Carnavale Resources Limited · ASX:CAV
Carnavale Resources — RIU Sydney Resources Round-up 2026
17 slides from Carnavale Resources's conference presentation, May 6, 2026
Slide 1: Kookynie Gold Project: Near term production asset
For personal use only Kookynie Gold Project Near term production asset RIU Sydney May 2026 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 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 14 month Payback period covered by all in cost A$2,824 50% of
Slide 4: Board & Management
Board & Management Board of Directors and Management team with demonstrated exploration success For personal use only Mr Beckwith is a successful explorer whose past experience includes senior roles with Westgold Andy Beckwith Resources, AngloGold Ashanti, Acacia Resources, Normandy NFM. And formerl
Slide 5: Corporate Overview
Corporate Overview West Australian, high grade gold project targeting near term production For personal use only Capitalisation Data (30 Apr 2026) Previous 3 months Share Price Performance (30 Apr 2026) Share Price A$ 0. 13 Issued Capital M 408 Market Capitalisation A$M 53 Cash* A$M 5.0 Enterprise V
Slide 6: 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 Oct 2025 scoping study based on Initial mine Producti
Slide 7: 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 8: Scoping study pits and underground
Scoping study pits and underground View looking north For personal use only • Total resource 117koz @ 4.3g/t# • Production Target of approximately 93koz @ 3.1g/t Includes 60kt @ 28.3g/t for 55koz. (70% indicated)1 • Swiftsure and Tiptoe pit • Open pits in Indicated category • New MRE underway as par
Slide 9: BFS Drilling Campaign completed
BFS Drilling Campaign completed On time – on budget For personal use only Diamond Drilling • Metallurgical large diameter core • Geotechnical drilling to confirm pit wall assumptions RC drilling • Infill and grade control (upside) • Samples for variability metallurgical testwork and Watse dump c
Slide 10: BFS infill drilling
BFS infill drilling Long section @ Swiftsure and Tiptoe Tiptoe For personal use only Plunging shoot geometry Bonanza grades Production Target of approximately 93koz @ 3.1g/t Includes 60kt @ 28.3g/t Swiftsure for 55koz. (70% indicated)1 Underground portal proposed from the base of Swiftsure p
Slide 11: Bonanza Grades at Swiftsure and Tiptoe
Bonanza Grades at Swiftsure and Tiptoe Swiftsure Proposed pit shape For personal use only Starts within 20m of surface bonanza grades from recent drilling include: • 7m @ 28.3g/t from 71m in L1.FR.005 • 6m @ 27.7g/t from 97m in L1.FR.015 • 5.4m @ 29.5g/t from 106m in METDD.FR.01 • 5m @ 24.0g/t f
Slide 12: Bonanza Grades at Swiftsure and Tiptoe
Bonanza Grades at Swiftsure and Tiptoe Tiptoe Proposed Pit shape For personal use only Open beneath Tiptoe pit High grades at Tiptoe include: • 3m @ 26.1g/t from 25m in L3.OX.029 • 10m @ 4.0g/t from 54m in L3.OX.021 • 2m @ 15.9g/t from 32m in L3.OX.001 • 4m @ 7.6g/t from 71m in L3.FR.007 • 2m @
Slide 13: BFS charging ahead
Kookynie Gold Project BFS charging ahead 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 own
Slide 14: 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 15: Carnavale Strategy: Exploration upside
Carnavale Strategy Exploration upside at Kookynie Gold Project For personal use only Exploration opportunities at: • Swiftsure and tiptoe down dip • Valiant, • McTavish North • Champion South • Other targets within the tenement package include granite contact boundary. Carnavale Resources Limited (A
Slide 16: Investment Thesis
Investment Thesis For personal use only Excellent Location - Niche high grade Exploration upside Strong technical team Eastern Goldfields, WA. resource Feasibility Study on Near term Production Supportive major track Strong Economics targeted shareholders Carnavale Resources Limited (ASX:CAV) Invest
Slide 17: For further information contact
For personal use only For further information contact: Humphrey Hale, Managing Director P: +61 8 9380 9098 ASX: CAV carnavaleresources.com Carnavale Resources Limited (ASX:CAV) Investor Presentation 17
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