AUREKA LIMITED — Investor Presentation 2021

Feb 11, 2021

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ASX : NML

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Victoria, the best address for high grade gold Investor Presentation 12 February 2021

Forward-looking Statement & Disclaimer

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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 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.

Navarre Minerals Ltd Navarre Minerals Limited ASX:NML Targeting Victoria’s next major gold deposits

GOAL:

Visibility of Victoria’s next major gold system by early 2021 & pathway to a gold production company

• ❑ Resource Definition program at Resolution Lode – target maiden Mineral Resource Q1 2021

• ❑ : Drill for multi-million ounce gold systems

• Drill Stawell Corridor Project for next Stawell

• ▪ Drill large-scale St Arnaud Project

• ▪ Fast-track Jubilee Project

• ▪ Drill Tandarra Project for next Bendigo

• ❑ Examine transformational opportunities

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3.

Corporate Overview (ASX:NML)

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CAPITAL STRUCTURE SHARE PRICE & VOLUMES
$0.30 30,000,000
Shares on issue
545.1 million
$0.25 25,000,000
Share price $0.16 (9 Feb) $0.20 20,000,000
$0.15 15,000,000
Market capitalisation $87.2 million
$0.10 10,000,000
Cash (31 Dec 2020) $9.9 million $0.05 5,000,000
$- -
Enterprise value $77.3 million
BOARD OF DIRECTORS TOP SHAREHOLDERS (31 Dec 2020)
Kirkland Lake Gold ^
Kevin Wilson Chairman 9%
8% Dr Stephen Nordstrom
Ian Holland Managing Director 8% The Victor Smorgon Group
Geoff McDermott Joint Managing Director 53% 7% 1832 Asset Management LP
Board of Directors
Mathew Watkins Company Secretary 5%
10% Other top 20
Others
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^ Owner and operator of Fosterville Gold Mine

4.

Navarre Minerals Ltd Navarre Minerals Limited ASX:NML Key player in Victoria’s gold renaissance

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Pipeline of quality projects:

• ❑ Stawell Corridor:

• ➢ Irvine: Resolution & Adventure Lodes

• ➢ Langi Logan

• ❑ St Arnaud

• ❑ Jubilee

• ❑ Tandarra JV (49%)

• ❑ Stavely Arc: Eclipse, Glenlyle, Stavely JV

5.

Stawell Corridor Gold Project

Why we explore the western side of Victoria’s world-class 80Moz gold province

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• ❑ 6Moz gold production from 40km strike

• ❑ Stawell was Victoria’s largest gold mine for 30 years until 2008

• ❑ Predictable strike & depth continuity with uniform gold grades

• ❑ Primary gold occurs on margins of basalt domes (“yellow”)

• ❑ Stawell exploration model never applied to southern region

• ❑ Dominant (100%) ownership of 70km strike of corridor

• ❑ 7 basalt domes identified

• ❑ Three gold discoveries by Navarre to date*:

• ➢ Q4 2016 Irvine (Resolution Lode) - 6.0m @ 6.3 g/t Au ➢ Q4 2017 Irvine (Adventure Lode) - 6.0m @ 5.1 g/t Au ➢ Q4 2018 Langi Logan – 33m @ 2.9 g/t Au

* See NML ASX releases of 15 December 2016, 13 December 2017 & 12 February 2019

6.

Irvine Basalt Dome

TWO GOLD PROSPECTS:

• ❑ Resolution Lode : 1.9km strike length :*

• 6.0m @ 6.3 g/t Au (IAC018) – ‘ Discovery hole’ 18.7m @ 7.1 g/t Au (RD006) 4.0m @ 9.8 g/t Au (RD002) 2.9m @ 12.9 g/t Au (RD001) 2.0m @ 41.5 g/t Au (IAC018) 10.6m @ 6.2 g/t Au (RD012) 7.7m @ 5.6 g/t Au within 18.7m @ 3.4 g/t Au (RD025) 5.0m @ 10.0 g/t Au (RD027)

• ❑ Adventure Lode : 1.3km strike length :*

• 6.0m @ 5.1 g/t Au (IAC245) – ‘ Discovery hole’ 5.0m @ 3.5 g/t Au (IAC332) 6.0m @ 4.2 g/t Au (IRC013) 5.0m @ 4.0 g/t Au (IRC004)

• ❑ 14,000m diamond drilling program to be completed by Q1 2021

  • See NML ASX releases of 2016, 2017, 2018, 2019, 2020

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7.

Resolution Lode

Consistent grades and widths provides confidence of maiden Mineral Resource Q1 2021

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NML ASX release of 23 Dec 2020

8.

Adventure Lode

Drilling in progress, aiming for Exploration Target to be defined in Q1 2021

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9.

NML ASX release of 1 Dec 2020

Langi Logan Basalt Dome

2.5km Langi Logan North Extension, new target from drilling and geophysics

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10.

NML ASX release of 14 Jan 2021

Glenlyle Project

Emerging epithermal gold – silver project under shallow cover

• ❑ Large gold – silver discovery at Morning Bill

• ❑ 4,500m AC drill program underway to scope mineralisation

• ❑ 2,000m diamond drilling program - Q1 2021

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11.

NML ASX release of 4 Feb 2021

Stawell Corridor Gold Project

Extensive footprint in growing minerals province

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• ❑ Rapidly growing minerals province in western Victoria

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

• ❑ North Stawell Minerals (ASX:NSM) listed on ASX in Sep 2020 – interest in significant strike length of corridor north of Stawell Gold Mine

• ❑ Battery Minerals (ASX:BAT) acquired Stavely-Stawell project in Oct 2020, exploration activity has commenced

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

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

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St Arnaud Gold Project

Exploring for high-grade gold mineralisation around an historic goldfield

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• ❑ Navarre’s first-pass drilling confirms:

• ➢ Historical 0.4Moz St Arnaud Goldfield extends

  • 5km north under shallow Murray Basin cover

• ➢ Mineralised cross-cutting quartz veins with similar structural framework to Fosterville’s “Swan” and “Eagle” zones in the East Field prospect

• ❑ Encouraging early gold and silver intercepts*:

• ➢ 4m @ 6.6 g/t Au from 48m

• ➢ 6m @ 2.5 g/t Au from 80m

• ➢ 1m @ 67.4 g/t Ag from 50m

• ➢ 8m @ 19.8 g/t Ag from 74m

• ❑ Previous 1m @ 1,174 g/t Au (2008) at New Bendigo to be followed up*

* See NML ASX releases of 30 July 2018, 5 February 2019, 28 October 2020 & 11 February 2021

13.

St Arnaud Gold Project

Diamond drilling has recently commenced on New Bendigo target

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14.

See NML ASX releases of 11 February 2021

Jubilee Gold Project Forgotten historical gold mine (1887 – 1913)

• ❑ 25km from operating Ballarat Gold Mine

• ❑ Acquired June 2020, 100% owned by Navarre Minerals

• ❑ Jubilee Mine 1887- 1913

• E-W quartz reef 0.5–2m wide

• Fosterville (Swan - Eagle) analogue

• produced 134Koz Au @ 12 g/t recovered

• mined to 619m, open at depth

• orebody remains open at depth

• ❑ Never been drill tested

• ❑ Rare E-W reef system with demonstrated continuity and uniform gold grade

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Jubilee Gold Project

Forgotten historical gold mine (1887 – 1913)

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• ❑ Geophysics program has identified potential extensions and

• repetitions representing shallow targets

• ❑ Reconaissance air core drilling confirmed gold anomalies in Targets A, B & C, follow up diamond drilling

(source: ASX releases of 26 October 2020, 9 November 2020 & 31 January 2021)

16.

Tandarra Joint Venture

Finding the next Bendigo

❑ Victoria’s largest gold camp ~ 31Mozs

• ❑ Tandarra + Four Eagles – similar gold footprint 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)

• 3m @ 44.6 g/t Au from 111m (RCT233)

• ❑ Several lines of reef discovered – Tomorrow (most advanced), Macnaughtan & Lawry

• ❑ Navarre 49% interest in JV, operator is Catalyst Metals (ASX:CYL)

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After Catalyst Metals Ltd
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(source: CYL ASX releases of 23 August 2017, 27 April 2018, 30 April 2019 & 1 July 2019)

Tandarra Joint Venture

Vertical repetitions of mineralised gold structures in 3 key prospects

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> 1.2km strike of gold mineralisation

(source: ASX releases of 1 July 2019 & 6 April 2020)

18.

Summary

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Backdrop:

Strong investor focus on Victorian gold in an environment of rising gold price Navarre Outlook:

• ❑ Robust financial position with ~$10M cash (Dec 31)

• ❑ Complete 14,000m diamond drilling program at Resolution and Adventure lodes in Q1 2021, maiden Mineral Resource to follow at Resolution Lode

• ❑ Advance regional prospects with 20,000m AC drilling program – commenced Q4 2020

• ❑ 2,000 metre diamond drilling program underway at St Arnaud

• ❑ Commence 2,000 metre diamond drilling program at Glenlyle – Q1 2021

• ❑ Advance other investments in partnership as non-operator (Tandarra & Stavely JVs)

• ❑ COVID-19 situation is being carefully managed, with minimal disruption to date

• ❑ Strong support from major shareholders, including Kirkland Lake, Victor Smorgon & 1832 Asset Management

Transporting a boiler to Jubilee Mine c. 1898 courtesy Woady Yaloak Historical Society

19.

Navarre Minerals Limited (ASX:NML)

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For Further Information:
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Navarre Minerals Limited - 40 44 Wimmera Street Stawell VIC Australia 3380 Tel: +61 3 5358 8625 Website: www.navarre.com.au Email: info@navarre.com.au

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