Announcement PDF A D V A N C E D G O L D E X P L O R A T I O N V I C T O R I A 1 N o v e m b e r 2 0 2 4 Navarre Minerals Limited (NML, ASX trading status: Suspended) I N FORWARD LOOKING STATEMENT U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) 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 forwardlooking statements and Navarre assumes no obligation to update such information. The Company confirms that it is not aware of any new information or data that materially affects the information included within this presentation. Competent Person Statement The 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.” 2 THE NEW NAVARRE – SUMMARY U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) 5 Advanced Exploration Projects • All close to existing operating mines • Tandarra ~50km from global giant Agnico Eagle’s Fosterville • 4 greenfield discoveries in Stawell Corridor ~700kOz of defined Resource potential 1 JV • Stawell Corridor: JORC resource (304Koz @ 2.43g/t)1 + Exploration Target (280-420KOz at 2-3g/t) 1 • Bendigo: High grade gold system potential at the Tandarra Gold JV with Catalyst Metals – drilling completed Q2 Clean Balance sheet & completely new team • Convertible notes $1.7m automatically convert to shares • New director and executive team in place • Exploration plan allows for 12-18 months of continuous drilling Highly Attractive Valuation • Opportunity for existing shareholders and new investors to participate in recapitalisation • Previously peak ~$150m Market Cap on these assets in 2020 • Now EV <$5m 1 Further information contained within Navarre’s 30 March 2021 ASX Announcement 3 ALL PROPOSED NEW DIRECTORS WORK PROGRAM & KEY 2024 - 2025 MANAGEMENT James Gurry Richard Taylor Executive Chair / MD Non-Executive Director Previous Head of Natural Resources Equity Research at Deutsche Bank Australia and Credit Suisse London, including covering large and small cap gold equities. Most recently small cap specialist & Executive Director at PAC Partners Securities, and previous board roles include NED and chair of the audit & risk committee of of ASX-listed Red Hawk Mining (RHK) until November 2023. Mr Taylor is a current NED at Premier1 Lithium (ASX.PLC) and former CEO of Terramin Australia Ltd (ASX.TZN). Previously, Mr Taylor held senior roles with Mineral Deposits Ltd, PanAust, MMG Ltd and Oxiana Ltd specialising in business development, strategy and governance for more than 15 years. Mr Taylor holds an MBA from the University of Cambridge and a Master degree in Law from ANU. Angela Lorrigan Non-Executive Director Technical Director Ms. Lorrigan is an exploration geologist with notable experience. Over the past four years, she has consulted for Southern Cross Gold's projects: Sunday Creek, Redcastle, and Whroo. Career highlights include extending the K Lens Resource at Rosebery Mine in Tasmania, discovering the Hera Deposit in Nymagee, NSW & serving as GM of Geology at the PYBAR Group, contributing to the re-opening of the Henty Gold Mine in Tasmania. In 2023 she was awarded the Twelvetrees Medal U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) Kenneth Bush Exploration Strategy / Technical Advisor Mr Bush has worked extensively within Victoria on some of the highest-grade gold mines and exploration projects in the world, including the Costerfield Mine, Fosterville Mine, and most recently, Southern Cross Gold Sunday Creek Project. Kenneth is an experienced exploration and mine geologist specializing in high-grade gold deposits with a Masters in Economic Geology from CODES, UTAS. Peter de Vries Exploration Manager & Engineer Mr. de Vries has significant experience in underground and open-pit operations, previous roles include: Operations Manager at E79 Resources overseeing drill contract development, government relations + the discovery of a significant gold deposit at the Happy Valley Project; Geology Manager/Acting CEO, AuStar Gold Ltd, leading the discovery of two new gold-bearing reefs; and Manager of Geology, Centennial Mining Ltd bringing the A1 Gold Mine into production. 44 PROPOSED PROPOSEDWORK WORKPROGRAM PROGRAM2024-25 2024 - 2025 U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) Project Development Assessment (scoping) Indicated Resource Infill Drilling Down-plunge Extension Drilling Define High-grade gold potential Down-plunge Extension Drilling Desktop Studies / Geology Review Geophysics + Aircore Campaign Aircore Campaign Irvine (Stawell Corridor) Irvine Dome (Stawell Corridor) Tandarra JV (Bendigo) Nelson Line / New Bendigo Line (St Jubilee (Ballarat) Arnaud) Langi Logan North (Stawell Corridor)Bill (Stawell Corridor) Morning New Bendigo Line – Under Cover Nelson Line (St Arnaud) – Under Cover Langi Logan (Stawell Corridor) Central + South Continuous work program over 12-18 months under recapitalisation plan Inferred Resource Exploration Target Advanced Project Follow-up Targets Identified Targets 5 U N E A R T H I N G EXPLORATION SUMMARY & UPCOMING PROGRAM Operation Ownership Zone Resource Exploration Targets Grade Key Features Recent work programs Planned Exploration Program (subject to various approvals) P R O S P E R I T Y ASX: NML (SUSPENDED) Irvine Tandarra Langi Logan St Arnaud Morning Bill Jubilee Stawell Bendigo Stawell Bendigo-Stawell zone Stawell Ballarat 304kOz Resource 2-3g/t 280-420Koz exploration target1 Advanced exploration Advanced exploration Advanced exploration Advanced exploration Exploration 100% • ~700kOz gold potential JORC Resource (304Koz @ 2.43g/t) • + Exploration Target (280420KOz at 2-3g/t) 1 • Close proximity to Stawell Gold Mine • Significant historical production in the region March 2021: Completion of JORC Resource1 for Adventure and Resolution projects 49% 100% • • 50kms from Agnico’s Fosterville gold mine • 51% operator CYL Analogous to Fosterville • 14.5km strike length of four, potentially fault bound, segments of a Cambrian basalt dome structure ~70% of the prospect is covered by postmineralisation New Volcanics June 2022: gold, silver, zinc, August 2024: Lawry prospect – lead and copper assay results Diamond Drilling program from reconnaissance air-core drilling campaign Drill high-grade shoots for significant Work with JV partner CYL to expansion and upgrade of Resource. define large economic gold 3,000m diamond program. system. Diamond and air core program. 1 Further information contained within Navarre’s 30 March 2021 ASX Announcement Next phase of drilling on Western side of dome 100% • 819km2 of granted tenements • Maiden diamond drilling program intersected highgrade gold • Entire goldfield camp January 2023: Maiden drill program & regional soils program over prospective target areas Geophysics and enhance aircore to expand mineralisation plus diamond drilling on north side of Comstock pit beneath shallow Murray Basin cover 100% • Mineralised footprint >40,000m • Peak grades up to 390 g/t silver, 16.5 g/t gold, 9.1% zinc, 4.8% lead & 1.2% copper2 • Potentially part of a much larger mineral system 100% • Forgotten mine site with potential for a high-grade gold deposit July 2022: Review of the January 2022: Geophysics geophysics to assist with drill and air-core drilling targeting program Enhance understanding with specialists Downdip of historic workings drill for highgrade extensions and parallel repetitions 2 Further information contained within Navarre’s 20 April 2022 ASX Announcement 6 TIMELINE TO RESUMPTION OF ASX TRADING Septembe r October Capital Raising Closed Issue of Notice of Meeting (NoM) Capital Raise opens U N E A R T H I N G ASX: NML (SUSPENDED) November General Meeting December General Meeting (FY24) Drilling commences Capital reconstruction: consolidation & issue of new shares P R O S P E R I T Y Resume ASX trading (subject to approval) (indicative only, subject to ASX and shareholder approvals) Pro-forma capital structure Offer Price A$0.10 Shares on issue 104m Market cap (implied at offer price) A$10.4m Deb t Nil Cash ~A$5.4m 7 U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) Level 4, 100 Albert Rd, South Melbourne +61 3 9692 7222 James.Gurry@navarre.com.au navarre.com.au www.linkedin.com/company/navarre-minerals-ltd/ Advanced Exploration Projects ~700kOz of Resource potential Clean Balance sheet & completely new team Highly Attractive Valuation 8 Appendix: Sources & Additional Slides ● ● ● ● ● ● ● ● U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) (ASX.NML) ASX Ann: Further results from diamond drilling at adventure prospect 21 July 2021 (ASX.NML/ASX.CYL) ASX Ann: Further high-grade gold zones and stacked fault repetitions drilled at the Tandarra Gold Project 26 July 2021 (ASX.NML) ASX Ann: Maiden Gold Mineral Resource & Exploration Target for Resolution & Adventure Prospects 30 March 2021 (ASX.NML) ASX Ann: Navarre completes acquisition of Mt Carlton gold mine 15 December 2021 (ASX.NML) ASX Ann: Gold grades of up to 831g/t at Lawry Prospect, Tandarra 17 May 2022 (ASX.NML) ASX Ann: Air-Core drilling results point to new gold potential at Langi Logan in Victoria 24 June 2022 (ASX.NML) ASX Ann: Appointment of Voluntary Administrators 23 June 2023 (ASX.NML) ASX Ann: Release from DOCA, Navarre returns as Victorian gold explorer 6 June 2024 STAWELL CORRIDOR GOLD PROJECT STAWELL CORRDIOR GOLD PROJECT (flagship) U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) Irvine Basalt Dome (Resolution & Adventure) • Maiden Mineral Resource1 reported in March 2021 – 304koz at 2.4 g/t gold • Resource hosted on east flank of basalt dome, open down-dip and along strike Langi Logan Basalt Dome • Large-scale basalt dome structure with 14.5km strike length • Significant historical deep lead gold production in local areas • Maiden diamond drilling program included2 • 0.5 metres at 19.8 grams per tonne (g/t) gold from within a broader zone of 2.4 metres at 5.8 g/t gold from 131.2m (LD002) • 0.6 metres at 6.9 g/t gold from within a broader zone of 6.8 metres at 1.1 g/t gold from 480.7 metres (LD004) Glenlyle Intrusive Complex (Morning Bill) • Potential epithermal gold-silver system above a deeper porphyry target • Strongly anomalous gold, silver, lead and zinc grades define mineralised footprint of over 1,000 metres by 400 metres 1 Further information contained within Navarre’s 30 March 2021 ASX Announcement 2 Further information contained within Navarre’s 21 March 2022 ASX Announcement 10 JORC RESOURCE AND EXPLORATION TARGET U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) Mineral Resources: Resolution and Adventure Prospects Prospect Cut-Off Au (g/t) Resolution OP >0.6 Adventure OP >0.6 Total OP >0.6 Resolution UG MSO Total Variable Tonnes 1,754,000 680,000 2,434,000 1,455,000 3,889,000 Inferred Gold Grade 2.09 1.85 2.02 3.12 2.43 Gold Ounces 118,000 40,300 158,300 146,000 304,300 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*: Resolution and Adventure Prospects Prospect Resolution Adventure Total Tonnes (Mt) 2.4 - 3.6 1.0 - 1.6 3.4 – 5.2 Exploration Target Range Gold Grade Gold Ounces (kOz) 2.0 - 3.0 200,000 - 300,000 2.0 – 3.2 80,000 – 120,000 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 Further information contained within Navarre’s 30 March 2021 ASX Announcement 11 TANDARRA JV (49%, 51% & operator Catalyst Metals) U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) • Located ~40km north of the 22Moz Bendigo Goldfield and ~50km northwest from Agnico Eagle’s Fosterville. • An advanced exploration project with strong potential to reveal a largescale gold system obscured by shallow cover within 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, McNaughtan & Lawry 1 See CYL/NML ASX release of 27 March 2017 and 15 April 2021 12 TANDARRA JV (49%, 51% & operator Catalyst Metals) U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) Parallel and stacked mineralised zones associated with anticlinal folds – analogous to Bendigo Further information contained within CYL/NML 15 April 2021 ASX Announcement 13 TANDARRA JV (49%, 51% & operator Catalyst Metals) U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) • Recent diamond drilling program at the Lawry prospect completed mid-2024. • Seven diamond drill holes (TND013 – TND018) as a follow-up to the previous high grade intersection from TND007: 12.9m @ 33.1g/t Au from 66.4m, including 0.5m @ 831g/t1 • Mineralised quartz veining intersected in all drilling, showing continuity of the mineralised system over 130m of strike and up to 190m below surface. Highlights2: Hole TND013 returned • 4.8m @ 1.43 g/t Au from 201.80m including 0.80m @ 7.18 g/t Au from 202.80m Hold TND016 returned • 0.70m @2.21g/t Au from 65.00m downhole • 3.40m @5.97g/t Au from 118.60m downhole including: • 0.80m @14.45g/t from 118.6m and • 1.19m @5.94g/t from 120.90m Hole TND017 returned 1.25m @ 4.02 g/t Au from 61.80m 1 See CYL ASX release 17 May 2022 2 See NML ASX release 28 August 2024 14 Navarre in previous period as Victorian explorer 20182021 U N E A R T H I N G P R O S P E R I T Y ASX: NML (SUSPENDED) (NML’s mkt. cap peak to >$150m on the back of its Victorian exploration success *JORC Resource *Results include: $140m 5.0m @ 10.0 g/t Au from 273.9m 9.4m @ 5.3 g/t Au from 355.6, incl 3.4m @ 9.2 g/t Au in RD028 10.8m @ 4.5 g/t Au from 483.6m, incl 4.2m @ 7.5 g/t Au in RD029 0.9m @ 9.4 g/t Au with visible gold from 251.4m and 1.5m @ 4.6 g/t Au in RD026 Market Cap (A$) $120m $100m 4,000 JORC resource (304Koz @ 2.43g/t) Additional exp target 280Koz420Koz 3,750 3,500 Maiden Mineral Resource for Stawell Corridor High grade gold results continue at Resolution lode with second gold structure confirmed 3,250 3,000 $80m 2,750 2,500 $60m 2,250 Gold Price ($AUD/Oz $160m $40m *Refer Appendix 2: Sources program) - Mcnaughton strike increased to 1.1km: intersects 9m @14.8g/t Au incl 1m @ 122g/t Au - Tomorrow prospect diamond drilling returns best results: 3m @13.8 g/t Au from 202m & 2.6m @3.5g/t Au from 177m *Adventure - (6 hole, 2.4km drill $20m $0m Jul-18 *Tandarra (60 hole/6.7km drill program) - intersected quartz-sulphide mineralisation - AD015 Top Results: assayed 2.2m @ 3.6 g/t (broader zone of 5.4m @ 2.1g/t) Gold Price Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 2,000 High grade gold intercepts at Tandarra & 1,750 Adventure 1,500 Jul-21 Oct-21 15 U N E A R T H I N G Since mid-2023: Navarre valuation to be completely reset, gold price up, debts gone P R O S P E R I T Y ASX: NML (SUSPENDED) $160m 4,000 $140m 3,750 3,500 Tandarra: Gold grades of up to 831g/t $120m 3,250 $80m 3,000 Gold Price 2,750 Recapitalisation as the “old Navarre” 2,500 With -> all Victorian tenements With -> JORC Resource 2,250 With -> new team Without: QLD assets Without: historic debts 2,000 $60m $40mQLD acquisition mkt cap ~$65m $20m Shares suspended last mkt cap ~$35m 1,750 $0m Nov-21 Refer ASX announcements, slide 14 Gold Price ($A/Oz Market Cap (A$) $100m 1,500 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 16