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Investor Presentation Geoff McDermott Managing Director John Dorward Business Development 14 November 2011 Forward looking statement & disclaimer The information contained in this presentation has been provided by Navarre and other


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Investor Presentation

Geoff McDermott ‐ Managing Director John Dorward ‐ Business Development

14 November 2011

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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

  • n 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
  • f 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.

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Our pathway to exploration success

Our goal is to define a maiden mineral resource by December 2012 and then to become a low‐cost, significant Victorian gold producer. Our pathway 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

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2011 milestones

Focused and streamlined

1) Initial Public Offering completed

  • Raise $3.5 million & list on ASX on 31 March 2011

2) Exploration success at Bendigo North Gold Project

  • Greenfields gold discovery under shallow cover
  • 10m @ 34.4g Au/t from 37m down‐hole in ACT015, incl. 2m @ 161.2g Au/t
  • Significant strike length now confirmed
  • 40km north of world class 22 million ounce Bendigo Goldfield
  • New geophysics method detects quartz reefs below shallow cover

3) 1 for 3 Entitlement Offer completed

  • Raise $3.2 million in September 2011

4) $4.2 million Bendigo North Gold Project initiated

  • Program of up to 50,000 metres of drilling underway
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SLIDE 5

Investment case

  • Quality: Portfolio of properties along high‐grade mineral corridors below shallow

cover in areas that have seen little or no previous exploration

  • Science: Apply innovative technology and new geological thinking to reduce time

and cost to discovery

  • Growth: Ownership of a potential new mineral district and strong pipeline of

targets to test

  • Strength: Well funded $4.2 million program and no debt. Outstanding expertise

and track‐record in exploration, operations and business development

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Management team

Experience & results

  • Geoff McDermott – Managing Director & CEO
  • John Dorward

– Business Development

  • Steve Harper

– Chief Geologist

  • Zac Dornom

– Project Geologist

  • Jodi Ford

– Financial Controller

  • Anthea Perry

– Logistics

  • Board & Management

— Combined 55 years of exploration and operational experience in Victoria — Track‐record of bringing projects into production

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Victorian Projects Victorian Projects

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Victorian footprint

Excellent exposure to gold and base metals growth

Ballarat – Bendigo Corridor

Bendigo North Project

  • Quartz Reef & Secondary gold

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

1,600 km2 of tenements

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SLIDE 9

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.

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Tandarra

An emerging gold district

  • 100% ownership of flagship project
  • Optimum position in this emerging gold district
  • Near surface greenfields gold discovery with

potential for open pit mining

  • Target concept: multiple “Bendigo‐style” gold in

quartz reefs & secondary gold

  • Whitelaw Fault controls gold mineralisation

(22 million ounce Bendigo Goldfield)

  • Geophysics used to detect multiple quartz reef

structures for drill testing

  • AuRico Gold “back‐in” option
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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 six high‐grade

gold (>20g Au/t) intercepts over a 2km 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

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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

  • 13 potential lines of reef identified

to date by geophysics ‐ only 3 tested so far. Depth from 20 ‐ 80m below surface

  • Gold mineralisation identified over

7 kilometres of strike

  • Resource definition drilling

scheduled to commence in late November 2011 Tandarra drill highlights*

*See Navarre’s “September 2011 Quarter report to shareholders” ASX release dated 28 October 2011

Hole ID Length (m) Minimum Gold Assay Range (g Au/t) Maximum Gold Assay Range (g Au/t) ACT024 includes includes 12.0 1.0 1.0 0.3 2.6 0.2 2.8 26.2 6.7 ACT015 includes 10.0 2.0 17.9 78.1 44.3 211.3 TAC102 includes 15.0 1.0 0.9 0.8 2.6 12.1 TAC105 2.0 0.4 8.0 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 includes 17.0 1.0 1.0 1.0 0.4 0.9 2.8 1.5 4.8 36.5 11.2 31.9 TAC146 includes 2.0 1.0 4.9 8.6 5.7 10.5 TDD007 includes 4.2 0.6 6.8 8.2 6.8 9.2

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Tandarra

Project growth

2007 Drilling 2011 Drilling

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Tandarra

2011‐12 strategy

  • $4.2 million exploration program
  • 110 line kilometres of geophysics
  • Up to 50,000 metres of drilling
  • Resource definition drilling commences

in late November 2011

  • Targeting maiden resource by

December 2012

  • Initiate feasibility and bulk sample in

second half of 2012

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Tandarra

Victorian gold!… what’s different at Tandarra?

New greenfields discovery

  • No previous mining

concealed under shallow sands & clays

  • Multiple lines of reef detected

potential for repetition at depth

  • Potential for secondary gold

alluvials, deep leads Near surface mining opportunity from multiple lines of reef

  • Lower risk

easier to assess from surface

  • Lower opex

compared to underground mining Potential for scale from large gold footprint

  • 13 potential lines of reef

3 proven by drilling to date

  • currently 8 km (E‐W) x 7 km (N‐S)
  • pen in all directions

Attractive grades

  • Near surface gold

not high‐graded by historic miners

  • Victorian lodes 2.0g Au/t – 15g Au/t

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 60km² (Tandarra 56km²)
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Project Pipeline

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Kingston

Emerging gold project close to established infrastructure

  • At‐surface, oxide gold mineralisation with shallow high‐grade gold intercepts to follow

up

  • 100% owned with dominant position along prospective Landsborough Fault
  • Historic mining over 1,000 metres of strike to 75metres deep ‐ high‐grade gold, silver

and lead mined

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

Kingston Gold Mine circa 1900

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Kingston

Previous high‐grade gold intercepts to follow up

  • Diamond drill program scheduled to commence

in December 2011

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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

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2011 – 12 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.

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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 – 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

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Navarre Minerals Limited

Operations Office: 40 – 44 Wimmera Street Stawell VIC 3380 Tel: 03 5358 8623 Website: www.navarre.com.au Email: info@navarre.com.au

For more information contact

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Appendix Appendix

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Corporate

ASX code NML (listed 31 March 2011) Shares on issue 55.8 million Options 1.8 million (unlisted) Share Price 32c (November 2011) Market Cap $18 million Cash $5.4 million (30 September 2011) Major Shareholders AuRico Gold (Northgate) 9.3% Board & Management 26.5% Top 20 shareholders 63.5%

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Experienced board

Kevin Wilson Chairman Rey Resources, Leviathan Resources, Merrill Lynch, Anglo American Geoff McDermott Managing Director Leviathan Resources, MPI Mines, WMC, Rio Tinto 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 Trevor Shard Company Secretary Cobar Consolidated Resources, Leviathan Resources, MPI Mines, Pasminco

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Bendigo Goldfield

World class gold deposit

Source: Catalyst Metals Limited ASX release 20 July 2011