Cummins Range Rare Earth Oxide Project –part of a technological future

David Hatch – Managing DirectorNavigator Resources Limited

www.navigatorresources.com.au

March 2010

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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. NavigatorResources Limited (Navigator) gives no warranties in relation to the statements and information in thispresentation. Investors should seek appropriate advice on their own objectives, financial situation and needs.

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

Navigator disclaims any intent or obligation to update publicly any forward-looking statements, whether as aresult of new information, future events or results or otherwise. Investors are cautioned that forward-lookingstatements are not guarantees of future performance and investors are cautioned not to put undue relianceon 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 anysolicitation 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 orcommitment or investment decision relating to any securities in the Company. Any decision regarding anyproposed subscription for securities in the Company must be made solely on the basis of information on theCompany that is publicly available.

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

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Corporate Overview

NAV Share Price March 2009 - March 2010 (A$)

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ASX Code: NAV

Ordinary Shares 392,599,036

Market Capitalisation ($0.145) A$56..9 million

12mth High-Low A$0.40-0.115

Cash (31 December 2009) A$18.5 million

Debt Drawn A$9.0 million

Debt Undrawn A$7.0 million

Hedging Nil

ASX Code: NAVO

Listed Options 121,458,787

Market Capitalisation ($0.055) A$6.7 million

Unlisted Options 30,255,882

Gold

TerbiumFor

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Production-ready Board of Directors Dr Allan Trench – Non-Executive

ChairmanOver 20 years geology/businessmanagement experience in the Australianresources industry. Experience with CRUGroup, WMC, Barrick, Woodside andMcKinsey & Company.

David Hatch – Managing DirectorAccomplished track record in management,optimisation & development of pre-dominantly gold mining assets in Australia,Indonesia, PNG & West Africa. Former MDKingsrose Mining, Westonia Mines & AbossoMinerals.

Gordon Galt – Non-Executive DirectorMining engineer with extensive experiencein project, corporate and funds managementand advisory. Former MD Newcrest Mining.Current director Taurus Funds Management.

Ian Macpherson – Non-Executive DirectorChartered accountant with 30 yearsexperience, specialising in corporate advice,equity and debt raising and compliance.Established Ord Partners in 1990.

John Shipp – Non-Executive DirectorMining engineer with 40 years ofinternational experience. Ex-PresidentBarrick Gold Australia-Africa operations andGM of KCGM and Boddington.

Matt Healy – Non-Executive DirectorAn experienced commercial and contractsmanagement executive for an internationalproperty development, construction andasset management company.

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Experienced Executive Management Group

Trevor Cook –Chief Operating Officer30 years multi-commodity projectexperience with Ashton Gold,MacMahons, BGC, ConsolidatedMinerals and View Resources.

Michelle Simson –Administration ManagerExperience in the WA gold anduranium sectors, both in site andcorporate roles.

Gerry Kaczmarek –CFO & Company SecretaryAccountant and economist with 30years resources experienceincluding 10 years as CFO/CompanySecretary of Troy Resources.

Bernie Kirkpatrick –Exploration Manager42 years multi-commodityexploration and mining experiencethroughout Australasia.

David Hatch – Managing Director

Ian Bignell – General Manager Bronzewing OperationsMining engineer with wealth of management experience; previously at Argyle Diamond Mine, Bulyanhulu Gold Mine in Tanzania, Gympie in Queensland and Emperor Gold Mines in Fiji.

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Diverse portfolio of Australian mining assets

Leonora (Au)

Bronzewing (Au)

Cummins Range (REE)

Laura River (Ni-Cu-PGM)

Eastman (Zn-Pb-Ag-Cu)

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Cummins Range is part of a WA-focused portfolio

* Refer Reserves & Resources Table as appended

Cummins Range an unusual but exciting Rare Earth Element opportunity

A variety of development and further exploration possibilities

Current resource of: 72,000t REO at 1.72%

Bronzewing production targeted for April 2010

Designed to produce 100,000oz Au per annum

9.27Mt of ore at 1.9 g/t Au to be mined

Total resource of: 850,000oz Au at 2.1 g/t*

Leonora trial mining to occur Feb-June 2010

Leonora potential to produce up to 50,000oz Au/yr in full production

Total resource of: 750,000oz Au at 1.9 g/t *

NAV is, in the short term, focussing on becoming a gold producer

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Rare earths introduction

Cummins Range History Location Geology Resource Competitive profile

Cummins Range – an important project for the world’s technological future

Cummins Range – exciting rare earth opportunity

Small image: Terbium – http://images-of-elements.com; Large image: Cummins Range – Navigator Resources

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Which are the rare earth metals?

“Heavy” REE

Europium

Gadolinium

Terbium

Dysprosium

Holmium

Erbium

Thulium

Ytterbium

Lutetium

“Light” REE

Lanthanum

Cerium

Praseodynium

Neodynium

Promethium

Samarium

Other REE - Scandium and Yttrium

Sc21

Y39

La57

Ce58

Pr59

Nd60

Sm62

Eu63

Gd64

Tb65

Dy66

Ho67

Er68

Tm69

Yb70

Lu71

Image: Periodic table – http://www.atomicmath.com

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Rare earth metals are used in key technologies

Magnets:DVD, CD & MP3 players, hybrid vehicles, wind turbines

Phosphurs:CRT and LCD TVs and screens, MRI machines

Metal alloys:Hybrid cars, aerospace, military hardware, high performance sports equipment, superconductors, computer memory

Glass, ceramics, polishes:CRT, LCD & plasma TVs/screens, telescopes, camera lenses, x-ray tubes, ceramic capacitors, laser

Other (including catalysts):Fluorescent bulbs, catalytic convertors, oil refining, neutron capture, cancer treatment, nuclear batteries in spacecraft

Source: IMCOA

38%

32%

13%

9%

8%

REO demand by value (2008)

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Rare earth metals – “green” applications

38%

32%

13%

9%8%

Hybrid cars (neodymium & dysprosium)• Rare earth magnets used in batteries and other components requiring small, lightweight motors

Wind turbines(neodymium & dysprosium)• Rare earth magnets used in motor, where lightweight is important due to the position of the motor on top of a tall, thin support, subject to high winds

Fluorescent lights(terbium, europium, gadolinium & yttrium)

• Combination of red, blue & green phosphors to make white light that is more efficient than incandescent bulbs

Non-toxic pigments(lanthanum & cerium)

• Non-toxic replacements to cadmium and other heavy metals in red-orange pigments

Top left: Hybrid Toyota Prius - www.toyota.co.uk ; Top right: Energy efficient light bulb; Centre: Wind turbine - dan at FreeDigitalPhotos.net; Bottom left: rechargeable batteries - www.amazon.com; Bottom right: cerium pigment - www.nelionexports.com/chemicals.html

Rechargeable batteries(lanthanum)

• Non-toxic replacements to cadmium and other heavy metals in red-orange

pigments

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Rare earth metals – military applications

38%

32%

13%

9%8%

Underwater mine detectorsAircraft components

Jet fighter engines

Sources: Navigator Resources & Great Western Minerals - http://www.gwmg.ca/images/file/2009-nov-27-military-applications.pdf

Electronic countermeasures

Anti-missile defence

Range findingSatellite systems

Missile guidance

Neodymium

Praseodymium

Samarium

Dysprosium

TerbiumRare earth magnets

Unmanned predator drones

Tomahawk cruise missiles

Guided artillery projectiles

Bunker buster bombs

Smart bombs

Rechargeable batteries

Jamming devices

Stryker armoured vehicle Avionics

Advanced lighting

Computer displays

Fibre optics

Lasers

Europium

Yttrium

Electric drive motors

Actuators

Night vision

Radar

Sonar

Lanthanum

Lutetium

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All rare earth oxides are highly valuable

0%100%200%300%400%500%600%

2004 2005 2006 2007 2008 2009

Cu Price Change Nd Price Change

0%

100%

200%

300%

400%

2004 2005 2006 2007 2008 2009

Cu Price Change Dy Price Change

Rare Earth Metal Oxide Price (Oct 2009)

Lanthanum US$ 4.90 /kg

Cerium US$ 4.00 /kg

Praeseodymium US$ 14.50 /kg

Neodymium US$ 14.50 /kg

Samarium US$ 4.75 /kg

Europium US$ 465.00 /kg

Gadolinium US$ 6.00 /kg

Terbium US$ 360.00 /kg

Dysprosium US$ 110.00 /kg

Yttrium US$ 10.00 /kg

Copper (metal) US$ 6.29 /kg (US$ 6,286.77 /t)

Silver (metal) US$ 553.94 /kg (US$ 17.23 /oz)

Gold (metal) US$ 33,564.60 /kg (US$ 1,043.51 /oz)

Price sources: REOs – Metals Pages; Copper – LME; Precious – LBMA

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Rare earth metals are not that rare – sort of!

USGS chart from “Rare Earth Elements – Critical Resources for High Technology”, 2002

Rare earth metals are not the least common natural elements

More common than the precious metals

Some more common than the base metals

However – they rarely form discreet “deposits”

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REOs occur in a diverse range of geologies

Carbonatite associated:

eg. Mountain Pass, USA and

Nolan’s Bore, Australia

Lateritic carbonatites:

eg. Mt Weld and Cummins

Range, Australia

Hydrothermal Fe-REE:

eg. Bayan Obo, China and

Olympic Dam, Australia

REE lateritic clays:

Only found in southern

China

Placer deposits:

eg. India, Brazil, Australia,

USA, South Africa, Sri Lanka

Alkaline felsics:

eg. Kola Peninsula, Russia and

Brockman, Australia

Pegmatite/quartz/fluorite :

eg. Australia and Karonge,

Burundi, Naboomspruit, RSA

Skarns:

eg. Mary Kathleen, Australia

Top left: Mountain Pass – USGS; Top mid-left: Cummins Range – Navigator Resources; Top-right: Bayan Obo – www.chinapicturespub.com; Top right: Lateritic clay, China – New York Times; Bottom left: Monazite placer – IHC Merwede; Bottom mid-left: Kovdor, Kola Peninsular – NHM, UK; Bottom mid-right: Evje-Iveland – www.smartminerals.com; Bottom right: Mary Kathleen – National Archives, Australia

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Traditionally rare earth demand reacts to supply

Now classic USGS chart from “Rare Earth Elements – Critical Resources for High Technology”

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Initially rare earth metals genuinely “rare” From their discovery (1794-1907) through to 1960s rare

earth elements were unusual and only mined as part of monazite placers

Only the relatively more common light rare earth elements had any uses

Monazite contains large amounts of thorium which breaks down into radioactive radium

Only countries with limited environmental standards could effectively mine monazite

Heavier rare earth metals were mainly scientific curiosities

Chart from “Rare Earth Elements –Critical Resources

for High Technology” –

USGS, 2002

Image of monazite placer dredge in Brazil

from IHC Merwede

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Mountain Pass stimulated rare earth innovation

Mountain Pass, California discovered in 1949, started in 1965 – invention of colour TV stimulated demand for europium and made the deposit economic (europium used for red phosphurs – still no substitute known!)

But main effect was to stimulate rare earth demand

Ready availability of cheap rare earth metals drove innovation

Mountain Pass mined light and middle rare earth metals

Heavy rare earth metals still unusual at this stage

Chart and image of

Mountain Pass from

“Rare Earth Elements –

Critical Resources for High

Technology” – USGS,

2002

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1990s saw Chinese REO production take off

Bayan Obo, Inner Mongolia, is world’s largest producer of REOs (mainly light REEs) – mined as a by-product of iron at very low cost

REE clays also mined at very low cost –artisanally

Contain heavy rare earth elements

Thus demand for heavy REEs increases

Chinese mines stimulated heavy REE demand

Image of abandoned Chinese REE clay mine (Thomas Lee, New York Times) and Bayan Obo (www.chinapicturespub.com)

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Mountain Pass, USA, stopped mining in 2002

From 2002-2007 China mined over 95% of rare earth oxides!

China began exporting less rare earth oxides in 2007

Partly because consuming more domestically

Partly due to environmental concerns over artisanal mining reducing production

China now mines nearly all rare earth oxides

Update of classic USGS rare earth mined production chart with most recently available USGS data (up to 2008) from New York Times article “Earth-friendly elements mined destructively” – 25/12/09

Mountain Pass closure

Chinese production

peaks?

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There are very few rare earth projects globally

Cummins Range

Mount Weld

Thor Lake Kvanefjeld

Hoidas Lake

Bokan Mountain

ZeusMountain Pass

Mianning

Bayan Obe

Nolans

Strange Lake

Sarfartoq

Yangibana

Kangankunde

Wigu Hill

Country with REE mine project(s)

Non-REE mining country

REE mining country

REE mine

REE mine project

Cummins Range REE mine project

Only around 200 REE projects worldwideLess than 20 advanced REE projects globally

Only 4 major advanced REE projects in AustraliaCummins Range is one of them

Steenskampkraal

Deeps Sands

Benjamin River

Douglas River

Data: Intierra & USGS

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There is a potential rare earth supply bottleneck ahead

China is already warning of export restrictions

Demand for rare earth metals is drastically increasing

Important that REO mines are developed outside China to maintain supply

Australia is likely to be key REO mining country –

Good REO deposits, with required mining and financial expertise to exploit them

Strong mining history and culture, combined with fantastic mining infrastructure

Nearest major mining country to major REO consumers in China and Japan

Cummins Range is one of the few REO projects in Australia...

Important for REO mines to be developed outside China

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A brief history of Cummins Range

2002-6 2007 2008 20091978

Discovered by CRA Exploration

Non-JORC resource of 3-4Mt @ 2-4% REO (60-

160kt of REO)

Part of NAV IPO (2003)

Successful drill programme

Strong aircore intersections announced

Good RC intersections announced

Deposit confirmed as a laterite with potential for enrichment (eg. Mt Weld)

Preliminary JORC resource

announced

Independent JORC resource

announced

Independent valuationA$10-20 million

69Kt REO, 398kt

phosphate & 765t U3O8

72Kt REO, 459kt

phosphate & 780t U3O8

Deposit confirmed to have low thorium levels reducing

environmental risk

Aerosurveying by NAV (2002)

Review of data by NAV shows high

grade zone suitable for delineation

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120km to the Great Northern Highway running from Port Hedland to Wyndham

130km SW of Halls Creek town and airstrip

550km by air and 700km by road to major town, seaport and airport of Broome

850km by air and 1,100km by road to international hub airport, seaport and city of Darwin

Several operating mines already in the area including Coyote Au, Savannah Ni-Cu and Argyle diamond mines

Cummins Range is in a favourable location

Cummins Range

Halls Creek

Darwin

Northern Australia is the nearest future REE region to Japan (5,500km) and China (4,500km)

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2007-8 drilling showed a high grade starter zone

Cummins Ridge – Best drill intersections (2007)Drillhole Width Grade Depth

NRC038 17 m 5.27 % REO 42 m

NRC058 29 m 4.57 % REO 27 m

NRC038 20 m 5.55 % REO 2 m

NRC059 33 m 382 ppm U3O8 24 m

NRC066 20 m 919 ppm U3O8 73 m

NRC058 35 m 962 ppm U3O8 27 m

Deep oxidation of carbonatite has produced physical concentration of resistate minerals, especially apatite and monazite

Cross section of Cummins Range showing horizontal mineralisation within a regolith overlying a

carbonatite diatreme

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Inferred resource containing:

72,000t of rare earth oxides

460,000t of phosphate

780t of uranium oxide

Mainly light rare earth oxides

Low thorium levels

Cummins Range Inferred Resource – September 2009

Tonnage (Mt) Cut-off grade REO (%) P2O5 (%) U3O8 (ppm) Th (ppm) Total REO (Kt)

4.17 1.0 % 1.72 11.0 187 41 71.7

Cummins Range – a developing REO resource

95.6%

Ratio of REO in resource (%)

LREO

MREO

HREOFor

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Cummins Range Inferred Resource – September 2009

MetalOxide Price

(US$/kg)Proportion in resource (%)

Value of resource oxide blend

(US$/kg)

Lanthanum 4.90 27.3 1.34

Cerium 4.00 47.7 1.91

Praseodymium 14.50 4.8 0.70

Neodymium 14.50 15.2 2.20

Samarium 4.75 1.6 0.08

Europium 465.00 0.4 1.86

Gadolinium 6.00 1.0 0.06

Terbium 360.00 0.1 0.36

Dysprosium 110.00 0.5 0.55

Yttrium 10.00 0.0 0.00

Other 0.00 1.4 0.00

Total 100.0 9.05

Cummins Range resource is a competitive blend

0 5 10 15 20

Thor Lake

Lake Hoidas

Dubbo

Mt Weld

Nolans

Cummins Range

Kvanefjeld

Steenkampskraal

Bayan Obo

Mountain Pass

Bear Lodge

Value of resource oxide blend (US$/kg)

Oxide prices: Metals Pages; Resource data: Green Leader Cummins Range Rare Earth Project – 29 October 2009

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Most likely development path would be a bulk, low-grade operation with some on-site concentration through flotation, heavy media separation and magnetic methods.

By-product uranium and/or phosphate may also contribute.

Cummins Range – potential production

Production potential of advanced REE projects

Project Resource StatusProduction target

(REO/yr)

Mt Weld12.2Mt @ 9.7% REO

Construction10,500t ramping

up to 21,000t

Mountain Pass13.0 Mt @ 8-

9% REOProduction &

expansion

Currently 2,000t expanding to

10,000-20,000t

Nolans Bore18.6Mt @ 3.1% REO

Feasibility5,000t ramping up

to 20,000t

Kangankunde2.5 Mt @ 4.2% REO

Advanced exploration

5,000t

Hoidas Lake1.4Mt @ 2.6% REO

Advanced exploration

1,000-2,000t

Cummins Range4.2Mt @ 1.7% REO

Advanced exploration

?

Thor Lake14Mt @ 1.2%

REOAdvanced

exploration1,000-2,000t

Sources: Navigator Resources; Green Leader Cummins Range Rare Earth Project; Company websites

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Cummins Range – further along the pipeline

2 mines

4 projects

6 projects

17 projects (inc. Cummins Range)

49 projects

120 mines/projects

Of 198 rare earth operations on Intierra

only 29 are at advanced exploration

status or further

Operating

Feasibility Study

Pre-feasibility orScoping Study

Advanced Exploration

Exploration

Grass roots

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Cummins Range is further developed than most rare earth projects

Potential for high grade, direct shipping starter zone

Low stripping ratio and by-product U3O8 & phosphate will lower operating costs

Oxidised nature of the deposit will lower beneficiation costs

Low thorium levels reduce the chances of environmental problems

Potential to further expand the resource:

Drilling stopped in the deposit’s best grades and widths to the north-west

Further drilling is also required to the north

Other prospects within the diatreme perimeter are effectively undrilled

Cummins Range – low risk rare earth potential

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Demand for rare earth metals is increasing

Rare earth metals have important environmental and strategic military applications

Rare earth oxide supply is dominated by China – exports may be restricted

We are potentially approaching a rare earth supply bottleneck

Critical that rare earth mines are developed outside China

Australia has the deposits, infrastructure and expertise to be a key rare earth producer

Australia is the closest traditional mining country to REO markets in Japan & China

Cummins Range is one of the few advanced stage rare earth projects in Australia

Cummins Range represents a low risk opportunity to develop a rare earth mine

Cummins Range – part of a technological future

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Navigator Gold Reserves & ResourcesBronzewing Reserves – July 2009

Mt g/t Au oz

Probable 6.324 1.9 385,000

Total 6.324 1.9 385,000

Bronzewing Resources* – July 2009

Mt g/t Au oz

Indicated 10.03 2.0 640,000

Inferred 2.53 2.6 210,000

Total 12.56 2.1 850,000

Leonora Resources – September 2009

Mt g/t Au oz

Indicated 8.27 2.0 539,000

Inferred 4.13 1.6 211,000

Total 12.40 1.9 750,000

*Bronzewing resources are inclusive of reserves

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Sections of information contained within this report that relate to Exploration Results, Mineral Resources or OreReserves at the Cummins Range Rare Earth Project, Bronzewing Gold Project and Leonora Gold Project are based oninformation reviewed by Bernie Kirkpatrick who is a full-time employee of Navigator Resources Limited and aMember of the Australasian Institute of Mining and Metallurgy. Bernie Kirkpatrick has sufficient experience whichis relevant to the style of mineralisation and type of deposit under consideration and to the activity which he hasundertaken to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reportingof Exploration Results, Mineral Resources and Ore Reserves”. Bernie Kirkpatrick consents to the inclusion in thisreport of the matters based on his information in the form and context in which it appears.

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