Navarre Minerals : 01/06/2017 – Entitlement Offer – Appendix 3B

Appendix 3B

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

Name of entity

Navarre Minerals Limited

ABN

66 125 140 105

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

Fully paid ordinary shares (Shares)

1 +Class of +securities issued or to be issued

Up to approximately 34,785,527 Shares pursuant to a pro rata, non-renounceable, one-for-five entitlement offer (Entitlement Offer) (subject to the reconciliation of entitlements and the effect of rounding and based on the number of shares assumed to be on issue as at the record date of 7 June 2017 (Record Date).

1. Number of +securities issued or to be issued (if known) or maximum number which may be issued

   Fully paid ordinary shares

2. Principal terms of the

   +securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if

   +convertible securities, the conversion price and dates for conversion)

   The new Shares issued pursuant to the Entitlement Offer will rank equally with fully paid ordinary shares already on issue.

   However, the new Shares will not be issued until after the record date (31 May 2017) for the distribution of exploration credits to shareholders pursuant to the Federal Government's Exploration Development Incentive scheme in respect of eligible exploration expenditure by the Company in the financial year ended 30 June 2016. Therefore, the new Shares will not be eligible to participate in the distribution of exploration credits that is expected to occur on 30 June 2017.

3. Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?

   If the additional +securities do not rank equally, please state:

   • the date from which they do

   • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

   • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

     $0.03 per Share

4. Issue price or consideration

   Funds raised under the Entitlement Offer (after payment of the costs and expenses of the Entitlement Offer) will be applied to future exploration and evaluation activities on the Company's Irvine Gold Project & ongoing corporate expenses and working capital requirements.

5. Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

Yes

6a Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i

25 November 2016

6b The date the security holder resolution under rule 7.1A was passed

Nil (all subsequently approved by security holders)

6c Number of +securities issued without security holder approval under rule 7.1

Nil (all subsequently approved by security holders)

6d Number of +securities issued with security holder approval under rule 7.1A

16,170,480 fully paid ordinary shares (SH approval

25/11/2016)

4,915,000

25/11/2016)

unlisted

options (SH approval

19,676,430 fully paid ordinary shares (SH approval

7/4/2017)

9,838,215 unlisted options (SH approval 7/4/2017)

6e Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

74,519,306 fully paid ordinary shares (including 34,785,527 Shares the subject of this Appendix 3B)

21,069,402 unlisted options

6f Number of +securities issued under an exception in rule 7.2

N/A

6g If +securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the

+issue date and both values.

Include the source of the VWAP calculation.

N/A

6h If +securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements

See Annexure 1

Note: the calculations in Annexure 1 assume the Entitlement Offer is fully subscribed.

6i Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements

30 June 2017

Note: this date is indicative only and the Board reserves the right to vary key dates, subject to compliance with the Listing Rules.

7 +Issue dates

Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12). For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in Appendix 7A.

Cross reference: item 33 of Appendix 3B.

Number	+Class
Up to approximately	Fully paid ordinary
208,713,162 (including	shares
up to approximately
34,785,527 to be issued
under the Entitlement
Offer)

1. Number and +class of all

   +securities quoted on ASX (including the +securities in section 2 if applicable)

   Number	+Class
   300,000	$0.15 options
   (expire 31/12/17)
   250,000	$0.10 options
   (expire 31/12/18)
   150,000	$0.04 options
   (expire 31/12/19)
   34,027,617	$0.05 options
   (expire 31/3/18)
   700,000	$0.07 options
   (expire 31/12/21)
   700,000	$0.09 options
   	(expire 31/12/21)

2. Number and +class of all

   +securities not quoted on ASX (including the +securities in section 2 if applicable)

   The Company does not presently have a formal dividend policy.

3. Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

   Part 2 - Pro rata issue

   No

4. Is security holder approval required?

   Non-renounceable

5. Is the issue renounceable or non- renounceable?

   One (1) new Share for every five (5) existing Shares held at the Record Date by eligible shareholders, with the ability to apply for additional new Shares.

6. Ratio in which the +securities will be offered

Fully paid ordinary shares

14 +Class of +securities to which the offer relates