AUREKA LIMITED — Investor Presentation 2021

Jul 14, 2021

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N O O S A M I N I N G C O N F E R E N C E - P R E S E N T A T I O N 1 5 J u l y 2 0 2 1

U N E A R T H I N G P R O S P E R I T Y

ASX: NML

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FORWARD LOOKING STATEMENT

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

Competent Person Statement

The information in this presentation that relates to exploration results is based on information compiled by Shane Mele, who is a Member of the Australasian Institute of Mining and Metallurgy and who is Exploration Manager of Navarre Minerals Limited. Mr Mele 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 Mele consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. The Company is not aware of any new information or data that materially affects the information included in this presentation. All material assumptions and technical parameters underpinning the estimates in the Announcements referred to continue to apply and have not materially changed.

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BUILDING A PATHWAY TO GOLD PRODUCTION

ASX: NML

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BOARD AND MANAGEMENT TEAM

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Kevin Wilson Non-Executive Chair

Mr Wilson has over 30 years’ experience in the minerals and finance industries. He was the Managing Director of Rey Resources Limited, an Australian energy exploration company, from 2008 to 2016 and Leviathan Resources Limited, a Victorian gold mining company, from its initial public offering in 2005 through to its sale in 2006. He has prior experience as a geologist with the Anglo American Group in Africa and North America and as a stockbroking analyst and investment banker with CS First Boston and Merrill Lynch in Australia and USA.

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Ian Holland Managing Director

Geoff McDermott Technical Director

Ian Holland has over 20 years of experience in the minerals industry across a number of gold and base metal operations throughout Australia. He is a geologist by background and has a strong track record of value creation with his most recent role as Vice President, Australian Operations for Kirkland Lake Gold where he lead the growth of the world-class Fosterville Gold mine in Victoria. He was also previously the General Manager of Fosterville for a number of years as well as roles at Mount Isa Mines, Mount Gordon and Renison. He holds both a Bachelor of Science and a Master of Minerals Geoscience from James Cook University, as well as a Graduate Diploma in Applied Finance and Investment from the Securities Institute.

Geoff McDermott is an experienced geologist and founding Managing Director of Navarre Minerals. Geoff has over 30 years industry experience working as a geologist in surface and underground metalliferous mining operations, in minerals exploration and as a consultant to the minerals industry. He has a broad range of international experience having worked as a geologist in Canada, Fiji and Australia for companies such as WMC and Rio Tinto as well as with the Government of the Northwest Territories, Canada.

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Shane Mele Exploration Manager

Shane Mele has more than 20 years’ experience in the resources industry, predominantly in gold mining and exploration, and also in base metal exploration. Prior to joining Navarre, Shane was Managing Director of Kidman Resources and held senior management and geological roles with St Barbara Limited, BCD Resources NL, Leviathan Resources Limited and MPI Mines Limited with a range of responsibilities including regional exploration management and technical project assessments for business development. He holds a Bachelor of Science (Honours) from LaTrobe University is a member of the Australasian Institute of Mining and Metallurgy.

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Paul Hissey Chief Financial Officer

Paul Hissey has a broad range of technical, financial and market experience achieved through more than 20 years working firstly as a geologist in mining operations in resource and production roles before a transition to capital markets as a respected research analyst with global investment banks RBC and Goldman Sachs. Paul has a Bachelor of Applied Science (Hons) from the University of South Australia, as well as an MBA from the Chifley Business School and a Graduate Diploma in Applied Finance from Kaplan Professional.

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C OR P OR A TE OV ER V IEW (A SX : NM L )

CAPITAL STRUCTURE

BOARD OF DIRECTORS

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Kevin Wilson Non-Executive Chairman
Ian Holland Managing Director
Geoff McDermott Technical Director
SHARE PRICE & VOLUMES
$0.30
$0.20
$0.10
$0.00
Jul-20 Oct-20 Jan-21 Apr-21
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SHARE PRICE $0.10
SHARES ON ISSUE 695.2 million
PERFORMANCE RIGHTS 7.1 million
OPTIONS 12.4 million
FULLY DILUTED 714.7 million
MARKET CAPITALISATION $69.5 million
CASH (30 JUN 2021) $14.1 million
ENTERPRISE VALUE $55.4 million
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TOP SHAREHOLDERS
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KIRKLAND LAKE GOLD 8.2%
DR STEPHEN NORDSTROM 6.8%
VICTOR SMORGON GROUP 6.1%
BOARD OF DIRECTORS 4.2%
OTHER TOP 20 12.3%
OTHER 62.4%
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LEADING THE VICTORIAN RENAISSANCE

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Stawell Corridor

• Most significant new greenfield gold resource in Victoria in decades

• Mineralisation style analogous with nearby Stawell Mine (5moz)

• Ongoing drilling to upgrade known extensions to resource

• Geological footprint significant, targeting +1Moz inventory

• Glenlyle - a virgin gold-silver discovery

St Arnaud

• Just getting started following up historical production

Jubilee

• 2020 campaign (geophysics and aircore drilling) - first modern exploration in 100 years

Tandarra JV (49%)

• Continues to deliver exceptional drill results with the potential for a large high grade gold system

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CONSISTENT POSITIVE NEWS FLOW

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• Continued drilling across known deposits to deliver consistent results and news flow

• Resource growth at Stawell Corridor and St Arnaud

• Following up early stage work at Glenlyle and Jubilee has potential for new discoveries

Stawell Corridor Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Maiden Resource Continued drill out of Exploration Target[1] Step out drilling to build inventory Reconnaissance drilling - additional domes Glenlyle - Follow up diamond drilling Updated Resource

St Arnaud Diamond drilling to test known targets Infill drill across historic workings Maiden Resource

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• Jubilee Initial reconnaisance drirlling and geophysics Maiden diamond drill campaign

Tandarra JV Continued infill/definition drilling

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1 Further information contained within Navarre’s 30 March 2021 ASX Announcement

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VICTORIA’S NEWEST RESOURCE

STAWELL CORRIDOR GOLD PROJECT – Irvine Dome

• Maiden Mineral Resource just the start…

• Further drilling to convert Exploration Target (280-420koz) and follow mineralisation down plunge to add to the inventory

• Refine understanding of the mineralised signature – hone exploration techniques for application on other basalt domes along the Stawell Corridor

• We’ve ‘banked’ 300koz, can ‘see’ the next 300-400koz and will step out to identify the next +300koz on our way to a targeted 1moz+ inventory at the Stawell Corridor

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1 Further information contained within Navarre’s 30 March 2021 ASX Announcement

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MAIDEN RESOURCE – ROOM TO GROW

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Further information contained within Navarre’s 30 March 2021 ASX Announcement

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CORRIDOR - LANGI LOGAN AND BEYOND

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Further information contained within Navarre’s 30 March 2021 ASX Announcement

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FORGING AHEAD IN THE RIGHT POSTCODE

STAWELL CORRIDOR GOLD PROJECT

• Rapidly growing minerals province in western Victoria

• Stawell Gold Mine currently operated by Arete Capital (private)

• New entrant North Stawell Minerals listed on ASX in 2020 – interest in significant strike length of corridor north of Stawell Gold Mine

• Region also hosts Stavely Minerals – targeting a maiden Mineral Resource for the Cayley Lode (copper-gold) in Stavely Arc immediately to west

• Navarre holds 100% interest in 70km of strike length of Stawell Corridor with multiple recognised basalt domes – camp-scale potential

• Continued demand for properties through both government tender and queue of new entrants to the region

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FOLLOWING THE OLD TIMERS

ST ARNAUD GOLD PROJECT

• Historic underground mining during the gold rush (1855-1913), more recently open pit mining in 1990’s (Comstock – Nelson Line)

• Navarre’s first pass drilling confirms several continuous lines of gold mineralisation, extending north under cover[1]

• Encouraging early gold and silver intercepts

• Follow up drilling programs:

• Diamond drilling on the New Bendigo line in progress

• Diamond drilling on the Nelson line to commence in current quarter

• Previous 1m @ 1,174 g/t Au (2008) at New Bendigo[2 ] demonstrates the potential for high grade mineralisation

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1See NML ASX releases 30 July 2018, 26 March 2021 & 16 July 2021

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2See RXM ASX releases 15 & 16 April 2008

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DRILLING BELOW OLD WORKINGS

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ST ARNAUD GOLD PROJECT

• Main lease granted in 2020 after competitive application process

• Historic production and significant workings demonstrate continuous gold mineralisation, albeit limited by lack of drilling

• NML to drill at depth and along strike following known extents

• Remains unconstrained along three lines of lode, with little recent exploration

• Assessing the economic potential by targeting a maiden mineral resource over next 12 months

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Further information contained within Navarre’s 26 March 2021 ASX Announcement

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VIRGIN GOLD AND SILVER DISCOVERY

GLENLYLE PROJECT

• New Morning Bill discovery identified on geophysical anomalies, concealed under shallow cover

• Hosted in Stavely Arc volcanics

• Morning Bill prospect centred between two magnetic highs

• Strongly anomalous gold, silver, lead and zinc grades define mineralised footprint of over 1,000 metres by 400 metres

• Peak grades up to 390 g/t silver, 16.5g/t gold, 9.1% zinc, 4.8% lead

• Morning Bill likely part of a much larger mineral system

• Open at depth and along strike

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1 See NML ASX releases of 18 March 2021 & 10 June 2021

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SIGNIFICANT POLYMETALLIC SYSTEM

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GLENLYLE PROJECT

• Mineralisation and alteration at Morning Bill is epithermal-style

• Porphyry mineralisation potential at depth/laterally

• Over 1km strike length of goldsilver mineralisation associated with magnetic low[1]

• First three holes of maiden diamond drilling reported – high gold and base metal grades in all three

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• Geophysics surveys in progress to

test depth potential[1]

1 See NML ASX release of 18 March 2021 & 10 June 2021 & 8 July 2021

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A FORGOTTEN GOLD MINE…

JUBILEE GOLD PROJECT

• 25km from operating Ballarat Gold Mine

• Acquired June 2020 by Navarre Minerals (100%)

• Jubilee Mine 1887-1913

• E-W quartz reef 0.5-2m wide

• Produced 134koz gold @ 12 g/t recovered

• Mined to 619m, remains open at depth

• First pass air-core and geophysics completed, multiple shallow

targets defined[1]

• Planning maiden diamond drilling program

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1 See NML ASX release of 2 February 2021

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HUNTING IN ELEPHANT COUNTRY

TANDARRA GOLD JOINT VENTURE

• Victoria’s largest gold camp ~ 31Mozs

• Tandarra + Four Eagles – analogous to Fosterville/Bendigo

goldfields

• High-grade gold under cover starting 20m below surface:

• 21m @ 6.5 g/t Au from 27m (RCT177)

• 10m @ 14.0 g/t Au from 47m (RCT172)

• 17m @ 7.1 g/t Au from 30m (RCT173)

• 24m @ 4.2 g/t Au, incl 6m @ 14.3 g/t Au (RCT249)

• 2.5m @ 54.8 g/t Au from 231m (ACT464)

• Several lines of reef discovered – Tomorrow, Macnaughtan & Lawry

• Navarre 49% interest in JV

• Operator is Catalyst Metals (ASX: CYL)

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1 See CYL/NML ASX release of 23 August 2017 and 15 April 2021

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A GOLDEN FUTURE – MORE TO COME

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SUMMARY

• Victoria is a world class address for high grade gold discoveries

• Maiden resource is a down payment on the path to a million ounce inventory:

• Drilling continues at Stawell Corridor to enlarge the current Resource, and upgrade Exploration Targets into additional resources and extend the known limits of

mineralisation

• Targeting a maiden resource below and between the historic workings of the St Arnaud Goldfield

• Advancing the Morning Bill discovery at Glenlyle – aiming to drill test the roots of this system

while also advancing our understanding of further potential across the tenement

• Commence a maiden diamond drilling campaign at Jubilee – following the historic workings

• Tandarra JV continues to demonstrate high grade gold mineralisation

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JORC RESOURCES AND EXPLORATION TARGET

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Mineral Resources for Navarre Minerals Resolution and Adventure Prospects

			Inferred
Prospect	Cut-Off Au (g/t)	Tonnes	Gold Grade	Gold Ounces
Resolution OP	>0.6	1,754,000	2.09	118,000
Adventure OP	>0.6	680,000	1.85	40,300
Total OP	>0.6	2,434,000	2.02	158,300
Resolution UG	MSO	1,455,000	3.12	146,000
Total	Variable	3,889,000	2.43	304,300

The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.

Exploration Target* for Navarre Minerals Resolution and Adventure Prospects

		Exploration Target Range
Prospect	Tonnes (Mt)	Gold Grade	Gold Ounces (kOz)
Resolution	2.4 - 3.6	2.0 - 3.0	200,000 - 300,000
Adventure	1.0 - 1.6	2.0 – 3.2	80,000 – 120,000
Total	3.4 – 5.2	2.0 – 3.0	280,000 – 420,000

*The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource in relation to this Exploration Target. It is uncertain if further exploration will result in the estimation of a Mineral Resource in relation to these Exploration Targets

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Further information contained within Navarre’s 30 March 2021 ASX Announcement

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Navarre Minerals Limited 40-44 Wimmera Street Stawell VIC Australia 3380 t +61 3 5358 8625 e info@navarre.com.au w navarre.com.au

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