• Non-binding term sheet for US$13M gold prepay and A$5M gold loan
• Revised structure reduces gold delivery obligations by ~52%
• Significant cost savings of ~A$43M at ~US$4,500/oz gold
• Increased funding capacity to absorb cost increases

Cavalier Resources has signed a revised non-binding term sheet for a US$13 million (~A$18.7 million) gold prepay facility with Raptor Capital International and an additional A$5 million gold loan facility with Ottomin Pty Ltd. The combined funding package is designed to assist in funding the Stage 1 Crawford open pit development along with further resource development and extensional drilling. The revised structure materially improves the economics, significantly reducing gold delivery obligations by ~52% compared to the original proposal. This equates to a cost saving of approximately A$43 million at a spot gold price of US$4,500 per ounce, representing a substantial potential uplift in value for Cavalier's shareholders. The increased funding capacity also provides important flexibility to absorb recent increases in capital and operating costs, including plant, construction and fuel, without compromising project development timelines. The transaction is subject to binding documentation and satisfaction of due diligence and regulatory approvals.

Cavalier expects to produce 23,467 recovered ounces of gold from the Crawford Stage 1 open pit over an 18-month project life, with a lowest quartile C1 AISC of A$1,574/oz and C3 AISC of A$1,793/oz.