Cavalier Resources (ASX:CVR) confirms continuity at Miranda as near mine strategy tightens

Cavalier Resources has added further geological definition to its Crawford Gold Project in Western Australia, reporting new drilling results that confirm continuity of gold mineralisation at the Miranda Target, an area positioned approximately 1km north of the planned Stage 1 starter pit.

The update arrives as the company completes reporting from its most recent near mine RC drilling campaign and continues preparations to advance Crawford toward initial mining operations.

Highlights

• 5 RC drill holes completed at the Miranda Target for a total of 398m.

• Drilling confirms continuity of gold mineralisation over more than 100m of strike.

• Best intercepts include 6m at 1.29g/t gold from 27m, including 1m at 3.44g/t gold.

• Miranda forms part of a broader 4,647m near mine extensional drill program completed in Q4 2025.

• All assays from the Crawford drill program have now been reported.

The Miranda drilling was designed as a small step out program, following reconnaissance drilling undertaken by Cavalier in 2023, with the aim of testing the lateral and vertical extents of mineralisation along strike from the existing Crawford Mineral Resource.

The recent results demonstrate that gold mineralisation is continuous across at least 100m of strike within the Miranda area, a portion of a broader 500m extensional corridor that trends toward the current northern boundary of the Crawford resource.

Only limited drilling has been completed between Miranda and Crawford, leaving a substantial area of the structural corridor yet to be systematically tested.

Geologically, mineralisation at Miranda is now confirmed to be hosted within discrete, steeply dipping lodes, a structural setting that may not have been effectively intersected by earlier wide spaced drilling.

Cavalier has noted that closer spaced drilling will be required to fully delineate these structures, with mineralisation remaining open both along strike and at depth, particularly given that no drilling has yet been carried out for more than 400m along strike to the north of Miranda.

The near mine exploration focus aligns with the company’s broader development pathway at Crawford.

A revised Pre Feasibility Study completed in April 2025 retained the Stage 1 pit design and Ore Reserve estimate, while updating financials using a gold price of A$4,600 per ounce.

The study outlined total capital costs of A$9.8M, an 18 month Stage 1 project life, recovered gold production of 23,467 ounces, and a post tax NPV8 of A$51.7M at the PFS gold price.

Probable Ore Reserves within the Stage 1 pit stand at 1,002kt at 0.91g/t gold for 29,300 ounces.

Management has positioned the Miranda results as reinforcing the longer term growth case beyond the initial mining phase. As Cavalier Executive Technical Director and CEO Daniel Tuffin noted,

“Results from holes 25CFRC44 and 25CFRC47 confirm continuity of gold mineralisation over 100m of strike, a small portion of the 500m extensional corridor target which potentially links into the current Crawford Mineral Resource.”

He added that recent exploration outcomes and the execution of the Native Title Agreement have improved the company’s ability to progress Stage 1 while continuing near mine exploration through 2026.

From an investor perspective, the significance of the Miranda results lies less in grade magnitude and more in geological confidence and optionality.

The confirmation of structural continuity close to planned infrastructure strengthens the rationale for ongoing extensional drilling as Crawford moves toward production, while offering potential upside beyond the current project life without the need for greenfields capital intensity.

As Cavalier transitions from exploration into execution, near mine drilling at targets such as Miranda appears set to remain a central component of its strategy, providing both risk reduction for Stage 1 and a platform for longer term resource growth within the Leonora district.

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