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Cavalier shares jump on ‘significantly improved’ Crawford PFS

1st April 2025

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Exploration and development company Cavalier Resources on Tuesday announced “exceptionally increased” prefeasibility study (PFS) results for its Crawford gold project, near Leonora, sending the firm’s stock surging 23.5%.

While the physical pit design and ore reserve remain unchanged for the updated PFS, the study incorporates a higher gold price of A$4 600/oz and updated mining and heap leach capital cost estimates.

The revised PFS returned a net present value, using an 8% discount, of A$51.7-million, an internal rate of return of 580% and a capital payback period of nine months within the total 18-month Stage 1 project life.

During the A$9-million Stage 1 operation, Crawford will deliver 23 467 oz at an all-in sustaining cost of A$1 574/oz.

“This revised PFS update reflects a significantly improved financial outlook for Stage 1 and further underscores the outstanding overall potential of the greater Crawford gold project,” said executive technical director and CEO Daniel Tuffin.

The company recently announced the signing of a non-binding term sheet for $11-million with precious metals streaming fund Raptor Capital International to advance the Stage 1 pit into production.

Tuffin reported that the funding due diligence process continued to advance, with Raptor representatives due to visit the site in early April, while also progressing with the procurement of the necessary equipment for the Stage 1 oxide heap leach.

“The combination of robust project economics, a record gold price, and continued project advancement, positions Stage 1 at the Crawford gold project for even greater returns and increased development potential to build on for extension of further mining operations onsite. I look forward to providing further updates as we progress toward production,” said Tuffin.

Cavalier’s stock traded at A$0.21 a share on Tuesday.

Edited by Creamer Media Reporter

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