CARNAVALE RESOURCES LIMITED — Capital/Financing Update 2023

Dec 19, 2023

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RC and Diamond Drilling program completed at Kookynie.

Carnavale Resources Ltd (CAV) is pleased to provide an update on its exploration activities at the Kookynie Gold Project. CAV has completed further resource drilling at McTavish East following up on excellent, extensional high-grade gold results from recent RC drilling in fresh rock that identified high-grade gold shoots.

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• 29 hole, 4,169m RC drilling program completed, targeting infill and extensions of the high-grade plunging shoots at the McTavish East Prospect identified by previous RC drilling in fresh rock.

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• Additional 7 holes with diamond tails for a further 356.6m of NQ2 core that has provided data for future structural, geotechnical, and metallurgical studies.

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• Drilling designed to allow calculation of a maiden JORC 2012 code mineral resource estimate (MRE) within 250m of surface and economic studies to be undertaken.

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• Drill results expected in late January 2024 .

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Figure 1: Topdrive Drillers Australia onsite at McTavish East.

CEO Humphrey Hale commented:

“The RC and Diamond drilling program was successfully completed as planned. It is exciting to be commencing studies to evaluate the mining viability of the McTavish East Project at Kookynie. This round of drilling targeted the high-grade gold zones that will support mining studies to be completed in the New Year. We remain confident this drilling will show increased continuity of the high-grade shoots and add ounces.”

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Figure 2: Long section at McTavish East showing location of proposed drilling at McTavish East.

Area A in figure 2 was drilled to a density that will allow an indicated maiden MRE to be calculated including potential oxide resources. The drilling was designed to outline high grade resources within 250m of surface at this stage.

Area B has had substantial high-grade intercepts but had not been previously drilled in sufficient density to model the high-grade lodes. This area was drilled to test for structurally controlled high grade shoots that can potentially add ounces to the MRE.

CAV completed 356.6m of diamond drilling in 7 holes to provide structural information to the exploration model and provide material for early metallurgical testwork and geotechnical assessment.

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

For further information contact:

Humphrey Hale Chief Executive Officer P: +61 8 9380 9098

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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

Information relating to Exploration Results and Mineral Resources associated with previous disclosures relating to the Kookynie Gold Project in this announcement has been extracted from the following ASX announcements: 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

Kookynie Gold Project – Aircore Drilling commenced, 1 Dec 2020 Kookynie Gold Project – Drilling update, 17 Dec 2020 Kookynie Gold Project – Aircore drilling success, 9 Feb 2021 Kookynie Gold Project – Second phase of Aircore Drilling commenced 3 March 2021 High grade Gold discovered at Kookynie Gold Project, 19 April 2021 Kookynie Gold Project – Aircore continues at Kookynie targeting high-grade gold, 11 May 2021 Kookynie Gold Project – 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 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 Aircore to test 1km prospective structure at high grade Kookynie Gold Project completed, 20 June 2022 Diamond drilling commenced at Kookynie,15 July 2022 New high-grade gold discovery at Kookynie Gold Project. 1 August 2022 Exciting new zones discovered along high-grade corridor at Kookynie Gold Project, 8 September 2022 Diamond drilling extends down dip extensions to high-grade gold zone at Kookynie, 18 October 2022 RC drilling testing high-grade aircore results at Kookynie, 23 May 2023 RC drilling at Kookynie Gold Project complete, 30 May 2023 Bumper grades in RC drilling at Kookynie Gold Project, 5 July 2023 RC drilling chasing extensions to bumper high-grade gold at Kookynie, 14 Aug 2023 RC drilling chasing extensions high-grade gold at Kookynie completed, 12 Sept 2023 Initial metallurgical test work demonstrates outstanding recoveries, 19 Sept 2023 Further Outstanding high-grade gold results from Kookynie, 30 Oct 2023. Resource drilling continues at Kookynie, 21 Nov 2023.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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