Carnavale Resources Limited · ASX:CAV
Carnavale Resources — Investor Presentation (February 2026)
17 slides from Carnavale Resources's investor presentation, Feb 17, 2026
Slide 1: Retraction & Replacement Announcement: Investor Presentation
ASX ANNOUNCEMENT 17th Feb 2026 Retraction & Replacement Announcement: Investor Presentation On 11 February 2026, Carnavale Resources Ltd (“Carnavale” or the “Company”) released an announcement to the ASX titled “Investor Presentation” (Presentation). In the original ASX announcement dated 2 October
Slide 2: Kookynie Gold Project: Near term production asset
For personal use only Kookynie Gold Project Near term production asset February 2026 ASX: CAV 1 Carnavale Resources Limited (ASX:CAV) Investor Presentation
Slide 3: 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 4: Swiftsure Scoping Study: robust outcomes at A$5,500 per Oz
Kookynie Gold Project Swiftsure Scoping Study: robust outcomes at A$5,500 per Oz * For personal use only 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$2,824 50% of indi
Slide 5: Board & Management
Board & Management Board of Directors and Management team with demonstrated exploration success For personal use only Andy Beckwith Mr Beckwith is a successful explorer whose past experience includes senior roles with Westgold Resources, Non- Executive AngloGold Ashanti, Acacia Resources, Normandy N
Slide 6: Corporate Overview
Corporate Overview West Australian, high grade gold project targeting near term production For personal use only Capitalisation Data (10 Feb 2026) Previous 3 months Share Price Performance (10 Feb 2026) Share Price A$ 0. 14 Issued Capital M 407 Market Capitalisation A$M 57 Cash* A$M 6.3 Enterprise V
Slide 7: Core asset: Niche high-grade gold development project
Core asset: Kookynie Gold Project Niche high-grade gold development project For personal use only • 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 T
Slide 8: Numerous toll treatment options within 200km
Kookynie Gold Project Numerous toll treatment options within 200km For personal use only 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 9: Scoping study pits and underground
Scoping study pits and underground View looking north For personal use only • 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 optimiz
Slide 10: BFS Drilling Campaign underway
BFS Drilling Campaign underway Heritage survey Complete. PoW approved, Clearing complete, drilling commenced For personal use only Diamond Drilling • Metallurgical large diameter core • Geotechnical drilling to confirm pit wall assumptions RC drilling • Pre-collars for large diameter Geotech and
Slide 11: Next Steps
Kookynie Gold Project Next Steps Immediate commencement of a BFS based on initial open pit mining and a toll treatment ore For personal use only processing strategy with a shovel ready completion date during 2026-HY2. Complete Execution of a Mining Heritage Agreement with Traditional owners. Com
Slide 12: Targeting mid-year completion
Targeting mid-year completion Study schedule For personal use only 2026 Jan Feb Mar Apr May Jun Jul Feasibility study Grade control Drilling Assays Geotech Drilling Log Report Hydrogeology Drilling Test Report Metallurgical Drilling Assay Testwork Mining MRE Optimisation, design and reserve Process
Slide 13: Carnavale Strategy
Carnavale Strategy Exploration upside at Kookynie Gold Project For personal use only • Exploration opportunities at: • Valiant, • McTavish North • Champion South • Other targets within the tenement package. Carnavale Resources Limited (ASX:CAV) Investor Presentation 12
Slide 14: Investment Thesis
Investment Thesis For personal use only 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) Inves
Slide 15: For further information contact
For personal use only For further information contact: Humphrey Hale, CEO P: +61 8 9380 9098 ASX: CAV carnavaleresources.com Carnavale Resources Limited (ASX:CAV) Investor Presentation 14
Slide 16: Carnavale Resources: Bonanza gold grades
Carnavale Resources ASX: CAV For personal use only Bonanza gold grades FS underway Shovel ready Q3 ‘26 The Kookynie Pub’s famous horse is called Willie. Carnavale Resources Limited (ASX:CAV) l Investor Presentation 15
Slide 17: 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 For personal use only • 842k tonnes at 4.3g/t for 117koz* Total (Indicated + Inferred) 842 4.3 117 •
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