Investor Presentation

COMMONWEALTH RESOURCESINVESTMENT FORUM

IRONMONGERS’ HALL, CITY OF LONDON ● TUESDAY, 22 MAY 2012

www.ObjectiveCapitalConferences.com

Investor PresentationDavid Hatch – Managing Director, Navigator Resources

NAV

IGATO

R RESOU

RCES LIMITED

DAVID HATCHManaging Director

www.navigatorresources.com.au

INVESTOR PRESENTATIONMAY 2012

IntroductionBronzew

ingLeonora

ExplorationConclusion

DISCLAIMER The information contained in this presentation is not financial product advice. The presentation is for information purposes and

is of a general and summary nature only. It does not constitute an offer. Navigator Resources Limited (Navigator) gives no warranties in relation to the statements and information in this presentation. Investors should seek appropriate advice on their own objectives, financial situation and needs.

This presentation contains certain statements which may constitute “forward-looking statements”. Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values, performance or achievements to differ materially from those expressed, implied or projected in any forward looking statements.

Navigator disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Investors are cautioned that forward-looking statements are not guarantees of future performance and investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

This presentation does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment or investment decision relating to any securities in the Company. Any decision regarding any proposed subscription for securities in the Company must be made solely on the basis of information on the Company that is publicly available.

This presentation does not constitute an offer of securities for sale.

COMPETENT PERSONS STATEMENT

Sections of information contained within this report that relate to Exploration Results, Mineral Resources or Ore Reserves at the Bronzewing Gold Project, the Leonora Gold Project and Cummins Range Rare Earth Project are based on information reviewed by Bernie Kirkpatrick who is a full-time employee of Navigator Resources Limited and 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.

IntroductionBronzew

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ASX Code: NAV

Ordinary Shares 2,222,216,576

Market Capitalisation ($0.008) A$17.8 million

12 month High-Low A$0.140-0.008

Debt Outstanding US$12 million

Hedging Nil

Unlisted Options 62,869,578

ASX Code: NAVOB

Listed Options 835,096,124

Exercise Price A$0.04

Expiry Date 31 July 2014

CORPORATE OVERVIEW

IntroductionBronzew

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BOARD & MANAGEMENT Allan Trench

Non-Executive Chairman (since 2005)

Over 15 years geology/business management experience in the Australian resources industry including with CRU Group, WMC, Barrick, Woodside and McKinsey & Company.

David HatchManaging Director (since 2009)A track record in the management, optimisation and development of predominantly gold mining assets in Australia, Indonesia, PNG and West Africa. Former MD Kingsrose Mining, Westonia Mines and Abosso Minerals.

Ian MacphersonNon-Executive Director (since 2003)Chartered accountant with 30 years experience, specialising in corporate advice, equity and debt raising and compliance. Established Ord Partners in 1990.

John ShippNon-Executive Director (since 2006)Mining engineer with 40 years of international experience. Former-President Barrick Gold Australia-Africa operations and GM of KCGM and Boddington.

Guy WalkerNon-Executive Director (since 2012)Over 20 years experience in financial markets and funds management in NZ, North America and the UK. Former COO of Talisman Global Asset Management and current Company Secretary of Au Mining.

IntroductionBronzew

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BOARD & MANAGEMENT

Gerry KaczmarekCFO/Company Secretary (since 2009)Accountant and economist with almost 30 years experience in the resources and minerals processing industry covering projects in Australia and overseas. Including 10 years as CFO and Company Secretary of Troy Resources.

Craig BradshawChief Operating Officer (since 2012)Mining Engineer with nearly 20 years experience, predominantly with WA gold companies in roles including Mining Manager, General Manager and COO.

Bernie KirkpatrickExploration Manager (since 2008) 42 years multi-commodity exploration and mining experience with projects throughout Australasia including roles of Mine Geologist, Consulting Geologist and Australian Exploration Manager.

Michelle SimsonManager Corporate Affairs (since 2007)9 years administration experience in the WA mining industry in the gold and uranium sectors, in both site and corporate roles.

David Hatch – Managing Director

Tim Blyth – General Manager – Bronzewing Operations

IntroductionBronzew

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TWO GOLD PROJECTS IN WA

* Refer Reserves & Resources table

BRONZEWING1,067,000oz Au resource*

+960km2 tenements

+3Moz historic production

Purchased September 2009; first gold poured April 2010

Mining operations focussed on Cockburn Open Pit

LEONORA745,000oz Au resource*

320km2 tenements

+280,000oz historic production

Trial mining program February-August 2010

Potential 50,000oz Au/yr production

IntroductionBronzew

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1. Cockburn Pit Cutbacks

2. Physicals Performance

3. Current Mine Plan

4. 2012/13 & 2013/14 Mine Plan

Forecasts

Bronzewing Gold ProjectOperations Update

ConclusionIntroduction

Bronzewing

LeonoraExploration

COCKBURN PIT CUTBACKS

Eastern Cutback Cutback commenced February 2011 First ore mined June 2011

Interim Western Cutback Cutback commenced June 2011 First ore mined September 2011

Majority of waste pre-strip is completed Eastern and interim western cutback now

connected around southern end of pit

IntroductionBronzew

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PHYSICALS PERFORMANCE

* Forecast

Positive gold production trend continuing

IntroductionBronzew

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CURRENT MINE PLAN

2+ years Cockburn Pit

Mine Plan4.33Mt @ 1.6g/t Au*(If the current observed trend of conversion of

Inferred material continues, there will be additional ore

tonnes and mine life)

Exploration potential(Drill testing a series of

near mine surface anomalies based on gold nuggets and soil sampling

scheduled for July)

200,000oz Recovered

* $1,350 pit design; Indicated only

IntroductionBronzew

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2012/13 MINE PLAN FORECAST

Q1Total movement: 2.40M BCM

Ore mined: 613,000t

Plant throughput: 512,500t

Average grade: 1.30g/t

Gold recovered: 18,000-22,000oz


Ore mined: 708,500t





Ore mined: 655,000t





Ore mined: 727,500t




Note: Budget costs and revenue estimates in progress

IntroductionBronzew

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2013/14 MINE PLAN FORECAST


Ore mined: 664,000t





Ore mined: 962,000t




Q3Plant throughput: 472,500t



Q4Plant throughput: 478,000t



Note: Budget costs and revenue estimates in progress

IntroductionBronzew

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1. Project History

2. Project Areas

3. Trial Mining

4. Development Scenarios

Leonora Gold Project Trial Mining & Development

IntroductionBronzew

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PROJECT HISTORY

2004 2005 20061978

First recorded mining activity on

the leases

Sons of Gwalia own & operate Leonora Gold Project (LGP)

LGP purchased from Sons of Gwalia Administrators

Inferred Resource: 3.54Mt @ 1.9g/t

(221,500oz)

Resource doubles to 444,444oz*

Resource increases to 700,400oz#

PFS completed: 12.2Mt @ 1.9g/t Au

(742,000oz)+;6 year life

2009

Development options under consideration

Trial mining activity undertaken; 5 months,

114,000t, 7,673oz

20101899 1996-2004

* Indicated : 2.15Mt @ 2.7g/t for 189,000oz ; Inferred: 3.73Mt @ 2.1g/t for 255,000oz; # Measured: 3.65Mt @ 2.1g/t for 241,300oz; Indicated: 3.44Mt @ 2.1g/t for 232,300oz; Inferred: 3.63Mt @ 1.9g/t for 227,000oz; + Indicated: 8.27Mt @ 2.0g/t for 539,000oz; Inferred: 3.91Mt @ 1.6g/t for 203,000oz

2011...

IntroductionBronzew

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THREE MAIN PROJECT AREAS: TOTAL 745,000oz RESOURCE

Cardinia Mertondale Raeside

199,000oz4.79Mt @ 1.3g/t

(Indicated: 2.35Mt @ 1.3g/t = 95,000ozInferred: 2.44Mt @ 1.3g/t = 104,000oz)

Bruno Pit Trial:February – June 2010

395,000oz5.59Mt @ 2.2g/t


Mert 2 Pit Trial: March – May 2010

134,000oz1.57Mt @ 2.6g/t


Resource review: September 2009

* Additional 17,000oz Resource to total 745,000oz located at Gambier Lass prospect

IntroductionBronzew

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TRIAL MINING: SIGNIFICANT VALUE-ADD ACHIEVED

Mining

February – June 2010

114,000t ore

Predominantly Brunosupergene ore

Free dig mining confirmed

Processing

April – August 2010

5 parcels (T1-T5)

High recovery of 93%

7,673oz gold poured

Results

40% grade upgrade from Bruno Pit

Significant ore body data generated

Mining costs and material handling confirmed

A$2.12 million net profit generated

NAV gold from T1 milling

IntroductionBronzew

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SEVERAL DEVELOPMENT SCENARIOS

2009 PFS Scenario1Mtpa CIL processing facility

Central Merton’s Reward location

6 year mine life

53,000oz pa (1.8g/t)

~$45million capital

Raeside

Mertondale

2011 Post-Trial ScenarioLow capital (<$30 million)

0.5Mtpa processing facilityCardinia only; shallow low strip

ratio miningAnticipated pit backfill of

tailings and waste rock4-6 year mine life; 30,000-

40,000oz paEstimated unit cash cost of

$900-$1,000/oz

Cardinia

Cardinia

Raeside

Mertondale

OR

Financing Options

Debt

Hybrid Debt

JV

Equity

Asset Sale

IntroductionBronzew

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CARDINIA MULTIPLE PIT DEVELOPMENT

Cardinia Pit Designs based on A$1,300/oz

Trial Mined Bruno Pit

IntroductionBronzew

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1. Resources & Reserves

2. Regional Geology

3. Bronzewing

4. Leonora

5. East Kimberley

Exploration Update Bronzewing & Leonora

IntroductionBronzew

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Bronzewing Reserves – June 2011

Mt g/t Au oz

Probable 10.624 1.6 540,000

Total 10.624 1.6 540,000

Bronzewing Resources – June 2011 (inclusive of Reserves)

Mt g/t Au oz

Indicated 13.72 1.7 738,000

Inferred 5.60 1.8 329,000

Total 19.32 1.7 1,067,000

Leonora Resources – June 2011

Mt g/t Au oz

Indicated 8.16 2.0 533,000

Inferred 4.13 1.6 212,000

Total 12.29 1.9 745,000

RESOURCES & RESERVES

Cummins Range Inferred Resource – February 2012

COG% Tonnage Mt TREO % P2O5 % U3O8 ppm Th ppm TREO kt

1.0 4.90 1.74 11.2 145 48 85.0

IntroductionBronzew

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REGIONAL GEOLOGY

IntroductionBronzew

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BRONZEWING Total land holding: ~960km2

Total annual expenditure commitment: $2.74 million

JV arrangement with Mark Creasy (70% NAV; 30% Creasy)

JV arrangement with Audax Minerals & Hot Holdings (NAV farmin to 50% on $1 million expenditure over 4 years; additional 19% on $1 million over further 2 years)

IntroductionBronzew

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BRONZEWING – COCKBURN

Potential for underground mining following completion of open pit

IntroductionBronzew

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BRONZEWING – DRAGON-VENUS

33km south of Bronzewing plant Best intersections include 13m @ 5.2g/t from 126m and 10m @ 4.7g/t from 224m

IntroductionBronzew

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BRONZEWING – BOWER-HARRIER Greenfields prospect 3-5km SE of plant; close

proximity to mill and other infrastructure NAV has farmed into ground with only sparse

previous drilling BLEG soil anomalies + numerous nuggets over

a strike length of 6km; maximum soil sample value of 225ppb Au

Favourable geology with main host rock a pillowed basalt; magnetic structures evident; shearing visible in outcrop

Heritage survey completed April 2012; prospect is ready for drill testing with a 9,000m aircore program planned for July 2012

First pass drill program costing <$0.5 million will determine whether any likelihood of a significant new discovery

IntroductionBronzew

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LEONORA Total land holding: ~320km2

Tenement package focussed on well mineralised Mertondale Shear and sub-parallel Kurrajong trend

Highly prospective land holding warrants exploration spend to increase open pit resource base from 745,000oz to +1Moz

Total annual expenditure commitment: $1.75 million

IntroductionBronzew

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LEONORA – MERTON’S REWARD

Original gold discovery on Mertondale Shear Current Resource of 1.08Mt @ 2.6g/t for 91,000oz* Potential for northeast plunging, high grade underground lodes Historical underground production (1899-1942) of 89,000t @ 21.0g/t = 60,524oz

* within a $2,000/oz pit shell, 0.7g/t Au cutoff; Indicated: 1.01Mt @ 2.7g/t for 87,000oz ; Inferred: 0.07Mt @ 1.7g/t for 4,000oz

IntroductionBronzew

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LEONORA – MERTONDALE 5

10km north of Mertondale Current Resource of 0.48Mt @ 3.0g/t for 46,000oz* Potential for flat, south plunging, higher grade shoot Historical production of 0.39Mt @ 2.6g/t for 32,000oz

* within a $2,000/oz pit shell, 0.7g/t Au cutoff; Indicated: 0.32t @ 3.2g/t for 33,000oz ; Inferred: 0.16Mt @ 2.7g/t for 13,000oz

IntroductionBronzew

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LEONORA – HOBBY

Mineralisation from surface, located 6.5km NNE of Cardinia Best intersections include 12m @ 10.7g/t from 6m and 9m @ 3.88g/t from 31m Mineralisation open down dip and along strike

IntroductionBronzew

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EAST KIMBERLEY Cummins Range Rare Earth

Project: JV with Kimberley Rare Earths (NAV 75%; KRE 25%) (KRE to farmin to 55% on $10 million expenditure over 4 years; additional 25% on BFS delivery)

Laura River Base Metals Project: JV with Magma Metals (NAV 30% free-carried; Magma have earnt in 70%)

IntroductionBronzew

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CONCLUSIONS

As expected, first two years of Bronzewing operation have been challenging

Supplementary funding has been required

NAV is positioned to generate significant cashflow in the next 2-3 years

Seeking to extend Bronzewing mine life with higher quality ounces

NAV is planning to drill test the near mine Bower and Harrier prospects in July

NAV is keen to add value to the latent Leonora project by:

further exploration spend; or

facilitating development options with third parties

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