CARNAVALE RESOURCES LIMITED — Capital/Financing Update 2022

Apr 28, 2022

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----- Start of picture text ----- ASX ANNOUNCEMENT 29th April 2022----- End of picture text -----

Issue of Securities & Cleansing Notice

Carnavale Resources Limited (“Carnavale” or the “Company”) is pleased to advise that, following receipt of shareholder approval on 20 April 2022 it has issued 18,181,818 ordinary fully paid shares (Shares) at $0.011 each (and 9,090,909 unlisted free attaching options exercisable at $0.016 on or before 31 July 2023) (Options) to nominees of directors, Mr Gajewski and Mr Beckwith raising $400,000.

The Company gives notice that:

• it issued the Shares without disclosure to investors under Part 6D.2 of the Corporations Act 2001 (“Act”);

• this notice is being given under section 708A(5)(e) of the Act;

• as at today’s date, the Company has complied with:

• (i) the provisions of Chapter 2M of the Act as they apply to the Company; and

• (ii) section 674 of the Act; and

• as at the date of this notice, there is no excluded information, as that term is defined in

• Sections 708A(6)(e), 708A(7) and 708A(8) of the Act.

This announcement was authorised by Mr Paul Jurman, Company Secretary of Carnavale Resources Limited.

For further information contact:

Ron Gajewski Chairman

Humphrey Hale CEO P: +61 8 9380 9098

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