Carnavale Resources Limited · ASX:CAV
Carnavale Resources — Investor Presentation (October 2025)
18 slides from Carnavale Resources's investor presentation, October 2025
Slide 1: Kookynie Gold Project
Kookynie Gold Project Near term production asset October 2025 ASX: CAV 1 Carnavale Resources Limited (ASX:CAV) Investor Presentation
Slide 2: Cautionary Statements
Cautionary Statements For Consideration This presentation has been prepared by Carnavale Resources Ltd “Carnavale”. This document contains background information about Carnavale current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or
Slide 3: Swiftsure Scoping Study: robust outcomes
Kookynie Gold Project Swiftsure Scoping Study: robust outcomes* NPV A$188m with Max drawdown of Undiscounted an IRR of 165% 21m inc. Pre- Cashflow A$237m using A$5,500 oz* production Capital $3m Payback period covered by 84% all in cost A$2,824 50% of production indicated per ounce from the Open pit
Slide 4: Board & Management
Board & Management Board of Directors and Management team with demonstrated exploration success Ron Gajewski Mr Gajewski is an accountant by profession, with many years of experience as a Director of public listed Non-Executive companies and as a corporate advisor to public companies listed in both
Slide 5: Corporate Overview
Corporate Overview West Australian, high grade gold project targeting near term production Capitalisation Data (13 Oct 2025) Previous 6 months Share Price Performance (13 Oct 2025) Share Price A$ 0.005 Issued Capital B 4.1 Market Capitalisation A$M 20.5 Cash - June ‘25 A$M 0.8 Enterprise Value A$M 1
Slide 6: Placement and underwritten rights issue to accelerate growth
Kookynie Gold Project Placement and underwritten rights issue to accelerate growth$ • Firm commitments received to raise approximately $3 million (before costs) via a placement of approximately 857.1 million shares. • Eligible shareholders to be offered the opportunity to participate in a non-renoun
Slide 7: Carnavale Strategy
Carnavale Strategy Monetise Kookynie by taking to production • Complete Mining Lease grant including heritage mining agreement • Engage key Consultants to fast-track study outcomes • Complete BFS to trigger Joint Venture partner (80% CAV and 20% Western Resources)based on Scoping Study Production ta
Slide 8: Core asset: Kookynie Gold Project
Core asset: Kookynie Gold Project Niche high-grade gold development project • Prime Eastern Goldfields, WA location; o 60km south of Leonora & 150km north of Kalgoorlie o Proximal to multiple operating gold mines. • Positive 2025 scoping study based on 93koz production target (70% indicated)1 o Free
Slide 9: Numerous treatment options within 200km
Kookynie Gold Project Numerous treatment options within 200km 180 km Kalgoorlie 150 km Paddington 150 km Laverton 110 km Dacian Mt Morgans 105 km Davyhurst 85 km Red 5 KOTH Gwalia Leonora 60 km Carnavale Resources Limited (ASX:CAV) Investor Presentation 9
Slide 10: High Grade Deposit with exploration potential
Kookynie Gold Project High Grade Deposit with exploration potential • Resource - 842t at 4.3g/t for 117koz# • incl. Bonanza grade 60kt @ 28.3g/t for 55koz. • 66% of Resource in indicated category • Expansion potential remains down-dip and along strike • Opportunity to replicate at other targets and
Slide 11: Swiftsure and new Tiptoe Prospect
Swiftsure and new Tiptoe Prospect X- Section and Long Section showing block model grades Bonanza grade shoot Section line Bonanza grade shoot • Updated MRE July 2025* • Bonanza grades central to the Swiftsure pit • High grade throughout the Kookynie Gold Project * ASX announcement 17 July 2025 – Car
Slide 12: MRE: Indicated v Inferred
MRE: Indicated v Inferred Long Section through Resource categories • Total resource increased by 38% to 117koz# • Underground Indicated area contiguous to previous MRE • Swiftsure South further additions • Addition of Tiptoe pit • Open pits in Indicated category • Increases in Indicated support impr
Slide 13: 2025 Scoping Study Outcomes
Kookynie Gold Project 2025 Scoping Study Outcomes* • Initial mine Production Target of approximately 93koz @ 3.1g/t (including 55koz @ 28.3g/t) • Payback of Capital 14 months contains 84% Indicated Resources from the open pit. • Revenue of approximately A$501m. • Free cashflow of A$237m before tax .
Slide 14: Next Steps
Kookynie Gold Project Next Steps • Immediate commencement of a BFS based on initial open pit mining and a toll treatment ore processing strategy with a completion date during 2026-HY2. • Execution of a Mining Heritage Agreement with Traditional owners. • Finalise grant of mining lease and associated
Slide 15: Investment Thesis
Investment Thesis Excellent Location - Niche high grade Exploration upside Strong technical team Eastern Goldfields, WA. resource Near term Production Supportive major Positive Scoping Study Strong Economics targeted shareholders Carnavale Resources Limited (ASX:CAV) Investor Presentation 15
Slide 16: For further information contact: Humphrey Hale, CEO
For further information contact: Humphrey Hale, CEO P: +61 8 9380 9098 ASX: CAV carnavaleresources.com Carnavale Resources Limited (ASX:CAV) Investor Presentation 16
Slide 17: Appendix
Appendix Carnavale Resources Limited (ASX:CAV) l Investor Presentation 17
Slide 18: Swiftsure and Tiptoe Mineral Resource Estimate
Kookynie Gold Project Swiftsure and Tiptoe CoG 0.8g/t OP above 320m RL, 1.5g/t UG below320m RL. Category Kt Au g/t Au K oz Updated Mineral Resource Estimate* Indicated 426 5.6 77 Inferred 416 3.0 40 • 842k tonnes at 4.3g/t for 117koz* Total (Indicated + Inferred) 842 4.3 117 • 66% of the Resource is
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