Ann: Quarterly Activities Report, page-10

From Quarterly I wonder if anything  will be sold or JV. I would gladly swap 49% Tandarra for a bit of cash and CYL shares and smelter fee.

"Strategic asset reviewThe Navarre Board intends to conduct a strategic review of the Company’s project portfolio during the currentquarter."

The mineraltenement holding of the Navarre Minerals Limited Group as at 31 December 2018was:

NameTenement Tenure Type Status NML Group

Interest

STAWELLCORRIDOR GOLD PROJECT (south of Stawell, Victoria)

Ararat EL5476 Exploration Licence Granted 100%

Tatyoon EL5480 Exploration Licence Granted 100%

Long GullyEL 6525 Exploration Licence Granted 100%

Westgate EL6526 Exploration Licence Granted 100%

PetticoatGully EL 6527 Exploration Licence Granted 100%

Dutton EL6528 Exploration Licence Granted 100%

Eastern MaarELA 6530 Exploration Licence Application 0%

Cathcart EL6702 Exploration Licence Granted 100%

Langi LoganEL 6703 Exploration Licence Granted 100%

Langi LoganWest EL 6745 Exploration Licence Granted 100%

MargaretGully ELA 6843 Exploration Licence Application 0%

TANDARRAGOLD PROJECTS (north of Bendigo, Victoria)

Tandarra RL6660 Retention Licence Granted 49%*

ST ARNAUDGOLD PROJECT (north of Stawell, Victoria)

St Arnaud EL6556 Exploration Licence Granted 100%

Lord NelsonELA 6819 Exploration Licence Application 0%

WESTERNVICTORIA COPPER PROJECT (west of Stawell, Victoria)

Black RangeEL 4590 Exploration Licence Granted 100%

Stavely EL5425 Exploration Licence Granted, pending

renewal100%#

Glenlyle EL5497 Exploration Licence Granted 100%

* CatalystMetals Limited has earned a 51% interest in Tandarra by expenditure of $3million over a four-year period to September 2018.

#

StavelyMinerals Limited has the right to earn an 80% interest in Stavely byexpenditure of $0.45 million over a five-year period to 2022