CARNAVALE RESOURCES LIMITED — Capital/Financing Update 2022

Jul 14, 2022

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ASX ANNOUNCEMENT 15 [th] July 2022
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Diamond drilling commenced at Kookynie

Highlights

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Diamond Drilling program consisting of 3 holes for 500m commenced at the Kookynie Gold Project.

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• Drilling designed to provide detailed textural and structural information from the high-grade McTavish East discovery.

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Previously released RC drilling results from McTavish East included:

16m @ 20.92g/t from 161m (inc. 10m @ 31.88g/t ) in MERC005

4m @ 17.82g/t from 78m (inc. 2m @ 33.55g/t ) in MERC001

4m @ 12.94g/t from 126m (inc.2m @ 23.67g/t) in MERC009

4m @ 6.39g/t from 114m (inc.1m @ 23.30g/t) in MERC009

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Figure 1: Topdrive diamond drilling at Kookynie Gold Project

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The diamond drilling will add depth extents to the existing mineralised envelope.

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Three pre-collars for diamond drilling were completed during the RC program in April.

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Assay results awaited from the April RC drilling campaign, expected in the coming weeks.

CEO Humphrey Hale commented:

“We are excited to be back at Kookynie with the Diamond drill rig. This will give us important information on the structural controls to the high-grade mineralisation already encountered plus adding depth extents to the known mineralised envelope.”

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CAV has a program of 3 NQ diamond tails planned holes for a total of approximately 500m.

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• 0-100m RC pre collar. DD 100m to 320m EOH (220m of diamond drilling) designed to extend the mineralised envelope by more than 40m down dip

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• 0-150m RC pre collar. DD 150m to 300m EOH (150m of diamond drilling) designed to extend the mineralised envelope by more than 40m down dip

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• 0-228m RC pre collar. DD 228m to 350m EOH (122m of diamond drilling) designed as a scissor hole to provide extra structural detail around high-grade mineralisation in the centre the prospect.

The information gathered from the diamond drilling will provide important information on the orientation of the mineralizing structures and their interaction with the host geology in the local area at McTavish East as well as detail on the rock strength and density.

The core will be orientated and logged onsite with the core transported to Kalgoorlie for cutting and sampling prior to submission to the laboratory.

The diamond drilling program is expected to be completed within two weeks. Assays are currently experiencing turnaround times of 10 weeks.

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Figure 3: Carnavale tenement holding with historic deposits.

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For further information regarding the RC drilling program at Kookynie refer to “ Second RC program completed at the Kookynie Gold Project, 26 April 2022”. Assay results from this drilling are expected to be received in the next 2 weeks.

This release is approved by the Board of Carnavale Resources Limited.

For further information contact:

Ron Gajewski Humphrey Hale Chairman CEO P: +61 8 9380 9098

Competent Persons Statement

The information that relates to Exploration Results for the projects discussed in this announcement represents a fair and accurate representation of the available data and studies; and is based on, and fairly represents information and supporting documentation reviewed by Mr. Humphrey Hale, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr. Hale is the Chief Executive Officer of Carnavale Resources Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Mr. Hale consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

Statements regarding Carnavale’s plans with respect to the mineral properties, resource reviews, programs, economic studies and future development are forward-looking statements. There can be no assurance that Carnavale’s plans for development of its mineral properties will proceed any time in the future. There can also be no assurance that Carnavale will be able to confirm the presence of additional mineral resources/reserves, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Carnavale’s mineral properties.

Information relating to Previous Disclosure

Previously reported material Information relating to the Kookynie Gold Project includes:

Exploration

Carnavale acquires a High-Grade Gold Project - Kookynie, 4 August 2020 Carnavale secures additional ground at Kookynie Gold Project, 14 September 2020

Strategic Acquisition and Intensive Exploration to commence at Kookynie High-Grade Gold Project, 22 Oct 2020

Kookynie Exploration update, 9 November 2020 Aircore Drilling commenced, 1 Dec 2020 Drilling update, 17 Dec 2020 Aircore drilling success, 9 Feb 2021 Second phase of Aircore Drilling commenced, 3 March 2021 High grade Gold discovered at Kookynie Gold Project, 19 April 2021 Aircore continues at Kookynie targeting high-grade gold, 11 May 2021 Phase 3 aircore drilling at Kookynie Gold Project complete, 28 May 2021 Kookynie Gold Project delivers Bonanza Gold grades, 15 July 2021 CAV Acquires 80% of Kookynie Gold Project, 26 July 2021 RC drilling commenced at the high-grade Kookynie Gold Project, 28 October 2021

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Initial RC drilling completed at the Kookynie Gold Project, 16 Nov 2021

RC drilling intersects Bonanza Gold at Kookynie Gold Project, 17 Jan 2022

Kookynie Delivers Further High-Grade Gold Results and Expands Potential, 31 Jan 2022

Kookynie RC drilling recommences at McTavish East targeting high grade gold extensions, 29 March 2022 Second RC program completed at the Kookynie Gold Project, 26 April 2022

Aircore started to test 1km prospective structure at high grade Kookynie Gold Project, 8 June 2022 Aircore to test 1km prospective structure at high grade Kookynie Gold Project completed, 20 June 2022

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