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.

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. 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. 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. Drill results expected in late January 2024

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

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.

Contact:

Tel: +61 8 9380 9098

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

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