AUREKA LIMITED — Investor Presentation 2012

May 6, 2012

==> picture [191 x 155] intentionally omitted <==

==> picture [209 x 155] intentionally omitted <==

==> picture [268 x 158] intentionally omitted <==

Investor Presentation Geoff McDermott - Managing Director John Dorward - Non-Executive Director May 2012

==> picture [182 x 155] intentionally omitted <==

==> picture [183 x 155] intentionally omitted <==

Forward-looking statement & 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.

Who is Navarre Minerals Limited?

==> picture [149 x 100] intentionally omitted <==

Navarre Minerals is an Australian based mineral exploration company searching for gold & base metal deposits. The Company has achieved early exploration success at Tandarra.

Our goal is to define a maiden mineral resource and then be a significant low-cost gold producer.

Our pathway to exploration success is built on four pillars:

• Quality assets

• Science to reduce time and cost to discovery

• Growth in resources

• Strength in execution using our outstanding expertise and track-record in exploration, operations and business development

Corporate

==> picture [149 x 100] intentionally omitted <==

ASX code NML (listed 31 March 2011) Shares on issue 55.8 million Options 2.6 million (unlisted) Share Price 25.5c (May 2012) Market Cap $14.2 million (25.5 cents) Cash $3.7 million (31 March 2012) Major Shareholders Crocodile Gold Corp 9% Board & Management 25%

Top 20 shareholders 60%

Investment case

Tandarra, a potential new goldfield emerging in central Victoria

• 29 lines of quartz reef targets identified by geophysics of which 14 have been confirmed by scout air-core drilling to contain gold mineralisation

• To date, resource definition RC drill program demonstrates near surface moderate to high-grade gold mineralisation over a strike length of 650 metres, which is expected to expand with further results from within a 2.5km zone previously established by air-core drilling

• Currently, 10 assays greater than 20g Au/t intersected in drilling over a 2.5km strike

• Geology and mineralisation analogous to the Bendigo Goldfield, 40km to the south

• Company working towards demonstrating the economic potential of a mining operation targeting high-grade, unevenly distributed pods of gold contained within broad zones of gold in quartz mineralisation

• Maiden mineral resource targeted for Q1 2013

• Well funded exploration program with $3.7 million cash at bank as at Mar 2012

Management team Experience & results

==> picture [330 x 253] intentionally omitted <==

• Geoff McDermott – Managing Director & CEO

• Kevin Wilson – Chairman

• John Dorward – Non-Executive Director

• Colin Naylor – Non-Executive Director

• Jane Nosworthy – Company Secretary

• Steve Harper – Chief Geologist

• Board & Management

• Combined 55 years of exploration and operational experience in Victoria

• Track-record of bringing projects into production

Victorian Projects

==> picture [174 x 84] intentionally omitted <==

Victorian footprint Excellent exposure to gold and base metals growth

==> picture [433 x 440] intentionally omitted <==

Ballarat – Bendigo Corridor Bendigo North Project

• Quartz Reef & Secondary gold (alluvial & deep lead)

Ballarat South Project

• Quartz Reef gold

Landsborough Fault Corridor Kingston Project

• Quartz Reef gold

Grampians –Stavely Corridor

Black Ranges Project

• VMS Cu – Zn – Au

• Porphyry Cu –Au

1,700 km[2] of tenements

Pathway to exploration success Bendigo North (Tandarra) our flagship asset

Our goal is to define a mineral resource and then be a significant gold producer by advancing this project sequentially over the near-term. We believe Tandarra has the potential to be a company-maker.

This conceptual chart represents an estimated timeline of activity at the Company’s Tandarra prospect. As new information is received from exploration activities this timeline may be subject to change. To date, there has been insufficient exploration to estimate a mineral resource and there is no guarantee that further exploration will result in a mineral resource.

==> picture [318 x 464] intentionally omitted <==

Bendigo North

An emerging gold district

• 100% ownership of flagship project

New farm-in area expands Navarre’s footprint along Whitelaw Fault

• Recent near surface broad intercepts of gold mineralisation confirm greenfields gold discovery with potential for open pit mining

• Target concept: multiple “Bendigo-style” gold in quartz reefs & secondary gold (“alluvials”)

• Whitelaw Fault controls gold mineralisation (22 million ounce Bendigo Goldfield)

• Geophysics has identified 29 potential quartz reef targets of which 14 have been confirmed by drilling to be mineralised

• Crocodile Gold Corp. “earn-in” option

Tandarra

==> picture [375 x 470] intentionally omitted <==

Best gold prospect in Victoria

• We believe that Tandarra is the highest quality new gold discovery in Victoria in the past 100 years

• Our objective is to advance Tandarra to mineral resource status as efficiently as possible

• Exploration has identified ten highgrade gold (>20g Au/t) intercepts over a 2.5km strike

• We have a strong treasury to fund the project’s advancement: 12 month, $4.2 million program of geophysics, air-core, RC & diamond drilling 50% complete

Tandarra

High-quality project

• Gold results are: moderate to high-grade; close to surface; potentially open-pit mineable; near established infrastructure and large workforce; open in all directions

• 29 potential lines of reef identified to date by geophysics – 14 confirmed to contain gold. Depth from 18 - 80m below surface

• Gold mineralisation identified over 7 kilometres of strike

• Results are believed to be supportive of a conceptual open pit

Tandarra drill highlights*

Air-core Hole ID	Length (m)	Minimum Gold Assay Range (g Au/t)	Maximum Gold Assay Range (g Au/t)
ACT015	10.0	17.9	44.3
TAC125 and includes	4.0 3.0 1.0	6.6 1.9 3.1	7.2 87.5 259.8
TAC136 includes	17.0 1.0	0.4 0.9	4.8 36.5
RC Hole ID	From (m)	Length (m)	Gold Assay (g Au/t)
RCT006 includes	35.0 50.0	24.0 3.0	2.5 10.9
RCT010 includes	163.0 169.0	8.0 1.0	3.4 24.0
RCT028 includes	73.0 79.0	12.0 5.0	1.8 3.9
RCT042 includes	60.0 66.0	19.0 1.0	1.1 7.5
RCT050 includes	44.0 44.0	4.0 1.0	9.4 33.6
RCT062 and and	40.0 76.0 103.0	6.0 17.0 10.0	3.1 1.2 1.0
RCT063 includes	18.0 20.0	4.0 1.0	9.2 30.9

* See Navarre’s ASX releases dated 26 April 2012, 7 & 14 March 2012 & 28 October 2011

Tandarra

Project growth

2011 Drilling

2007 Drilling

==> picture [384 x 540] intentionally omitted <==

Tandarra

2012 Drilling to date

• Multiple broad zones of gold mineralisation intersected from shallow depths

• High grade gold occurs within a broad halo of mineralised quartz

Navarre believes the broad zones of shallow gold mineralisation offer potential for bulk mining by open pit methods

• RC, to date, confirms over 650m strike of moderate to high-grade gold mineralisation which is expected to expand with more results

Tandarra

Cross-Section

Tandarra

Victorian gold!… what’s different at Tandarra?

New greenfields discovery

• No previous mining

• Multiple lines of reef detected

• Potential for secondary gold

Concealed under shallow sands & clays Potential for repetition at depth Alluvials, deep leads

Near surface mining opportunity from multiple lines of reef

• Lower risk

• Lower opex

Easier to assess from surface Compared to underground mining

Potential for scale from large gold footprint

• 29 potential lines of reef

• Currently 5.4 km (E-W) x 7.5 km (N-S)

14 proven by drilling to date Open in all directions

Attractive grades

• Near surface gold

• Victorian lodes 1.0g Au/t – 15g Au/t

Not high-graded by historic miners Attractive if open pit potential

Bendigo Goldfield analogy

• Similar rocks, mineralisation, structure

Tandarra 40km north on same control Fault From area of 45km² (Tandarra 40km²)

• About 5-7 Moz’s gold mined in top 100m

Project Pipeline

==> picture [174 x 84] intentionally omitted <==

Kingston

Emerging gold project close to established infrastructure

• At-surface, oxide gold mineralisation with shallow high-grade gold intercepts including recent Navarre drilling - 16.9m @ 5.5g Au/t from 66m down-hole in DDK001

• 100% owned with dominant position along prospective Landsborough Fault

• Historic mining over 1,000 metres of strike to 75 metres deep - high-grade gold, silver and lead mined

• Active mining jurisdiction – Stawell Gold Mines operation 30 kilometres away

==> picture [157 x 127] intentionally omitted <==

Kingston Gold Mine circa 1900

Kingston Previous High-grade gold intercepts to follow up

• 4,200 line km airborne magnetic survey recently completed across Kingston Mine and Landsborough Fault

• Surface structural mapping scheduled for late Q2 2012

==> picture [277 x 391] intentionally omitted <==

Black Ranges Significant copper-zinc-gold prospect

• We believe that the Black Ranges Volcanic rocks are similar in age and geology to Tasmania’s Mt Read Volcanics - host to large deposits such as Mt Lyell, Rosebery, Henty & Hellyer

• Under-explored due to poor outcrop and shallow cover

• 100% owned

• Large copper-zinc-gold mineralisation of potential volcanic massive sulfide (VMS) system identified at Eclipse

• We have engaged experts on Tasmanian VMS rocks and VMS geophysics to assist exploration targeting

==> picture [317 x 433] intentionally omitted <==

2012 – 13 catalysts & milestones

==> picture [607 x 330] intentionally omitted <==

This conceptual chart represents an estimated timeline of the Company’s projects. As new information is received from exploration activities this timeline may be subject to change. To date, there has been insufficient exploration to estimate a mineral resource and there is no guarantee that further exploration will result in a mineral resource.

Investment case

1) Quality:

• High-grade, close to surface, potentially open-pit mineable flagship asset

• We believe that Tandarra is the highest quality new gold discovery in Victoria in the past 100 years

2) Science:

• We apply innovative technology and new geological thinking to reduce time and cost to discovery

3) Strength:

• Strong balance sheet – no debt

• Execution Capability – outstanding expertise and track-record in exploration, operations and business development

4) Growth:

• We have completed ~ 50% of a well-funded $4.2 million pathway to defining a mineral resource at Tandarra

• Ownership of a potential new mineral district and strong pipeline of targets to test

For more information contact

Navarre Minerals Limited 40 – 44 Wimmera Street Stawell VIC 3380 Tel: 03 5358 8625 Website: www.navarre.com.au Email: info@navarre.com.au

Appendix

==> picture [174 x 84] intentionally omitted <==

Experienced board

Kevin Wilson	Chairman	Rey Resources, Leviathan Resources, Merrill Lynch, Anglo American
Geoff McDermott	Managing Director	Leviathan Resources, MPI Mines, Rio Tinto, WMC
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
Jane Nosworthy	Company Secretary	Oceana Gold Corporation, Leviathan Resources, MPI Mines, Allens Arthur Robinson

Bendigo Goldfield World class gold deposit

==> picture [705 x 303] intentionally omitted <==

Source: Catalyst Metals Limited ASX release 20 July 2011