AUREKA LIMITED — Capital/Financing Update 2022

Jan 20, 2022

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ASX Announcement
21 January 2022
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MAIDEN DIAMOND DRILLING ON ST ARNAUD’S NELSON LINE INTERSECTS BROAD GOLD AND SILVER MINERALISATION

THE DRILLING CONFIRMS BROAD ZONES OF GOLD MINERALISATION AND VIS IBLE GOLD BENEATH HISTORIC MINING ON THE NELSON LINE OF LODE

• Navarre has received diamond core assay results for a 17-hole program consisting of 4,580 metres of drilling at the St Arnaud Gold Project in western Victoria.

• The drilling intersected two prominent quartz-sulphide bearing structures containing broad zones of gold mineralisation and rare visible gold.

• Highlight results include:

• 1.0 metre at 13.9 grams per tonnes (g/t) gold within a broader zone of 25.3 metres at 1.7 g/t gold from 157.7m (NED008)

• 4.6 metres at 3.2 g/t gold & 26.9 g/t silver from 194m (NED009)

• 4.0 metres at 2.4 g/t gold & 15.9 g/t silver from 165.8m (NED010)

• 8.3 metres at 2.1 g/t gold & 1.6 g/t silver from 266.7m (NED011)

• The drilling tested the potential for mineral resources beneath and adjacent to the Comstock open pit, on the Nelson Line of Lode that was mined late last century.

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is pleased to report diamond core assay results from the recently completed drilling program at its wholly owned St Arnaud Gold Project, 240 kilometres northwest of Melbourne, Victoria Australia (Figure 1).

The new assay results come from a 17-hole program consisting of 4,580 metres of drilling, which tested the shallow gold potential beneath the old Comstock open pit on the Nelson Line (Figures 2 & 3). The Nelson Line is one of three main lines of reef worked within the historical 400,000-ounce St Arnaud Goldfield.

The drilling has intersected two main mineralised quartz-sulphide bearing structures containing broad zones of irregularly distributed low to medium grade gold, silver and arsenic assays and rare visible gold (Figure 4).

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The drilling also highlights the development of a higher-grade, steeply south plunging gold shoot around the intersection of the bedding parallel Comstock with the discordant Walkers shear zones (Figure 5). This mineralisation has similar geometry to historically mined shoots within the St Arnaud Goldfield and remains open at depth and along strike to the north.

Highlight results include:

• 1.0 metre at 13.9 g/t gold within a broader zone of 25.3 metres at 1.7 g/t gold from 157.7m (NED008)

• 4.6 metres at 3.2 g/t gold & 26.9 g/t silver from 194m (NED009)

• 4.0 metres at 2.4 g/t gold & 15.9 g/t silver from 165.8m (NED010)

• 8.3 metres at 2.1 g/t gold & 1.6 g/t silver from 266.7m (NED011)

• 1.9 metres at 5.0 g/t gold within a broader zone of 8.2 metres at 1.3 g/t gold from 152.4m (NED004)

• 6.4 metres at 1.3 g/t gold from 250.6m (NED007)

The St Arnaud Goldfield consists of the New Bendigo (Bristol), New Chum and Nelson lines (Figure 2). The Nelson Line produced the most gold and was worked over a strike extent of approximately five kilometres to a maximum depth of 685 metres in the goldfield’s deepest mine, the Lord Nelson Mine.

The Lord Nelson Mine was the only mine to produce gold from sulphide ores below a depth of 200 metres, with records showing a total of 323,000 recovered ounces.

Navarre Managing Director, Ian Holland said:

“The Company is pleased with the results from its first round of diamond core drilling on the Nelson line of reef.

• “We are encouraged by the presence of quartz - sulphide mineralisation with rare visible

• gold within two main reef structures beneath the old pit.

“The recognition of a higher-grade gold shoot with similar geometry to those historically mined within the prolific St Arnaud Goldfield gives us confidence to forge ahead with our methodical evaluation of what is the second largest hard-rock goldfield in Victoria’s Stawell Geological Zone.”

The latest diamond core drilling results follow up on previously reported high-grade gold intercepts recorded in reconnaissance air-core drilling (refer ASX announcement of 16 June 2021).

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The Company’s next step at St Arnaud is to complete two-kilogram bulk leach extractable gold (BLEG) sampling, to test for the presence of coarse, ‘nuggety’ gold potentially missed by the routine 50-gram fire assays. The mineralisation remains open along strike and will be subject to follow-up drilling.

The drilling program in detail

This announcement relates to Navarre’s recently completed, 4,580 metre diamond core drilling program that followed up encouraging air-core (AC) gold intersections around historic workings on the Nelson line of reef (Figures 2 - 6).

The target area was focused beneath the Comstock open pit mine on the Nelson Line, the richest historical line of reef within the St Arnaud Goldfield that produced 400,000 ounces between 1855 and 1916 at an average grade of 15 grams per tonne (Figure 2).

The program was Navarre’s first diamond core testing on the Nelson Line and follows encouraging gold assay results returned from reconnaissance AC drilling (see ASX announcement on 16 June 2021).

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

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Figure 2: Plan showing the three major lines of reef worked within the historical St Arnaud Goldfield and the location of Navarre’s significant drilling intercepts.

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Figure 3: Aerial photograph looking south over two diamond core drilling rigs on the eastern rim of the old Comstock open pit (September 2021).

Navarre has received assay results for all seventeen holes of the diamond core drilling program. This drilling has intersected two main quartz reef structures (Comstock and Walkers), lesser mineralised shears and associated quartz stockwork zones (refer Figures 4 - 6):

• Comstock Shear – a variably 1 to 20-metre-wide northwest-trending mineralised quartz reef structure. Historically this reef was mined in the Comstock open pit over a strike extent of 330 metres. This is the most continuous structure intersected in the drilling program. The structure contains zones of strong sulphide mineralisation in the form of arsenopyrite, pyrite + galena + sphalerite (strong pathfinder elements in most Victorian gold deposits). This shear has been confirmed by drilling over a 260 metre strike extent and to approximately 200 metres depth. The structure remains open along strike and at depth (Figure 4).

• Walkers Shear – an irregular 0.5 to 5-metre-wide quartz reef and stockworks structure containing zones of strong sulphide mineralisation in the form of arsenopyrite + galena + sphalerite and rare visible gold. This shear has been confirmed by drilling over a 250 metre strike extent and to 200 metres depth. This structure trends slightly oblique to the strike of the Comstock Shear and is interpreted to intersect the Comstock Shear in the northern end of the old open pit where higher-grade intercepts define a steeply plunging gold shoot (Figure 5). This gold shoot remains open to the north and at depth (see Figure 5).

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Figure 4: Comstock Pit – Location of diamond core drilling and simplified geology.

Significant diamond core drilling intercepts from the Nelson Line include (see Tables 1 & 2; Figures 4 -

6):

• 1.0 metre at 13.9 g/t gold within a broader zone of 25.3 metres at 1.7 g/t gold from 157.7m (NED008)

• 4.6 metres at 3.2 g/t gold & 26.9 g/t silver from 194m (NED009)

• 4.0 metres at 2.4 g/t gold & 15.9 g/t silver from 165.8m (NED010)

• 8.3 metres at 2.1 g/t gold & 1.6 g/t silver from 266.7m (NED011)

• 1.9 metres at 5.0 g/t gold within a broader zone of 8.2 metres at 1.3 g/t gold from 152.4m (NED004)

• 6.4 metres at 1.3 g/t gold from 250.6m (NED007)

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The results indicate:

1. Gold mineralisation occurs in planar, bedding parallel to slightly oblique northwest trending quartz reef structures that are generally inclined steeply to the west at approximately 70 – 75 degrees (Figure 6).

2. The auriferous quartz reefs and stockwork zones contain irregularly distributed low to medium grade gold, silver and arsenic grades with rare visible gold that vary from a few metres to 20 metres in thickness.

3. The quartz reef textures vary from laminated, brecciated to massive (buck) with the former textures related to higher grade gold mineralisation as compared to buck vein zones. The buck quartz zones appear to be emplaced after the earlier laminated to brecciated quartz types.

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.

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Figure 5: Longitudinal projection of the Comstock Shear showing significant drill intercepts (refer to Figure 4 for location).

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Figure 6: Cross section interpretation through a gold shoot located in the northern end of the old Comstock open pit (refer to Figure 4 for location).

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 2).

The Nelson Line produced the most gold and was worked over a strike extent 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 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 subject to follow-up drilling. The best gold result was 4 metres at 6.6 grams per tonne gold from 48m (SAC022) and the best silver result was 1 metre at 67.4 g/t silver from 50m (SAC055).

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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Table 1: St Arnaud diamond core drill hole collars

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Azimuth
East North RL Depth
Hole ID Dip GDA Prospect
(GDA94) (GDA94) (AHD) (m)
(Degrees)
NED001 701206 5947827 246.3 379.4 -42 232 Comstock
NED002 701207 5947826 246.3 200.0 -54 212 Walkers
NED003 701208 5947825 246.2 301.1 -36 205 Walkers
NED004 701204 5947828 246.2 312.6 -38 250 Comstock
NED005 701205 5947828 246.3 284.1 -48 242 Walkers
NED006 701061 5947936 251.8 221.3 -42 224 Comstock
NED007 701062 5947937 251.8 352.9 -57 233 Comstock
NED008 701061 5947937 251.8 248.3 -47 248 Comstock
NED009 701062 5947936 251.8 266.6 -45 218 Comstock
NED010 701060 5947938 251.7 239.6 -39 264 Comstock
NED011 701061 5947938 251.7 290.4 -57 255 Comstock
NED012 701209 5947824 246.2 253.4 -41 188 Walkers
NED013 700900 5947730 259.8 251.1 -45 061 Comstock
NED014 700899 5947729 259.8 341.6 -65 063 Comstock
NED015 700898 5947730 259.8 300.0 -60 040 Comstock
NED016 700914 5947814 256.3 207.1 -42 020 Comstock
NED017 700916 5947812 256.4 131.2 -44 058 Comstock
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Table 2: St Arnaud significant gold intercepts (NED001 – NED017)

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From To Interval Gold Arsenic Silver
Hole ID Comment
(m) (m) (m) (g/t) (ppm) (g/t)
NED001 178.7 205.1 26.4 0.3 1892 0.4 Walkers Shear
including 178.7 187.3 8.6 0.5 2252 0.5
and 199.2 205.1 5.9 0.5 1870 0.6 Walkers Shear
and 265.8 262.2 0.4 1.0 3720 0.9 Comstock Shear Footwall
and 314.9 315.7 0.8 0.3 228 0.3 Comstock Shear
and 333.3 333.6 0.3 0.4 448 0.3 Comstock Shear
NED002 108.5 108.9 0.4 0.5 2060 0.2 Walkers Stockwork
NED003 70.0 70.6 0.6 0.3 33 Walkers Stockwork
and 81.4 82.4 1.0 0.3 38 Walkers Stockwork
and 91.7 93.7 2.0 1.0 203 Walkers Stockwork
and 112.6 113.1 0.5 0.4 130 Walkers Stockwork
and 116.3 117.1 0.8 0.4 56 Walkers Stockwork
and 119.0 119.8 0.8 0.4 84 Walkers Stockwork
and 123.2 124.2 1.0 0.4 63 Walkers Stockwork
and 138.3 138.8 0.5 0.6 2350 Walkers Shear Footwall
and 148.1 148.7 0.6 0.8 4930 0.4 Walkers Shear
and 155.0 156.0 1.0 0.3 57 Walkers Shear Hangingwall
and 241.1 242.9 1.8 0.4 453 0.6 Walkers Shear Hangingwall
NED004 142.7 143.4 0.7 0.4 2880 0.2 Walkers Stockwork
and 152.4 160.6 8.2 1.3 141 Walkers Stockwork
including 152.4 154.3 1.9 5.0 116
and 171.3 172.3 1.0 0.3 63 0.1 Walkers Shear Footwall
and 174.5 176.5 2.0 0.6 99 0.6 Walkers Shear Footwall
and 202.1 202.8 0.7 0.4 97 0.1 Walkers Shear
and 207.9 209.7 1.8 0.5 2423 0.3 Walkers Shear
and 217.6 226.1 8.5 0.6 1691 1.7 Walkers Shear
and 262.4 262.9 0.5 0.7 568 1.4 Comstock Shear Footwall
and 271.8 273.3 1.5 1.3 723 1.9 Comstock Shear
and 276.1 277.2 1.1 0.8 3291 2.8 Comstock Shear
and 284.2 285.1 0.9 2.5 5973 78.8 Comstock Shear Hangingwall
NED005 222.5 222.8 0.3 0.3 754 Walkers Shear Footwall. Visible Gold
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From To Interval Gold Arsenic Silver
Hole ID Comment
(m) (m) (m) (g/t) (ppm) (g/t)
and 233 241.3 8.3 0.3 403 Walkers Shear Hangingwall
NED006 19.1 19.6 0.5 0.5 436 0.3 Walkers Stockwork
and 22.8 23.8 1.0 2.3 272 Walkers Stockwork
and 153.7 162.4 8.7 0.6 485 1.5 Walkers Shear
and 170.5 175 4.5 1.1 2063 4.5 Comstock Shear
NED007 91 92 1.0 2.4 68 Walkers Stockwork
and 99.6 100.2 0.6 0.4 2150 Walkers Stockwork. Visible Gold
and 167.5 170.2 2.7 1.1 62 Walkers Shear Footwall
and 191 192 1.0 0.4 64 Walkers Shear Hangingwall
and 245.5 257 11.5 0.8 2684 0.9 Comstock Shear
including 250.6 257 6.4 1.3 4232 1.2
and 261.6 262.5 0.9 0.5 1780 0.4 Comstock Shear
and 265.5 266.2 0.7 1.1 357 1.3 Comstock Shear
and 278 279 1.0 0.5 338 0.9 Comstock Shear Hangingwall
and 291 292 1.0 0.4 175 0.6 Comstock Shear Hangingwall
NED008 157.7 183 25.3 1.7 291 2.0 Comstock Shear
including 157.7 158 0.3 8.6 69 Comstock Shear Footwall
including 161 162 1.0 13.9 101 Comstock Shear Footwall
including 164 170 6.0 0.9 219 Comstock Shear Footwall
including 174 183 9.0 2.3 603 5.7 Comstock Shear
and 202.3 203.2 0.9 0.5 142 1.0 Comstock Shear Hangingwall
NED009 16 16.9 0.9 0.5 659 0.3 Walkers Stockwork
and 158.4 159 0.6 0.7 42 Walkers Shear Footwall
and 162 164 2.0 1.3 240 Walkers Shear Footwall
and 167 168 1.0 0.6 30 Walkers Shear
and 178 179 1.0 0.4 38 0.2 Walkers Shear Hangingwall
and 182 183 1.0 0.3 1870 1.1 Comstock Shear Footwall
and 194 198.6 4.6 3.2 1001 26.9 Comstock Shear
and 242 243 1.0 0.4 26 Comstock Shear Hangingwall
NED010 165.75 169.7 4.0 2.4 1247 15.9 Comstock Shear
NED011 152.6 153.6 1.0 1.2 46 Walkers Shear Footwall
and 155.9 157 1.1 0.8 42 Walkers Shear Footwall
and 226.7 227.4 0.8 0.5 9520 Comstock Shear Footwall
and 235.6 249.3 13.7 0.5 3397 0.6 Comstock Shear Footwall
and 265 266 1.0 0.4 10000 Comstock Shear
and 266.7 275 8.3 2.1 5964 1.6 Comstock Shear
including 272.9 274 1.1 6.7 10000 5.9
and 279 282 3.0 1.4 269 7.7 Comstock Shear Hangingwall
and 283.2 285.5 2.3 0.5 298 0.5 Comstock Shear Hangingwall
and 290 290.4 0.4 0.7 2690 0.9 Comstock Shear Hangingwall
NED012 155.5 156.2 0.7 1.2 21 Walkers Stockwork
and 213.4 241.5 1.1 1.0 1045 0.3 Walkers Shear
and 235.4 236.3 0.9 0.8 19 0.5 Walkers Shear Hangingwall
NED013 149.8 150.2 0.4 0.4 4790 0.7 Comstock Shear Hangingwall
and 156.3 157 0.7 1.1 120 0.4 Comstock Shear Hangingwall
and 161.6 162.1 0.5 1.4 4310 1.3 Comstock Shear
and 169.8 170.8 1.0 0.5 165 0.6 Comstock Shear Footwall
and 191.9 192.7 0.8 0.4 252 1.2 Walkers Shear Hangingwall
and 194.3 196.4 2.1 0.9 1009 1.3 Walkers Shear
and 205.9 206.6 0.7 0.4 62 Walkers Shear Footwall
and 216.1 217 0.9 0.5 778 0.3 Walkers Shear Footwall
NED014 195.7 196.7 1.0 1.2 374 0.6 Comstock Shear Hangingwall
and 205.2 205.7 0.5 0.7 5430 0.7 Comstock Shear Hangingwall
and 241.2 242.9 1.7 1.6 1258 3.9 Comstock Shear
and 278 278.4 0.4 0.8 1890 0.4 Walkers Shear
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ASX Announcement

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From To Interval Gold Arsenic Silver
Hole ID Comment
(m) (m) (m) (g/t) (ppm) (g/t)
NED015 223.6 234.4 10.8 0.8 1756 2.3 Comstock Shear
NED016 89.7 90.7 1.0 0.4 445 0.8 Comstock Shear Hangingwall
and 140.6 141.6 1.0 0.6 445 0.8 Comstock Shear
and 155 156.1 1.1 2.5 14 Comstock Shear Footwall
and 161.7 162.6 0.9 0.5 32 Comstock Shear Footwall
and 174.7 176.5 1.8 1.4 23 Comstock Shear Footwall
and 188.6 189.6 1.0 0.7 55 Comstock Shear Footwall
and 190.6 191.6 1.0 0.9 60 0.7 Comstock Shear Footwall
and 198.4 199.4 1.0 0.4 56 Comstock Shear Footwall
NED017 76 81 5.0 0.5 407 0.5 Comstock Shear Hangingwall
and 104 106.9 2.9 0.6 353 0.7 Comstock Shear
and 116 116.7 0.7 1.4 353 0.7 Walkers Shear
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JORC Reporting of Histori cal St Arn aud Explor ation Results

Some data disclosed in this release is historical in nature. Although Navarre has reviewed and assessed these historical 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 data generated by these companies.

The historical St Arnaud exploration results were accessed from various public domain company annual technical reports and downloaded from the Victorian State Government’ GeoVic website https://earthresources.vic.gov.au/geology-exploration/maps-reports-data.

Comp etent 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 Geoff McDermott, who is a Member of The Australian Institute of Geoscience and who is Technical Director of Navarre Minerals Limited. Mr McDermott 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 McDermott 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 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.

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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.

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 LionGold’s 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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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  The diamond drill core samples were selected on geological
Sampling techniques
chips, or specific specialised industry standard measurement intervals varying from 0.3m to 1.4m in length.
tools appropriate to the minerals under investigation, such  Drill core was routinely cut in half (usually on the right of the
as down hole gamma sondes, or handheld XRF instruments, marked orientation line) with a diamond saw, and one half
etc). These examples should not be taken as limiting the submitted for analysis.
broad meaning of sampling.  Sample representivity was ensured by a combination of
 Include reference to measures taken to ensure sample Company procedures regarding quality control (QC) and
representivity and the appropriate calibration of any quality assurance/ Testing (QA). Certified standards and blanks
measurement tools or systems used. were routinely inserted into assay batches.
 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.
 Drill type (e.g. core, reverse circulation, open-hole hammer,  Pre-collars were drilled to solid bedrock using an HWT
Drilling techniques
rotary air blast, auger, Bangka, sonic, etc) and details (e.g. (114.3mm) drill bit followed by diamond coring with a diameter
core diameter, triple or standard tube, depth of diamond of 63.5mm (HQ).
tails, face-sampling bit or other type, whether core is  Diamond drilling of HQ3 (triple-tube) was undertaken to
oriented and if so, by what method, etc). ensure maximum core recovery.
 All drill core was orientated with a Reflex ACT III core
orientation tool then continuously marked with a line while on
an angle iron cradle.
 Method of recording and assessing core and chip sample  All diamond core was logged capturing any core loss, if
Drill sample
recoveries and results assessed. present, and recorded in the database.
recovery
 Measures taken to maximise sample recovery and ensure  All drill depths are checked against the depth provided on the
representative nature of the samples. core blocks and rod counts are routinely carried out by the
 Whether a relationship exists between sample recovery and driller.
grade and whether sample bias may have occurred due to  Core recovery for the areas sampled was generally good.
preferential loss/gain of fine/coarse material.
 Whether core and chip samples have been geologically and  Geological logging of samples follows Company and industry
Logging
geotechnically logged to a level of detail to support common practice. Qualitative logging of samples includes (but
appropriate Mineral Resource estimation, mining studies and was not limited to), lithology, mineralogy, alteration, veining
metallurgical studies. and weathering.
 Whether logging is qualitative or quantitative in nature. Core  All logging is quantitative, based on visual field estimates.
(or costean, channel, etc) photography.
 The total length and percentage of the relevant
intersections logged.
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Criteria JORC Code explanation Commentary
 If core, whether cut or sawn and whether quarter, half or all  Detailed diamond core logging, with digital capture, was
Sub-sampling
core taken. conducted for 100% of the core by Navarre’s geological team.
techniques and
 If non-core, whether riffled, tube sampled, rotary split, etc  Half core was sampled from HQ diameter drill core.
sample preparation
and whether sampled wet or dry.  Company procedures were followed to ensure sub-sampling
 For all sample types, the nature, quality and appropriateness adequacy and consistency. These included (but were not
of the sample preparation technique. limited to), daily workplace inspections of sampling equipment
 Quality control procedures adopted for all sub-sampling and practices.
stages to maximise representivity of samples.  Blanks and certified reference materials are submitted with the
 Measures taken to ensure that the sampling is samples to the laboratory as part of the quality control
representative of the in-situ material collected, including for procedures.
instance results for field duplicate/second-half sampling.  No second-half sampling has been conducted at this stage.
 Whether sample sizes are appropriate to the grain size of  The sample sizes are considered appropriate to correctly
the material being sampled. represent the sought-after mineralisation.
 The nature, quality and appropriateness of the assaying and  Analysis for gold is undertaken at ALS Perth, WA by 50g Fire
Quality of assay data
laboratory procedures used and whether the technique is Assay with an AAS finish to a lower detection limit of 0.01ppm
and laboratory tests
considered partial or total. Au using ALS technique Au-AA26.
 For geophysical tools, spectrometers, handheld XRF  ALS also conducted a 35 element Aqua Regia ICP-AES
instruments, etc, the parameters used in determining the (method: ME-ICP41) analysis on each sample to assist
analysis including instrument make and model, reading interpretation of pathfinder elements.
times, calibrations factors applied and their derivation, etc.  No field non-assay analysis instruments were used in the
 Nature of quality control procedures adopted (e.g. standards, analyses reported.
blanks, duplicates, external laboratory checks) and whether  A review of certified reference material and sample blanks
acceptable levels of accuracy (i.e. lack of bias) and precision inserted by the Company indicate no significant analytical bias
have been established. or preparation errors in the reported 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.
 The verification of significant intersections by either  Samples are verified by Navarre geologists before importing
Verification of
independent or alternative company personnel. into the drill hole database.
sampling and
 The use of twinned holes.  No twin holes have been drilled by Navarre during this
assaying
 Documentation of primary data, data entry procedures, data program.
verification, data storage (physical and electronic) protocols.  Primary data was collected for drill holes using a Geobase
 Discuss any adjustment to assay data. logging template on a 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 Senior Exploration Geologist and
Technical Director.
 No adjustments to assay data were made.
 Accuracy and quality of surveys used to locate drill holes  All maps and locations are in UTM Grid (GDA94 zone 54).
Location of data
(collar and down-hole surveys), trenches, mine workings and  All drill collars are initially measured by hand-held GPS with an
points
other locations used in Mineral Resource estimation. accuracy of +3 metres. On completion of program, a contract
 Specification of the grid system used. surveyor picks-up collar positions utilising a differential GPS
 Quality and adequacy of topographic control. 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.
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Criteria JORC Code explanation Commentary
 Data spacing for reporting of Exploration Results.  Variable drill hole spacings are used to adequately test targets
Data spacing and
 Whether the data spacing and distribution is sufficient to and are determined from geochemical, geophysical and
distribution
establish the degree of geological and grade continuity geological data together with historic mining information.
appropriate for the Mineral Resource and Ore Reserve  Drilling reported in this program is of an early exploration
estimation procedure(s) and classifications applied. nature and has not been used to estimate any mineral
 Whether sample compositing has been applied. resource or ore reserves.
 Refer to sampling techniques, above for sample compositing.
 Whether the orientation of sampling achieves unbiased  Exploration is at an early stage and, as such, knowledge on
Orientation of data
sampling of possible structures and the extent to which this exact location of mineralisation, in relation to lithological and
in relation to
is known, considering the deposit type. structural boundaries, is not accurately known.
geological structure
 If the relationship between the drilling orientation and the  The drill orientation is attempting to drill perpendicular to the
orientation of key mineralised structures is considered to geology and mineralised trends previously identified from
have introduced a sampling bias, this should be assessed earlier drilling. Due to the early stage of exploration, it is
and reported if material. unknown if the drill orientation has introduced any sampling
bias. This will become more apparent as further drilling is
completed.
 The measures taken to ensure sample security.  Chain of custody is managed by Navarre staff.
Sample security
 All drill samples are stored in a secured facility prior to
dispatch to the assay laboratory.
 Drill samples are transported from Stawell, Victoria by a
licenced reputable transport company to a registered assay
laboratory in Pooraka, SA (ALS Laboratories). At the laboratory
samples are stored in a locked yard before being processed
and tracked through sample preparation.
 On completion of sample preparation, ALS securely transport
samples for assay at their Perth, WA facility.
 The results of any audits or reviews of sampling techniques  There has been no external audit or review of the Company’s
Audits or reviews
and data. sampling techniques or data at this stage.
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Section 2: Reporting of Exploration Results

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	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, EL 7431 and EL 7567 which were granted on 21 August 2017, 22 October 2020, 26 March 2021 and 30 August 2021, respectively for an initial period of 5 years.  EL 6556, EL 6819, EL7431 and EL 7567 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.  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

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
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.  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).  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.  Navarre has reviewed and assessed all previous exploration results available in the public domain.
Geology	 Deposit type, geological setting and style of mineralisation.	 The project 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.  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

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Criteria JORC Code explanation Commentary
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.
 A summary of all information material to the understanding  Reported results are summarised in Figures 2 - 5 and Tables 1 -
Drill hole
of the exploration results including a tabulation of the 4 within the main body of the announcement.
Information
following information for all Material drill holes:  Drill collar elevation is defined as height above sea level in
o easting and northing of the drill hole collar metres (RL).
o elevation or RL (Reduced Level – elevation above sea  Drill holes were drilled at an angle deemed appropriate to the
level in metres) of the drill hole collar local structure and stratigraphy and is tabulated in Table 1.
o dip and azimuth of the hole  Hole length of each drill hole is the distance from the surface
o down hole length and interception depth to the end of hole, as measured along the drill trace.
o hole length. Historical drill information
 If the exclusion of this information is justified on the basis  Although Navarre has reviewed exploration results of previous
that the information is not Material and this exclusion does explorers on the St Arnaud Goldfield, the Company has limited
not detract from the understanding of the report, the knowledge on how the data was collected, sampled and
Competent Person should clearly explain why this is the assayed, and consequently, has had to make assumptions
case. based on the available historical data.
 In reporting Exploration Results, weighting averaging  All reported assays have been average weighted according to
Data aggregation
techniques, maximum and/or minimum grade truncations sample interval.
methods
(e.g. cutting of high grades) and cut-off grades are usually  No top cuts have been applied.
Material and should be stated.  An average nominal 0.3g/t Au lower cut-off is reported as
 Where aggregate intercepts incorporate short lengths of being potentially significant in the context of this drill program.
high-grade results and longer lengths of low grade results,  No metal equivalent reporting is used or applied.
the procedure used for such aggregation should be stated Historical drill information
and some typical examples of such aggregations should be
 Although Navarre has reviewed exploration results of previous
shown in detail.
explorers on the St Arnaud Goldfield, the Company has limited
 The assumptions used for any reporting of metal equivalent
knowledge on how the data was aggregated, and
values should be clearly stated.
consequently, has had to make assumptions based on the
available historical data.
 These relationships are particularly important in the  The exact geometry and extent of primary mineralisation is not
Relationship
reporting of Exploration Results. known at present due to the early stage of exploration.
between
 If the geometry of the mineralisation with respect to the drill  Mineralisation results are reported as “down hole” intervals as
mineralisation
hole angle is known, its nature should be reported. true widths are not yet known.
widths and intercept
 If it is not known and only the down hole lengths are
lengths Historical drill information
reported, there should be a clear statement to this effect
(e.g. ‘down hole length, true width not known’).  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 consequently, has had to make
assumptions based on the available historical data.
 Appropriate maps and sections (with scales) and tabulations  Refer to diagrams in body of text.
Diagrams
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.
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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
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).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	 Areas of positive drill results are expected to be followed up with further drilling.

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