CARNAVALE RESOURCES LIMITED — Investor Presentation 2021

May 25, 2021

Investor Presentation

June 2021

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Hunting for the next high-grade Gold, PGE and Nickel Sulphide Deposits in Western Australia

Cautionary Statements

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For Consideration

This presentation has been prepared by Carnavale Resources Ltd “Carnavale”. This document contains background information about Carnavale current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sales of shares in any jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities involve risks which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, Carnavale, its officers, employees, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise are accepted.

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Carnavale. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law, Carnavale does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions, or circumstances on which any such forward looking statement is based.

Competent Persons Statement

The scientific and technical information contained within this Presentation is based on, and fairly represents information prepared 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 presentation of the matters based on his information in the form and context in which it appears .

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Corporate Overview

Targeting high-grade Gold, PGE and Nickel Sulphides in Western Australia

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Capitalisation Data[(1)]

Share Price	A$	0.006
Issued Capital	M	2,380
Market Cap	A$M	14.3
Estimated Cash2	A$M	4.1
Enterprise Value	A$M	10.2

Major Shareholders

	Directors	7.22%
	Top 20	51.8%
1	Troca Enterprises	6.96%
2	Vienna Holdings Pty Limited (R. Gajewski Director)	5.72%
3	HSBC Custody Nominees (Australia) Ltd	4.15%
4	J P Morgan Nominees Australia Pty Ltd	4.03%
5	Mr Hugo Phillip Coulson	2.67%

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Previous year Share Price Performance [(1)]
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A$/share Volume (M)
0.020 90
80
70
0.015
60
50
0.010
40
30
0.005
20
10
- -
24-May-20 24-Jun-20 24-Jul-20 24-Aug-20 24-Sep-20 24-Oct-20 24-Nov-20 24-Dec-20 24-Jan-21 24-Feb-21 24-Mar-21 24-Apr-21 24-May-21
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Performance Rights

36,000,000	36,000,000	Expiring 30 June 2021
Unlisted Options
214,000,000		ex. @ $0.01 expire 31 July 2022
15,000,000		ex. @ $0.015 expire 31 July 2022
70,000,000		ex. @ $0.012 expire 30 November 2023
7,000,000		ex. @ $0.012 expire 30 November 2022

1. Cash as at 33 March 2021

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1. Market data as at 24 May 2021

Board & Management

A strong, highly credentialed Board of Directors and Management team

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Board and Management

Ron Gajewski Mr Gajewski is an accountant by profession, with many years of experience as a Director of public listed companies and as a corporate Non-Executive Chairman advisor to public companies listed in both Canada and Australia.

Mr Beckwith is a successful explorer whose past experience includes senior roles with AngloGold Ashanti, Acacia Resources, Normandy Andy Beckwith NFM, North Flinders, BP Minerals and at Westgold Resources. Mr Beckwith is currently an Executive Director with ASX listed De Grey Non- Executive Director Mining Ltd.

Mr Brans is a civil engineer with more than 40 years of experience in project development of treatment plants and mine developments. Mr Rhett Brans Brans is a Non-Executive Director of AVZ Minerals Ltd and Australian Potash Limited. He was previously a Director of ASX-listed companies, Non-Executive Director Perseus Mining Limited, Tiger Resources Limited, Syrah Resources Limited and RMG Limited and TSX Venture Exchange listed Monument Mining Limited.

Mr Hale is a geologist with more than 25 years experience. He worked at AngloGold Ashanti (AGA) as Exploration Manager at Sunrise Dam Humphrey Hale Gold Mine. Mr Hale went on to be Managing Director at Wolf Minerals. Subsequently, Technical Director for Infinity Lithium. Humphrey CEO has held roles as Director and consultant to several ASX listed and unlisted junior exploration companies. Joined Carnavale July 2020. Mr Hale’s has direct experience in the acquisition, management, and development of exploration opportunities taking assets from initial exploration to construction.

Allan Kneeshaw

Exploration Consultant

Mr Kneeshaw is a diversified exploration geologist with 26 years’ experience in gold, base metals and bulk commodities in Australia and China. Allan joined Carnavale as a consulting geologist 2019. Mr Kneeshaw has held senior roles with major mining companies, including Head of Greenfields Exploration (Australia) for AngloGold Ashanti, Country Manager (Exploration – Australia) for Anglo American and Chief Geologist (China) for AngloGold Ashanti.

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Key Projects

Hunting for the next high-grade Gold, PGE and Nickel Sulphide deposit

• Carnavale has 4 highly prospective exploration projects targeting highgrade gold, platinum group elements (PGE) and nickel sulphide located in Western Australia

• Kookynie Gold Project

• Ora Banda South Gold Project

• Barracuda PGE Ni-Cu Project

• Grey Dam Nickel Project

• The Company continues to evaluate exploration and development opportunities that can enhance shareholder value

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Ideal Commodity Mix: Gold PGE and Nickel Sulphide

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Gold price has recently hit record highs, striking above US$2,000/oz…

The supply of battery grade Nickel Sulphide is in short supply and high demand…

Last 5 Years Gold Price Performance (US$/oz)[(1)]

Last 5 Years Nickel Price Performance (US$/t)[(2)]

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2,200 21,000
19,000
2,000
17,000
1,800
15,000
1,600
13,000
1,400
11,000
1,200
9,000
1,000 7,000
May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21
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1. S&P Global Market Intelligence LBMA Gold Bullion market data as at 24[th] May 2021 2. S&P Global Market Intelligence LME Nickel market data as at 24[th] May 2021

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Ideal Commodity Mix: Gold PGE and Nickel Sulphide

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Rhodium spot price has been at record highs on the back of growing demand from the auto industry…

Palladium rose above US$3,000/oz for the first time in April 2021 due to supply concerns…

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Last 3 Years Rhodium Performance (US$/oz) [(1)] Last 3 Years Palladium & Platinum Performance (US$/oz) [(2)]
35,000 3,500
LBMA-Palladium ($/oz) LBMA-Platinum ($/oz)
30,000
3,000
25,000
2,500
20,000
2,000
15,000
1,500
10,000
5,000 1,000
0
500
May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21
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1. S&P Global Market Intelligence Rhodium Spot Price market data as at 24[th] May 2021 2. S&P Global Market Intelligence LBMA Palladium & Platinum market data as at 24[th] May 2021

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Kookynie Gold Project

Overview: High Grade Gold Potential

• Kookynie area has > 650,000oz historic high-grade gold production from high-grade quartz vein deposits dating back to late 19[th] century

• Carnavale entered into 12-month Option Agreement to acquire 80% of the Kookynie Project from Western Resources Pty Ltd and acquired 100% of P40/1480 and application E40/394[(1)]

• 5 tenements covering approximately 50km[2] within historic Kookynie Mining Camp

• 60km from Leonora and 150km from Kalgoorlie

• Surrounded by Metalicity (ASX:MCT), Genesis Minerals (ASX:GMD) and GTi Resources (ASX:GTR)

• ASX:GMD Greater Ulyssess Project located 10km to the north

• Resources of 1.6Mt @ 1.8g/t (JORC 2012)

• Intensive exploration ongoing since November 2020

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1. For details refer to Carnavale ASX release “Carnavale acquires high grade Gold Project – Kookynie” dated 4 August 2020 and ‘Kookynie Additional ground’ dated 13 September 2020 and “Exploration update” dated 22 October 2020

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Kookynie Gold Project[(1)]

Prospectivity

• Cosmopolitan Mine located 1km east

• 360,000oz @ 15g/t Au production

• Champion Mine located 1km north

— 33,000 @ 17g/t Au production

• Immediate strike extensions of the Leipold and McTavish deposits currently being drilled by ASX:MCT (51%) and ASX:NME (49%) Recent high-grade results at MCT’s McTavish include[2] :

• Hole McTRC0044 3m @ 19g/t from 88m (inc. 1m @ 52.8g/t )

• Hole McTRC0005 5m @ 17.9g/t from 48m (inc. 1m @ 80.17g/t )

• Hole McTRC0001 4m @ 6.4g/t from 67m (inc. 1m@ 15. 47g/t )

• 3 aircore programs completed targeting high grade structurally controlled mineralisation under cover

• Results have increased by an order of magnitude for each program

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1. For details refer to Carnavale ASX release “Carnavale acquires high grade Gold Project – Kookynie” dated 4 August 2020 and ‘Kookynie Additional ground’ dated 13 September 2020 and ‘Exploration update’ 22 October 2020

2. For details refer to Metalicity ASX release “McTavish returns assays up to 52.8g/t and Executive Changes’ 24 May 2021

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McTavish North and McTavish East mineralization over Aeromagnetic image

Kookynie Gold Project[(1)]

Exploration success

• McTavish East with a strike length of over 500m that remains open to the northeast, high-grade Intercepts include:

• Hole KOAC210 2m @ 16.25g/t from 54m

• Hole KOAC209 2m @ 3.11g/t from 14m

• Hole KOAC230 2m @ 2.27g/t from 50m

• Hole KOAC216 2m @ 3.40g/t from 70m

• McTavish North over 160m of strike and remains open to the North, highgrade intercepts include:

• Hole KOAC183 2m @ 3.43g/t from 2m

• Hole KOAC185 1m @ 4.54g/t from 31m

• Hole KOAC 101 4m @ 3.24g/t from 14m (ended in mineralisation)

• The current drill program is following up on these anomalies with close spaced aircore designed to define the anomalies sufficient for RC drilling

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1. For details refer to Carnavale ASX release Aircore continues at Kookynie targeting highgrade gold 11[th] May 2021

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Ora Banda South Gold Project[(1)]

Ora Banda South high-grade gold target

• 8km south of the Ora Banda Mining Centre and 65km NW of Kalgoorlie

• 15km of strike along the Carnage shear that defines the Kurrawang Conglomerate and Black Flag Group contact

• Analogous to the +2.5Moz Invincible Gold Mine, discovered by Goldfields Ltd near Kambalda

• 4km and 1.2km long auger gold anomalies in the southern portion of the tenement package

• Significant shallow bedrock gold results from limited aircore and RAB drilling completed by previous explorers include:

• 14m @ 0.79g/t from 73m and 2m @ 1.56g/t from 90m to EOH in OBAC033

• 5m @ 2.29g/t from 116m to EOH in KWAC055

• Systematic exploration program planned including soil sampling and aircore drilling

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1. For details refer to Carnavale ASX release “Carnavale bolsters Gold Portfolio with new acquisition – Ora Banda South ” dated 5October 2020

Location of the Barracuda PGE Ni-Cu Project Area (E58/551)

Barracuda PGE Ni-Cu Project[(1)]

An underexplored & new energy metals project

• Strong Metal prices with Palladium (Pd) at US$2,760/oz, Platinum (Pt) at US$1,200/oz, Rhodium (Rh) at US$24,700/oz[(2)] , Ruthenium $20,500/kg[(3)]

• Project covers multiple coincident Pt-Pd-Cu-Ni soil anomalies identified by Pancontinental Mining Limited (Pancon) that remain untested

• 4 rock chip samples were taken from the chromitite layer, assay results include 3.45g/t 4PGE[(4)] , 3.39g/t 4PGE[(4)] with up to 12.55% chrome , confirming historic sampling and geology

• Mineralisation on the contact between mafic (gabbroic) and olivine-rich ultramafic rocks assayed up to 8.27g/t platinum group elements in historic assays (4PGE*)

• Review of open file remote sensing data has identified previous Aeromagnetic survey, Digital Elevation Model and radiometric surveys including broad spaced Aero Electro-Magnetic surveying

• Ongoing evaluation of data to define targets for detailed exploration with Heli VTEM survey booked for H2 2021

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1. For details refer to Carnavale ASX Up to 3.45g/t 4PGE* in rock chips from Barracuda PGE-Ni-Cu Project initial field trip 6 April 2021

2. Kitco.com 21 May 2021

3. Umicore Sales 21 May 2021

4. 4PGE is the addition of Pt, Pd, Rh, and Ru as an aggregate

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Barracuda PGE Ni-Cu Project Exploration: New energy metals

CAV’s proposed work program includes:

• Fly the Project area with airborne EM (used by Chalice Mining Limited (ASX: CHN) to define the Julimar PGE- Ni-Cu-Co-Au discovery)

• Digitally capture the Pancontinental soil geochemistry and contour the PGE, Ni, and Cu data to define metal-anomalous trends

• Follow-up airborne EM anomalies with ground EM, with priority given to areas with established, coincident PGE-Cu-Ni soil anomalism

• Drill-test targets subject to results

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Grey Dam Nickel Sulphide Project

Exploration: Surface Geochemistry – Nickel, Copper, Platinum

• Extensive data review of historic geochemistry, drilling and magnetics by independent Consultant in 2020

• Historic drilling targeting gold and Nickel Cobalt laterites

• Data shows coincident Cu and Pt anomalies over mafic/ultramafic sequence indicating potential for Nickel Sulphide mineralisation

• Ni Sulphide in core proving mafic/ultramafic sequence has the ability to host NiS

• Strong prospectivity for Nickel Sulphide

• FLEM survey was conducted over ultramafic package with anomalous Geochem

• 5 Strong EM conductors defined by FLEM survey including abundant lower order conductors

• 4 priority areas targeting NiS within the tenement package

• 7 drill holes were drilled for 1,700m with a combination of RC and diamond drilling

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Grey Dam Nickel Sulphide Project[(1)]

Exploration: drilling to test Priority EM Targets

• Initial Ultra Fine Fraction (UFF) soil program successfully identified mafic /ultramafic host sequences

• Additional UFF soil sampling programme completed within the northern ultramafic package

• Ultra Fine Fraction soil sampling exploration being developed in conjunction with CSIRO

• Multi element ratio analysis to search for concealed NiS bodies within the fertile mafic/ ultramafic package.

• Further FLEM surveys and drilling based on results

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1. For details refer to Carnavale ASX release Exploration update 22 October 2020

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Contact

Humphrey Hale CEO

Carnavale Resources Limited Level 2, Suite 9, 389 Oxford Street Mt Hawthorn, WA, 6016 T: +61 8 9380 9098 F: +61 8 9380 6761

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E: admin@carnavaleresources.com W: www.carnavaleresources.com

ABN: 49 119 450 243