• Firm commitments received from investors for $2.14 million placement
• Funds to be used for resource development and pre-mine work at Crawford Gold Project
• Negotiations for $11 million secured pre-payment with Raptor Capital ongoing

Cavalier Resources Limited (ASX:CVR) has announced that it has received firm commitments from sophisticated and professional investors for a placement to raise up to $2.14 million. The new shares will be issued at $0.23 each, representing a discount of 11.9% to the 15-day VWAP. The funds raised will be used principally for resource development and extensional drilling at the Crawford Gold Project, as well as pre-mine development expenditure and general working capital. The company continues to negotiate binding agreements for a proposed US$11 million secured upfront pre-payment with Raptor Capital International Limited, with these discussions remaining unchanged and unaffected by the placement. The placement will be conducted using the company's available capacities under ASX Listing Rules 7.1 and 7.1A. Sanlam Private Wealth Pty Ltd acted as Lead Manager to the placement and will receive a 6% fee on the funds raised, as well as 1 broker option for every 5 shares issued, subject to shareholder approval. The company recently completed a revised Pre-Feasibility Study for the Crawford Gold Project, which generated an NPV8 of A$51.7 million and an IRR of 580% at a gold price of A$4,600 per ounce. The Ore Reserve for the Stage 1 pit stands at 1,002kt at 0.91 g/t for 29,300 ounces of gold produced.

The funds raised from the placement will allow Cavalier Resources to accelerate near-mine resource development drilling at the Crawford Gold Project in order to grow the current JORC Mineral Resource and define potential future mine stages beyond the Stage 1 starter pit. The company remains in discussions regarding the proposed $11 million secured upfront pre-payment with Raptor Capital, which is unaffected by the placement.