Navarre Minerals : 24/10/2019 – Appendix 3B – Placement

Appendix 3B

New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

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).

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

Fully paid ordinary shares

43,181,900 shares

3 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 Shares will rank equally with existing fully paid ordinary shares

Appendix 3B New issue announcement

1. 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:
2. • 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
3. Issue price or consideration
4. Purpose of the issue
   (If issued as consideration for the acquisition of assets, clearly identify those assets)

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

Yes

$0.11 per share

The net proceeds from the issue of Shares will be used for exploration and ongoing corporate expenses.

Yes

23 November 2018

6c	Number	of	+securities	issued	Nil
	without security holder approval
	under rule 7.1
6d			+securities
Number	of	issued	43,181,900 shares (subject of this release)
	with security	holder approval
	under rule 7.1A

Appendix 3B

New issue announcement

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

6f

6g

Number of +securities issued under an exception in rule 7.2

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.

Nil

Yes, 43,181,900 shares were issued pursuant to rule 7.1A.

VWAP date: 11 October 2019

Issue date: 24 October 2019

15 day VWAP: $0.1070

75% of VWAP: $0.0803

Premium to VWAP: 3%

Source: Hartleys Limited

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

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

7.1 65,259,037

7.1A 324,125

Total 65,583,162

7	+Issue dates	24 October 2019
	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.

+ See chapter 19 for defined terms.

04/03/2013

Appendix 3B Page 3

4834-3171-6177, v. 1

Appendix 3B New issue announcement

8 Number and +class of all +securities quoted on ASX (including the +securities in section 2 if applicable)

Number	+Class
478,242,151	Fully paid ordinary
	shares

9 Number and +class of all +securities not quoted on ASX (including the +securities in section 2 if applicable)

Number	+Class
200,000	$0.072 options
	(expire 31/12/21)
200,000	$0.09 options
	(expire 31/12/21)
2,750,000	$0.15 options
	(expire 29/1/23)
5,400,000	$0.15 options
	(expire 10/4/23)
1,000,000	$0.15 options
	(expire 6/6/21)
2,100,000	$0.12 options
	(expire 21/2/24)
6,100,000	$0.12 options
	(expire 17/5/24)
4,000,000	$0.1313 options
	(expire 17/5/22)

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

The Company does not presently have a formal dividend policy.

Part 2 - Pro rata issue

1. Is security holder approval required?
2. Is the issue renounceable or non- renounceable?
3. Ratio in which the +securities will be offered
4. +Class of +securities to which the offer relates

+ See chapter 19 for defined terms.

04/03/2013

Appendix 3B Page 4

4834-3171-6177, v. 1

Appendix 3B

New issue announcement

15 +Record date to determine entitlements

1. Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?
2. Policy for deciding entitlements in relation to fractions
3. Names of countries in which the entity has security holders who will not be sent new offer documents

Note: Security holders must be told how their entitlements are to be dealt with.

Cross reference: rule 7.7.

19 Closing date for receipt of acceptances or renunciations

20 Names of any underwriters

1. Amount of any underwriting fee or commission
2. Names of any brokers to the issue
3. Fee or commission payable to the broker to the issue
4. Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of security holders
5. If the issue is contingent on security holders' approval, the date of the meeting
6. Date entitlement and acceptance form and offer documents will be sent to persons entitled
7. If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders

+ See chapter 19 for defined terms.

04/03/2013

Appendix 3B Page 5

4834-3171-6177, v. 1