CARNAVALE RESOURCES LIMITED — Capital/Financing Update 2025

Nov 9, 2025

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Announcement Summary

Entity name

CARNAVALE RESOURCES LIMITED

Date of this announcement

Monday November 10, 2025

The +securities the subject of this notification are:

+Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and are not intended to be quoted, on ASX

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Options exercisable at $0.006, expiring on 31	30,000,000	10/11/2025
to be confirmed	October 2028

Refer to next page for full details of the announcement

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 1 - Entity and announcement details

1.1 Name of entity

CARNAVALE RESOURCES LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type Registration number ACN 119450243

1.3 ASX issuer code

CAV

1.4 The announcement is

New announcement

1.5 Date of this announcement

10/11/2025

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

+Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and are not intended to be quoted, on ASX

Previous Appendix 3B details:

Announcement Date and	Announcement Title	Selected Appendix 3B to submit quotation
Time		request
06-Oct-2025 10:00	New - Proposed issue of securities -	A placement or other type of issue
	CAV

2.3a.2 Are there any further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B?

Yes

2.3a.3 Please provide details of the further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B

25 million Performance Rights to CEO, Humphrey Hale as part of his remuneration and 157.5 million issue of options to Directors, Humphrey Hale and external consultants for nil consideration subject to shareholder approval.

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 3A - number and type of +securities the subject of this notification (existing class or new class) where issue has previously been notified to ASX in an Appendix 3B

Placement Details

ASX +security code and description

new unquoted class of security 10/11/2025

Date the +securities the subject of this notification were issued

Any other information the entity wishes to provide about the +securities the subject of this notification

Under the terms of the underwriting agreement, the Company was required to issue 30,000,000 Options to Canaccord Genuity (Australia) Limited (or its nominee) as partial fee for the completion of the Entitlement Offer.

Issue details

Number of +securities 30,000,000 Were the +securities issued for a cash consideration? Yes In what currency was the cash consideration being What was the issue price per +security? paid? AUD - Australian Dollar AUD 0.00001000

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Part 3C - number and type of +securities the subject of this notification (new class)

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ASX +security code +Security description
New class - code to be confirmed Options exercisable at $0.006, expiring on 31 October 2028
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ASX +security code New class - code to be confirmed	+Security description Options exercisable at $0.006, expiring on 31 October 2028
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
10/11/2025
Will all the +securities issued in this	class rank equally in all respects from their issue date?
Yes
Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?
No
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being
issued.

https://announcements.asx.com.au/asxpdf/20251024/pdf/06r0ch1p3nbl7h.pdf

Options Details
+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.00600000	31/10/2028

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option

CAV : ORDINARY FULLY PAID

Any other information the entity wishes to provide about the +securities the subject of this notification

Issue details

Number of +securities

30,000,000

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
CAV : ORDINARY FULLY PAID	6,115,995,512
4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
New class - code to be confirmed : Options exercisable at $0.006, expiring on 31 October	30,000,000
2028

4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)

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