Cavalier Resources (ASX:CVR) raises $4 million for Crawford Gold Project pre production activities

Cavalier Resources has received firm commitments from sophisticated and professional investors for a placement to raise approximately $4 million, with funds to be directed toward key pre production and early development activities.

Highlights

• $4 million placement secured from sophisticated and professional investors
• Issue price of $0.30 per share
• 6.25% discount to last closing price, 7.75% to 5 day VWAP, 11.95% to 15 day VWAP
• No free attaching or broker options included
• Funds directed toward long lead processing plant items and site preparation
• Ongoing negotiations for US$13 million secured pre payment and A$5 million gold loan facility

The Company will issue 13,333,334 new fully paid ordinary shares at an issue price of $0.30 per share, with all shares ranking equally with existing fully paid ordinary shares.

The shares will be issued under the Company’s available placement capacities under ASX Listing Rule 7.1 and 7.1A, with Sanlam Private Wealth Pty Ltd acting as Lead Manager to the placement and receiving a 6% fee on funds raised.

Funds raised under the placement will principally be used for ordering of long lead processing plant items, site establishment and early works, clearing and site preparation, bore field development, construction of new haul road infrastructure, and recruitment of key personnel to support pre production activities.

The Crawford Gold Project is supported by a revised Pre Feasibility Study released in April 2026, which incorporates a gold price of A$6,500 per ounce and updates to mining and heap leach capital and operating cost estimates, while the physical pit design of Stage 1 and the subsequent Ore Reserve estimate remain unchanged.

At a gold price of A$6,500 per ounce, the study outlines NPV8 ($A) 77.2, IRR 385%, and a payback period of 9.3 months, as presented in the table on page 2 of the announcement.

Total capital cost increase to A$20.2M is stated, while processing costs decreased to A$10.81 per tonne of ore.

The Ore Reserve for the Crawford Stage 1 pit comprises Probable Ore Reserves of 1,002kt at 0.91g/t for 29,300oz, based on conversion of Indicated Resources within the pit design and incorporating modifying factors.

The production target comprises 99.8% Indicated Mineral Resources and 0.2% Inferred Mineral Resources, with the Company noting a low level of geological confidence associated with Inferred Mineral Resources and no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target will be realised.

Cavalier Resources Executive Technical Director & CEO Daniel Tuffin said,

“This placement represents a significant step in advancing the Stage 1 pit at the Crawford Gold Project toward production. Securing funding for long lead items and early works positions the Company to move confidently into the next phase of project execution.”

In parallel with the placement, the Company is continuing negotiations of binding agreements for a proposed US$13 million secured pre payment with Raptor Capital International Limited and an A$5 million gold loan facility with Ottomin Pty Ltd, with both arrangements stated to be indicative and non binding, subject to approvals, due diligence and legally binding documentation, and with no certainty that the transactions will be completed.

Cavalier Resources holds interests in tenements in Western Australia, collectively known as the Leonora Gold Project, Hidden Jewel Gold Project and Ella’s Rock Li Ni Au Project, which are prospective for lithium, gold and nickel mineralisation.

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