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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


  1. Investor Presentation Geoff McDermott ‐ Managing Director John Dorward ‐ Business Development 14 November 2011

  2. 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.

  3. 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

  4. 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 •

  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

  6. 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

  7. Victorian Projects Victorian Projects

  8. 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 km 2 of tenements

  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.

  10. 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 •

  11. 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

  12. Tandarra High ‐ quality project Tandarra drill highlights* Minimum Gold Maximum Gold Gold results are: moderate to • Hole ID Length (m) Assay Range (g Au/t) Assay Range (g Au/t) high ‐ grade; close to surface; ACT024 12.0 0.3 2.8 potentially open ‐ pit mineable; includes 1.0 2.6 26.2 includes 1.0 0.2 6.7 near established infrastructure ACT015 10.0 17.9 44.3 and large workforce; open in all includes 2.0 78.1 211.3 directions TAC102 15.0 0.9 2.6 includes 1.0 0.8 12.1 13 potential lines of reef identified • TAC105 2.0 0.4 8.0 to date by geophysics ‐ only 3 TAC125 4.0 6.6 7.2 includes 1.0 0.01 24.7 tested so far. Depth from 20 ‐ 80m and 3.0 1.9 87.5 below surface includes 1.0 3.1 259.8 TAC136 17.0 0.4 4.8 Gold mineralisation identified over • includes 1.0 0.9 36.5 7 kilometres of strike includes 1.0 2.8 11.2 includes 1.0 1.5 31.9 Resource definition drilling TAC146 2.0 4.9 5.7 • includes 1.0 8.6 10.5 scheduled to commence in late TDD007 4.2 6.8 6.8 November 2011 includes 0.6 8.2 9.2 * See Navarre’s “September 2011 Quarter report to shareholders” ASX release dated 28 October 2011

  13. Tandarra Project growth 2007 Drilling 2011 Drilling

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