first reported. Although Navarre has reviewed and assessed Rex’s exploration results, it has limited knowledge on how the data was collected, sampled and assayed, and as a consequence, has had to make assumptions based on the available historical data generated by Rex. • In 2008 Rex undertook a detailed airborne magnetic survey to identify if the mineralised lines of the St Arnaud Goldfield extend north under Murray Basin cover.
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 historically mined in the adjacent St Arnaud Goldfield. The St Arnaud Goldfield has produced approximately 0.4 million ounces of gold from hard rock sources. The St Arnaud Goldfield comprises several lines of reefs which were worked to the edge of the Murray Basin cover. These reefs were known as the West Field, New Bendigo (Bristol), Nelson (including New Chum Line) and East Field.

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Criteria	JORC Code explanation	Commentary
		• The Nelson Line produced the most gold and was worked over a strike length of 3.2km to a maximum depth of 685m in the goldfields deepest mine, the Lord Nelson Mine. The Lord Nelson Mine was the only mine to produce gold from sulphide ores below a depth of 120m with records showing a total of 323,000 recovered ounces (80% of total goldfield production). • The Lord Nelson Mine demonstrates the prospectivity of the area in terms of vertical continuity of auriferous reef systems. Mineralisation is associated with steep west dipping faults ranging in size from 10cm to several metres. Gold is commonly located within laminated quartz veins in the fault zone or in low angle extension quartz veins extending up to 5m from the related fault zone. Ten auriferous quartz reefs of between 0.8m to 7.5m width were worked in the Lord Nelson Mine between 1864 and 1916.
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 - 4 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. Historical drill information • Although Navarre has reviewed exploration results of previous explorers on the St Arnaud Goldfield, the Company has limited knowledge on how the data was collected, sampled and assayed, and as a consequence, has had to make assumptions based on the available historical data.
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	• All reported assays have been average weighted according to sample interval. • No top cuts have been applied. • An average nominal 0.4g/t Au lower cut-off is reported as being potentially significant in the context of this drill program. • No metal equivalent reporting is used or applied.

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Criteria	JORC Code explanation	Commentary
	aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	Historical drill information • Although Navarre has reviewed exploration results of previous explorers on the St Arnaud Goldfield, the Company has limited knowledge on how the data was aggregated, and as a consequence, has had to make assumptions based on the available historical data.
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. Historical drill information Although Navarre has reviewed exploration results of previous explorers on the St Arnaud Goldfield, the Company has limited knowledge on the relationship between mineralisation widths and intercept lengths, and as a consequence, has had to make assumptions based on the available historical data.
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 to date 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).	• Areas of positive AC drill results are expected to be followed up with further drilling.

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Criteria	JORC Code explanation	Commentary
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

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