CARNAVALE RESOURCES LIMITED — Capital/Financing Update 2013

Apr 30, 2013

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1 May 2013

The Manager ASX Market Announcements ASX Ltd Level 4, 20 Bridge Street Sydney, NSW 2000

JOINT VENTURE AGREEMENT

Carnavale Resources Limited (ASX: CAV) is pleased to announce that it has executed a joint venture agreement with Barrambie Minerals Limited, an unlisted Australian company, for Barrambie’s mineral tenement applications E15/1352, E15/1372 and E15/1373, collectively the Long Horse project.

The project is located south west of Coolgardie and is considered prospective for nickel and gold.

Details of the Agreement are as follows;

• CAV must spend a minimum of $50,000 on exploration within 12 months from the date of grant of the mineral tenement applications E15/1352, E15/1372 and E15/1373 after which time it may elect to withdraw

• Upon CAV spending a total of $250,000 on exploration it will have earned an interest of 51% (Barrambie 49%)

• Upon CAV spending an additional $1,000,000 on exploration it will have earned an interest of 80% (Barrambie 20%)

• Standard dilution clauses apply thereafter.

Yours faithfully

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Ron Gajewski Executive Director

CARNAVALE RESOURCES LIMITED

ABN 49 119 450 243 Level 1, Suite 5, The Business Centre 55 Salvado Road Subiaco Western Australia 6008 T: +61 8 9380 9098 F: +61 8 9380 6761 E: admin@carnavaleresources.com W: www.carnavaleresources.com.au