AUREKA LIMITED — Investor Presentation 2012

Mar 13, 2012

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

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.

Investment case

• Tandarra, a potential new goldfield emerging in central Victoria, Australia

• 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, 8 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

• Near surface broad zones of lower grade gold mineralisation containing patches of high grade gold intersected in drilling offer potential open pit mining opportunities

• Maiden mineral resource targeted for December 2012

• Well funded exploration program with $4.8 million cash at bank as at Dec 2011

Management team Experience & results

• 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

Victorian footprint Excellent exposure to gold and base metals growth

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

1,550 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.

Tandarra

An emerging gold district

• 100% ownership of flagship project

• Optimum position in this emerging gold district

• • 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)

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

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

• • AuRico Gold “back-in” option

Tandarra

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 eight highgrade gold (>20g Au/t) intercepts over a 2.5km strike at west Tandarra

• We have a strong treasury to fund the project’s advancement: 9 month, $4.2 million program of geophysics & up to 50,000m of drilling underway

Tandarra

Tandarra drill highlights*

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 20 - 80m below surface • Gold mineralisation identified over 7 kilometres of strike • RC Resource definition drilling program is currently 25% completed	Air-core Hole ID	Length (m)	Minimum Gold Assay Range (g Au/t)	Maximum Gold Assay Range (g Au/t)
	ACT015 includes	10.0 2.0	17.9 78.1	44.3 211.3
	TAC125 includes and includes	4.0 1.0 3.0 1.0	6.6 0.01 1.9 3.1	7.2 24.7 87.5 259.8
	TAC136 includes includes	17.0 1.0 1.0	0.4 0.9 1.5	4.8 36.5 31.9
	RC Hole ID	From (m)	Length (m)	Gold Assay (g Au/t)
	RCT001 includes	71.0 75.0	16.0 3.0	1.1 4.3
	RCT006 includes includes	35.0 45.0 50.0	24.0 1.0 3.0	2.5 15.3 10.9
	RCT010 includes	8.0 1.0	8.0 1.0	3.4 24.0
	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

High-quality project

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

Tandarra

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Project growth
2007 Drilling
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2011 Drilling

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

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

• About 5-7 Moz’s gold mined in top 100m From area of 45km² (Tandarra 40km²)

Project Pipeline

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

Kingston Gold Mine circa 1900

Kingston

Previous High-grade gold intercepts to follow up

• Assays for DDK002 and DDK003 pending with 3 additional holes scheduled for Q2 2012

• Airborne magnetic survey currently underway

• Surface structural mapping scheduled for late Q2 2012

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

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• 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

2012 – 13 catalysts & milestones

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 commenced 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

Corporate

ASX code Shares on issue Options Share Price Market Cap Cash Major Shareholders

NML (listed 31 March 2011) 55.8 million 1.8 million (unlisted) 26c (March 2012) $14 million $4.8 million (31 December 2011) AuRico Gold (Northgate) 9% Board & Management 25% Top 20 shareholders 56%

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

Source: Catalyst Metals Limited ASX release 20 July 2011