KEY POINTS Bronzewing Operations For personal use only

QQUUAARRTTEERRLLYY RREEPPOORRTT:: JJUUNNEE 22001122

Navigator Resources Limited

ABN: 82 063 366 487

Registered Address:

Ground Floor, 45 Richardson Street WEST PERTH WA 6005

PO Box 276

WEST PERTH WA 6872

Phone: (08) 9226 5311

Fax: (08) 9226 5411

Email: [email protected]

Website: www.navigatorresources.com.au

Board of Directors:

Allan Trench Chairman

Andy Tudor Managing Director

Ian Macpherson Non‐Executive Director

John Shipp Non‐Executive Director

Guy Walker Non‐Executive Director

Gerry Kaczmarek Company Secretary

Share Registry: Advanced Share Registry Services 150 Stirling Highway

NEDLANDS WA 6009

PO Box 1156

NEDLANDS WA 6909

Phone: (08) 9389 8033

Fax: (08) 9389 7871

Email: [email protected]

Website: www.advancedshare.com.au

ASX: NAV

www.navigatorresources.com.au

KKEEYY PPOOIINNTTSS

Bronzewing Operations Quarterly gold production of 14,780oz Gold production for 2011/12 year of 55,128oz Mine planning review nearly completed

Bronzewing Exploration Intersection of 34m @ 3.98 g/t Au using a top cut of 10g/t Au in

Cockburn Pit Bower‐Harrier heritage survey was completed in April with

clearance being given for the planned drilling program That drilling program will be delayed until funds are available

Leonora Discussions continuing with interested parties Auger and soil sampling programs are in progress on a number of

tenements at Leonora

Corporate Gold sales revenue of $24.9 million for the quarter, with an

average selling price of $1,564 per ounce Execution of $10 million finance facility with Au Mining Limited

which was subsequently increased to $16 million Commencement of a 7.2 for 1 pro‐rata renounceable rights issue

to raise $16 million at an issue price of 0.1 cents Andy Tudor appointed as Managing Director

Figure 1: Mining Fleet on the West Wall of the Cockburn Pit

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www.navigatorresources.com.au 2

OOPPEERRAATTIIOONNSS RREEPPOORRTT

BBRROONNZZEEWWIINNGG

Project Overview The Bronzewing Gold Project (BGP) is located 80km northeast of Leinster in Western Australia and

comprises the Bronzewing and McClure group of mines within a semi‐contiguous landholding of

approximately 1,000km2. Open pit mineral resources at BGP (as at 30 June 2011) total 18.42Mt @

1.6g/t for 940,000oz of contained gold (which comprises 13.42Mt @1.6g/t for 698,000oz in the

Indicated category and 5.00Mt @ 1.5g/t for 242,000oz in the Inferred category).

Operations Update Gold production for the June 2012 quarter was 14,780oz, which was a marginal increase on the

14,541oz produced in the March 2012 quarter.

As has been the case in previous quarters, the non‐availability of sufficient quantities of higher grade

ore meant that ore feed to the processing plant had to be supplemented with low grade material.

This resulted in a lowering of the average grade of material milled, hence lower gold production.

Continuing high in‐pit strip ratios and the underperformance of mining due to a combination of

weather, equipment availabilities and operator turnover affected the delivery of the scheduled high

grade ore and hence the performance of the BGP during the quarter.

Safety and Training

Navigator’s safety record has continued to improve throughout the financial year. The BGP

experienced no Lost Time Injuries (LTI) during the June 2012 quarter and one in the previous quarter

out of a total of eight for the full year. Bronzewing had recorded 110 LTI free days to the end of the

quarter. The Lost Time Injury Frequency Rate (LTIFR) is at 11.8 at the end of the quarter being less

than half of the LTIFR of 23.8 at the same time last year.

Mining Total material movement for the quarter was 2.08 million BCMs, which was on par with the previous

quarter. Ore mined was 310,209 tonnes which was down on the previous quarter. Ore grade

increased to 1.35g/t Au (previous quarter 1.23g/t Au).

Mining was below forecast due to weather conditions, machine availability and an increase in

turnover of experienced operators. Excavator availability was an issue with significant down periods

during April and June due to breakdowns. In late June the Liebherr 994 excavator was changed out

for a Komatsu PC1800 in order to increase fleet productivity.

There were three wall slips in different areas of the pit during the latter part of the quarter. While

individually they were localised and not overly significant, each caused interruption to mining

activities while the slip area was monitored, cleaned up and stabilised. This took management and

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machine‐power away from normal mining activities resulting in minor drops in production. The

Company’s geotechnical consultant and representatives from the Department of Mines and

Petroleum visited site and reviewed the slip areas and additional monitoring, planning and

geotechnical procedures have been implemented.

The affect of the above events was that scheduled waste movements were not achieved, in turn

delaying access to the required ore zones. By the end of the quarter the pit was set up to ensure

efficient movement and access to better grade material in the September 2012 quarter. As work

continues there has been a noticeable increase in head grade as mining nears the better ore zones

deeper in the pit.

Mining is now encountering mainly fresh rock with a reduction of transitional material. Drill and

blast is now a routine part of the mining cycle with five blasthole rigs operating full time in the pit to

provide enough broken material to satisfy the scheduled mining rate. The extra drilling and blasting

has been costed into the operational budgets. During the quarter a trial was undertaken to compare

Reverse Circulation (RC) grade control with blasthole sampling to determine if there was any

significant difference in results between the two methods. The intention is to move away from the

more expensive RC drilling and utilise the blastholes for both grade control and blasting. This will

reduce grade control costs in 2012/13 and partially offset the extra drill and blast costs. The trial

showed no significant difference in ore body definition and the decision was made to phase out RC

drilling.

During the quarter, following a review and recommendation by external consultants, cut‐off grades

for the ore definition were altered. Previously ore was defined as High Grade +1.2g/t Au, Low Grade

0.7g/t to 1.2g/t and Mineralised Waste 0.5g/t to 0.7g/t. As both High Grade and Low Grade material

was needed to fill the mill it was decided to combine these two sources to form one Mill Feed

category, and cut‐off grade was lifted to 0.9g/t to provide a better tonnes and grade combination,

thus maximising available ounces. Low Grade ore is currently defined as 0.5g/t to 0.9g/t, and is

stockpiled for required mill “top‐up” and for processing at the end of mine life.

Figure 2: Cockburn Pit

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Mine Planning During April, the mine plan for the BGP was substantially remodelled and rescheduled and this work continued during the quarter with the aim of developing a plan that will deliver more high grade ore earlier than had been forecast under the previous model. Part of this rescheduling involved investigating dividing the pit into several sections which can be mined sequentially rather than taking the whole pit down on a uniform level development. The intention of this revision was to bring forward production from higher grade zones and defer waste removal therefore increasing production and reducing costs over the next six months. The plan confirms that the bulk of the remaining mine development work will be completed during the September 2012 quarter and it is planned to reduce the size of the mining fleet in October 2012 which will also result in a decrease in mining costs. This review has been completed and checking of the new mine schedule and budget derived from the plan was ongoing at the end of the quarter prior to being presented to the Board for approval and formal adoption. As noted in the March 2012 Quarterly Report, the Company will be reviewing the current published Cockburn Open Pit Ore Reserves to take into account the new mine plan which is based on an A$1,350/oz gold price. This review and the revised estimate will be released in October 2012 in conjunction with the release of the annual review of all of the Company’s Resources and Reserves.

Ore Processing Total ore milled for the June 2012 quarter increased to 506,720 tonnes at an estimated grade of 1.02g/t Au. Because the mine was unable to supply the scheduled amount of ore, a significant amount of Low Grade material was used to supplement mill feed. Despite this there was still a marginal increase in quarterly gold production (from 14,541oz to 14,780oz). Mill recovery rate fell to 88.9% during the quarter as the change from predominantly oxide ore to a higher level of transitional and sulphide ore resulted in a shift in the metallurgical properties of the material presented to the mill. The change of ore type resulted in increased reagents consumption and a slight reduction in throughput. By the end of the quarter metallurgical test work had been carried out and recovery rates returned to the 90% to 92% range.

Figure 3: BGP gold production by month

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Gold Produced (oz)

2011/12 Monthly Gold Production

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Overall Performance

Key performance indicators for the June 2012 quarter are shown below.

Table 1: 2011/12 Production Statistics

Unit Sept 2011

Quarter

Dec 2011

Quarter

Mar 2012

Quarter

Jun 2012 Quarter

2011/12

Mining Physicals

BCMs Ore Mined Ore Grade Total Ounces Mined

BCM

t

g/t

oz

3,012,392

238,880

1.34

10,318

2,580,649

425,028

0.94

12,880

2,090,763

360,451

1.23

14,244

2,080,362

310,209

1.35

13,524

9,764,166

1,334,568

1.19

50,966

Processing Physicals

Ore Milled# Grade Reconciled Recovery Gold Produced (incl.

GIC)

dt

g/t

%

oz

318,399

1.24

94.2

11,949

486,179

0.94

93.9

13,858

491,860

0.99

94.2

14,541

506,720

1.02

88.7

14,780

1,803,158

1.03

92.5

55,128

Costs

Unit Operating Cost*

$/oz 1,466 1,593 1,579

1,511 1,540

# Note: Mine production was supplemented by the addition of low grade stockpiled ore. * Cash costs represent the costs for mining, processing and site administration including accounting for movements in stockpile and gold‐in‐circuit. They do not include exploration, mine development or capital costs. They include by‐product credits but do not include the cost of royalties, depreciation and amortisation.

Production Forecasts

The Investor Presentation of May 2012 as released to the ASX and posted on the Company’s website

contained information on the then current 2012/13 and 2103/14 Year Mine Plan Forecasts. As

outlined above, the mine schedule and plans are currently under review and will be different to

those outlined in the aforementioned Investor Presentation. It is not possible to fully update those

forecasts until the revised plans have been finalised and approved by the Company’s Board however

the Company can advise that gold production for the September 2012 quarter is forecast to be in the

range of 17,000‐20,000oz, which will be at least a 15% increase on the June 2012 quarter.

LLEEOONNOORRAA

Project Overview

The 320km2 Leonora Gold Project (LGP) is located 35km northeast of the town of Leonora, and

approximately 250km north of Kalgoorlie, Western Australia. A pre‐feasibility study was completed

in March 2009 and these outcomes consolidated with an open pit ore mining and milling trial during

the first half of 2010, during which a total of 114,000 tonnes of ore was processed. The last parcels

of ore were milled in July 2010 and the trial successfully confirmed materials handling, grade and

recovery aspects and generated net cashflow in excess of $2 million from gold sales.

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Mineral resources at LGP (after depletion for the trial mining conducted in 2010) total 12.3Mt at 1.9g/t for 745,000oz of contained gold (which comprises 8.16Mt @ 2.0g/t for 533,000oz in the Indicated category and 4.13Mt @ 1.6g/t for 212,000oz in the Inferred category)~.

Leonora Project Advancement The internal review of the Leonora 2009 pre‐feasibility study (PFS) has been placed on hold with the operational issues at Bronzewing having taken priority for management. The PCF Capital process to source third party interest in a sale or joint venture of the LGP has continued during the quarter. Discussions are ongoing with a number of interested parties but none have produced a proposal that has been capable of consideration by the Company as a firm and adequate offer to date.

EEXXPPLLOORRAATTIIOONN RREEPPOORRTT The Company’s primary exploration objective at the BGP is to increase mine life through exploration activities aimed at discovering higher quality resource and reserve ounces. Due to the lack of funds in recent quarters, this activity has not been able to be pursued through new drilling but soil sampling programs and in house work has still progressed via the evaluation and interpretation of previous exploration results and activities.

Cockburn Pit Navigator recently completed three 42m, vertical RC probe holes in various locations on the Cockburn pit floor. One of these holes, COBRC10622, intersected better than expected mineralisation as shown in Figure 4 with all assay data detailed in Table 3. The other holes shown in Figure 4 are historic holes drilled in the mid 1990s and were part of the Cockburn Resource estimate as of 30 June 2011. Drill hole COBRC10622 was an RC hole with samples collected over 1 metre intervals via a cyclone splitter. The samples were assayed by both pulp and acid leach (PAL) and normal fire assay techniques. The PAL assays, a partial gold assay, are processed at the Company’s onsite laboratory whilst the fire assays, which are a total gold assay, are carried out at a commercial, independent laboratory. The first 3m of the hole were not sampled, whilst the next 6m yielded an average grade of 0.32g/t Au. The remainder of the hole averaged 34m @ 3.98g/t Au which included 23m @ 5.03g/t Au from 9m – 32m. The estimated true width of the 34m interval is ~20m. These average assay results are from the final fire assay results from the independent laboratory with a 10g/t Au top cut applied. The onsite PAL laboratory gave results which on average were less than 2% lower than the fire assays.

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Figure 4: Cockburn Pit Cross Section

Bower‐Harrier Heritage Survey An Aboriginal heritage survey was completed at Bower‐Harrier during April with a clearance being given. The 9,000m aircore drilling program, along with a small 1,000m aircore program to test a soil anomaly in the Eagle East area, which were noted in the March 2012 Quarterly Report as being planned to be completed early in the September 2012 quarter have both been deferred until adequate funds are available. It is unlikely this program will occur before the December 2012 quarter.

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LLEEOONNOORRAA Programs of auger and soil sampling are being carried out on a number of Prospecting Licences at Leonora. The programs are still in progress with results pending.

CCUUMMMMIINNSS RRAANNGGEE (Navigator 75%, KRE 25%) Navigator (75%) has a joint venture arrangement in place with Kimberley Rare Earths Limited (KRE) (25%) over the Cummins Range Rare Earths Project where KRE has the ability to earn an additional 30% in the project by expending $10 million over four years. KRE is the JV manager and responsible for all exploration activities. No field exploration was carried out in the June 2012 quarter. Further drilling is on hold whilst a Preliminary Evaluation Study is being completed. A pit optimisation study has been completed using Whittle 4x software. The results of the study have been incorporated into a conceptual mine schedule to inform the Preliminary Evaluation Study financial model. A conceptual rare earth separation flow sheet has been developed using a proprietary flotation reagent scheme and wet high intensity magnetic separation (WHIMS). The flow sheet was optimised through the application of locked‐cycle testing which confirmed the beneficiation process is able to achieve a concentrate grade of >15% TREO and a recovery of >59% TREO. Based on these results, three options for downstream processing and rare earth separation flow sheets using conventional technologies were identified and have been subjected to economic assessment as a key component of the Preliminary Evaluation Study. Further information regarding KRE is available on their website at www.kimberleyrareearths.com.au.

LLAAUURRAA RRIIVVEERR (Magma 70%, Navigator 30% free carried to decision to mine) An auger sampling program commenced in June with sampling on E80/2523 being about 75% complete. The program on E80/2552 will commence shortly. Results are awaited. The Company notes that Magma Metals is now a wholly owned subsidiary of Panoramic Resources Limited.

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CCOORRPPOORRAATTEE RREEPPOORRTT

FFIINNAANNCCIIAALLSS

Cash Position As at 30 June 2012, Navigator held $3.39 million in free cash, $3.44 million of gold in transit and $7.08 million in environmental bonds.

Gold Sales Gold sales from the BGP for the quarter were 15,927oz at an average sale price of $1,564/oz for total revenue of $24.9 million. The cash operating cost for the quarter was $1,511/oz.

Hedging

Navigator currently has no hedging in place.

Expenditure

During the quarter, exploration expenditure incurred was $397,000, of which $196,000 was

expended on the BGP and $201,000 on LGP.

Capital expenditure during the quarter was $198,000.

Debt Au Mining Finance Facility

During the quarter the Company negotiated and executed a binding Heads of Agreement with its

largest shareholder, Au Mining Limited (Au Mining), whereby Au Mining would provide a short term

finance facility of $10 million. The key terms of the unsecured finance facility were:

available for drawdown until 31 July 2012 and to be repaid in a lump sum on completion of a

rights issue or by 31 August 2012, whichever is the earlier;

all amounts drawn down to be repaid from the rights issue proceeds or if repaid by other means,

a $2 million early repayment fee will apply; and

interest charged on all drawn amounts at a rate of 15% per annum due in one lump sum upon

principal repayment.

The first drawdown of $3 million took place in early June, and the second of $2 million was scheduled

for mid‐June and conditional upon deferral of royalty payments until October 2013. On 15 June 2012

it was announced that this condition had been waived for the second drawdown however remained

to be fulfilled for any further drawdowns.

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Subsequently, this condition was amended and completed with the signing of an agreement with a

private royalty holder for the deferral of the payment of their royalty over the BGP until 31 October

2013. The deferred amount will earn interest at a rate of 12% per annum, calculated monthly and to

be paid in a lump sum at the time of the royalty payment. At the election of the holder, the interest

can be taken in either cash or shares (issued at the same price as the rights issue (see below) but

subject to adjustment necessary for any reconstruction of capital).

A further drawdown of $4.5 million was made on 29 June 2012. On 9 July 2012 it was announced

that the finance facility quantum had increased from $10 million to $13 million, all conditions

precedent had been satisfied and the early repayment fee amended to $2.6 million reflect the

increase in the facility.

Additional amendments to the finance facility were announced on 27 July 2012 including:

an increase in the quantum available from $13 million to $16 million;

an extension of the repayment date to 31 October 2012 or such later date as required to ensure

all required approvals obtained;

an extension of the drawdown date until 30 September 2012; and

increase of the early repayment fee to $3.2 million, reflecting the increase in the facility amount.

Waterton Loan Facility & Gold Supply Agreement

As part of the Au Mining finance facility, the Company has agreed amended terms to the debt facility with Waterton Global Value LP. The loan repayments, which were originally scheduled to comprise 10 equal instalments of US$1.2 million commencing in December 2012 will now be made on the basis of gradually increasing instalment amounts ranging from US$90,000 in December 2012 to US$2.01 million in January 2014. The revised repayment scheduled more closely matches the Company’s cash generation profile. During the quarter, Navigator drew down the balance of the US$12 million facility. In addition to the changes to the debt facility, adjustment was also agreed to the Gold Supply

Agreement between the Company and Waterton. The discount on the settlement price of gold sold

to Waterton has increased from 0.75% to 2% with the difference (ie. 1.25%) payable in three equal

instalments over the three months from November 2013.

Rights Issue On 1 June 2012 the Company announced that it was intending to undertake a rights issue to fund the repayment of the finance facility with Au Mining. Details of the structure and terms of the rights issue were finalised during the month and announced on 9 July 2012. The key terms of the rights issue are: renounceable rights issue to raise approximately $16 million before costs; conditional underwriting of the full amount by Au Mining & associate D&A Income Limited

(together the Underwriters); issue price of 0.1 cents with a pro‐rata entitlement of 7.2 new shares for every 1 share held; and available to eligible shareholders with registered addresses in Australia and New Zealand.

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The obligations of Au Mining and D&A Income Limited to subscribe for the rights issue shortfall arising from the underwriting agreement are conditional upon approval being received for the transaction under the Foreign Acquisitions and Takeovers Act 1975 (Cth). A response to the submitted application is expected in early August 2012. Should approval not be received, then the rights issue will not proceed. Subsequent to the announcement of the rights issue and lodgement of the prospectus with ASIC, the Company was requested by ASIC to provide additional information regarding various matters including, but not limited to, the relationship of Au Mining and D&A Income Limited to the Company and the possible control implications arising from the financing and underwriting arrangements. On 27 July 2012 the Company announced that ASIC had advised that it considers the Underwriters are related parties of Navigator and therefore requires the Company to: obtain an independent expert report in relation to the fairness and reasonableness of the rights

issue (and the underwriting arrangements) on all shareholders of the Company; and issue a replacement prospectus with sufficient disclosure of the findings of the expert report. Given ASIC’s requirement to obtain the expert report, the Company advised that the previously announced timetable for the rights issue would be amended to:

Event Date

Record date for determining Entitlements 18 July 2012

Replacement prospectus and Entitlement and Acceptance Forms despatched to Eligible Shareholders

24 August 2012

Rights trading ends 31 August 2012

Closing Date 7 September 2012

Notification of Shortfall 12 September 2012

Anticipated date for allotment of New Shares 13 September 2012

Anticipated date for despatch of holder statements (and last day for the Company to confirm to ASX all information required by Appendix 3B)

14 September 2012

Anticipated date for commencement of trading of New Shares 17 September 2012

In line with the Company’s announcement of 30 July 2012 regarding amendments to the finance

facility with Au Mining, the Underwriters agreed to extend the terms of the underwriting agreement

to reflect the terms and timing of the finance facility as noted above.

OOTTHHEERR

Board and Management Changes On 5 June 2012, the Company announced that Managing Director David Hatch had resigned from his role, effective immediately. Andy Tudor joined Navigator as Managing Director on 23 July 2012. Andy has a Bachelor of Applied Science (Geology) from the University of Southern Queensland and extensive management experience within the mining industry. Navigator also announced the resignation of Company Secretary/Chief Financial Officer Gerry Kaczmarek and retirement of Exploration Manager Bernie Kirkpatrick, both effective 31 August 2012.

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Extraordinary General Meeting

An extraordinary general meeting of shareholders was held on 5 June 2012 to consider resolutions relating to the ratification of previous share issues, together with the election of Guy Walker as a Non‐Executive Director of the Company. All resolutions were passed on a show of hands.

ASIC Infringement Notice

On 15 June 2012 the Company announced that it had complied with an infringement notice issued by the Australian Securities & Investment Commission relating to a market announcement made on 20 June 2011 entitled “Equity Raising and Operational Update”. The infringement notice was based on an allegation that statements in the announcement gave rise to implications which did not reflect the status of the underwriting agreement associated with the rights issue that was being conducted at the time. Whilst not agreeing with the allegations, the Company complied with the notice by paying the penalty of $33,000 in order to conclude the investigation and avoid additional legal costs. Compliance with the infringement notice does not constitute an admission of guilt or liability, nor a finding of any contravention of law.

Trading Halts & Suspension of Shares

The Company requested a halt in the trading of its securities on 25 May 2012 and a voluntary suspension effective from 29 May 2012. Shares remained suspended until details of the rights issue were announced on 9 July 2012. A further trading halt request was submitted on 20 July 2012, pending an update regarding the rights issue, with the Company’s securities moving into voluntary suspension on 24 July 2012 and expected to remain so until completion of the experts report required for the rights issue.

Andy Tudor Managing Director NAVIGATOR RESOURCES LIMITED

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Table 2: Cockburn, 1m RC Riffle Split Samples

Hole ID Northing Local

Easting � ocal

Maximum Depth ‐ m

Interval m

Grade g/t Au

COBRC10622 51509.27 12465.11 42 03‐04 04‐05 05‐06 06‐07 07‐08 08‐09 09‐10 10‐11 11‐12 12‐13 13‐14 14‐15 15‐16 16‐17 17‐18 18‐19 19‐20 20‐21 21‐22 22‐23 23‐24 24‐25 25‐26 26‐27 27‐28 28‐29 29‐30 30‐31 31‐32 32‐33 33‐34 34‐35 35‐36 36‐37 37‐38 38‐39 39‐40 40‐41 41‐42

0.43 0.07 0.37 0.30 0.15 0.44 15.46 45.74 22.21 24.49 1.80 1.82 0.65 0.64 9.62 13.50 19.80 10.96 11.40 5.23 3.32 0.41 0.99 0.73 1.75 0.41 1.52 1.45 5.37 0.22 0.55 0.23 0.76 0.59 0.46 0.26 1.47 0.70 0.51

Note: COBRC10622 was drilled at ‐90°. The hole was collared at an RL of 431.6m, some 83m below the natural surface which is at 515m RL approximately. All samples are riffle split over 1m intervals. All assay results are fire assays on a 40g charge by a registered independent laboratory.

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~Table 3: Leonora Gold Project Mineral Resources – 30 June 2012

Project

Area

Lower cutoff grade

Indicated Resources Inferred Resources Total Resources

g/t Au Mt g/t Au koz Mt g/t Au koz Mt g/t Au koz

Mertondale*

Mertondale 3_4 0.7 0.87 2.3 65 0.66 2.1 45 1.53 2.2 110

Merton’s Reward 0.7 1.01 2.7 87 0.07 1.7 4 1.08 2.6 91

Tonto 0.7 0.97 1.9 60 0.97 1.9 60

Eclipse (Tonto North) 0.7 0.62 1.8 35 0.25 1.7 14 0.87 1.8 49

Mertondale 5 0.7 0.32 3.2 33 0.16 2.7 13 0.48 3.0 46

Quicksilver (Tonto South) 0.7 0.55 1.8 31 0.11 2.1 8 0.66 1.8 39

Subtotal Mertondale 4.34 2.2 311 1.25 2.1 84 5.59 2.2 395

Cardinia**

Bruno‐Lewis Exploration 0.7 1.04 1.1 37 1.52 1.3 63 2.56 1.2 100

Helen’s North 0.7 0.63 1.2 24 0.13 1.1 5 0.76 1.2 29

Kyte 0.7 0.31 1.6 16 0.31 1.6 16

Rangoon 0.7 0.09 1.8 5 0.23 1.3 9 0.31 1.4 14

Lewis Grade Control 0.7 0.29 1.4 13 0.29 1.4 13

Bruno Grade Control 0.7 0.11 1.4 5 0.03 1.1 1 0.15 1.3 6

Helen’s South 0.7 0.19 1.8 11 0.01 1.3 0 0.20 1.7 11

Lewis South 0.7 0.10 1.3 4 0.10 1.3 4

Black Chief*** 0.7 0.12 1.6 6 0.12 1.6 6

Subtotal Cardinia 2.35 1.3 95 2.44 1.3 104 4.79 1.3 199

Raeside

Michelangelo‐Leonardo 0.7 1.28 2.7 111 1.28 2.7 111

Forgotten Four 0.7 0.07 3.0 7 0.10 2.1 7 0.17 2.5 14

Krang 0.7 0.11 2.6 9 0.11 2.6 9

Subtotal Raeside 1.47 2.7 127 0.10 2.1 7 1.57 2.6 134

Gambier Lass*** 0.7 0.34 1.6 17 0.34 1.5 17

TOTAL 8.16 2.0 533 4.13 1.6 212 12.29 1.9 745

* Resource estimate by McDonald Speijers, 2009 with Merton’s Reward depleted by McDonald Speijers

in 2010.

** Resource estimate by Runge Limited, 2009 with Bruno Grade Control depleted by Runge in 2010.

*** Resource estimate by Navigator, 2009.

Notes: Assay top cuts for Mertondale and Raeside are variable but generally between 10‐20g/t Au and are 15g/t Au at Cardinia with no top cuts at Black Chief and Gambier Lass. No allowance has been made for dilution or ore loss. All resources (except Black Chief and Gambier Lass) are constrained by open pit shells optimised at A$2,000/oz.

All $ amounts noted in this report are Australian dollars, unless otherwise stated. Sections of information contained within this report that relate to Mineral Resources and Exploration Results are based on information reviewed or compiled by Bernie Kirkpatrick who is a full‐time employee of Navigator Resources Ltd and is a Member of the Australasian Institute of Mining and Metallurgy. Bernie Kirkpatrick has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Bernie Kirkpatrick consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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Documents

KEY POINTS Bronzewing Operations For personal use only