• Completed $2.14M placement to fund resource development and extensional drilling at Crawford Gold Project
• Commenced 5,000m drill program targeting extensional zones beyond Stage 1 starter pit
• Revised Pre-Feasibility Study highlights strong economics at $4,600/oz gold price

Cavalier Resources Ltd (ASX: CVR) has reported on its activities for the three months ended 30 September 2025. The key highlights include:- Completed a $2.14 million placement with sophisticated and professional investors to fund resource development and extensional drilling at the Crawford Gold Project. The funds will be used for near-mine resource development drilling, pre-mine development expenditure, and general working capital.- Commenced a 5,000m drill program at the Crawford Gold Project, targeting extensional zones beyond the Stage 1 starter pit. The program aims to grow the Mineral Resource and support planning for future open pit mine stages.- Completed a revised Pre-Feasibility Study (PFS) for the Crawford Gold Project in April 2025, incorporating higher gold prices and updated mining and heap leach capital cost estimates. Key outputs include an NPV8 of A$51.7 million, an IRR of 580%, and a capital payback period of 9 months at a gold price of A$4,600 per ounce.- The Ore Reserve for the Crawford Gold Project is 1,002kt at 0.91 g/t gold for 29,300 ounces of contained gold, classified as Probable Ore Reserves.- The company holds a portfolio of exploration tenements in Western Australia, including the Leonora Gold Project, Hidden Jewel Gold Project, and Ella's Rock Li-Ni-Au Project.

The commencement of extensional drilling at the Crawford Gold Project represents a key step in unlocking the full potential of the project. With the Stage 1 starter pit set to deliver strong early cash flow, the company's focus is on expanding the resource base to support planning for future mine stages.