ASX Announcement

17 January 2022

For personal use only

STRONG GOLD, SILVER & COPPER RESULTS HIGHLIGHT

FURTHER GROWTH POTENTIAL AT MT CARLTON

P E A K I N T E R C E P T S O F 6 7 . 2 g / t G O L D , 1 , 9 5 4 g / t S I L V E R A N D 1 1 . 9 % C O P P E R A T M T C A R L T O N U N I T E D P R O S P E C T C O N F I R M P O T E N T I A L F O R A D D I T I O N A L S A T E L L I T E M I L L F E E D I N T O R E C E N T L Y A C Q U I R E D M T C A R L T O N O P E R A T I O N

  • Strong infill and expansion RC drilling results from the Mt Carlton United Prospect, only 4km from the Mt Carlton mill, demonstrate the potential for additional significant resource growth at the recently acquired Mt Carlton Operation.
  • Highlight results include:
  • 6.0 metres at 16.2 g/t gold & 164.4 g/t silver from 23 metres (MCURC-048), including o 1 metre at 62.9 g/t gold & 385.9 g/t silver
  • 14.0 metres at 6.8 g/t gold & 23.0 g/t silver from 34 metres (MCURC-057), including o 1 metre at 67.2 g/t gold & 113.9 g/t silver
  • 19.0 metres at 5.2 g/t gold & 353.5 g/t silver from 29 metres (MCURC-004)
  • 7.0 metres at 5.7 g/t gold & 388.0 g/t silver from 19 metres (MCURC-079)
  • 4.0 metres at 7.8 g/t gold & 329.0 g/t silver from 23 metres (MCURC-080)
  • 9.0 metres at 4.4 g/t gold & 236.3 g/t silver from 26 metres (MCURC-051)
  • 7.0 metres at 4.7 g/t gold & 417.4 g/t silver from 12 metres (MCURC-039)
  • 7.0 metres at 4.1 g/t gold & 136.1 g/t silver from 36 metres (MCURC-002)
  • 4.0 metres at 6.4 g/t gold & 80.2 g/t silver from 32 metres (MCURC-020)
  • 11.0 metres at 3.8 g/t gold & 246.0 g/t silver from 30 metres (MC21RC159)
  • 11.0 metres at 3.6 g/t gold & 200.8 g/t silver from 64 metres (MC21RC163)
  • 9.0 metres at 4.3 g/t gold, 52.6 g/t silver & 0.8% copper from 37 metres (MC21RC181)
  • 4.0 metres at 4.5 g/t gold, 182.2 g/t silver & 4.3% copper from 37 metres (MCURC-024), including o 1 metre at 2.9 g/t gold, 352.2 g/t silver & 11.9% copper
  • 1.0 metre at 3.5 g/t gold, 434.3 g/t silver & 8.7% copper from 32 metres (MCURC-035)
  • 4.0 metres at 2.6 g/t gold & 942.3 g/t silver from 16 metres (MCURC-076), including
    • 1 metre at 5.9 g/t gold & 1,954.0 g/t silver
  • Drilling results to contribute towards a new Mineral Resource and Ore Reserve estimate for Mt Carlton Operation scheduled for reporting in March 2022.

For personal use only

ASX Announcement

17 January 2022

2

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is pleased to report outstanding high- grade gold, silver and copper drilling intercepts at its Mt Carlton United Prospect (MCU), part of the recently acquired Mt Carlton Operation (Mt Carlton) in North Queensland (Figures 1 & 2).

With drill intercepts of up to 67.2 grams per tonne (g/t) gold, 1954 g/t silver and 11.9% copper, the results demonstrate the considerable scope to upgrade both the confidence and tenor of the existing mineral inventory at MCU, approximately four kilometres southwest of the Mt Carlton processing facility (Figure 2).

The results disclosed in this announcement have not been previously reported and cover 154 drill holes completed during 2021 across MCU. This drilling was carried out by Evolution Mining Limited (ASX:EVN) ahead of Navarre assuming formal ownership of the asset (refer ASX announcement on 15 December 2021).

While drilling continues in 2022 as part of an ongoing exploration program, Navarre anticipates the drilling results in this report will inform an updated resource estimate for MCU which is expected to be published in March 2022, along with an updated Mineral Resource and Ore Reserve statement for other Mt Carlton mineral deposits such as V2, A39, Telstra Hill and Crush Creek.

Navarre managing director Ian Holland said:

"The Company is extremely pleased with the tenor and width of the high-grade gold, silver and copper results returned from shallow drilling on the Mt Carlton United Prospect during 2021.

"These promising results reinforce our belief that the delineated mineralisation has the potential to significantly extend mine life at Mt Carlton.

"We believe MCU has the potential to become a satellite open pit mining area, just four kilometres west of the Mt Carlton mill."

The drilling program has involved up to two reverse circulation (RC) drilling rigs, targeting the potential for shallow resource growth.

In 2021 a total of 154 drill holes for 7,942 metres of drilling have been completed, with hole lengths ranging from 24 metres to 96 metres, averaging 50 metres (see Figure 3 & Table 1).

The ongoing drilling program at MCU has recently resumed following a short break for the Christmas - New Year period. Planned RC and the introduction of diamond drilling will test multiple shallow infill and extensional targets as well as providing metallurgical and geotechnical information within the broader envelope of known mineralisation.

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ASX Announcement

17 January 2022

3

MCU Drilling Results

MCU is interpreted to be an intrusion-related, low sulphidation epithermal gold, silver +copper mineralised system, which has significant potential to provide mine life extensions at Mt Carlton. The style of mineralisation has a similar characteristic to the producing V2 deposit, where early high sulphidation mineralisation has evolved over time to become a lower sulphidation system.

The drilling is focused on understanding and expanding the shallow Inferred Mineral Resource defined at MCU, as well as providing initial testing for potential depth extensions.

The drilling is expected to upgrade and expand the existing Mineral Resource at MCU to build critical mass for high-grade new gold developments as potential satellite mill feed to the nearby Mt Carlton Operation. This is in addition to other potential satellite mill feed at the Crush Creek Project announced to the ASX on 20 December 2021.

Details of the MCU drilling program are provided in Tables 1 & 2 and Appendix 1.

Figure 1: Location of Navarre's Mt Carlton Operation.

ASX Announcement

17 January 2022

4

For personal use only

Figure 2: View from MCU looking northeast towards the Mt Carlton operations.

January 2022

Figure 3: Plan of the MCU deposit showing the distribution of 2021 drill holes relative to historical drill collars. The location of the Figure 4 cross-section is shown in orange.

For personal use only

ASX Announcement

17 January 2022

5

R e s u l t s a n d I n t e r p r e t a t i o n

A total of 154 resource definition RC drill holes for 7,942 metres of drilling have been completed at MCU during the 2021 field season (Figure 3). All assays have been received and are currently being interpreted and geologically modelled in preparation for resource estimation.

This drilling has confirmed two distinct zones of mineralisation. The eastern area is dominated by a closely spaced stacked series of shallow dipping mineralised lenses with several of these containing continuous high-grade gold intercepts across multiple drill holes. Mineralisation in the western area comprises a continuous, high-grade, steeply dipping structure feeding into a stacked set of flat-lying mineralised lenses close to surface. These flat lying lenses contain multiple high-grade intersections, including an impressive intercept of 6 metres at 16.2 g/t gold and 164.4 g/t silver from 23 metres in RC drill hole MCURC-048 (Figure 4 & Table 2).

January 2022

Figure 4: Schematic cross-section across MCU (refer to Figure 3 for location).

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Navarre Minerals Limited published this content on 16 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 January 2022 21:44:41 UTC.