Cavalier Resources (ASX:CVR) secures native title agreement for Crawford Gold Project

Cavalier Resources has reached a pivotal regulatory and social milestone at its Crawford Gold Project in Western Australia, formalising a Native Title and Mining Agreement with the Wangkatja Tjungula Aboriginal Corporation.

The agreement represents a material step in de risked project advancement, providing a structured framework for approvals, land access and cultural heritage management as the company progresses its near term production ambitions at Crawford.

Highlights

• Native Title and Mining Agreement executed with the Wangkatja Tjungula Aboriginal Corporation
• Agreement authorised by the Nyalpa Pirniku native title holders at a community meeting in Kalgoorlie
• Removal of objections to associated lease applications and consent provided for development approvals
• Commercial terms consistent with Western Australian gold projects, including upfront, ongoing and production based royalty payments

The Crawford Gold Project sits within Cavalier’s broader Leonora portfolio and has been the subject of sustained technical and economic refinement over recent years.

In April 2025, the company completed a revised Pre Feasibility Study that incorporated higher gold prices while maintaining the physical pit design and Ore Reserve estimate for Stage 1.

The study applied a gold price of $4,600 per ounce and outlined a compact 18 month Stage 1 project life, supported by capital costs of $9.8M and a capital payback period of 9 months.

Financial outputs from the revised study included an NPV8 of $51.7M and an IRR of 580%, underpinned by total undiscounted pre CAPEX cash flow of $66.7M, with Stage 1 gold production estimated at 23,467 recovered ounces at 80% processing recovery and lowest quartile C1 AISC of $1,574 per ounce.

These metrics were generated from a Probable Ore Reserve of 1,002kt at 0.91g per tonne gold, equating to 29,300 ounces within the Stage 1 pit design.

Against this technical and economic backdrop, the execution of the Native Title Agreement addresses one of the final non technical hurdles to development.

The agreement provides consent for approvals required for development, embeds cultural heritage and environmental protections, and establishes a cooperative relationship between Cavalier Resources and the Nyalpa Pirniku People, who hold recognised native title rights over part of the project area.

As Executive Technical Director and CEO Daniel Tuffin noted,

“This Agreement provides a strong foundation for how we will work together as we progress the Crawford Gold Project towards production. It establishes clear, respectful and transparent pathways, embeds robust cultural heritage protections, and ensures the Nyalpa Pirniku People participate meaningfully in the benefits of future development on their Country.”

From a corporate perspective, the agreement removes uncertainty around land access and permitting pathways, aligning the social licence framework with the project’s existing technical readiness.

The commercial terms include upfront and ongoing payments as well as annual production based royalty payments upon commencement of mining operations, reflecting arrangements typical of gold projects in Western Australia.

In a broader industry context, the milestone underscores the increasing importance of early and structured engagement with Traditional Owners as projects transition from study to execution.

For Cavalier, the agreement consolidates the Crawford Gold Project’s position as an advanced, shovel ready development within its portfolio, supported by a defined Ore Reserve, revised economic study and now a formalised Native Title framework.

With regulatory pathways clarified and cooperation mechanisms in place, the company has outlined a clear structure under which future development activities can proceed in accordance with existing approvals and study parameters.

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