Carnavale Resources Limited · ASX:CAV
Carnavale Resources — Investor Presentation (November 2025)
14 slides from Carnavale Resources's investor presentation, November 2025
Slide 1: Kookynie Gold Project: Near term production asset
Kookynie Gold Project Near term production asset November 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% A$21m inc. Pre- Cashflow A$237m using A$5,500 oz* production Capital A$3m Payback period covered by 84% all in cost A$2,824 50% of production indicated per ounce from the Open
Slide 4: Board & Management
Board & Management Board of Directors and Management team with demonstrated exploration success Andy Beckwith Mr Beckwith is a successful explorer whose past experience includes senior roles with Westgold Resources, Non- Executive AngloGold Ashanti, Acacia Resources, Normandy NFM. And formerly NED d
Slide 5: Corporate Overview
Corporate Overview West Australian, high grade gold project targeting near term production Capitalisation Data (27 Nov 2025) Previous 6 months Share Price Performance (27 Nov 2025) Share Price A$ 0.005 Issued Capital B 6.1 Market Capitalisation A$M 30.6 Placement and rights A$M 7 Enterprise Value A$
Slide 6: Core asset: Niche high-grade gold development 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 Initial mine Production Target of approximately
Slide 7: 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 7
Slide 8: Scoping study pits and underground
Scoping study pits and underground View looking north • Total resource 117koz @ 4.3g/t# • Swiftsure and Tiptoe pit • Open pits in Indicated category • Further additions along strike • High grade potential at continues at depth • Opportunities to reduce cost per ounce by optimizing Open Pit to U/G tr
Slide 9: Carnavale Strategy
Carnavale Strategy Exploration upside at Kookynie Gold Project • Exploration opportunities at: • Valiant, • McTavish North • Champion South • Other targets within the tenement package. # ASX announcement 2 Oct 2025 – Study doubles value of Kookynie Gold Project * Further details of the Resource clas
Slide 10: 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 shovel ready completion date during 2026-HY2. • Execution of a Mining Heritage Agreement with Traditional owners. • Finalise grant of mining lease a
Slide 11: Investment Thesis
Investment Thesis Excellent Location - Niche high grade Exploration upside Strong technical team Eastern Goldfields, WA. resource Commenced Feasibility Near term Production Supportive major Study Strong Economics targeted shareholders Carnavale Resources Limited (ASX:CAV) Investor Presentation 11
Slide 12: For further information contact
For further information contact: Humphrey Hale, CEO P: +61 8 9380 9098 ASX: CAV carnavaleresources.com Carnavale Resources Limited (ASX:CAV) Investor Presentation 12
Slide 13: Carnavale Resources: Bonanza gold grades
Carnavale Resources ASX: CAV Bonanza gold grades FS underway Shovel ready mid ‘26 The Kookynie Pub’s famous horse is called Willie. Carnavale Resources Limited (ASX:CAV) l Investor Presentation 13
Slide 14: Kookynie Gold Project: Updated 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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