Navarre Minerals : 15/12/2016 – Option Exercise – Cleansing Notice & Appendix 3B

15 December 2016

Market Announcements Office Australian Securities Exchange Exchange Centre

20 Bridge Street

SYDNEY NSW 2000

By electronic lodgement

Navarre Minerals Limited (ASX: NML)

Cleansing notice under Section 708A of the Corporations Act

Navarre Minerals Limited (Navarre or the Company) has today issued and allotted 375,000 fully paid ordinary shares (Shares) following the exercise of unlisted options.

Navarre gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (Act) that:

1. the Shares were issued without disclosure to investors under Part 6D.2 of the Act;

2. as at the date of this notice, Navarre has complied with:

3. the provisions of Chapter 2M of the Act as they apply to Navarre; and

4. section 674 of the Act; and

5. as at the date of this notice, there is no information that is 'excluded information' within the meaning of sections 708A(7) and 708A(8) of the Act.

6. By order of the Board:

   Jane Nosworthy Company Secretary Navarre Minerals Limited

   Appendix 3B New issue announcement 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).

   Ordinary shares

   1 +Class of +securities issued or to be issued

   375,000

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

   Fully paid ordinary shares

8. 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)

   + See chapter 19 for defined terms.

   04/03/2013 Appendix 3B Page 1

   Appendix 3B New issue announcement

   Ordinary shares will rank equally with fully paid ordinary shares on issue.

9. 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

     375,000 shares - $0.05 per share

10. Issue price or consideration

    Proceeds from the issue of shares on exercise of unlisted options will be used for working capital and exploration.

11. 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

5,907,858 fully paid ordinary shares 9,838,215 unlisted options

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

+ See chapter 19 for defined terms.

Appendix 3B Page 2 04/03/2013

13,768,572 fully paid ordinary shares

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

Appendix 3B New issue announcement

16,170,480 fully paid ordinary shares 4,915,000 unlisted options

(approved by shareholders 25 November 2016)

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

39,713,779 fully paid ordinary shares (including 375,000 shares the subject of this Appendix 3B) 19,669,402 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

7.1	7,332,357
7.1A	1,617,048
Total	8,949,405

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

15 December 2016

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
173,907,635	Fully paid ordinary shares

8 Number and +class of all

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

+ See chapter 19 for defined terms.

04/03/2013 Appendix 3B Page 3