Navarre Minerals Limited provided a mid-year update of the Group's Mineral Resource inventory which reflects significant growth for the wholly-owned Mt Carlton Operation (Mt Carlton) in Queensland, inclusive of Crush Creek. The Company's Mineral Resources are reported in accordance with the guidelines of the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Navarre's commitment to resource definition and exploration drilling at Mt Carlton has delivered an important milestone for the Group with total Mineral Resource inventory reaching one million ounces of gold equivalent1, net of mining depletion, following the recent resource update.

Group Mineral Resources, as at 30 June 2022, are 17.5Mt at 1.8 g/t AuEq1 for 1 million ounces of gold equivalent, comprising: Group Gold Mineral Resources of 17.5Mt at 1.45 g/t gold for 819,000 ounces of gold; Group Silver Mineral Resources of 13.6Mt at 24.1 g/t silver for 10,585,000 ounces of silver; Group Copper Mineral Resources of 11.2Mt at 0.2% copper for 19,200 tonnes of copper metal. The Queensland Mineral Resources, net of mining depletion, have grown substantially since Navarre's maiden Mineral Resource announcement: Gold metal has increased by 24% to 515koz (414koz Dec. 21); Silver metal has increased by 58% to 10.6Moz (6.7Moz Dec.

21); Copper metal has increased 81% to 19.2kt (10.6kt Dec. 21). Four new Mineral Resource estimates were completed at Mt Carlton using the latest drilling data, comprising: Mt Carlton mine lease: V2, Mt Carlton United and Telstra Hill deposits; and Crush Creek: maiden Inferred Mineral Resource estimate for BV1 of 425kt @ 2.8 g/t gold for 40,000 ounces of gold to complement existing resources at Delta and BV7.