AUREKA LIMITED — Investor Presentation 2011

Sep 15, 2011

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AusIMM – Central Victoria Branch “IPO – Science – Success” Geoff McDermott Managing Director Steve Harper Chief Geologist 16 September 2011

Disclaimer

The information contained in this presentation has been provided by Navarre and other sources identified herein. No representation or warranty, express or implied, is made by Navarre or any adviser or any of their respective affiliates or representatives as to the accuracy or completeness of such information. Nothing contained in this presentation is or shall be relied upon as, a promise or representation by any of Navarre or any such advisers, their respective affiliates or representatives.

The information contained in this presentation is for informational purposes only and is not a recommendation as to whether to invest in Navarre shares. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Unless otherwise specified, data and tables set out in this presentation are based on Navarre management estimates.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Navarre or its directors, or any of their employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, projections, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Past performance is no guarantee of future performance.

This presentation includes “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Navarre and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward-looking statements and Navarre assumes no obligation to update such information.

The contents of this presentation are strictly confidential and must not be photocopied, reproduced, disclosed or distributed to any other person without the prior written consent of Navarre.

The information in this presentation that relates to Exploration Results, Mineral Resources and Exploration Potential is based on information compiled by Mr Geoff McDermott. Mr McDermott is an employee of Navarre Minerals Ltd, is a member of the Australian Institute of Geoscientists and is a Competent Person under the definition of the 2004 JORC Code. The Exploration Potential described in this Presentation is conceptual in nature, and there is insufficient information to establish whether further exploration will result in the determination of a Mineral Resource. Mr McDermott consents to the publication of this information in the form and content in which it appears.

Contents

1. Company overview

2. Road to IPO

3. Board and Management

4. Post IPO Activity and Budget

5. Bendigo North – Tandarra prospect

6. Conclusions

Company overview

• ASX-listed company focused on gold and base metal projects in Victoria, Australia

 4 Main Projects – Bendigo North, Kingston, Black Ranges & Ballarat South

• Exploration success at Bendigo north gold project

— Greenfields gold discovery under shallow cover — 10m @ 34.4g Au/t from 37m down-hole in ACT015, incl. 2m @ 161.2g Au/t

— 40km north of world class 22Moz Bendigo goldfield

— Whitelaw Fault controls gold mineralisation (vis-à-vis Bendigo goldfield)

— Defined corridor of gold and quartz over 7km in length

Company overview (cont’d)

 Board & Management

— Combined 55 years of exploration and operational experience in Victoria

— Track record of bringing projects into production

 Mission

• Reward shareholders by creating value through mineral discovery

• Pursue advanced gold and base metal exploration targets

• 2011 / 12 strategy

• Aggressive geophysics and drilling program at our flagship Bendigo North gold project

• Targeting a maiden mineral resource at our Bendigo North gold project by December 2012

• Prosecute budgeted exploration programs at Kingston, Black Ranges and Ballarat South projects

Projects

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Ballarat – Bendigo Corridor Bendigo North Project

• Deep lead & Quartz Reef Au

Ballarat South Project

 Quartz Reef Au

Landsborough Fault Corridor Kingston Project

• Quartz Reef Au

Black Ranges Project

 VMS Cu – Zn – Au

 Porphyry Cu –Au

1,600 km[2] of tenements

Road to IPO

Genesis of Navarre

27 Nov 2006 Genesis of Navarre April 2007 Navarre Discovery No 1 Pty Ltd incorporated June 2008 Tenement Sale Agreement - Northgate Minerals Oct 2008 Start of Global Financial Crisis 2008 - 2010 Raise seed for exploration & IPO funding November 2010 Change name to Navarre Minerals March 2011 IPO raises $3.5 M 31 March 2011 First day of trading on ASX

Experienced board and management

Kevin Wilson	Chairman	Rey Resources, Leviathan Resources, Merrill Lynch, Anglo American
Geoff McDermott	Managing Director	Leviathan Resources, MPI Mines, WMC, Rio Tinto
John Dorward	Non-executive Director	Fronteer Gold, Mineral Deposits, Leviathan Resources, MPI Mines, Bank West
Colin Naylor	Non-executive Director	MEO, Leviathan Resources, MPI Mines, BHP, Woodside, Newcrest
Trevor Shard	Company Secretary	Cobar Consolidated Resources, Leviathan Resources, MPI Mines, Pasminco
Steve Harper	Chief Geologist	Northgate Minerals, Kagara Zinc, Xstrata Copper

Post IPO Activity

March – September 2011

• Hire workforce

• Establish Operations Office

• Diamond Drill Black Ranges

• Air-core Drill Tandarra

• Trial geophysics Tandarra

• Drill test geophysics Tandarra

• 1:3 Entitlement Offer raises $3.2M

• Interpretation & Modelling

• Extend geophysics program

Completed Completed Completed Completed Completed Completed Completed Pending Commenced

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Budget 2011-12

Bendigo North gold program (“Accelerated”)

• ~110 line km geophysics

 ~50,000m drilling program – AC, RC, DD

 $4.2m

Kingston gold program

• Geophysical survey

• Diamond Drilling

 $0.3m

Black Ranges base metal program  Geophysical survey  $0.2m

Ballarat south gold program

• Gravity survey

• $0.1m

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Bendigo North gold project

• Under cover greenfields discovery

• Hidden by shallow cover

• Target concept: multiple “Bendigo-style” gold in quartz reefs & deep lead gold

• Whitelaw Fault controls gold mineralisation (22Moz Bendigo Goldfield)

• Geophysics highlights quartz reefs

• 3 high-grade, +1oz Au intercepts in 2km zone at west Tandarra including recent:

10m @34.4g Au/t from 37m down-hole in ACT015

• Northgate “back-in” option

Goldfield Architecture - Seismic Survey

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Sourced from Cayley et al. 2011

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• Flat dip portion of Whitelaw Fault - pathway to gold-bearing fluids

• Steeper dip acts like a fault valve to restrict mineralising fluids

• Fluids escape vertically into secondary fault structures at fault inflexion point

• Prospective mineralised zone usually 2- 8km west of Whitelaw Fault

Sourced from Whitman et al. (2010).

Bendigo North gold project - Longitudinal projection

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 Same rocks and style of mineralisation under cover as Bendigo goldfield

 Large goldfield symmetry to Devonian granites

Orogenesis

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Tandarra Exploration History

UNDER COVER EXPLORATION

North Mining Ltd (1992-1995) and Homestake (1996-1999)

• Water & soil testing, AC drilling

 No significant results

Leviathan Resources (2005 – 2006)

• Gravity survey and AC drilling

 Confirm gravity survey ability to map Ordovician Basement - Buried hills and valleys

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Tandarra Exploration History Leviathan Resources (Cont’d)

• Vertical AC Drilling

• Initial 1600m (N-S) X 320m (E-W) spacing Defined widespread Au-As anomalism

• • Infill to 800m then 400m (N-S) and to 80m (E-W)

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• Two mineralised zones identified - West and East Tandarra

• Diamond drilling

• West Tandarra zone defined over 2.4km of strike open to north and south

• Interpreted multiple parallel quartz vein systems on basement ‘ridges’

• Similar rocks and gold style to other central Victorian goldfields

• Corporate take-over activity halts further exploration in 2007. New owners focus on mining operations

Navarre Minerals Exploration

 June 2008: Tenement sale agreement with Northgate including EL4897 Tandarra

 2008 -2010: Navarre conducts exploration with seed investor funds  2009: Gravity Inversion model generated. Shallow depth of cover  Re-log AC drill chips identifying misinterpretation of top of basement lithologies

• Re-interpretation of geology targeting fold closures

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Navarre Minerals Exploration 2011

• May 2011 – AC drill program

• 10m @34.4g Au/t from 37m down-hole in ACT015

• July 2011 – Test program of Geophysics focuses on quartz reef targets below shallow cover

• 3 Potential lines of quartz reef identified for drill testing

West Tandarra -3D view of geophysics test area

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Navarre Minerals Exploration 2011

 August 2011 – AC drilling confirms geophysical targeting method and intersects three lines of quartz reef

• 90% hit rate

• Assays due early October

• Expanded program of geophysics underway

Bendigo North - Summary

 7km+ strike of gold mineralised quartz identified, shallow cover

• Upside: drill testing of other identified buried hills (basement highs)

• Use geophysics to detect quartz reefs under shallow cover to reduce time and cost to discovery

• 3 x 1oz Au drill intercepts located in 2km zone at west Tandarra

• Targeting shallow “saddle reefs” and quartz “spur zones”

• Classic Bendigo quartz reef gold traps identified

• Potential for alluvial gold endowment

• Potential for scale!!

Conclusions

 Served our apprenticeship – collective 50 years experience in Victorian goldfields geology

• Established a viable company based in the goldfields close

• to our roots and the local landholders

• We apply science and new technology to assist with

• discovery. We have learnt which techniques do not work

• We have uncovered a potential new mineral district at our

• Tandarra prospect

 We plan an aggressive exploration program with a goal of targeting a maiden mineral resource by December 2012 Market outlook:  Outlook for gold price – very strong

For more information contact

Navarre Minerals Limited Operations Office: 40 – 44 Wimmera Street Stawell VIC 3380 Tel: 03 5358 8623 Website: www.navarre.com.au Email: info@navarre.com.au