Name of the Project
Kookynie gold project.

Location
About 60 km south of Leonora, Western Australia.

Project Owner/s
West Australia-based mineral exploration company Carnavale Resources.

Project Description
An updated scoping study, published in October 2025, has shown a strong economic case to develop the project as a contract mine, toll-treat operation. The study proposes an openpit mine development at Swiftsure and Tiptoe, with an underground mine to exploit the Swiftsure deposit at depth within the Kookynie project.

Initial mine production is estimated at 93 000 oz at a grade of 3.1 g/t, including 55 000 oz at 28.3g/t, to be mined over an initial five-year life-of-mine.

Exploration opportunities exist to expand known mineralisation outside of the mineral resource estimates at Valiant, McTavish North and Champion South, as well as other targets within the tenement package.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
At a gold price of A$5 500/oz, the project has a pretax net present value of A$188-million at an 8% discount rate, and an internal rate of return of 165%. Payback is expected in the fourteenth month of operations.

Capital Expenditure
Preproduction capital is estimated at $3-million.

Planned Start/End Date
Not stated.

Latest Developments
Carnavale Resources has been granted mining lease M40/362, which hosts all the mineral resources at KGP.

The granted lease contains the Swiftsure and Tiptoe high-grade gold resources and is surrounded by the larger exploration tenement E40/355.

"This keeps Carnavale on track to complete the bankable feasibility study (BFS) mid-year and bring the KGP to a shovel-ready project by the third quarter of this year,” CEO Humphrey Hale has said.

The company is undertaking an extensive drilling programme to support the ongoing BFS. A reverse circulation rig and a diamond rig are operating on site, with an additional reverse circulation rig expected to arrive shortly.

Key Contracts, Suppliers and Consultants
Cube Consulting (updated scoping study).

Contact Details for Project Information
Carnavale Resources, tel +61 8 9380 9098 or email info@carnavaleresources.