Ann: Quarterly Activities Report, page-14

NML's potential is great. It's not a potential anymore either, it's a fact.

IRVINE GOLD PROJECT

NML now has two significant gold mineralised systems at Irvine Gold project with a total strike four times the length of the surface expression of the major nearby 4Moz Magdala Gold Deposit. That is a serious "potential" IMO.

The diamond core program delivers multiple high-grade gold intersections at Resolution Lode, including 10.6m @ 6.2 g/t Au. The presence of higher-grade ‘gold shoots’ below a blanket of lower grade shallow oxide gold mineralisation is confirmed, typical of the gold mineralisation zonation patterns observed in western Victoria, particularly at the Magdala Gold Deposit.

AC drilling defines two higher grade gold shoots and extends strike length of Adventure Lode to 1.7km

Activities Planned;

• Modelling and interpretation of recently completed drilling results.
• Planning and approvals for deeper scoping drilling at Adventure and Resolution lodes to commence in 4Q18.

ST ARNAUD GOLD PROJECT

"The drilling program has delivered multiple significant intersections of gold and silver mineralisation in all four drill traverses and successfully demonstrates the potential for economic mineralisation to exist under cover more than 5 kilometres beyond the limits of the historic workings of the St Arnaud Goldfield.

This mineralisation remains open along strike and at depth and warrants follow-up drilling. The Company considers this an outstanding result given the early stage of greenfields exploration (wide-spaced reconnaissance drilling) and targeting through Murray Basin cover."

The best gold result was 4m @ 6.6g/t Au from 48m (SAC022)

Activities Planned;

• Mapping and rock chip sampling in the East Field Trend to better understand the structural controls on emplacement of gold mineralisation, define additional targets and refine exploration model.
• Soil sampling over several of the completed reconnaissance AC drill traverses to test for metal signatures of the basement rocks beneath the Murray Basin cover.
• Based on results of mapping, rock chip sampling and soil sampling, follow-up AC drilling will be planned for commencement in 4Q18.

GLENLYLE PROJECT

The results for a 33 hole AC drilling program highlighted the Project’s potential to host a major epithermal gold-silver system at shallow depths above an interpreted deeper porphyry target. Navarre believes the results confirm the potential for discovery of narrow, high-grade gold and silver veins at depth and along strike within the Project. Work is underway to refine target zones for follow-up drilling.


TANDARRA GOLD PROJECT  (CYL earning 51%)

Deeper diamond drilling at the Tomorrow Gold Zone has resulted in the discovery of a new auriferous quartz reef approximately 200m below the upper reef on the Tomorrow Line. This “reef repeat” confirms a typical Bendigo / Fosterville gold architecture and will require further infill and expansion drilling to define its gold potential.

Exploration completed included:

• One 355.6m diamond drill hole (DDH018) was completed at the southern end of the Tomorrow Zone and is awaiting logging, sampling and assaying.

Following the completion of the earn-in expenditure for the Tandarra Gold Project, exploration activity has ceased pending grant of a Retention Licence to replace expired Exploration Licence, EL4897 and formalisation of the Joint Venture.

Activities Planned;

• Finalise Joint Venture Agreement with Catalyst Minerals Limited.