Announcement PDF Navarre Minerals Limited ABN 66 125 140 105 Annual Report - 30 June 2024 Navarre Minerals Limited Contents 30 June 2024 Corporate directory Directors' report Auditor's independence declaration Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Consolidated entity disclosure statement Directors' declaration Independent auditor's report to the members of Navarre Minerals Limited Shareholder information 1 2 3 25 26 28 29 30 31 61 62 63 67 Navarre Minerals Limited Corporate directory 30 June 2024 Directors James Gurry (Managing Director – commenced 6 June 2024 and Interim Chair) Richard Taylor (Non-Executive Director – commenced 24 May 2024) Angela Lorrigan (Non-Executive Director – commenced 1 August 2024) Company secretary Mathew Watkins Registered office and principal place Level 4, 100 Albert Road of business South Melbourne, VIC 3205 Telephone Fax Email Website +61 (3) 9692 7222 +61 (3) 9956 7355 info@navarre.com.au www.navarre.com.au Share register Boardroom Pty Limited Level 8, 208 George Street Sydney NSW 2000 Australia Telephone +61 (2) 9290 9600 Facsimile +61 (3) 9279 0664 Auditor RSM Australia Partners Level 27 120 Collins Street Melbourne Victoria 3000 Australia Stock exchange listing Navarre Minerals Limited shares are listed on the Australian Securities Exchange (ASX code: NML) 2 Navarre Minerals Limited Directors' report 30 June 2024 MANAGING DIRECTORS REVIEW OF OPERATIONS AND PRINCIPAL ACTIVITIES SI G N IFI CA NT C HA NG E S IN T H E ST AT E O F AF F AI R S Following the appointment of Voluntary Administrators on 19 June 2023, for the year ended 30 June 2024 the Navarre Group continued for the majority of the year under various forms of external administration until release on 3 June 2024. Period Status 19 June 2023 - 18 October 2023 Voluntary Administration* 18 October 2023 - 3 June 2024 Deed of Company Arrangement (DOCA) 3 June 2024 – onwards Directors resumed full control following effectuation of DOCA. *On 21 June 2023, McGrath Nichol were appointed receivers and managers of Navarre Minerals Queensland Pty Ltd. As a result, control was transferred to the receivers, with Navarre Minerals Limited effectively losing control of Navarre Minerals Queensland Pty Ltd and the Mt Carlton operations on this date. Reporting on Navarre Minerals Queensland Pty Ltd and all assets held by that entity ceased as of this date. The Navarre Group of Companies consisted of:  Navarre Minerals Limited ACN 125 140 105  Black Range Metals Pty Ltd ACN 158 123 687  Loddon Gold Pty Ltd ACN 640 282 882  North Central Gold Exploration Pty Ltd ACN 640 554 516  Tandarra Gold Pty Ltd ACN 640 554 534  Western Victoria Gold Pty Ltd ACN 641 639 018 Significant changes in the state of affairs during the financial year included:  On 21 August 2023, PAC Partners loaned $44,618 to the Voluntary Administrators to enable Company to pay ASX annual fees and avoid ASX delisting.  On 25 August 2023, at the second creditors meeting of Navarre Minerals Queensland Pty Ltd, the subsidiary company that owned the Mt Carlton Queensland operations, attendees voted that Navarre Minerals Queensland Pty Ltd enter liquidation.  On 26 Sept 2023, at the second creditors meeting of the Navarre Group excluding Queensland, attendees resolved to enter a Deed of Company Arrangement (DOCA). The chosen DOCA was selected was from 3 competing proposals. Under the supported DOCA, it was agreed the Navarre Minerals Parent Company (and ASX listed status) be acquired for $125,000. The Group’s remaining tenements were to be sold in a formal sale process over the following 3 months.  On 18 October 2023, the DOCA contract was executed and Deed Administrator commenced a tenement sale process for the Group’s Victorian tenements.  On 4 December 2023, non-executive director James Gurry advanced the Company via the Administrator $60,000 to cover legal and other fees incurred in relation to the DOCA process.  On 16 January 2024, the Deed Administrator advised the director's that their increased bid in the competitive tenement sale process to purchase all the tenements for $400,000 is the preferred transaction, bringing the total required DOCA Contribution to $525,000.  On 17 January 2024, listed investments held by Navarre were sold by the Deed Administrator for approximately $300,000.  On 12 March 2024, the three Directors and one previous Director agree to compromise their claims against the Company. These claims survived the Administration as they were removed from the unsecured creditor claims in an effort to give creditors a greater return. The majority of the approximately $753,000 owed to directors related to employee entitlements. The debt was reduced to $70,000 owed to previous Director, Mr Geoff McDermott.  On 24 April 2024, the Directors, as Deed Proponents of the DOCA, announce intention for Navarre to return to its heritage as a minerals exploration Company listed on ASX, focused on its Victorian tenements, and that the first of a 2-stage recapitalisation be launched. Subject to the success of the capital raise, it was expected that the then nonexecutive director, Mr James Gurry, would take up an executive role at the Company.  On 24 May 2024, Navarre announced the appointment of Mr Richard Taylor as a Non-Executive Director. Mr Taylor brings extensive ASX executive experience to the Company from past roles with Mineral Deposits Limited, PanAust, MMG Ltd and Oxiana Ltd.  On 29 May 2024, the Directors, as Deed Proponents of the DOCA, raised approximately $1.7m in secured convertible debt, with key terms: 15% pa coupon, debt convertible into ordinary shares at 35% discount at the next capital raise prior to resuming trading on ASX and debt secured against the assets of the Company. 3 Navarre Minerals Limited Directors' report 30 June 2024      On 31 May 2024, in accordance with the Deed of Company Arrangement (‘DOCA’) all outstanding agreements entered into by the Company, including the share subscription agreement (‘Subscription Agreement’) between the Company and Lind Global Fund II (Lind), prior to the Administrators appointment were terminated effective this date. Any rights or entitlements held under Options are no longer valid or enforceable. On the same day, the Directors as Deed Proponents, made a payment of $525,000 to the Deed Administrator satisfying one of the main conditions to finalise the DOCA. Mr Gurry and Mr Taylor invested $100,000 and $25,000 respectively in the convertible debt capital raise which is subject to shareholder approval. On 3 June 2024, the Deed Administrator advised the Directors that the DOCA had been effectuated and Navarre Group was released from external administration. As a result, all liabilities (known and unknown) except those specifically excluded under the terms of the DOCA, were transferred to the NML Creditors’ Trust. On 6 June 2024, Company announced Mr Gurry's appointment as managing director and eligibility for share-based award of $250,000 for achieving release from external administration. On 12 June 2024, Navarre announced that it has taken the decision to recommit to its 49% interest in the Tandarra Gold Project making payment of $372,866 in respect of outstanding cash calls. The most recent project activity included a diamond drilling program at the Lawry prospect with six holes completed for 1,034m and an air core drilling program at the Uptons Road prospect. Figure 1 Corporate Structure NA VA R RE R E T U RN IN G T O IT S H E RIT AG E AS VI CT O RI AN G O L D E X PL O R E R On the 24 April 2024, the Directors announced the intention to recapitalise the Company to enable the advancement of its long-standing and well-known Victorian project portfolio in a supportive gold price environment. The Navarre Group, excluding Navarre Minerals Queensland (in liquidation), entered a Deed of Company Arrangement (DOCA) in late 2023. The DOCA agreement provided the framework for Navarre to recapitalise and return to its heritage as a Victorian gold explorer, focusing not only on its flagship Stawell Corridor Projects (including 304koz gold Resource at Resolution and Adventure Prospects) but also the St Arnaud Project, Tandarra Gold Project JV, Jubilee Project and the Company’s other tenement related assets (together the “Victorian Projects”). On 6 June 2024, it was announced that the first stage to recapitalise the Company had been completed via approximately $1.7m in convertible debt issuance to sophisticated and professional investors. The key terms of the convertible debt include a 12-month term, coupon of 15% p.a., general security over the Company and its assets and mandatory conversion into shares at a subsequent capital raise prior to resumption of ASX trading in NML shares. Part of the initial funding has been used to pay the Deed Administrator $525,000, satisfying the key condition to removing the Deed of Company Arrangement. The DOCA has been effectuated as confirmed by the Deed Administrator and reflected in current ASIC records. It is intended the Company will undertake the second step in its recapitalisation, by way of a new equity issue, immediately prior to the resumption of trading of its shares, the second stage recapitalisation is subject to various approvals, including by the ASX, ASIC and shareholders. This capital will be used to fund exploration works on the Company’s Victorian Projects and 4 Navarre Minerals Limited Directors' report 30 June 2024 for working capital. This equity issue prioritises current shareholders and participants in the convertible note offer. The Company will in parallel seek shareholder approval to consolidate its existing issued share capital. VI CT O RI AN E X PL O R ATIO N Navarre is searching for gold deposits in an extension of a corridor of rocks that host the Stawell (circa six million ounce) and Ararat (circa one million ounce) goldfields. This is known as the Stawell Corridor Gold Project. Within the project, the Company is focused on growing its reported maiden mineral resource on the margin of the Irvine basalt dome (the Resolution and Adventure prospects); and advancing a high-grade gold discovery on the 14.5 kilometre long Langi Logan basalt dome. The Company is also searching for high-grade gold at St Arnaud Gold Project, which comprises 1,459km2 of granted tenements, encompassing and including the entire historical 0.4Moz St Arnaud Goldfield, where high-grade gold was mined from quartz lodes in a structural setting consistent with most gold deposits in central Victoria, including Bendigo, Ballarat and Fosterville. During the period Navarre continued its regional soils program over several prospective target areas identified from geophysics. The Tandarra Gold Project is a joint venture between Navarre (49%) and Catalyst Metals Limited (Catalyst) (ASX:CYL) (51%) and is centred on Retention Licence RL006660 situated along the Whitelaw Gold Corridor, which is considered to be a major structural control of gold mineralisation north of Bendigo. Catalyst manages the Retention Licence on behalf of the joint venture which extends for 13 kilometres along the Whitelaw and Tandarra Faults north of Bendigo. The project is located 50 kilometres northwest of Agnico Eagle’s world-class Fosterville Gold Mine, and 40 kilometres north of the 22-million-ounce Bendigo Goldfield (Figure 2). The project contains three main prospects: Tomorrow, Macnaughtan and Lawry. Subsequent to the financial year, on 28 August 2024, the Company reported assay results from the Tandarra Gold Project JV diamond drilling program at the Lawry prospect. Seven diamond drill holes (TND013 – TND018) were completed as a followup to the previous reported high-grade intersection from TND007: 12.9m @ 33.1g/t Au from 66.4m, including 0.5m @ 831g/t (See CYL ASX Release 17 May 2022). The assay results showed mineralised quartz veining in all drilling, demonstrating continuity of the mineralised system over 130m of strike and up to 190m below surface. Highlights included:  Hole TND013 returned o 4.80m @ 1.43 g/t Au from 201.80m including  0.80m @ 7.18 g/t Au from 202.80m  Hole TND016 returned o 0.70m @ 2.21 g/t Au from 65.00m downhole o 3.40m @ 5.97g/t Au from 118.60m downhole including:  0.80m @ 14.46g/t from 118.6m and  1.10m @ 5.94 g/t from 120.90m  Hole TND017 returned 1.25m @ 4.02 g/t au from 61.80m The drilling confirmed that there are now multiple zones of gold mineralisation extending well into the fresh rock and that the gold distribution may be similar to that mined at the historic Bendigo Goldfield where 22 million ounces of gold was produced. Figure 1: Location of Navarre’s Victorian mineral projects 5 Navarre Minerals Limited Directors' report 30 June 2024 MINERAL RESOURCE AND ORE RESERVE STATEMENT At reporting date 30 June 2024, Resources comprised of an inferred resource of 3.9Mt @2.43 g/t gold for 304k Oz of metal reported in the table below using a gold price assumption of A$2,500/oz. TABLE 1: MINERAL RESOURCE ESTIMATE AT 30 JUNE 2024 Project Stawell Corridor Project Navarre Minerals – Consolidated Mineral Resource Estimate - 31 December 2022 Gold Silver Copper AuEq Gold Silver Copper Resource Tonnes grade grade grade grade Metal Metal Metal Classification (kt) (g/t) (g/t) (%) (g/t) (koz) (koz) (t) Measured Indicated Inferred 3,889 2.43 2.43 304 Total 3,889 2.43 2.43 304 Total 3,889 2.43 2.43 304 - 6 AuEq Metal (koz) 304 304 304 Navarre Minerals Limited Directors' report 30 June 2024 VICTORIAN TENEMENT INFORMATION AT 30 JUNE 2024 Name Tenement Tenure Type Status NML Group Interest STAWELL CORRIDOR GOLD PROJECT (south of Stawell, Victoria) Ararat EL 5476 Exploration Licence Granted 100% Tatyoon EL 5480 Exploration Licence Renewal pending 100% Glenlyle EL 5497 Exploration Licence Renewal pending 100% Long Gully EL 6525 Exploration Licence Renewal pending 100% Westgate EL 6526 Exploration Licence Renewal pending 100% Petticoat Gully EL 6527 Exploration Licence Renewal pending 100% Dutton EL 6528 Exploration Licence Renewal pending 100% Eastern Maar ELA 6530 Exploration Licence Application Langi Logan EL 6702 Exploration Licence Renewal pending 100% Langi Logan West EL 6745 Exploration Licence Renewal pending 100% Margaret Gully ELA 6843 Exploration Licence Application 0% Mininera EL 7125 Exploration Licence Granted 100% Tatyoon North EL 7743 Exploration Licence Granted 100% Maroona EL 7950 Exploration Licence Application 0% Lake Bolac EL 7951 Exploration Licence Application 0% Granted 49% 0% TANDARRA GOLD PROJECT (north of Bendigo, Victoria) Tandarra1 RL 6660 Retention Licence ST ARNAUD GOLD PROJECT (north of Stawell, Victoria) St Arnaud EL 6556 Exploration Licence Granted 100% Lord Nelson EL 6819 Exploration Licence Granted 100% St Arnaud East EL 7431 Exploration Licence Granted 100% St Arnaud West EL 7436 Exploration Licence Granted 100% Donald EL 7496 Exploration Licence Granted 100% Jeffcott EL 7567 Exploration Licence Granted 100% Donald EL 8117 Exploration Licence Granted 100% STAVELY ARC PROJECT (west of Stawell, Victoria) Black Range EL 4590 Exploration Licence Expired 100%2 Stavely3 EL 5425 Exploration Licence Granted 15.63% 100% JUBILEE GOLD PROJECT (west of Ballarat, Victoria) Jubilee EL 6689 Exploration Licence Granted Ballarat ELA 7538 Exploration Licence Application Denied 0% Ballarat ELA 7539 Exploration Licence Application Denied 0% East Jubilee ELA 7748 Exploration Licence Granted 100% Snake Valley ELA 7751 Exploration Licence Application 0% Nintingbool ELA 7752 Exploration Licence Application 100% Navarre is also entitled to a 1% royalty on Catalyst’s share of proceeds from future production from part of the area covered by exploration licences EL 5266 (Raydarra) and EL 5533 (Sebastian). 2 In July 2021, Resource Base Limited acquired EL 4590 from Navarre. As part of the sale of the Black Range tenement, EL 4590 is currently in the process of being transferred to Resource Base Limited. 3 Held with Stavely Minerals Limited (84.37%). 1 Held in Joint Venture with Catalyst Minerals (51%). 7 Navarre Minerals Limited Directors' report 30 June 2024 STATEMENT OF MINERAL RESOURCES In April 2023, Navarre declared an updated Mineral Resource Statement (noting the Company has removed the references with respect of the Navarre Minerals Queensland Pty Ltd related assets). The information in this section is drawn from the following ASX release: Deposit Stawell Corridor Mineral Resources and Ore Reserves (Annual Mineral Resource and Ore Reserve Statement) Release Date 4 April 2023 MINERAL RESOURCE ESTIMATE AS OF 31 DECEMBER 2022 Navarre Minerals – Mineral Resource Estimate – 31 December 2022 Gold Silver Copper AuEq Gold Silver Copper AuEq Resource Tonnes Project grade grade grade grade Metal Metal Metal Metal Classification (kt) (g/t) (g/t) (%) (g/t) (koz) (koz) (t) (koz) Measured Stawell Indicated Corridor Inferred 3,889 2.43 2.43 304 304 Project Total 3,889 2.43 2.43 304 304 Total 3,889 2.43 2.43 304 304 Notes:  All Mineral Resources are reported in accordance with the JORC Code 2012 Edition.  All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.  All Open Pit Mineral Resources are constrained within optimised pit shells that have used mining, processing and geotechnical parameters.  For all Underground Mineral Resources, a series of resource stope optimisations have been undertaken in Mineable Stope Optimiser (MSO). The MSOs have been run based on extraction by either longhole open stoping or by mechanised cut and fill mining methods which are dependent on the mineralisation geometry. The inclusion of waste material during the stope optimisation process precludes the requirement to apply a cut-off grade to the reporting of the Mineral Resources, since the application of the calculated NSR or grade cut-off has been applied within the MSO and the creation of the wireframe solids.  A gold price of A$2,500/oz was assumed. REPORTING ASSUMPTIONS The commodity price assumptions used to report the December 2022 Mineral Resources are a gold price of A$2,500/oz. All open pit Mineral Resource Estimates (MREs) are reported within optimised pit shells which have been developed using the above gold price assumption and consider forecast mining costs, metallurgical recoveries and payability factors. All underground Mineral Resources are reported within underground mining shapes (MSOs) consider forecast mining costs, metallurgical recoveries and payability factors. GOVERNANCE AND INTERNAL CONTROLS The MREs in this statement have been prepared in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition) by suitably qualified and experienced Competent Persons. The estimates are reviewed by internal and external qualified professionals and the Board of Navarre reviews and approves the estimates prior to public release. COMPETENT PERSON STATEMENT 1. The Stawell Corridor Mineral Resource estimates (both OP and UG) have been compiled by Mr Richard Buerger (MAIG – 6031), a Competent Persons as defined under the JORC Code (2012). 2. The information in this Annual Report that relates to Mineral Resources or Ore Reserves as of 31 December 2022 has been extracted from the release titled “Annual Mineral Resource and Ore Reserve Statement” dated 4 April 2023 (the original release). In June 2023 the Group ceased to control of Navarre Minerals Queensland Pty Ltd and the Mt Carlton operations, therefore, only the mineral resources relating to the Victorian tenements have been reported here. Navarre confirms that it is not aware of any other new information or data that materially affects the information included in the original release and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. Navarre confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original release. 8 Navarre Minerals Limited Directors' report 30 June 2024 3. The information in this report that relates to Exploration Results is based on, and fairly reflects, information compiled by Mr Geoff McDermott, who was a Member of the Australasian Institute of Geoscientists. Mr McDermott was at the time Technical Director and a previous full-time employee 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 activities undertaken 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 (The JORC Code). 4. The information in this release that relates to the Estimation and Reporting of Mineral Resources for the Resolution deposit has been compiled by Mr David Coventry BSc (Geology). At the time of the estimation, Mr Coventry was a full-time employee of Mining Plus Pty Ltd and acted as an independent consultant on the Resolution prospect Mineral Resource estimation. Mr Coventry is a Member of the Australasian Institute of Geologists (5288) and has sufficient experience with the style of mineralisation, the deposit type under consideration and to the activities undertaken 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” (The JORC Code). 5. The information in this release that relates to the Estimation and Reporting of Mineral Resources for Adventure Lode has been compiled by Mr Richard Buerger BSc (Geology). At the time of the estimation, Mr Buerger was a full-time employee of Mining Plus Pty Ltd and acted as an independent consultant on the Adventure Lode Mineral Resource Estimation. Mr Buerger is a Member of the Australasian Institute of Geologists (6031) and has sufficient experience with the style of mineralisation, the deposit type under consideration and to the activities undertaken 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” (The JORC Code). 6. This annual Mineral Resources and Ore Reserves statement is based on and fairly represents, information and supporting documentation prepared by the Competent Persons. The Mineral Resources and Ore Reserves statement has been approved by Mr Kenneth Bush, who is a Member of the Australian Institute of Geoscientists and a Registered Professional Geologist in the field of Mining (#10315). Mr Bush is the Technical Director of Core Prospecting Pty Ltd, a consultant to Navarre Minerals Limited. Mr Bush has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity currently being undertaken 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 Bush has provided written consent for the issue of this report in the form and context in which it appears. 9 Navarre Minerals Limited Directors' report 30 June 2024 The directors present their report together with the consolidated financial statements of the group comprising Navarre Minerals Limited (variously the “Company”, “Navarre” and “Navarre Minerals”) and its subsidiaries (together, the “Group”) for the financial year ended 30 June 2024. Navarre Minerals is a company limited by shares, incorporated and domiciled in Australia. In order to comply with the provisions of the Corporations Act 2001, the directors report is as follows: 1. DIRECTORS The names and details of the Company’s directors in office during the financial year and until the date of this report are as follows. The directors were in office during the entire period unless otherwise stated. Director Designation & independenc e status Qualifications, experience & expertise Directorships of other listed companies James Gurry Managing Director Mr Gurry was previously a leading stockbroker analyst with extensive research experience including covering large and small cap gold equities. He was Executive Director and previously Equity Analyst at PAC Partners Securities specialising in small resource companies and was nonexecutive director and chair of the audit & risk committee of ASX-listed Red Hawk Mining (RHK) until November 2023. None Appointed Director 5 May 2023 Appointed Managing Director 6 June 2024 Appointed Chair 2 2024 Executive (NonIndependent) Interim August Previously Red Hawk Mining (RHK) Previous roles include Director and Head of Natural Resources Equity Research at Deutsche Bank Equities Australia and similar roles over 11 years at Credit Suisse Equities in Sydney and London. He started his career in the Transaction Advisory Services Division of Ernst & Young, Melbourne. Mr Gurry holds a Bachelor of Commerce (Honours), is a Member of Chartered Accountants Australia & New Zealand (CA ANZ) and is a Graduate of the Australian Institute of Company Directors (GAICD). Richard Taylor Non-executive Appointed 24 May 2024 Independent Mr Taylor has held senior executive roles in the resource sector for more than 15 years. He is former CEO and Executive Director, and current non-executive Director of Premier1 Lithium (ASX:PLC), prior to that he was CEO of Terramin Australia Ltd (ASX:TZN) and held senior roles with Mineral Deposits Limited, PanAust, MMG Ltd and Oxiana Ltd specialising in business development, strategy and governance. Premier1 Lithium (PLC) Mr Taylor is a qualified lawyer. He holds an MBA from the University of Cambridge and a master degree in law from ANU. Angela Lorrigan Non-executive Appointed 1 August 2024 Independent An Exploration Geologist, Angela was educated at the University of Melbourne and has worked on Victorian gold process over the past 4 years including a strong association with Southern Cross Gold's (SXG) Sunday Creek, Redcastle and Whroo Projects. Prior to this, Ms Lorrigan's career highlights include extension of the K Lens Resource at Rosebery Mine in Tasmania, discovery of the Hera Deposit in Nymagree in NSW and General Manager, Geology in the PYBAR Group which drove the re-opening of the Henty Gold Mine in Tasmania. Ms Lorrigan is a current member of the Tasmanian Minerals, Manufacturing and Energy Council (TMEC) Land Management Committee, is a graduate of the Australian Institute of Company Directors Course, and in 10 None Navarre Minerals Limited Directors' report 30 June 2024 2023 was awarded the Twelvetrees Medal for outstanding contributions to Tasmanian Geology. Kevin Wilson Chairman BSc (Hons), ARSM, MBA Appointed 30 April 2007 Non-executive 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 the Managing Director of 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. Independent Resigned 1 August 2024 Ian Holland Appointed 25 May 2020 Appointed Managing Director on 1 September 2020, terminated 30 June 2023. Resigned as Director 1 August 2024 Managing Director Executive (NonIndependent) BSc, MMinGeoSc, FAusIMM, F Fin, MAICD Mr Ian Holland has over 20 years’ 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 previous role as Vice President, Australian Operations for Kirkland Lake Gold where he led 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. 11 LCL Resources (ongoing) Solis Minerals (ongoing) Adelong Gold Navarre Minerals Limited Directors' report 30 June 2024 Interests in the shares and options of the Company As at the date of this report, the relevant beneficial and non-beneficial interests of each of the directors in the shares and share options in the Company were: J Gurry R Taylor A Lorrigan 2. Ordinary Shares 50,000,000 - Options Performance Rights - - COMPANY SECRETARY Mr Mathew Watkins was appointed Company Secretary on the 28 January 2021. Mr Watkins is a Chartered Accountant who has extensive ASX experience within several industry sectors including Biotechnology, Bioscience, Resources and Information Technology. He specialises in ASX statutory reporting, ASX compliance, Corporate Governance and board and secretarial support. Mr Watkins is appointed Company Secretary on a number of ASX listed Companies as well as a number of public unlisted companies. Mr Watkins is employed at Vistra Australia Pty Ltd (Vistra), a professional Company Secretarial and Accounting firm. Vistra is a prominent provider of specialised consulting and administrative services to clients in the Fund, Corporate, Capital Markets, and Private Wealth sectors. 3. DIVIDENDS No dividend has