• Native Title Agreement signed with Wangkatja Tjungula Aboriginal Corporation
• 5,000m near mine development drill program completed at Crawford Gold Project
• Significant high-grade intercepts returned from Northern, Southern and Miranda target areas

Cavalier Resources Ltd has reported on its activities for the three months ended 31 December 2025. Key highlights include the signing of a Native Title and Mining Agreement with the Wangkatja Tjungula Aboriginal Corporation, a major milestone for the Crawford Gold Project, as it delivers a clear and de-risked pathway to development. The Company also completed a 5,000m near mine development drill program at Crawford, with significant high-grade intercepts returned from the Northern, Southern, and Miranda target areas. The drilling results confirm the continuity of mineralization beyond the Stage 1 Starter Pit and support the potential for future pit expansions. The Company will now progress to upgrading the Mineral Resource Estimate at Crawford. Additionally, the Company appointed Mr. Bill Oliver as a non-executive director, who has extensive experience in the development of gold deposits in Australia and overseas. The Company continues to evaluate multiple funding avenues to advance the Crawford Gold Project.

The Company has provided a range of financial metrics based on various gold prices for the Crawford Gold Project Stage 1, including a NPV8 of A$51.7M, an IRR of 580%, and a pre-production CAPEX of A$9.0M, all based on a gold price of A$4,600/oz.

The Company is well positioned to upgrade the Mineral Resource Estimate and advance Crawford towards its next phases of highly profitable mine development and commencement of production of Crawford Stage 1, with the current gold spot price well in excess of the April 2025 PFS price of just A$4,600/oz Au.