Funding Uncertainty Lingers Despite Cavalier’s Progress at Crawford Gold Project

Native Title Agreement Unlocks Development Pathway

Cavalier Resources has marked a major milestone in its Crawford Gold Project by signing a Native Title and Mining Agreement with the Wangkatja Tjungula Aboriginal Corporation. This agreement, which recognises the rights of the Nyalpa Pirniku People, provides a clear and de-risked framework for progressing the project towards production. It removes key cultural and heritage impediments, enabling the company to advance lease applications and approvals with greater certainty.

Strong Drilling Results Support Resource Growth

During the quarter, Cavalier completed a 5,000-metre near-mine development drilling program targeting extensions beyond the Stage 1 Starter Pit. The results were encouraging, with multiple high-grade gold intercepts reported from the Northern and Southern Development Areas as well as the Miranda Target. Highlights include intercepts such as 7 metres at 5.07 grams per tonne gold and 5 metres at 6.26 grams per tonne from the Northern area, and 7 metres at 5.90 grams per tonne from the Southern area. These results confirm mineralisation continuity and suggest potential for future pit expansions.

Advancing Towards Production and Resource Upgrade

With the Native Title Agreement in place and drilling results supporting resource growth, Cavalier is now focused on upgrading the Mineral Resource Estimate at Crawford. The company is well positioned to move towards mine development and production commencement. A revised Pre-Feasibility Study completed earlier in 2025 underpins the project’s robust economics, with a projected payback period of under 10 months and competitive all-in sustaining costs.

Corporate Developments and Funding Outlook

In a strategic move, Cavalier appointed Mr Bill Oliver, a geologist with extensive experience in gold project development and production, as a non-executive director. His expertise is expected to strengthen the company’s technical and operational capabilities. Meanwhile, Cavalier continues to evaluate multiple funding options to support the next phases of development. Although discussions with potential partners are ongoing, no definitive agreements have been announced yet. The company maintains a cash balance of $694,000 at quarter-end and is confident in securing the necessary capital to advance the project.

Looking Ahead

Cavalier Resources’ progress at Crawford reflects a well-managed approach to balancing exploration success, stakeholder engagement, and financial planning. The Native Title Agreement notably reduces project risk, while drilling results provide a solid foundation for resource expansion. Investors will be watching closely as the company moves to upgrade its resource base and finalise funding arrangements, key steps that will determine the pace at which Crawford transitions from development to production.