CARNAVALE RESOURCES LIMITED — Capital/Financing Update 2019

Jul 23, 2019

CARNAVALE RESOURCES LIMITED ASX release 24 July 2019

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ENTITLEMENT ISSUE CLOSURE

Carnavale Resources Limited (ASX: CAV, Carnavale) (“Company”) is pleased to announce the successful completion of the non-renounceable entitlements issue offered on the basis of 1 new share for every 1 share held at $0.003 per share (together with one free attaching option for every two New Shares subscribed for and issued) ( Rights Issue ) under a prospectus lodged with ASIC on 28 June 2019 ( Prospectus ).

The Rights Issue closed on 19 July 2019 and the Company advises that shareholders subscribed for 389,827,255 shares and 194,913,609 options, representing a 52.47% take-up of their rights entitlement and leaving a shortfall of 353,172,305 shares and 176,586,152 options. The Company would like to thank shareholders for their support.

Under the terms of the Rights Issue as outlined in section 4.6 of the Prospectus, the Directors may allocate the Shortfall Securities at their discretion within 3 months of the closing date of the Offer. Following this notification, various parties who have previously expressed potential interest in taking up the shortfall will be approached.

Yours faithfully

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Paul Jurman

Company Secretary

For further information contact:

Ron Gajewski Chairman P: +61 8 9380 9098

Andrew Beckwith Director

Carnavale Resources Limited ABN 49 119 450 243

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Level 2, Suite 9, 389 Oxford Street, Mt Hawthorn, WA, 6016 T + 61 8 9380 9098 F + 61 8 9380 6761 E: admin@carnavaleresources.com W : www.carnavaleresources.com