AUREKA LIMITED — Investor Presentation 2017

Oct 9, 2017

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Investor Presentation - Leading the re emergence of Victoria’s Goldfields October 2017 Geoff McDermott, Managing Director

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ASX: NML

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Navarre Minerals Ltd
ASX:NML
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Forward-looking Statement & Disclaimer

This presentation has been prepared by Navarre Minerals Limited ( Navarre or the Company ). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation.

This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information 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.

This presentation does not include all available information on Navarre, and any potential investor should also refer to Navarre’s Annual Reports and ASX releases and take independent professional advice before considering investing in Navarre. For more information about Navarre Minerals Limited, visit the website at www.navarre.com.au.

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 may contain “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.

Information contained in this presentation is confidential and the property of Navarre. This presentation must not be disclosed, copied, published, reproduced or distributed in whole or in part at any time without the prior written consent of Navarre and by accepting the delivery of this presentation, the recipient agrees not to do so and to return any written copy of this presentation to Navarre at its request.

COMPETENT PERSON STATEMENT

The information in this presentation that relates to exploration results is based on information compiled by Geoff McDermott, who is a Member of the Australian Institute of Geoscientists and who is Managing 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.

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Navarre Minerals Ltd
ASX:NML
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Navarre Minerals

• Active, focused gold exploration company

• Discovery & development focus for large, high grade gold projects in Victoria’s golden triangle

80 million ounce gold production

• Two core projects – Irvine & Tandarra and a pipeline of exploration project assets

 Board & management with track record of discovery, development & mining success in the region

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Navarre Minerals Ltd
ASX:NML
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Corporate

• Capital Structure ▪ ASX Code: NML ▪ Fully paid shares on issue 222M - Unlisted Options 36.1M

• ▪ Share price range (12 months) 3c – 8c ▪ Market Cap (@ ~4.6c/share) $10M

• ▪ Debt $Nil

• ▪ Cash on hand (June 2017) $1.75M

• Cash on hand (June 2017)

• Top 20 Shareholders (as at 5 Sept 2017) - Board & Management 17%

• • Kirkland Lake Gold Ltd.^ 9%
• • VBS Exchange Pty Ltd 6%

• Top 20 55%

• ^ owner and operator of Fosterville & Stawell Gold Mines

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52 week trading range 0.028 – 0.081
NML:ASX
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Navarre Minerals Ltd
ASX:NML
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Board and Management Highly-experienced leadership team

The entire Board & management team are Stawell Gold Mine veterans having worked for WMC, MPI or Leviathan Resources

Kevin Wilson	Chairman	Geologist & investment banker with 30+ years experience: Rey Resources, Leviathan Resources, Merrill Lynch, Anglo American
Geoff McDermott	Managing Director	Geologist with 30+ years of domestic & international experience: Leviathan Resources, MPI Mines, CRA (Rio Tinto), WMC
John Dorward	Non-executive Director	20+ years of mining & finance industry experience: Rox Gold, Fronteer Gold, Mineral Deposits, Leviathan Resources, MPI Mines, Bank West
Colin Naylor	Non-executive Director	Accountant with 30+ years experience in the resource sector: Melbana Energy, Leviathan Resources, MPI Mines, BHP, Woodside, Newcrest
Jane Nosworthy	Company Secretary	15+ years experience in legal, commercial & as company secretary: OceanaGold, Leviathan Resources, MPI Mines, Allens Arthur Robinson
Shane Mele	Exploration Manager	20+ years experience in resources industry: Kidman Resources, St Barbara, BCD Resources, Leviathan Resources, MPI Mines

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Navarre Minerals Ltd
ASX:NML
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Company Objectives

GOAL:

Discover a million ounce gold deposit

STRATEGY:

Target gold mineralisation next to multimillion ounce gold mines by:

• ➢ Drill test the Irvine Gold Project for the next Stawell

• ➢ Drill the high-grade Tandarra Gold Project through farm-out partnership

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Navarre Minerals Ltd
ASX:NML
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Navarre – high impact gold exploration dollars

Irvine Gold Project (100%)

• Stawell-style gold, recent discovery, grades up to 41.5 g/t gold*

• $1m spend to end 2017: 7,000m for approx. 100-120 holes on 6 gold prospects – drilling underway

• Planned Resource definition drilling to follow current program - H1 2018

• Aim is to develop a multi-million ounce gold deposit similar to nearby 4Moz Magdala Gold Mine

Tandarra (farming out to 49%, fully funded by operator, Catalyst Metals)

• Bendigo-style high grade gold discovery, grades up to 98.4 g/t gold[#]

• ~$1.8M to be spent by September 2018 to complete farm-out

• 2018: Diamond drilling & further Air-core drilling

• See NML ASX release 1 Dec 2016[#] See CYL ASX release 26 July 2017

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Navarre Minerals Ltd
ASX:NML
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Irvine Gold Project Potential for a multi-million ounce gold deposit, 15kms south of Stawell Gold Mine (SGM)

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• Q1 2017 discovery of Resolution Lode at Irvine Gold Project (Ararat)

• 40kms of prospective Stawell Gold Corridor rocks outcrop

• Two goldfields for combined 6 Mozs of gold

• Ararat was alluvial field- primary source sought

• Primary gold occurs close to large basalt domes (yellow zone at Stawell)

• +8km long Irvine basalt dome found under Ararat GF, and primary gold discovered

• Excellent infrastructure and gold plant next door

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Navarre Minerals Ltd
ASX:NML
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Irvine Gold Project Finding the next Stawell

• 15km alluvial gold footprint (1 Moz)

• Alluvial gold controlled by structures – basalt and adjacent faults

• Irvine basalt dome over 8km remains open to the south

 The location and shape of potential gold lodes are controlled by the shape of the basalt dome

• Q1 2017 discovery of the Resolution Lode

• Grades up 41.5 g/t gold

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Navarre Minerals Ltd
ASX:NML
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Irvine Gold Project

• 4Q17 drill all six gold zones identified

• Resolution Lode: best drill results*

18.7m @ 7.1 g/t Au (RD006)

4.0m @ 9.8 g/t Au (RD002)

2.9m @ 12.9 g/t Au (RD001)

• 6.0m @ 6.3 g/t Au (IAC018)

• 2.0m @ 41.5 g/t Au (IAC018)

• Gold discovered in first-pass drilling at John Bull & Hospital Hill prospects

• Napoleon, Dutton and Cullings to undergo first-pass drilling

• $626K co-funding grant through Vic Govt’s TARGET Minerals Exploration Initiative

  • See NML ASX releases 1 & 15 Dec 2016 and 16 Jan, 24 Apr, 15 May & 28 July 2017

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Q4 2017 Drilling
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Navarre Minerals Ltd
ASX:NML
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Resolution Lode

High-grade gold drill ‘hits’ from maiden drill program confirm Stawell-style discovery

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For drill result details refer NML ASX releases 1 & 15 December 2016, 16 January 2017, 20 February 2017, 24 April 2017, 15 May 2017

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Navarre Minerals Ltd
ASX:NML
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Resolution Lode

Longitudinal projection – room to grow

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Navarre Minerals Ltd
ASX:NML
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Tandarra Gold Project

Finding the next Bendigo

• Bendigo, Australia’s 2[nd] largest goldfield (22Moz)

• Tandarra gold discovery 40km north of Bendigo Goldfield under shallow cover

• High grade gold at less than 20m depth

• Open pit potential at Tomorrow prospect

• Large areas of potential gold below shallow cover (<60m)

• Operator, Catalyst Metals to spend ~$1.8M to earn 51% interest in Tandarra by September 2018

• Tandarra is 60km from Kirkland Lake’s Fosterville Gold Mine

• High-grade drill hits[] 11m @ 17.8 g/t Au; 17m @ 6.6 g/t Au; 21m @ 6.9 g/t Au*

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After Catalyst Metals Ltd
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* Catalyst Metals Ltd ASX release 26 July 2017

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Navarre Minerals Ltd
ASX:NML
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Tandarra Gold Project Tomorrow zone - High grade gold at less than 20m from surface

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Diagrams courtesy of CYL’s ASX release, 26 July 2017

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Navarre Minerals Ltd
ASX:NML
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Indicative Activity Timeline & News flow

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Navarre Minerals Ltd
ASX:NML
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Investment Case Summary

Two flagship gold projects next door to multi-million ounce gold mines

Irvine Gold Project

• Drilling six gold zones in 4Q 2017

• 7,000m AC program underway

• High-grade gold up to 41.5 g/t from first drilling (see NML ASX release 1 Dec 2016)

• Discovery of Resolution Lode - up to 30m wide & over 800m long - open north and at depth

• Irvine = source to Ararat Goldfield’s alluvial gold? Alluvials shedding from margins of Irvine Basalt?  Possibility of ‘multiples of Stawell’ over 15km length of Ararat Goldfield  Aiming to define a potential multi-million ounce gold deposit

Tandarra Gold Project

• Bendigo analogue – confirmed high-grade gold, close to Fosterville Mine

• Diamond drilling program to commence in first quarter 2018

• Navarre free-carried with Catalyst to spend ~$1.8 million to earn 51% interest by September 2018

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Navarre Minerals Ltd
ASX:NML
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Navarre Minerals Limited

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Navarre Minerals Limited
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VIC Australia 3380
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Website: www.navarre.com.au
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Navarre Minerals Ltd
ASX:NML
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Addendum

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Resolution Lode drill site RD001

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Navarre Minerals Ltd
ASX:NML
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Regional Setting – Gold Projects

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Stawell Gold Corridor
6 Moz Ararat &
Stawell Goldfields
Tandarra Gold Project
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Modified from: Skladzien, Cayley, McLean & Taylor 2016

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Navarre Minerals Ltd
ASX:NML
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Stawell Corridor: Historic gold production Approximately 6 million ounce historic gold production

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160,000 6.0
Estimated Stawell Goldfield Production by Year
140,000
5.0
Alluvial ounces 0.8 Moz
120,000
Reef ounces 4.4 Moz
4.0
100,000 Total ounces 5.2 Moz
80,000 3.0
60,000
2.0
40,000
1.0
20,000
0 0.0
1850 1870 1890 1910 1930 1950 1970 1990 2010
180,000 0.8
Estimated Ararat Goldfield Production by Year
160,000 0.7
140,000
0.6
120,000
0.5
100,000 Alluvial ounces 0.6 Moz
0.4
Reef ounces 0.01 Moz
80,000
Total ounces 0.6 Moz 0.3
60,000
0.2
40,000
20,000 0.1
0 0.0
1850 1870 1890 1910 1930 1950 1970 1990 2010
(millions)
Gold ounces
Cumulative Gold ounces
(millions)
Gold ounces
Cumulative Gold ounces
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Stawell Goldfield:

• Large alluvial gold rush followed by discovery of reef gold source

• Magdala is one of Victoria’s most successful modern gold mines – 33 years of continuous gold production

Ararat Goldfield:

• Large alluvial gold rush dominated by Chinese miners

• Primary (reef) source of alluvial gold was never discovered

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Source: modified from 2001 GSV Report 115

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Navarre Minerals Ltd
ASX:NML
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Stawell: a multi-lode, million ounce gold deposit

Multi-lode exploration model

• Underground mine with decline access (now on care & maintenance)

• +4Moz gold mined

• Mined grade: 4 – 6 g/t Au

• Deposit strike length: 2,500m

• Vertical mining extent: 1,640m

• Gold occurs in multiple “lodes” along the flanks of a basalt dome

• Shoot sizes: average 100koz – 200koz of gold

• 2,500 - 4,000 ounce gold endowment per vertical metre

• Every 250 metre depth slice contained 0.6 –

• 1.0 million ounces of gold

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Navarre Minerals Ltd
ASX:NML
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Resolution Lode

Discovery of gold over 800m strike

 Resolution Lode – a new gold discovery:

• Shallow broad gold zones up to 30m wide from surface

• 800m strike length, open north and at depth

• Deeper drill testing confirms continuity of gold mineralisation

 Best intercepts*:

• 18.7m @ 7.1 g/t Au (RD006)

• 4.0m @ 9.8 g/t Au (RD002)

• 2.9m @ 12.9 g/t Au (RD001)

• 6.0m @ 6.3 g/t Au (IAC018)

• 2.0m @ 41.5 g/t Au (IAC018)

* See NML ASX releases 1 & 15 Dec 2016 and 16 Jan, 24 Apr, 15 May & 28 July 2017

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