CARNAVALE RESOURCES LIMITED — Share Issue/Capital Change 2025

Dec 4, 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

Friday December 05, 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 $0.09, expiring on 26	5,500,000	03/12/2025
to be confirmed	November 2028
New class - code	Performance Rights	1,666,666	03/12/2025
to be confirmed

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

5/12/2025

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

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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?

No

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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

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Placement Details
ASX +security code and description
new unquoted class of security
Date the +securities the subject of this notification were issued
3/12/2025
Any other information the entity wishes to provide about the +securities the subject of this notification
Issue details
Number of +securities
5,500,000
Were the +securities issued for a cash consideration?
No
Please describe the consideration being provided for the +securities
N/A
ASX +security code and description
new unquoted class of security
Date the +securities the subject of this notification were issued
3/12/2025
Any other information the entity wishes to provide about the +securities the subject of this notification
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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Issue details

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Number of +securities

1,666,666

Were the +securities issued for a cash consideration? No

Please describe the consideration being provided for the +securities

N/A

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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 $0.09, expiring on 26 November
2028
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ASX +security code New class - code to be confirmed	+Security description Options exercisable at $0.09, expiring on 26 November 2028
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
3/12/2025
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?
Yes
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 0.09000000	26/11/2028
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

Unlisted options issued to the Chief Executive Officer and external consultants as approved by shareholders on 27 November 2025.

Issue details

Number of +securities

5,500,000

ASX +security code

New class - code to be confirmed

+Security description

Performance Rights

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+Security type Other

ISIN code

Date the +securities the subject of this notification were issued

3/12/2025

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

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

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

Perfromance rights issued to the Chief Executive Officer as approved by shareholders on 27 November 2025.

Issue details

Number of +securities

1,666,666

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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
CAVDA : ORDINARY FULLY PAID DEFERRED SETTLEMENT	407,733,034
CAV : ORDINARY FULLY PAID	407,733,034
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
CAVAR : OPTION EXPIRING 31-OCT-2028 EX $0.006	30,000,000
New class - code to be confirmed : Options exercisable at $0.09, expiring on 26 November	5,500,000
2028
New class - code to be confirmed : Performance Rights	1,666,666

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

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