AUREKA LIMITED — Capital/Financing Update 2022

Apr 21, 2022

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ASX Announcement
22 April 2022
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MT CARLTON UNITED DRILLING DELIVERS OUTSTANDING HIGH-GRADE GOLD, SILVER & COPPER RESULTS

PEAK INTERCEPTS OF 22.9 G/T GOLD, 1327 G/T SILVER AND 4.2% COPPER CONFIRM OUTSTANDING GRADE AND CONTINUITY OF THE MT CARLTON UNITED MINERAL DEPOSIT

• Assays from infill and extensional reverse circulation and diamond core drilling at the Mt Carlton United (MCU) deposit, 4km from the Mt Carlton mill, confirm the outstanding grade and continuity of the goldsilver-copper rich mineral deposit.

• This drilling program was Navarre’s first drilling at the recently acquired Mt Carlton Operation and was designed to upgrade and expand the existing Inferred Mineral Resource.

• Highlight results include:

• 2.0 metres at 22.9 g/t gold, 402.2 g/t silver & 0.2% copper from 54 metres (MCURC-129)

• 4.0 metres at 18.7 g/t gold, 162.4 g/t silver & 0.1% copper from 67 metres (MCURC-121)

• 2.0 metres at 14.7 g/t gold & 191.7 g/t silver from 31 metres (MC22DD010)

• 7.0 metres at 14.6 g/t gold, 461.6 g/t silver & 0.1% copper from 29 metres (MCURC-154)

• 2.0 metres at 12.5 g/t gold & 251.0 g/t silver from 15 metres (MC22DD008)

• 2.0 metres at 11.3 g/t gold, 1327.5 g/t silver & 0.3% copper from 74 metres (MCURC-122)

• 4.0 metres at 9.3 g/t gold, 62.4 g/t silver & 0.9% copper from 59 metres (MCURC-103)

• 7.0 metres at 8.5 g/t gold, 192.2 g/t silver & 2.2% copper from 55 metres (MCURC-113)

• 4.0 metres at 7.5 g/t gold & 649.1 g/t silver from 41 metres (MC22DD010)

• 7.0 metres at 6.8 g/t gold, 522.1 g/t silver & 0.1% copper from 39 metres (MCURC-148)

• 6.0 metres at 6.7 g/t gold, 209.5 g/t silver & 0.5% copper from 60 metres (MCURC-134)

• 7.0 metres at 4.7 g/t gold, 152.1 g/t silver & 2.1% copper from 46 metres (MCURC-113)

• 4.0 metres at 4.4 g/t gold, 254.0 g/t silver & 4.2% copper from 55 metres (MCURC-106); and

• Drilling results will contribute towards an updated Mineral Resource and Ore Reserve estimate for Mt Carlton Operation scheduled for reporting in September 2022.

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22 April 2022

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ASX Announcement

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is pleased to report outstanding highgrade gold, silver and copper drilling intercepts at its Mt Carlton United deposit (MCU), part of the recently acquired Mt Carlton Operation (Mt Carlton) in North Queensland (Figures 1 & 2).

With drill intercepts of up to 22.9 grams per tonne (g/t) gold, 1327 g/t silver and 4.2% copper, the results confirm the outstanding grade and continuity of the mineral inventory at MCU, approximately four kilometres southwest of the Mt Carlton processing facility (Figure 2).

The results disclosed in this announcement have not been previously reported and cover 71 holes for a total of 5,451 metres of drilling completed by Navarre during the first quarter of 2022 across MCU. This program is Navarre’s first drilling completed at Mt Carlton since assuming formal ownership of the asset (refer ASX announcement on 15 December 2021).

While drilling continues in 2022 as part of an ongoing exploration program, Navarre anticipates the drilling results in this report will inform an updated resource estimate for MCU which is expected to be published in September 2022, along with updated mineral resources for other Mt Carlton deposits such as V2, Telstra Hill and Crush Creek.

Navarre Managing Director Ian Holland said:

“These outstanding shallow drilling results, returned from our first drilling campaign under Navarre ownership of the Mt Carlton Operation, are extremely pleasing and represent an important milestone since transitioning to become a gold producer.

“The resource definition drilling program has confirmed the continuity, tenor and width of the high-grade gold, silver and copper system of the Mt Carlton United prospect.

“Only four kilometres west of the processing facility, the gold-silver-copper mineralisation defined at MCU has the potential to significantly extend mine life at Mt Carlton.”

The drilling program has involved one reverse circulation (RC) drilling rig and one diamond core drilling rig, with the aim of infilling and extending the known limits of the gold, silver and copper mineralised system as well as providing metallurgical and geotechnical information within the broader envelope of known mineralisation.

MCU Drilling Results

MCU is interpreted to be an intrusion-related, low sulphidation epithermal gold, silver + copper mineralised system, which has significant potential to provide mine life extensions at Mt Carlton. The style of

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ASX Announcement 22 April 2022

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mineralisation has a similar characteristic to the producing V2 deposit, where early high sulphidation mineralisation has evolved over time to become a lower sulphidation system.

The drilling has focused on improving the definition of the geology and grade continuity within the shallow Inferred Mineral Resources already defined at MCU, as well as providing initial testing for potential depth extensions.

The drill assays are expected to upgrade and expand the existing Mineral Resource at MCU to build critical mass for high-grade new gold developments as potential satellite mill feed to the nearby Mt Carlton Operation. This is in addition to other potential satellite mill feed identified at Telstra Hill and the Crush Creek Project (refer ASX announcement on 30 March 2022).

Details of the MCU drilling program are provided in Tables 1 & 2 and Appendix 1.

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Figure 1: Location of Navarre’s Mt Carlton Operation.

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ASX Announcement

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Figure 2: Plan of Mt Carlton Operations showing location of MCU relative to other key mineral deposits.

Results and Interpretation

A total of 71 resource definition RC and diamond core drill holes for 5,451 metres of drilling have been completed at MCU during the first quarter of 2022 (Figure 3). All assays have been received and are currently being interpreted and geologically modelled in preparation for an updated resource estimate.

This drilling has confirmed two distinct styles of mineralisation. The eastern area is dominated by a closely spaced stacked series of shallow dipping gold, silver and copper mineralised lenses. Several of these lenses contain continuous high-grade gold intercepts across multiple drill holes.

The western area is dominated by gold and silver mineralisation without substantial copper. The geometry of this mineralisation comprises a continuous, high-grade, steeply dipping structure feeding into a stacked set of flat-lying mineralised lenses close to surface. The steeply dipping feeder structure contain multiple high-grade intersections, including an impressive intercept of 7 metres at 14.6 g/t gold and 461.6 g/t silver from 29 metres in RC drill hole MCURC-154 (Figure 4 & Table 2).

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ASX Announcement

22 April 2022

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Figure 3: Plan of the MCU deposit showing the distribution of 2022 drill holes relative to historical drill collars. The location of the Figure 4 cross-section is shown in yellow.

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Figure 4: Cross-section 555745mE interpretation across MCU (refer to Figure 3 for location).

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Significant drilling intercepts from the MCU include (see Tables 1 & 2; Figure 4):

• 2.0 metres at 22.9 g/t gold, 402.2 g/t silver & 0.2% copper from 54 metres (MCURC-129)

• 4.0 metres at 18.7 g/t gold, 162.4 g/t silver & 0.1% copper from 67 metres (MCURC-121)

• 2.0 metres at 14.7 g/t gold & 191.7 g/t silver from 31 metres (MC22DD010)

• 7.0 metres at 14.6 g/t gold, 461.6 g/t silver & 0.1% copper from 29 metres (MCURC-154)

• 2.0 metres at 12.5 g/t gold & 251.0 g/t silver from 15 metres (MC22DD008)

• 2.0 metres at 11.3 g/t gold, 1327.5 g/t silver & 0.3% copper from 74 metres (MCURC-122)

• 4.0 metres at 9.3 g/t gold, 62.4 g/t silver & 0.9% copper from 59 metres (MCURC-103)

• 7.0 metres at 8.5 g/t gold, 192.2 g/t silver & 2.2% copper from 55 metres (MCURC-113)

• 4.0 metres at 7.5 g/t gold & 649.1 g/t silver from 41 metres (MC22DD010)  7.0 metres at 6.8 g/t gold, 522.1 g/t silver & 0.1% copper from 39 metres (MCURC-148)  6.0 metres at 6.7 g/t gold, 209.5 g/t silver & 0.5% copper from 60 metres (MCURC-134)

• 7.0 metres at 4.7 g/t gold, 152.1 g/t silver & 2.1% copper from 46 metres (MCURC-113)

• 4.0 metres at 4.4 g/t gold, 254.0 g/t silver & 4.2% copper from 55 metres (MCURC-106); and

• 5.0 metres at 2.2 g/t gold, 180.1 g/t silver & 4.1% copper from 55 metres (MCURC-114)

Further detailed evaluation and interpretation of the drilling results is being completed to enable generation of an updated Mineral Resource estimate for Mt Carlton operations scheduled for reporting in September 2022.

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

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For further information, please visit www.navarre.com.au or contact: Ian Holland Managing Director E: info@navarre.com.au T: +61 (0)3 4329 0310

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Table 1: MCU drill hole collars

	Hole ID	Drill Type	East (GDA94)	North (GDA94)	RL (AHD)	Depth (m)	Dip	Azimuth GDA (Degrees)
	MC22DD001	DDH	556474	7757615	254.5	68	-70.2	194
	MC22DD002	DDH	556466	7757612	254.6	68	-57.6	178
	MC22DD003	DDH	556459	7757626	254.8	75	-60.9	178
	MC22DD004	DDH	556455	7757597	256.8	81	-54.8	137
	MC22DD005	DDH	556104	7757624	207.8	63	-52.8	162
	MC22DD006	DDH	556108	7757647	209.9	63	-59.8	181
	MC22DD007	DDH	556097	7757625	208.3	54	-70.7	219
	MC22DD008	DDH	555831	7757555	186.3	48	-60.7	189
	MC22DD009	DDH	555811	7757496	195.7	36	-67.0	058
	MC22DD010	DDH	555774	7757496	195.4	60	-65.9	017
	MCURC-096	RC	556513	7757613	246.2	78	-85.4	226
	MCURC-097	RC	556514	7757638	253.3	98	-70.9	136
	MCURC-098	RC	556513	7757638	253.2	92	-61.7	149
	MCURC-099	RC	556511	7757639	253.3	97	-75.2	158
	MCURC-100	RC	556507	7757638	253.3	95	-72.7	171
	MCURC-101	RC	556506	7757637	253.2	89	-55.3	187
	MCURC-102	RC	556504	7757637	253.2	95	-79.3	186
	MCURC-103	RC	556503	7757637	253.2	92	-70.6	201
	MCURC-104	RC	556502	7757638	253.3	93	-63.8	210
	MCURC-105	RC	556477	7757611	254.4	80	-79.9	175
	MCURC-106	RC	556477	7757621	254.3	86	-80.4	166
	MCURC-107	RC	556476	7757628	254.5	91	-82.2	172
	MCURC-108	RC	556470	7757629	254.7	96	-82.9	184
	MCURC-109	RC	556460	7757627	254.8	89	-80.7	183
	MCURC-110	RC	556453	7757630	254.7	93	-83.7	197
	MCURC-111	RC	556450	7757628	254.6	89	-75.3	208
	MCURC-112	RC	556451	7757622	254.3	82	-70.4	208
	MCURC-113	RC	556460	7757618	254.5	84	-80.8	182
	MCURC-114	RC	556470	7757617	254.5	82	-81.2	184
	MCURC-115	RC	556418	7757648	248.8	93	-70.8	144
	MCURC-116	RC	556418	7757647	248.9	93	-55.0	156
	MCURC-117	RC	556417	7757647	248.7	94	-62.9	170
	MCURC-118	RC	556414	7757643	248.7	91	-56.9	188
	MCURC-119	RC	556408	7757641	248.2	93	-66.0	210
	MCURC-120	RC	556410	7757648	248.4	100	-70.5	226
	MCURC-121	RC	555733	7757591	184.8	97	-56.7	150
	MCURC-122	RC	555739	7757591	185.0	95	-57.4	181
	MCURC-123	RC	555700	7757594	183.0	112	-62.9	171
	MCURC-124	RC	555702	7757595	183.1	112	-63.2	156
	MCURC-125	RC	555700	7757592	183.2	104	-56.5	179
	MCURC-126	RC	555702	7757593	183.3	33	-53.7	167
	MCURC-126A	RC	555702	7757594	183.1	93	-58.1	167
	MCURC-127	RC	555696	7757596	183.0	116	-55.2	201
	MCURC-128	RC	555697	7757544	191.8	81	-74.5	156
	MCURC-129	RC	555700	7757539	191.9	67	-77.4	200
	MCURC-130	RC	555706	7757543	192.0	79	-78.0	218
	MCURC-131	RC	555669	7757538	189.2	69	-75.4	138
	MCURC-132	RC	556480	7757607	254.6	76	-63.8	143
	MCURC-133	RC	556371	7757598	241.2	72	-79.8	343
	MCURC-134	RC	556367	7757595	240.9	78	-58.8	324
	MCURC-135	RC	556370	7757592	241.3	67	-81.9	230
	MCURC-136	RC	556361	7757592	240.6	70	-76.1	300
	MCURC-137	RC	556362	7757590	240.6	65	-81.4	266

ASX Announcement

22 April 2022

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Azimuth
East North RL Depth
Hole ID Type Dip GDA
(GDA94) (GDA94) (AHD) (m)
(Degrees)
MCURC-138 RC 556362 7757584 240.9 56 -78.2 207
MCURC-139 RC 556099 7757646 209.4 72 -80.0 207
MCURC-140 RC 556104 7757647 209.9 67 -78.7 177
MCURC-141 RC 556114 7757638 209.6 55 -70.3 147
MCURC-143 RC 555801 7757599 187.6 73 -65.0 193
MCURC-144 RC 555794 7757568 189.0 93 -73.2 231
MCURC-145 RC 555798 7757563 189.1 68 -81.3 185
MCURC-146 RC 555767 7757557 191.5 54 -66.8 266
MCURC-147 RC 555770 7757554 191.6 66 -70.8 233
MCURC-148 RC 555781 7757516 194.0 65 -76.5 309
MCURC-149 RC 555772 7757498 195.3 47 -80.4 249
MCURC-150 RC 555770 7757490 195.4 46 -79.0 206
MCURC-151 RC 555747 7757501 192.8 50 -64.4 107
MCURC-152 RC 555748 7757497 193.0 50 -65.2 139
MCURC-153 RC 555747 7757498 192.9 50 -82.5 158
MCURC-154 RC 555738 7757534 192.3 63 -79.9 093
MCURC-155 RC 555736 7757536 192.2 53 -62.1 036
MCURC-156 RC 555732 7757537 192.1 56 -63.9 008
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Table 2: MCU significant drill intercepts (>1.0 g/t gold)

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From To Interval Gold Silver Cu
Hole ID
(m) (m) (m) (g/t) (g/t) (%)
MC22DD001 40.0 49.7 9.7 2.6 124.7 2.7
49.7 52.0 2.3 1.1 26.3 0.8
MC22DD002 35.0 39.6 4.6 1.2 28.3 0.1
40.1 43.0 2.9 6.1 180.0 3.2
55.0 56.9 1.9 2.7 9.2 0.2
MC22DD003 53.0 60.0 7.0 2.7 98.2 1.7
MC22DD004 31.0 35.0 4.0 5.6 48.8 0.0
36.0 37.0 1.0 2.9 12.9 0.0
56.0 57.0 1.0 2.9 20.4 0.2
67.0 73.0 6.0 1.0 19.0 0.3
MC22DD005 23.0 30.0 7.0 1.9 33.0 0.1
MC22DD006 4.0 5.0 1.0 1.2 3.4 0.0
29.0 30.0 1.0 2.2 32.7 0.2
MC22DD007 37.0 40.0 3.0 2.1 18.5 0.1
MC22DD008 15.0 17.0 2.0 12.5 251.0 0.0
36.0 37.0 1.0 1.7 158.2 0.2
MC22DD009 19.0 23.3 4.3 4.8 196.2 0.0
MC22DD010 31.0 33.0 2.0 14.7 191.7 0.0
35.0 38.0 3.0 2.6 499.8 0.0
41.0 45.0 4.0 7.5 649.1 0.0
58.0 59.0 1.0 2.9 3.4 0.0
MCURC-096 44.0 48.0 4.0 3.8 18.8 0.3
MCURC-098 74.0 75.0 1.0 4.6 23.0 0.2
MCURC-103 59.0 63.0 4.0 9.3 62.4 0.9
67.0 68.0 1.0 1.1 11.0 0.2
MCURC-104 57.0 64.0 7.0 1.1 106.7 2.6
86.0 87.0 1.0 1.4 12.0 0.0
MCURC-105 46.0 52.0 6.0 5.1 259.2 2.5
MCURC-106 55.0 59.0 4.0 4.4 254.0 4.2
MCURC-107 60.0 66.0 6.0 3.2 42.9 0.9
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	Hole ID	From (m)	To (m)	Interval (m)	Gold (g/t)	Silver (g/t)	Cu (%)
	MCURC-109	66.0	71.0	5.0	3.1	101.2	1.6
	MCURC-110	73.0	76.0	3.0	1.2	21.9	0.5
	MCURC-111	46.0	50.0	4.0	1.5	55.2	0.8
		54.0	64.0	10.0	2.5	97.1	1.7
	MCURC-112	51.0	61.0	10.0	1.8	60.1	1.1
	MCURC-113	46.0	53.0	7.0	4.7	152.1	2.1
		55.0	62.0	7.0	8.5	192.2	2.2
	MCURC-114	55.0	60.0	5.0	2.2	180.1	4.1
	MCURC-116	60.0	65.0	5.0	2.6	158.0	3.2
	MCURC-117	44.0	45.0	1.0	1.1	28.7	0.5
		51.0	54.0	3.0	1.8	34.5	1.1
		60.0	61.0	1.0	4.6	135.7	1.9
		72.0	74.0	2.0	2.0	7.4	0.0
	MCURC-118	40.0	44.0	4.0	1.5	62.8	1.4
		57.0	60.0	3.0	1.3	39.3	1.1
		66.0	68.0	2.0	5.1	24.2	0.1
		73.0	79.0	6.0	2.7	10.7	0.0
	MCURC-119	38.0	41.0	3.0	3.4	44.0	0.6
	MCURC-120	63.0	64.0	1.0	1.5	23.9	0.3
		66.0	69.0	3.0	1.1	58.8	0.5
		77.0	78.0	1.0	1.0	11.0	0.0
	MCURC-121	67.0	71.0	4.0	18.7	162.4	0.1
	MCURC-122	19.0	21.0	2.0	2.0	30.0	0.0
		74.0	76.0	2.0	11.3	1,327.5	0.3
	MCURC-123	19.0	20.0	1.0	1.2	12.5	0.0
		66.0	67.0	1.0	2.7	10.2	0.0
		88.0	89.0	1.0	1.9	24.6	0.0
	MCURC-124	28.0	29.0	1.0	1.1	28.5	0.0
		85.0	88.0	3.0	4.1	61.9	0.0
	MCURC-125	33.0	36.0	3.0	1.0	15.4	0.0
	MCURC-126	13.0	14.0	1.0	1.1	13.8	0.0
	MCURC-126A	19.0	21.0	2.0	2.2	68.2	0.0
		74.0	76.0	2.0	1.5	6.7	0.0
	MCURC-127	34.0	36.0	2.0	1.3	17.3	0.0
		49.0	50.0	1.0	2.3	21.4	0.1
		80.0	85.0	5.0	1.8	26.7	0.0
		92.0	93.0	1.0	3.5	654.0	0.4
	MCURC-128	10.0	11.0	1.0	2.7	15.0	0.0
		16.0	18.0	2.0	1.2	40.9	0.0
		47.0	50.0	3.0	4.2	643.9	0.3
		50.0	52.0	2.0	1.1	81.5	0.1
	MCURC-129	49.1	54.0	4.9	1.7	105.7	0.1
		54.0	56.0	2.0	22.9	402.2	0.2
		56.0	57.0	1.0	1.9	38.8	0.0
	MCURC-130	66.0	68.0	2.0	3.2	170.1	0.1
	MCURC-131	55.0	60.0	5.0	3.2	280.6	0.2
	MCURC-132	39.0	42.0	3.0	1.7	143.0	2.6
		60.0	66.0	6.0	1.6	15.7	0.3
	MCURC-134	60.0	66.0	6.0	6.7	209.0	0.5
	MCURC-136	43.0	44.0	1.0	5.0	42.9	0.2
		57.0	62.0	5.0	2.1	15.3	0.0
	MCURC-137	43.0	45.0	2.0	1.1	39.0	0.2
	MCURC-139	27.0	29.0	2.0	1.2	20.7	0.1
		36.0	37.0	1.0	2.0	6.2	0.1
		41.0	44.0	3.0	1.4	3.9	0.0

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22 April 2022

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From To Interval Gold Silver Cu
Hole ID
(m) (m) (m) (g/t) (g/t) (%)
MCURC-140 33.0 36.0 3.0 3.4 18.1 0.1
40.0 43.0 3.0 6.1 7.3 0.0
MCURC-141 12.0 17.0 5.0 1.2 38.5 0.2
32.0 35.0 3.0 2.4 19.3 0.1
MCURC-143 54.0 57.0 3.0 1.1 24.6 0.0
64.0 66.0 2.0 1.5 67.0 0.1
MCURC-144 29.0 30.0 1.0 1.7 11.7 0.0
50.0 52.0 2.0 5.7 114.7 0.0
MCURC-145 5.0 8.0 3.0 1.3 22.3 0.0
27.0 29.0 2.0 1.2 29.9 0.0
34.0 36.0 2.0 3.1 505.8 0.2
36.0 37.0 1.0 1.1 86.6 0.1
39.0 42.0 3.0 1.1 73.5 0.1
MCURC-146 52.0 54.0 2.0 1.3 55.3 0.1
MCURC-147 31.0 33.0 2.0 2.1 35.3 0.1
40.0 43.0 3.0 2.1 120.8 0.1
46.0 51.0 5.0 3.3 233.7 0.2
MCURC-148 24.0 26.0 2.0 1.9 88.7 0.0
39.0 46.0 7.0 6.8 522.1 0.1
MCURC-149 25.0 28.0 3.0 1.0 65.2 0.0
34.0 37.0 3.0 3.7 225.5 0.0
MCURC-151 25.0 27.0 2.0 1.5 1,171.4 0.0
33.0 36.0 3.0 7.7 456.9 0.0
MCURC-153 36.0 40.0 4.0 1.3 75.7 0.0
MCURC-154 29.0 36.0 7.0 14.6 461.6 0.1
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Comp etent Person Statement

The information in this release that relates to Exploration Results is based on information compiled by Richard Buerger, who is a Member of the Australian Institute of Geoscientists (Member No. 6031) and who is Manager Resources of Navarre Minerals Limited. Mr Buerger 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 Buerger 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 Mineral Resources has been extracted from information announced to the ASX on 30 March 2022 by Navarre. Navarre 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 also confirms, to the best of its knowledge, that the form and context in which all material assumptions and technical parameters underpinning the estimates as presented in the relevant market announcement have not been materially modified and continue to apply.

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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 Mt Carlton United Prospect, 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 forwardlooking 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 Navarr e Min erals Limi ted

Navarre Minerals Limited (ASX: NML) is a gold producer and an advanced mineral exploration company with a core mission to develop and operate large, high-grade and long-life mineral deposits.

Based in Stawell, Victoria, Navarre to date has focused on exploring the state’s premier gold districts. In October 2021, the Company entered into an agreement to acquire the Mt Carlton Operation in northern Queensland from Evolution Mining. The Mt Carlton acquisition also includes 815 square kilometres of highly prospective tenements, which the Company intends to explore aggressively.

In Victoria, 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). Within this Project, the Company is focused on growing the recently reported maiden Mineral Resource on the margins of the Irvine basalt dome (the Resolution and Adventure prospects) and advancing the high-grade gold discovery on the 14.5 kilometre long Langi Logan basalt dome.

Navarre is also searching for high-grade gold at its St Arnaud Gold Project . Recent drilling has identified gold mineralisation beneath and adjacent to historical mine workings of the 400,000 ounce St Arnaud Goldfield.

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In joint venture with Catalyst Metals, the high-grade Tandarra Gold Project is targeting the next generation of gold deposits under shallow cover in the region. Tandarra is 50 kilometres northwest of Kirkland Lake Gold’s world-class Fosterville Gold Mine, and 40 kilometres north of the 22-million-ounce Bendigo Goldfield. At the Jubilee Gold Project, 25 kilometres southwest of the operating Ballarat Gold Mine, the Company is targeting extensions and repetitions of an historically mined transverse gold-bearing quartz reef. These structures are similar to Fosterville’s high-grade Swan-Eagle system.

See more at www.navarre.com.au

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APPENDIX 1: JORC Code, 2012 Edition – Table 1

Section 1: Sampling Techniques and Data

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Criteria JORC Code explanation Commentary
 Nature and quality of sampling (e.g. cut channels, random  Sampling of the mineralisation at Mt Carlton for the 2022 drill
Sampling techniques
chips, or specific specialised industry standard measurement program has been completed on Reverse Circulation (RC) drill
tools appropriate to the minerals under investigation, such holes and Diamond Core (DD) drill holes. RC samples have
as down hole gamma sondes, or handheld XRF instruments, been split using a riffle splitter that was mounted on the drill
etc). These examples should not be taken as limiting the rig underneath the cyclone. The riffle splitting was completed
broad meaning of sampling. to obtain a representative 3 kg sub-sample of the 1 m down-
 Include reference to measures taken to ensure sample hole sample interval. The cyclone and riffle splitter have been
representivity and the appropriate calibration of any routinely cleaned between drill rods and drill holes to maintain
measurement tools or systems used. sample hygiene. Wet or moist samples have been recorded
 Aspects of the determination of mineralisation that are by the drillers on their drill plods. Entire RC drill holes have
Material to the Public Report. been sampled for all resource definition holes. DD samples
 In cases where ‘industry standard’ work has been done this have been cut in half using a diamond saw along either
would be relatively simple (e.g. ‘reverse circulation drilling orientation lines or cut lines, with a consistent side of the cut
was used to obtain 1 m samples from which 3 kg was sample selected for assay to ensure unbiased sampling.
pulverised to produce a 30g charge for fire assay’). In other Within mineralised zones, sample intervals have been
cases, more explanation may be required, such as where selected to reflect mineralisation widths where appropriate.
there is coarse gold that has inherent sampling problems. Single intervals have not exceeded 1.4 m in length to ensure
Unusual commodities or mineralisation types (e.g. that a sample less than 3 kg has been submitted to the
submarine nodules) may warrant disclosure of detailed laboratory for processing and analysis.
information.  The sampling and assaying methods are considered
appropriate for the epithermal style mineralised system
targeted and are representative for the mineralisation style.
The sampling and assaying suitability has been validated
using Mt Carlton’s QAQC protocol and no instruments or tools
requiring calibration have been used as part of the sampling
process.
 All RC chip samples and cut half core DD samples have been
dried, crushed and pulverised (total preparation) to produce a
50g charge for fire assay of gold. Ag, As, Bi, Cd, Cu, Fe, Pb, S,
Sb and Zn have also been assayed in addition to Au assays
using an aqua-regia digest with ICP/AES finish.
 Drill type (e.g. core, reverse circulation, open-hole hammer,  Reverse Circulation drilling has been completed using a 5.5”
Drilling techniques
rotary air blast, auger, Bangka, sonic, etc) and details (e.g. face sampling hammer.
core diameter, triple or standard tube, depth of diamond  The diamond core drill holes have been drilled at HQ3 size,
tails, face-sampling bit or other type, whether core is with a Reflex Act RD2 orientation tool used at regular intervals
oriented and if so, by what method, etc). to orientate the core.
 Method of recording and assessing core and chip sample  Measures taken to maximise sample recovery during RC
Drill sample
recoveries and results assessed. drilling include ensuring the sample box was cleaned metre by
recovery
 Measures taken to maximise sample recovery and ensure metre using marks on the drill mast, ensuring the splitter was
representative nature of the samples. level, cleaning out sample chutes routinely and weighing (1:20)
 Whether a relationship exists between sample recovery and of bulk, primary and duplicate samples. When required
grade and whether sample bias may have occurred due to sampling chutes on the splitter were adjusted to maintain a
preferential loss/gain of fine/coarse material. consistent representative sample. If water was encountered
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Criteria	JORC Code explanation	Commentary
		during RC drilling, samples that were affected were recorded by the drillers on their drill plods.  For diamond drill holes, core recovery measurements are routinely collected and compared against the drillers core blocks to ensure adequate core recovery. Core loss blocks have been inserted by the drillers and verified by Mt Carlton staff during core markup, with sample intervals adjusted to ensure that core loss zones are not included in the sample interval. Core recovery for all deposits is considered adequate with in excess of 90% recovery recorded for the areas in and adjacent to the mineralisation.  The measures in place for the 2022 RC and DD drilling programs are considered suitable to ensure a high level of sample recovery and representivity of the interval.
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.	 RC drill chips have been sieved and collected in chip trays for every 1 m sample. These have been geologically logged by a qualified Geologist capturing the relevant lithological, alteration, texture, weathering and mineralisation attributes of the chips. All intervals are geologically logged for RC drillholes. All logging is captured directly into computers using LogChief software with inbuilt validation processes to ensure data integrity.  All drill cores are geologically logged as full core with all relevant lithological, alteration, texture, veining, structure, weathering and mineralisation features collected via LogChief digital data capture. For orientated core, structural measurements are routinely recorded of key geological and mineralisation features to assist with the interpretation and modelling process. All drill cores have been photographed (wet and dry), with these high-resolution photos stored on the site server which is routinely backed up.  Drill cores are routinely geotechnically logged, with core recovery, RQD and details of joint spacing and infill collected.  All core and RC chip logging is qualitative in nature.
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.	 RC samples were taken as primary splits of bulk samples using a riffle splitter with adjustable sample chutes, attached to the RC cyclone beneath the sample collection box. This has resulted in approximately 3 kg of sample being collected for every 1 m sample. The sample sizes collected are considered appropriate for the style of mineralisation being tested. Samples have been collected dry where possible. In drill holes with excessive water in the sample return resulting in potential contamination have been terminated.  Drill core sampling has utilised a diamond core saw to cut the core in half adjacent to either an orientation or cut line. A consistent side of the cut sample has been selected for assaying to minimise any bias through preferential sampling.

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Criteria	JORC Code explanation	Commentary
		Sample intervals have been selected by the logging Geologist using prescribed minimum and maximum sample lengths suitable for the mineralisation style being tested. The drill core sample methodology is considered appropriate for the style of mineralisation being targeted at Mt Carlton.  Sample preparation of RC and DD samples has been undertaken by external laboratories according to the sample preparation and assaying protocol established to maximise the representation of epithermal style Au-Ag-Cu mineralisation.  The sample preparation has been conducted by commercial laboratories. All samples are oven dried (between 85°C and 105°C), jaw crushed to nominal <3mm and if required split by a riffle splitter device to a maximum sample weight of 3 kg as required. The primary sample is then pulverised in a one stage process, using a LM5 pulveriser, to a particle size of >90% passing 75um. Approximately 200 g of the primary sample is extracted by spatula to a numbered paper pulp bag that is used for a 50 g fire assay charge. The pulp and bulk residue are retained at the lab until further notice.  Quality control procedures adopted to maximise sample representation for all sub-sampling stages include the collection of coarse-crush laboratory duplicates and the insertion of certified reference material as assay standards (1 in 20) and the insertion of blank samples (1 in 20) or at the geologist’s discretion.  It is considered that all sub-sampling and lab preparations are consistent with other laboratories in Australia and are satisfactory for the intended purpose.
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.	 The sampling preparation and assaying protocol used at Mt Carlton has been developed to ensure the quality and suitability of the assaying and laboratory procedures relative to the mineralisation types targeted.  Fire assay is designed to measure the total gold within a sample. Fire assay has been confirmed as a suitable technique for epithermal type Au - Ag mineralisation. It has been extensively used throughout the Mt Carlton region.  The technique utilised a 50 g sample charge with a lead flux, which is decomposed in a furnace with the prill being totally digested by 2 acids (HCI and HN03) before the gold content is determined by an AAS machine. For some samples gold content was determined using OES instead of AAS with the same detection limit reported.  Quality control samples were routinely inserted into the sampling sequence Blank and standard CRMs were inserted every 20th sample. Six (6) different Au grade CRMs have been

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Criteria	JORC Code explanation	Commentary
		cycled through, with the selection of the CRM dependent on the expected grade of the mineralisation. The accuracy of the CRMs is monitored on a batch-by-batch basis using a 2 Standard Deviation tolerance, with the precision of the CRMs monitored over time by comparison between the expected CRM assay and the mean of the CRMs of a specific time period.  Coarse-crush duplicates have been inserted every other 20th sample. A tolerance of 10 times the detection limit is applied when analysing the performance of the blank, with any batch that contains a blank failing this threshold reanalysed.  Batches which fail quality control checks are re-analysed.  ICP multielement analysis was conducted for all holes in addition to the gold analysis. For resource definition and some exploration holes, either 4-acid ICP-MS or 4-acid ICP-OS was used. For most exploration holes, 9 out of 10 samples were assayed by ICP-OS using an aqua regia digestion and every 10th sample analysed by ICP-MS with a 4-acid digestion.
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.	 No external verification has been completed on the intercepts included in this announcement, although the individual intercepts have been reviewed by Company personnel against the RC chip trays and DD core photos to ensure that the mineralisation as logged is consistent with the reported intersections.  Comparisons between the different drilling methods are routinely completed as part of the database validation process completed during the interpretation and modelling of the mineralisation.  The quality control / quality assurance (QAQC) process ensures the intercepts are representative for epithermal gold systems. Sample pulps are retained for when further verification is required.  A number of the DD drill holes in this release are effectively twinned drill holes of existing RC drill holes. Comparative analysis between the two methods for these intercepts indicates no systematic bias.  Assay data is loaded directly into Datashed in batches. In-built checks in Datashed flags errors and ensures batches pass validation checks prior to upload. Validation checks include mis-matching sample numbers, inconsistent “depth to intervals” etc. A batch QAQC control chart report is generated once the batch is successfully loaded. Visual checks of standards, duplicates and blanks of reported assays are also conducted before batches are uploaded into Datashed. Assay

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Criteria JORC Code explanation Commentary
data is plotted in mining software package (Leapfrog) as a final
validation check for collar location, hole path and assay data.
 No adjustment or calibrations were made to any assay data
used in this report.
 Accuracy and quality of surveys used to locate drill holes  All drill holes at Mt Carlton United have been surveyed for
Location of data
(collar and down-hole surveys), trenches, mine workings and easting, northing and reduced level using a RTKGPS. Recent
points
other locations used in Mineral Resource estimation. data is collected and stored in MGA 94 Zone 55.
 Specification of the grid system used.  Topographic control was generated from aerial LIDAR DTM
 Quality and adequacy of topographic control. surveys and from previous drilling data sets.
 Downhole surveys are completed by the drillers using a Reflex
digital camera, with these surveys entered into Datashed and
verified for consistency in Leapfrog Geo.
 Topographic control at Mt Carlton United is considered
adequate as the deposit has been surveyed using a high
resolution LIDAR survey. Routine validation of the drill hole
collar locations against this topographic surface have been
completed as part of the interpretation and modelling process
with a 2 m threshold used as a trigger (to account for pad
clearing and excavation due to the topography of the project).
 Data spacing for reporting of Exploration Results.  Data includes Exploration and Resource Definition infill.
Data spacing and
 Whether the data spacing and distribution is sufficient to Resource definition drill programs drilled to a spacing of 20 m
distribution
establish the degree of geological and grade continuity by 20 m, appropriate for a Mineral Resource. This spacing
appropriate for the Mineral Resource and Ore Reserve includes data that has been verified from previous exploration
estimation procedure(s) and classifications applied. activities on the project.
 Whether sample compositing has been applied.  Data spacing and distribution has been designed to collect
enough data for establishing geological and grade continuity
appropriate for classifying an Indicated Mineral Resource in
some parts of Mt Carlton United, as well as explore along the
strike of key mineralised structures for further mineralisation.
 Sample compositing was not applied due to the often-narrow
mineralised zones.
 Whether the orientation of sampling achieves unbiased  Mineralisation at Mt Carlton United comprises predominantly
Orientation of data
in relation to sampling of possible structures and the extent to which this flat-lying to shallow dipping stacked mineralised zones, except
is known, considering the deposit type.
geological structure for a steeply dipping high grade mineralised “feeder” zone in
 If the relationship between the drilling orientation and the
the western part of the deposit. The surface drilling has been
orientation of key mineralised structures is considered to
designed to intersect the mineralisation at an angle to
have introduced a sampling bias, this should be assessed
minimise any bias. A number of historic drill holes have been
and reported if material.
at very low angles to the current mineralisation interpretation,
with these drill holes set to be excluded from future Mineral
Resource Estimations.
 The relationship between the drilling orientation and the
orientation of mineralised structures at Mt Carlton United is
not considered to have introduced a sampling bias to drilling
and is not considered to be material.
 The measures taken to ensure sample security.  Chain of custody protocols to ensure the security of samples
Sample security
are followed. Prior to submission samples are retained on site
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Criteria	JORC Code explanation	Commentary
		where access to the samples is restricted. Samples are delivered to the Townsville laboratory either in person by company personnel or through a third-party trucking company in cages or crates. Where samples on delivery arrive late at the laboratory facility, they are kept in locked yards prior to delivery. A reconciliation report is sent via email from the Laboratories to acknowledge sample receipt.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 No internal or external audits or reviews have been conducted on the sampling techniques for the Mt Carlton United projects to date. Laboratory audits have been conducted on the respective commercial laboratories in Townsville.
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.	 This drilling program is within ML10343. The ML area covers 1151.9 ha. Native title agreements are in place for activities within the Mining Lease, and surrounding EPM’s.  ML 10343 is surrounded by a number of EPM’s forming the Mt Carlton project area, with ML10343 within EPM10164. The Mt Carlton project currently covers 875km2, the EPM’s are in good standing with no significant risk regarding land access which inhibit future work. A royalty agreement is currently in place between Conquest Mining Pty Ltd and Gold Fields Australasia Pty Ltd.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 Exploration within the Mt Carlton EPM’s and ML10343 commenced in the 1970’s, with BHP, Ashton Mining, MIM exploration and others exploring the Capsize Range area within the current EPM10164 for porphyry copper and epithermal styles of mineralisation. In 2006, Conquest Mining discovered the V2 high sulphidation epithermal Au-Cu deposit, and Ag-rich A39 deposit, with follow up work within the ML10343.
Geology	 Deposit type, geological setting and style of mineralisation.	 Mt Carlton United is hosted within Early Permian Lizzie Creek Volcanic Group rocks close to the northern margin of the Bowen Basin.  Mineralisation at Mt Carlton ranges from high sulphidation to lower sulphidation epithermal Au-Ag-Cu mineralisation.  Mt Carlton United is considered to be an intrusion-related low sulphidation epithermal Au-dominant deposit, hosted within rhyodacite volcanic and volcaniclastic sequence.  Mineralisation in the central and eastern parts of the deposit occurs in a series of stacked shallowly dipping mineralised horizons, whereas in the western area, the mineralisation is flatter lying and is interpreted to be more heavily influenced by supergene processes. A moderate to steeply high-grade feeder structure has been identified in this western area, with a

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Criteria JORC Code explanation Commentary
number of the higher grade intercepts proximal to this
structure.
 A summary of all information material to the understanding  Table 1 of this release contains the relevant collar coordinates
Drill hole
of the exploration results including a tabulation of the (Easting, Northing and Reduced Level) for the drill holes
Information
following information for all Material drill holes: completed as part of this drill program, along with the drill hole
o easting and northing of the drill hole collar depth and drill hole orientation (dip and azimuth). All
o elevation or RL (Reduced Level – elevation above sea coordinates have been reported in GDA94.
level in metres) of the drill hole collar  Refer to the drill hole information in Table 2 of this release for
o dip and azimuth of the hole significant assays from this drilling program.
o down hole length and interception depth  Plans are included in the report showing 2021 drill collars in
o hole length. relation to previous drill collars.
 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.
 In reporting Exploration Results, weighting averaging  Intercept length weighted average techniques, minimum grade
Data aggregation
techniques, maximum and/or minimum grade truncations truncations and cut-off grades have been used in this report.
methods
(e.g., cutting of high grades) and cut-off grades are usually  Composite lengths and grade as well as internal significant
Material and should be stated. values are reported in the Drill Hole Information Summary in
 Where aggregate intercepts incorporate short lengths of Table 2.
high-grade results and longer lengths of low grade results,  At Mt Carlton United, composite grades >0.5 g/t Au have been
the procedure used for such aggregation should be stated reported with no more than 3 m of internal dilution (<0.5g/t
and some typical examples of such aggregations should be Au).
shown in detail.  No metal equivalent values have been used.
 The assumptions used for any reporting of metal equivalent
values should be clearly stated.
 These relationships are particularly important in the  The majority of the mineralisation at Mt Carlton United is
Relationship
reporting of Exploration Results. interpreted to be shallowly dipping hence the mineralisation
between
 If the geometry of the mineralisation with respect to the drill widths and intercept lengths are closely correlated.
mineralisation
hole angle is known, its nature should be reported.  Intersections into the high-grade feeder zone are at a more
widths and intercept
 If it is not known and only the down hole lengths are oblique angle, with the true widths ranging from between 50 –
lengths
reported, there should be a clear statement to this effect 80% of the reported down-hole lengths.
(e.g. ‘down hole length, true width not known’).  The assays are reported as down hole intervals only. True
widths of intersections will be ascertained once the
mineralisation interpretation has been finalised as part of the
upcoming mineral resource estimate for Mt Carlton United.
 Appropriate maps and sections (with scales) and tabulations  Drill hole location diagrams and representative sections of
Diagrams
of intercepts should be included for any significant discovery reported Mt Carlton United exploration results are provided in
being reported These should include, but not be limited to a the release text.
plan view of drill hole collar locations and appropriate
sectional views.
 Where comprehensive reporting of all Exploration Results is  All significant drill intercepts above 0.5g/t Au have been
Balanced reporting
not practicable, representative reporting of both low and reported.
high grades and/or widths should be practiced to avoid
misleading reporting of Exploration Results.
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Criteria	JORC Code explanation	Commentary
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.	 As part of the project development work being completed at Mt Carlton United, metallurgical test work and geotechnical drill holes have been completed, with the results of the metallurgical test work drill holes included in this release.
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.	 Following completion of the interpretation and modelling for Mt Carlton United using these results, additional infill drill holes, comprising a mixture of RC and diamond core will be planned and completed to refine the geological and grade continuity modelling for the deposit.

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