CAVALIER RESOURCES LIMITED — Capital/Financing Update 2022

Jul 4, 2022

==> picture [596 x 91] intentionally omitted <==

----- Start of picture text -----

ASX ANNOUNCEMENT
5 JULY 2022
----- End of picture text -----

==> picture [525 x 230] intentionally omitted <==

Cavalier Commences Pre-Feasibility Study at Crawford Gold Project

Corporate Highlights

• Internal study into suitability of current Mineral Resource for mining review and proposed study type concluded

• Cavalier to carry out a Pre-Feasibility Study on the Crawford Gold Project

Summary:

Cavalier Resources Limited (ASX: CVR) ('Cavalier' or 'the Company') is pleased to announce that it is commencing a Pre-Feasibility Study (PFS) on the Crawford Gold Project located within the greater Leonora Gold Project area.

The PFS is planned to initially focus on the shallow, thick ore zones that have been densely drilled to JORC 2012 Indicated classification to review the potential for an open-cut mining operation.

Daniel Tuffin, Executive Technical Director, commented:

“Prior private work on advancing the existing 101,000koz Crawford Gold Mineral Resource was extensive and aimed at advancing the JORC Classified Indicated portion of the current resource to readiness for mining approval. This work included infill drilling to grade control standards through environmental surveys and metallurgical testing.

Having determined it suitable to do so, the Company now intends to commence a Pre-Feasibility Study (PFS) to create a maiden JORC compliant Ore Reserve.

Drilling at the project has commenced, as outlined in our release “Drilling Has Commenced the Crawford Gold Project” on 27 June 2022. To expedite works, the Company intends to carry out the PFS in conjunction with this drilling; the initial phases of the PFS require physical and cost estimates that take time to gather which current resource will be suitable. Final PFS numbers will be based on the updated resource resulting from the current drill program.”

==> picture [440 x 41] intentionally omitted <==

----- Start of picture text -----

cavalierresources.com.au
----- End of picture text -----

==> picture [150 x 41] intentionally omitted <==

----- Start of picture text -----

PAGE 1 OF 4
----- End of picture text -----

==> picture [596 x 51] intentionally omitted <==

Leonora Gold Project

The Leonora Gold Project comprises two sub-projects, Crawford and Gambier Lass North, consisting of ten exploration licences, a prospecting licence, a miscellaneous licence and a mining lease. The Crawford Gold Deposit, which includes a 101,000oz JORC compliant Mineral Resource estimate, is located on the granted mining lease M37/1202.

==> picture [524 x 317] intentionally omitted <==

Figure 1: The Leonora Gold Project Areas

The Crawford Gold Project

Crawford is primarily an oxide hosted supergene style mineralised system which has been privately advanced towards a mining operation. Sections of the previous drilling were completed on 10m spaced sections with 140 RC holes for 13,528m drilled and focussed on infilling the oxide zone with little drilling extending into material deeper than 70m. Thick Zones of mineralisation close to the surface are open along strike and at depth; significant drilling results from inside this 10m spacing zone include:

• 11m @ 2.17g/t from 16m in GC_20;

• 10m @ 3.38g/t (inc. 2m @ 12.4g/t) from 17m in GC_14;

• 18m @ 2.77g/t (inc. 3m @ 6.96g/t) from 27m in GC_16;

• 19m @ 1.64g/t (inc. 4m @ 3.23g/t) from 30m in GC_39;

• 15m @ 2.49g/t (inc. 3m @ 7.87g/t) from 35m in GC_21;

• 22m @ 2.98g/t (inc. 6m @ 5.39g/t) from 38m in CG_46;

Prior private work on advancing the existing 101,000koz Crawford Gold Mineral Resource was extensive and aimed at advancing the JORC Classifed Indicated portion of the current resource to readiness for mining approval. This work includes:

==> picture [440 x 41] intentionally omitted <==

----- Start of picture text -----

cavalierresources.com.au
----- End of picture text -----

==> picture [150 x 41] intentionally omitted <==

----- Start of picture text -----

PAGE 2 OF 4
----- End of picture text -----

==> picture [596 x 51] intentionally omitted <==

• Infill drilling program to grade control standards;

• Environmental surveys;

• Metallurgical testing;

• Access agreements completed;

• Heritage survey;

• Geotechnical study;

• Hydrogeological study; and,

• Ore zone environmental testing and profiling

All study results highlighted no negative issues. The metallurgical study carried out by ALS Limited returned extremely favourable results – there we no contaminant issues, with low reagent consumption and fast extractions and an overall recovery of over 98%.

==> picture [481 x 332] intentionally omitted <==

Figure 2: ALS Gravity/Cyanidation Testwork Outputs, Crawford Gold Project December 2020

The Company intends to incorporate any relevant historical work into the upcoming PFS.

	Indicated	Indicated		Inferred			TOTAL
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
0.5g/t Au cut-off	856,000	1.1g/t	30,900	2,379,000	0.9g/t	70,000	3,235,000	1.0g/t	100,900
1.0g/tAu cut-off	351,000	1.7g/t	19,300	662,000	1.5g/t	32,200	1,013,000	1.6g/t	51,500

Table 1: Crawford Mineral Resource Estimate

==> picture [440 x 41] intentionally omitted <==

----- Start of picture text -----

cavalierresources.com.au
----- End of picture text -----

==> picture [150 x 41] intentionally omitted <==

----- Start of picture text -----

PAGE 3 OF 4
----- End of picture text -----

==> picture [596 x 51] intentionally omitted <==

Previous Exploration Results and Mineral Resource Estimate

For further information on the previous exploration results and the Mineral Resource estimate, please refer to the Independent Geologist's Report in the Prospectus released to the ASX on 15 June 2022.

Competent Person Statement

The information that relates to Exploration Results and the Mineral Resource estimate is based upon information compiled by Mr Richard Maddocks, who is a director of Auranmore Ltd. This information is extracted from the Prospectus released to the ASX on 15 June 2022 and available to view on the Cavalier Resources Limited website, www.cavalierresources.com.au or on the ASX website www.asx.com.au under the ticker code CVR.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. 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.

This announcement has been approved and authorised by the Board of Cavalier Resources.

For further information:

Investor Relations Media Enquiries Daniel Tuffin Angela East Executive Technical Director M+C Partners daniel@cavalierresources.com.au angela.east@mcpartners.com.au

About Cavalier Resources

The Company has interests in Tenements in Western Australia, collectively known as the Leonora Gold Project, Hidden Jewel Gold Project, and Ella's Rock Nickel-Gold Project, prospective for gold and nickel mineralisation.

For more information on Cavalier Resources and to subscribe to our regular updates, please visit our website here and follow us on:

==> picture [26 x 26] intentionally omitted <==

https://twitter.com/CavalierLtd

==> picture [26 x 27] intentionally omitted <==

https://www.linkedin.com/company/cavalier-resources-ltd/

==> picture [26 x 26] intentionally omitted <==

https://www.facebook.com/cavalierresources

==> picture [440 x 41] intentionally omitted <==

----- Start of picture text -----

cavalierresources.com.au
----- End of picture text -----

==> picture [150 x 41] intentionally omitted <==

----- Start of picture text -----

PAGE 4 OF 4
----- End of picture text -----